Core Insights - DXC Technology has been selected by Banco Sabadell to enhance the accessibility of its digital services through a new testing framework that incorporates manual testing, automation, and AI-driven analysis [1][2][3] Group 1: Partnership Details - The initiative aims to create a more inclusive experience for Banco Sabadell's 12 million customers in Spain by addressing accessibility barriers, which is expected to reduce user drop-off and improve customer satisfaction [2][3] - DXC will provide 350,000 hours of advanced testing annually to support this initiative [2] Group 2: Methodology and Compliance - DXC and Banco Sabadell have developed a methodology that integrates accessibility testing throughout the product development lifecycle, including a real-time monitoring system for evaluating issues based on business impact [3] - The approach ensures compliance with accessibility standards set by Spanish and EU regulations, helping Banco Sabadell meet regulatory obligations and broader inclusion goals [3] Group 3: Industry Expertise - DXC Technology has over 45 years of experience in banking and capital markets, providing the necessary technology and expertise for financial institutions to remain competitive [4] - The collaboration is seen as a significant step towards a more equitable digital future for all citizens [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - LGFVs continued to consolidate, and investors turned to USD issues for higher absolute yields as lower-yielding CNH issues lacked catalysts to tighten further [2] - China's PMI indicates waning economic momentum, and the policy easing window may not open until Q4 2025. China may have stronger motivation to advance economic rebalancing after a potential trade deal with the US [3][11] - Moody's changed the rating outlook of SK Hynix to positive from stable and affirmed its Baa2 rating, and SK Hynix is favored for its strong global market position and solid operating cash flow [7][9] Summary by Relevant Catalogs Trading Desk Comments - VNKRLE obtained up to RMB869mn loans from SZ Metro, and YLLGSP further bought back YLLGSP 5 1/8 05/20/26. VNKRLE 27 - 29 were 0.4 - 0.5pts lower, and YLLGSP 26 was 0.1pt higher [1] - In China IG, MEITUA/WB/XIAOMI 30s ended with 1 bp tighter to 1bp wider. New CB 3 - tranche CNH issues dropped 0.2 - 0.375pts from RO, and there was better buying on the 30yr papers [1] - In HK, HYSAN/NANFUN were unchanged to 0.5pt higher, whilst MTRC perps remained unchanged [1] - For TW lifers, CATLIF 34/39 were 1bp tighter to 2bps wider amid PB selling, NSINTW was unchanged, and SHIKON widened 1bp amid two - way flows [1] - For Thailand banks, BBLTB sub curve tightened 2 - 4bps and KBANK tightened 2bps [1] - In KR, DAESEC 26/29 widened 1bp and NHSECS 28 - 30 was 2bps tighter to 1bp wider. LGENSO curve retraced 2 - 4bps while HYNMTR/HYUELE tightened 1 - 4bps amid PB/AM buying [1] - FRN space is in good demand across Asia and EU bank papers. Investors in the region remained better buyers of Japanese and Yankee AT1s while there were selling flows from London [1] Morning Market Update - The new UBS 6.6 Perp was unchanged from RO at par, the new UBS 7 Perp was 0.1pt higher from RO at par. HAOHUA widened 1 - 2bps. DAESEC tightened 1 - 2bps. STANLN/MIZUHO/SUMIBK FRNs tightened 1 - 2bps. ANZ/CBAAU T2 widened 1 - 2bps [3] Macro News Recap - S&P (-0.37%), Dow (-0.74%) and Nasdaq (-0.03%) were lower on Thursday. US latest initial jobless claims was +218k, lower than the market expectation of +222k. US Jun'25 Core PCE price index was +2.8% yoy, higher than the market expectation of +2.7%. UST yield was largely unchanged on Thursday, 2/5/10/30 yield at 3.94%/3.96%/4.37%/4.89% [6] Desk Analyst Comments - Moody's changed the rating outlook of SK Hynix to positive from stable and affirmed its Baa2 rating, expecting its adjusted EBITDA to increase and adjusted debt/EBITDA to improve in FY25 - 26 [7] - SK Hynix overtook Samsung to become the world's leading memory chipmaker by revenue in Q2 2025, driven by higher demand for AI chips [8] China Economy Analysis - Manufacturing PMI further contracted with fading export front - loading. New order and export order indexes dropped, production moderated, and deflation pressure eased [11][12] - Non - manufacturing PMI softened as both service and construction activities moderated. Service PMI edged down, and construction PMI dipped [11][13] Offshore Asia New Issues - Offshore Asia New Issues (Priced): Chengdu & Europe Industrial Zone issued 156 USD mn in 3 - year bonds with a 6.95% coupon and unrated [17] - Offshore Asia New Issues (Pipeline): No new issues pipeline today [18] News and Market Color - There were 66 credit bonds issued onshore yesterday with an amount of RMB35bn. Month - to - date, 2,097 credit bonds were issued with a total amount of RMB2,143bn raised, representing a 12.7% yoy increase [19] - China new home sales fell 24% yoy in Jul'25 as stimulus impact faded [19] - Various company financial results and events were reported, such as Adani Enterprises' 1QFY26 EBITDA fall, MGM China's 2Q25 net revenue rise, etc. [19]

