Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The Asia IG space was unchanged to 2bps tighter overall this morning, led by MEITUAs and CCAMCLs [4] - China's exports contraction in Oct underscores rising growth pressure in 4Q, and the country is on track for price reflation [4] - Macau gaming bonds are considered lower - beta and good carry plays, with MPEL and STCITY being top picks [10] Summary by Relevant Catalogs Trading Desk Comments - Last Friday, new CCAMCL 28 and CCAMCL Float 30 tightened 6bps from RO at T + 80 and SOFR + 100 respectively. Sellers were seen on existing CCAMCL 27 - 28s. The secondary China IG space was 1 - 4bps wider [2] - The MEITUA curve widened by 2 - 4bps. NSINTW 41 was 4bps wider, and the rest of TW lifers traded 1 - 2bps wider. NWDEVLs were 0.7pt lower to 1pt higher [2] - EHICAR 26 - 27 were 0.3pt higher. EHICAR is preparing to refinance EHICAR 26 - 27 through onshore loans and a new offshore bond issuance [2] - In Macau gaming, MGMCHI 26 - 31s/SANLTD 27 - 31s/STCITY 28 - 29s/ WYNMAC 27 - 34s were unchanged to 0.1pt higher, while MPEL 27 - 32s were 0.3pt lower to 0.1pt higher [2] - In Chinese properties, VNKRLE 27 - 29 edged 0.5 - 0.7pt higher, and GRNLGR 29 lost 2.2pts [2] - In Korea space, HYNMTRs/KORELEs traded two ways but closed largely unchanged. Japan IG space was unchanged to 3bps wider with selling flows on NTT/KUB [2] - Japanese and Yankee AT1s insurance hybrids were stable. The SEA IG space was unchanged to a touch wider. Small buying was seen on OCBCSP 35s from PBs. MEDCIJ 26 - 30s were 0.1pt lower to 0.1pt higher [2] - VLLPM 27 - 29s were 0.8pt lower to 0.2pt higher [2] - There were thin two - way interests in LGFVs. RMs continued to seek CNH onshore AAA - guaranteed issues, while lower - yielding CNH names remained heavy. Higher - yielding LGFVs remained sporadic. CDECST 6 1/2 11/18/27 gained 0.9pt [3] Desk Analyst Comments - NWDEVL launched holistic exchange offers for all of its 5 perps and 6 USD bonds with a total outstanding amount of cUSD6.8bn to exchange into a new perp with an initial coupon rate of 9% and a bond due 2031 with a coupon rate of 7%. The maximum new perp and bond to be issued will be USD1.9bn [8] - The exchange considerations include 2 cash pts for perp holders but no upfront cash for bondholders. Exchanging perps is NWD's priority, and if the exchange offers succeed, it will help NWD reduce net debts and net coupon payments by 7 - 7.5% and c1% respectively on a pro - forma basis [8] - MPEL and STCITY had solid 3Q25 results, and their active liability management supports their credit profiles. MPEL and STCITY are top picks in the Macau gaming sector, and WYNMAC 27 and 29 are yield pick - up plays [10] - In 3Q25, MPEL reported an 11.4% yoy increase in operating revenue to USD1.3bn and adj. EBITDA up 16.3% to USD352mn. However, its GGR market share declined [13] - COD Macau delivered strong adj. EBITDA in 3Q25, up 27.1% yoy to USD207mn. Hotel occupancy improved, and RevPAR increased [14] - Studio City's adj. EBITDA up 12.8% yoy to USD105mn in 3Q25, supported by higher mass table hold and strong slot performance. Non - gaming revenue was solid [15] - MPEL closed some satellite casinos and Mocha clubs in Sep'25, and more closures are expected. Resource reallocation is expected to have an immaterial impact on operating performance [16] - Near - term revenue growth catalysts for MPEL include newly opened facilities and ongoing conversions. As of Sep'25, MPEL held USD1.5bn cash and USD2.6bn undrawn facilities [17][18] - Total debts of MPEL stood at USD7.5bn as of Sep'25. Studio City repaid a bond in 3Q25, and MPEL redeemed bonds in Sep'25, reducing near - term refinancing risk [19] Macro News Recap - Last Friday, S&P (+0.13%), Dow (+0.16%) and Nasdaq (-0.21%) were mixed. 2/5 year UST yield was lower, and 2/5/10/30 year yield was at 3.55%/3.67%/4.11%/4.70% [7] China Economy - China's exports slumped to negative in Oct, with notable drops to developed countries and moderation to emerging markets. Trade surplus dropped 5.9% to US$90.1bn, indicating 4Q25 GDP faces downward pressure [21][22] - Imports moderated in Oct, dragged by intermediate products. The narrowing trade surplus and weaker durable goods consumption weighed on growth [24][25] - China is expected to face growth headwinds in 4Q, and policymakers may introduce more moderate easing measures. Export growth is expected to decelerate from 5.9% in 2024 to 3% in 2025, and import growth may slow down from 1.1% to 0.5%. USD/RMB rates may appreciate [21][26] - China's CPI YoY recovered to 0.2% in Oct from -0.3% in Sep, above market expectation. Core CPI continued to pick up, and food price increased. PPI marked the first positive MoM growth in a year and narrowed its YoY contraction [28][29] - Demand - driven reflation is likely to be more sustainable than supply - induced price increases. Policymakers may enhance fiscal support for households and the real estate sector in 4Q25. A 10bps LPR cut and 50bps RRR cut are expected by the central bank in Nov or Dec [32][33] Offshore Asia New Issues - Priced: Jingfa Overseas Investment issued 82mn USD in 3 - year bonds with a 4.3% coupon and was priced at 4.3%, unrated [35] - Pipeline: The Government of HKSAR plans to issue 3 - year bonds, rated Aa3/AA +/AA - [36] News and Market Color - Last Friday, 59 credit bonds were issued onshore with an amount of RMB51bn. Month - to - date, 447 credit bonds were issued with a total amount of RMB512bn, a 42.3% yoy increase [37] - Danantara will invest IDR 20tn (cUSD1.2bn) to build chicken farms in Indonesia [37] - Dalian Wanda will open four Wanda Plazas in Dec'25 [37] - ReNew secured USD331mn in debt financing from the Asian Development Bank for a renewable project [37] - JSW Group plans to set up a battery cell manufacturing joint venture in India [37] - Nomura scraps the plan to reactivate the London proprietary trading desk [37] - Media reported NWD has no plans for another LME, and NWD/Chinachem's K11 Art Mall sale talks are on hold [37] - Power Finance 1HFY26 interest income rose 12.8% yoy to INR563.3bn (cUSD6.4bn) [37] - SJM's satellite casino Casino Legend Palace will stop operation on 12 Nov'25 at 11.59pm [37] - Nvidia asks TSMC to ramp up chip supplies [37] - Thai Oil 9M25 EBITDA fell 25.2% yoy to THB11.6bn (cUSD359mn) [37] - Vedanta Resources formed a new US - based unit to control mines in Zambia, and Adani Enterprises is the highest bidder to acquire Jaiprakash Associates [37]

Core Viewpoint - Sunoco LP has successfully completed its private exchange offers for outstanding Canadian and U.S. dollar denominated notes issued by Parkland Corporation, with a significant majority of the notes tendered for exchange [1][2][4]. Summary by Category Exchange Offers and Results - The exchange offers for PKI CAD Notes and PKI USD Notes expired on November 4, 2025, with C$1,474,777,000 (approximately 92.2%) of PKI CAD Notes and US$2,579,839,000 (approximately 99.2%) of PKI USD Notes validly tendered [2][3]. - Specific series of PKI CAD Notes tendered include: - C$549,406,000 of 3.875% Senior Notes due 2026 (91.6%) - C$380,785,000 of 6.000% Senior Notes due 2028 (95.2%) - C$544,586,000 of 4.375% Senior Notes due 2029 (90.8%) [2]. - Specific series of PKI USD Notes tendered include: - US$498,854,000 of 5.875% Senior Notes due 2027 (99.8%) - US$789,974,000 of 4.500% Senior Notes due 2029 (98.8%) - US$798,252,000 of 4.625% Senior Notes due 2030 (99.8%) - US$492,759,000 of 6.625% Senior Notes due 2032 (98.6%) [2][3]. Amendments and Acquisitions - Sunoco completed its acquisition of Parkland Corporation, making it a wholly owned subsidiary, and plans to implement amendments to the PKI Indentures to eliminate restrictive covenants and certain events leading to defaults [4][6]. - The proposed amendments will take effect upon the settlement date of the exchange offers, expected on November 7, 2025 [4][6]. New Notes - The New Notes will have similar terms to the PKI Notes, including interest rates and payment dates, ensuring that tendering holders receive equivalent interest payments [7].