Core Viewpoint - Daya Bay Development Zone demonstrates significant progress in high-quality development through efficient fiscal management, deepening state-owned enterprise reforms, and robust financial services to the real economy, collectively driving sustainable economic growth and social development [2]. Fiscal Management - In 2024, Daya Bay Development Zone achieved a general public budget revenue of 6.74 billion yuan, with a notable increase in local government special bond issuance to 2.9 billion yuan, up 156.6% from 2023 [3]. - The expenditure structure is increasingly focused on public welfare, with 6.1 billion yuan allocated to social welfare, accounting for 77% of the general public budget expenditure [3]. - Key investments include approximately 1.29 billion yuan in education, 680 million yuan in healthcare, and 490 million yuan in employment and social security [3]. State-Owned Enterprises - The reform of state-owned enterprises in Daya Bay has led to a significant increase in their scale, with total assets reaching 43.384 billion yuan, exceeding the annual target by 10% and showing a 110% growth compared to the end of 2022 [5]. - In 2024, the operating income of state-owned enterprises surpassed 7 billion yuan, effectively doubling since the end of 2022, with net assets increasing by 24% to 14.454 billion yuan [5]. Infrastructure and Public Services - The establishment of a 40,000-ton grain storage facility enhances regional food security, while the addition of over 4,200 public parking spaces addresses parking challenges [6]. - Water supply projects have increased raw water supply by 200,000 cubic meters per day, achieving a 100% compliance rate for rural drinking water safety [6]. - The municipal sewage treatment capacity has reached 331,000 cubic meters per day, ensuring comprehensive coverage [6]. Financial Services - The financial system has facilitated 3.846 billion yuan in loans for urban village renovation projects, enhancing support for industrial development [7]. - A total of over 6 billion yuan has been raised through various channels to support the development of the Tanghong area, with significant contributions from local government special bonds and policy bank loans [4]. Future Development Focus - In 2025, Daya Bay Development Zone aims to focus on six key areas to drive high-quality development, with a public budget revenue of 4.07 billion yuan achieved in the first half of the year [8]. - Social welfare expenditure reached 2.53 billion yuan in the first half of 2025, accounting for 75% of total expenditures, emphasizing the commitment to economic development [8].

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES (Note: All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS® Accounting Standards"), except as otherwise noted. This press release contains ...

Core Viewpoint - The article discusses the recent developments in the investment banking sector, highlighting key trends and potential impacts on the market [1] Group 1: Industry Trends - Investment banking is experiencing significant changes due to evolving market conditions and regulatory environments [1] - There is an increasing focus on technology integration within investment banking operations to enhance efficiency and client service [1] Group 2: Company Insights - Companies in the investment banking sector are adapting their strategies to align with new market demands and client expectations [1] - Financial performance metrics are being closely monitored, with particular attention to revenue growth and cost management [1]

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Report Industry Investment Rating - The report maintains a neutral rating on the Adani complex [11] Core Viewpoints - The expectations of further tender offers from Adani Ports should support the near - term performance of ADSEZs, but the gradual resumption of funding access and potential for more tender offers are fairly priced, so a neutral stance is maintained on the Adani complex [10][11] Summary by Relevant Sections Trading Desk Comments - In KR, HYNMTR/LGENSO Float 30s were 1 - 3bps tighter; in Chinese IGs, BABA 31/MEITUA 30 widened 1bp, BABA 47 - 61s were 1.0 - 1.5pts higher [1] - In financials, MIZUHO/SUMIBK Float 30 - 31s were unchanged to 1bps tighter, HSBC/STANLN Float 30 - 31s were under small selling and closed unchanged to 1bp wider [1] - In insurance, SHIKON/NSINTW 34 - 35s were 1 - 2bps tighter on PB buying, CATLIF 34 widened 1bp on small selling [1] - In HK, DAHSIN 33/SHCMBK 33/BNKEA 34 were 5 - 11bps tighter, LASUDE 26 was 1.8pts higher; REGH 6.5/HYSAN 7.2 Perps lowered 0.6 - 0.9pt [1] - In Chinese properties, VNKRLE 27 - 29s and ROADKG 28 - 30s were 0.1 - 0.6pt lower, ROADKD Perps were 0.1 - 0.2pt higher [1] - In SE Asia, VLLPM 29 rebounded 2.1pts, closed 0.9pt higher WTD [1] Morning Updates - ZHOSHK 28 tightened another 8bps; LGENSO 27 - 35s tightened 8 - 11bps after media reported LG Energy's contract with Tesla [2] - SHIKON/NSINTW 34 - 35s widened 1 - 2bps [2] - ADSEZ: USD438mn validly tendered as of the early tender deadline, ADSEZ 27 - 41s up 0.2 - 0.6pts [2][3] - LIFUNG priced 3.5NC2 USD300mn bond at 98.89 to yield 8.75%, LIFUNG 29 was 0.5pt higher from RO at 98.89 [2] CNH Space - New CNH CCAMCL 2.35 29/CCAMCL 2.43 30 were 0.2 - 0.6pts lower from ROs at par; new CNH TEMASE 30/35/55 and CHMEDA 30/35 were under better selling and closed 0.1 - 0.6pt lower [4] - KCGZIG priced 3yr CNH1.4bn bond at par to yield 2.65% (IPT at 3.3% area); there were two - way interests on CNH names LUOYNG 7 26s/QHCTJS 7 28s and USD new issues BINHCO 4.95 28s/DAZAKI 7 28s [4] - SPICPD Perp was up 0.1pt [4] Last Trading Day's Top Movers - Top Performers: VLLPM 9 3/8 07/29/29 up 2.1pts, LASUDE 5 07/28/26 up 1.8pts, BABA 5 5/8 11/26/54 up 1.5pts [5] - Top Underperformers: REGH 6 1/2 PERP down 0.9pt, ROADKG 6 03/04/29 down 0.6pt, ROADKG 5.9 09/05/28 down 0.6pt [5] Macro News Recap - S&P (-0.30%), Dow (-0.46%) and Nasdaq (-0.38%) were lower on Tuesday; US and China will continue talks on tariff truce extension [6] - US Jul'25 CB Consumer Confidence was 97.2, higher than the market expectation of 95.9; US Jun'25 JOLTS Job Openings was 7.437mn, lower than the market expectation of 7.510mn [6] - UST yield was lower on Tuesday, 2/5/10/30 yield at 3.86%/3.90%/4.34%/4.86% [6] Desk Analyst Comments - Adani Ports announced early tender offer results as of the early deadline; ADSEZ 4 07/30/27 was oversubscribed and no more validly tendered bonds after the early deadline will be accepted [7] - The tender offers will expire on 13 Aug'25 5pm EDT [7] Offshore Asia New Issues - Priced: Chengdu Xisheng Investment Group issued 92.5mn USD 3 - yr bond at 4.95%; China CITIC Bank London Branch issued 300mn USD 3 - yr bond at SOFR + 50; Li & Fung issued 300mn USD 3.5NC2 bond at 8.75% [14] - Pipeline: No new issues pipeline today [15] News and Market Color - 93 credit bonds were issued onshore yesterday with an amount of RMB51bn; month - to - date, 1,971 credit bonds were issued with RMB2,075bn raised, a 13.8% yoy increase [16] - Adani Green's 2,200MW pumped hydro - storage power projects were scrapped at its request; Alibaba inks AI strategic partnership with Standard Chartered Bank [16] Company - Specific News - SK Hynix raises capex for high - bandwidth memory facility by 32% to KRW29tn (cUSD21bn) [19] - MIND ID 1Q25 revenue rises 74.6% yoy to IDR44.2tn (cUSD2.7bn) [19] - Lai Sun Development seeks to sell 50% stake in CCB Tower in Hong Kong [19] - LG Innotek to acquire stake in US tech firm Aeva for AI strategic collaboration [19] - Logan considers proposing a deeper haircut under offshore debt restructuring [19] - Nissan to consolidate Mexico production in one plant [19] - South Korean president blasts POSCO unit over fatal workplace accidents [19] - SK On plans to raise KRW2tn (cUSD1.4bn) through stock price return swap [19] - San Miguel Corp completed the redemption of SMCPM 5.5 Perp [19] - SoftBank - backed eyewear chain filed for up to USD923mn India IPO [19] - Tata Motors nears USD4.5bn acquisition of Iveco [19] - Vedanta may not get PCF providers' consent to prepay facility on 8 Aug'25 [19]

Group 1 - The Hong Kong interbank offered rates (HIBOR) have generally declined, with the overnight rate at 0.42494%, down by 5.821 basis points, marking the highest level since May 7 [1] - The one-week HIBOR decreased by 9.244 basis points to 0.73923%, while the two-week rate fell by 6.137 basis points to 0.81155% [1] - The one-month HIBOR, which is related to mortgage rates, increased by 1.101 basis points to 1.03244%, the highest since July 18 [1] Group 2 - The three-month HIBOR, reflecting bank funding costs, is reported at 1.62179%, down by 8.035 basis points, the lowest since June 24 [1] - The six-month HIBOR decreased by 13.62 basis points to 2.25071%, while the one-year rate is at 2.80113%, down by 5.411 basis points, the lowest since June 14, 2022 [1]