Core Viewpoint - DuPont de Nemours, Inc. has completed its Exchange Offers for its outstanding notes, allowing eligible holders to exchange existing notes for new notes with specific terms and conditions [1][3][4]. Exchange Offers Summary - The Exchange Offers for the 2028, 2038, and 2048 Notes expired on September 30, 2025, at 5:00 p.m. New York City time [2]. - Eligible holders of the Existing Notes were offered a Total Consideration of $950 principal amount of New Notes plus $50 principal amount of New Notes and $2.50 in cash for each $1,000 principal amount of Existing Notes tendered [3][12]. - As of the Expiration Date, DuPont accepted for exchange all validly tendered 2028 Notes, totaling an aggregate principal amount of $1,584,398,000, which represents 70.42% of the outstanding amount [4][5]. Consent Solicitation Summary - DuPont received the requisite number of consents to adopt Proposed Amendments for the 2028 Notes, executing a supplemental indenture effective upon execution [4]. - However, the requisite consents were not received for the 2038 and 2048 Notes, leading DuPont to waive the Minimum Tender Condition and accept all tendered notes for these series [8]. New Notes Details - The New 2028 Notes will maintain the same interest rate, payment dates, and maturity date as the existing 2028 Notes, with the first interest payment including accrued interest from the tendered 2028 Notes [7][12]. - The New 2038 and 2048 Notes will similarly reflect the terms of their respective existing notes, ensuring that holders receive equivalent interest payments [12]. Future Plans - DuPont plans to redeem additional New 2028 Notes and/or existing 2028 Notes following the Intended Electronics Separation, targeting an aggregate principal amount equal to the Exchange Sublimits [9].

Core Viewpoint - DuPont de Nemours, Inc. is amending its exchange offers for existing notes to facilitate the issuance of new notes, while also soliciting consents for proposed amendments to the existing indenture governing these notes [1][2]. Exchange Offers - DuPont is offering to exchange its outstanding 4.725% Notes due 2028, 5.319% Notes due 2038, and 5.419% Notes due 2048 for new notes with the same interest rates and maturities [1]. - The exchange offers are set to expire on September 30, 2025, unless extended or terminated [9]. Consent Solicitation - As of September 15, 2025, the necessary consents for the proposed amendments regarding the 2028 Notes have been received, leading to the execution of a supplemental indenture [2]. - The proposed amendments for the 2028 Notes will only become operative once the new notes are issued and the applicable early participation payment is made [2]. Consideration Structure - Eligible holders of existing notes can receive an early participation payment of $50 in new notes and $2.50 in cash for each $1,000 principal amount of existing notes tendered before the early participation date [3]. - The total consideration for each $1,000 principal amount of existing notes validly tendered includes $950 in new notes plus the early participation payment [3][4]. Proration and Sublimits - If the requisite consents for the 2038 and 2048 Notes are not received, DuPont plans to waive the minimum tender condition and accept existing notes up to specified sublimits: $400 million for the 2038 Notes and $860 million for the 2048 Notes [6]. - In cases where the tendered amount exceeds the sublimits, a pro rata basis will be used to determine the amount accepted for exchange [6][7]. Redemption Plans - If the principal amount of either the 2038 or 2048 Notes tendered is less than the applicable sublimit, DuPont intends to redeem additional amounts of new or outstanding 2028 Notes [8]. Additional Information - Documents related to the exchange offers will be distributed only to eligible holders who meet specific criteria [9]. - The new notes have not been registered under the Securities Act and may not be offered or sold in the U.S. except under certain exemptions [10].

Core Viewpoint - Omnicom Group Inc. is initiating Exchange Offers for existing IPG Notes as part of its pending acquisition of The Interpublic Group of Companies, with a total principal amount of up to $2,950,000,000 in new senior notes being offered [1][4]. Group 1: Exchange Offers - Omnicom is offering to exchange various series of Existing IPG Notes, including 4.650% Notes due 2028, 4.750% Notes due 2030, 2.400% Notes due 2031, 5.375% Notes due 2033, 3.375% Notes due 2041, and 5.400% Notes due 2048 [1][3]. - The Exchange Offers are conditioned upon the completion of the Merger and the receipt of Majority Noteholder Consents [2][14]. Group 2: Consent Solicitations - In conjunction with the Exchange Offers, Omnicom is soliciting consents from Eligible Holders to amend the indentures governing the Existing IPG Notes, aiming to eliminate certain covenants and events of default [2][14]. - A Majority Noteholder Consent is required for the adoption of the Proposed Amendments to each Existing IPG Indenture [2]. Group 3: Financial Details - Eligible Holders who tender their Existing IPG Notes by the Early Tender Date will receive a Total Exchange Consideration that includes an Early Tender Payment and Consent Payment [6][11]. - The New Omnicom Notes will have identical interest rates and maturity dates as the Existing IPG Notes, and will be general unsecured senior obligations of Omnicom [9][19]. Group 4: Settlement and Conditions - The settlement date for the Exchange Offers is expected to occur within two business days after the Expiration Date, which may be extended if the Merger is not completed by then [8][14]. - The completion of the Merger is subject to regulatory approvals and customary closing conditions, and is not contingent upon the completion of the Exchange Offers [14].

Exchange Offers - Verizon announced the final results of its Exchange Offers, which involved 10 separate private offers to exchange outstanding series of notes for newly issued 5.401% Notes due 2037 [1][3] - The Exchange Offers expired on June 18, 2025, with the settlement date expected on June 25, 2025 [4][9] - Verizon is accepting validly tendered Old Notes based on a "waterfall" methodology, with a maximum aggregate principal amount of New Notes capped at $2.5 billion [7][8] - Approximately $2.2 billion of New Notes due 2037 is expected to be issued, satisfying the Minimum Issue Requirement [9][10] - The Exchange Offer Completion Condition has been satisfied for each series of Covered Notes [23] Cash Offers - Verizon also conducted Cash Offers to purchase any and all of its outstanding notes, which expired on June 18, 2025, with a settlement date expected on June 25, 2025 [16][17] - The maximum aggregate amount for the Cash Offers was increased from $300 million to $500 million, allowing Verizon to purchase all validly tendered Covered Notes [20][21] - The Cash Offers utilized a similar "waterfall" methodology for accepting Old Notes based on their Acceptance Priority Levels [19][21] - Non-Covered Notes were rejected due to breaching the Maximum Total Consideration Condition, and these will be returned to holders [21][22] General Information - Global Bondholder Services Corporation acted as the Information Agent and Exchange Agent for the Exchange Offers and Cash Offers [14][25] - The Offers are not registered under the Securities Act, and participation was limited to eligible holders [11][24]