Bondsupermart

New USD Bond Issuance Issuer: ICICI Bank Ltd/IFSC Currency: USD Tenure | IPG: 5-Year | T + 130 bps area (Est 5.640%) First Issuance Date: 21 August 2026 Bond Rating: Baa3 (Moody’s) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business

New AUD Bond Issuance Issuer: Australia Government Bond Currency: AUD Tenure | IPG: 12-Year | EFP +6.5bps to 8.5bps (Est. 5.125% - 5.145%) First Issuance Date: 25 August 2026 Bond Rating: AAA (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: AUD 1,000 / 1,000 Timing: Pricing before 18 August 2026. Books will close early Sydney AM hours on 18 August 2026

📌 Idea of The Week MYR Bonds Market Credit Cheatsheet – Updates on Issuers that are on our watchlist (July 2026) 🌟 Highlights 🌟 🔹 Latest developments and commentary on each issuer on the watchlist. 🔹 Latest updates on issuers that are exhibiting elevated credit risk or even under financial distress. 🔹 Latest outlook on MGS, UST, SGS and AGS yield curves.

📌 Idea of The Week Get Paid to Connect: ~3.9% Yield from Your Network Provider- Time dotCom TIME dotCom maintains a strong earnings and credit profile. Investors may consider the new issuances, offering approximately 3.79% for the 5-year tranche and 3.92% for the 7-year tranche. 🌟 Highlights 🌟 🔹 Subscription-based revenue model with ~95% of recurring income. 🔹 Profit before tax rose to approximately RM160 million in Q1 FY2026. 🔹 EBITDA margins have remained healthy, ranging between 36% and 46% since FY2023. 🔹 Prudent balance sheet structure; robust liquidity position.

📌 Idea of The Week New on Bondsupermart Live: 15 Income Opportunities from HSBC, SK Hynix, Petronas, and More! Secure yields from global names like HSBC, SK Hynix, Petronas, Standard Chartered and NatWest with transparent, dynamic pricing and flexible $1,000 odd-lot minimums across SGD, USD, AUD and GBP. 🌟 Highlights 🌟 🔹 We recently added 15 new live issues onto Bondsupermart Live – all tradable with live pricing, spanning financials, REITs, technology, energy, and sovereign issuers 🔹 Quick highlights on some selected issuers

New AUD Bond Issuance Issuer: Australia and New Zealand Banking Group Limited Currency: AUD Tenure | IPG: 15-Year Non-Callable 10-Year | SQ ASW + 165-170 bps (Est. 6.544%-6.594%) 20-Year | SQ ASW + 180bps (Est. 6.920%) First Issuance Date: 21 August 2026 Bond Rating: A- (Fitch) Ranking: Subordinated Min. / Incremental Size: AUD 1,000 / 1,000 Timing: Expected to launch and price in the near future, subject to market conditions

New AUD Bond Issuance Issuer: Australia and New Zealand Banking Group Limited Currency: AUD Tenure | IPG: 5-Year | S/Q ASW + 72bps (Est. 5.330%) First Issuance Date: 21 August 2026 Bond Rating: AA- (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: AUD 1,000 / 1,000 Timing: Books open, expected pricing 14 August 2026, subject to market conditions

New CNH Bond Issuance Issuer: State Grid Overseas Investment (BVI) Limited Currency: CNH Tenure | IPG: 5-Year | 2.45% area 10-Year | 2.80% area 20-Year | 3.10% area First Issuance Date: 20 August 2026 Bond Rating: A+ (S&P) Ranking: Senior Unsecured Min. / Incremental Size: CNH 1,000,000 / 10,000 Timing: Today’s business

New USD Bond Issuance Issuer: Bank of Baroda Currency: USD Tenure | IPG: 3-Year | T + 120bps area. (Est. 5.450%) 5-Year | T + 130bps area. (Est. 5.650%) First Issuance Date: 20 August 2026 Bond Rating: BBB- (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business

📌 Idea of The Week OCBC announces SGD NC5 perpetuals at an IPG of 3.50% Overall, we consider the new perpetual fairly priced. This new issue is therefore best suited for investors prioritising OCBC’s strong credit profile rather than for those seeking maximum relative value. 🌟 Highlights 🌟 🔹 OCBC’s revenue mix is becoming more diversified, with 2Q26 non-NII rising to 46% of total income. 🔹 Operating leverage remained positive as cost-to-income ratio fell to 37.8% in 2Q26, reflects cost discipline despite strong business growth. 🔹 Funding and liquidity are clear strengths for OCBC.

New SGD Bond Issuance Issuer: Oversea-Chinese Banking Corporation Limited Currency: SGD Tenure | IPG: Perpetual Non-Callable 5-Year | 3.50% area First Issuance Date: 19 August 2026 Bond Rating: BBB+ (Fitch) Ranking: Subordinated Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s business

📌 Idea of The Week MNRB’s Takaful Divestment: What It Means for Bondholders? We remain positive on MNRB's credit profile and view the proposed divestment as a strategic initiative. Accordingly, we recommend that existing bondholders maintain their positions. However, for investors seeking new exposure, we believe the current yields on MNRB's sukuks offer limited upside. 🌟 Highlights 🌟 🔹 MNRB to divest takaful units to Bank Rakyat to focus on core reinsurance and retakaful operations 🔹 Continue to be supported by BNM as a national reinsurer 🔹 Continue to possess healthy ratios 🔹 Conservative investment asset mix

📌 Idea of The Week ESR-REIT 1H2026: Stable operations, but leverage remains elevated ESR-REIT senior bonds and perpetuals appear fairly priced. These bonds provide some yield pickup over higher-rated industrial and logistics REIT peers. 🌟 Highlights 🌟 🔹 Lower financing costs offset weaker NPI, lifting pre-fair-value net income by 5%. 🔹 The Melbourne acquisitions should partly replace divested income, with fuller contributions expected from FY2027. 🔹 Reported leverage improved, but adjusted leverage including perpetuals remains high, alongside substantial refinancing needs.

📌 Idea of The Week HSBC Holdings plc Announces New SGD 6NC5 HoldCo Senior Notes at an IPG of 3.10% Overall, we see the 3.10% IPG as attractively priced, particularly given HSBC’s strong credit profile and the yield pickup over both its own existing issue and comparable peers. 🌟 Highlights 🌟 🔹 HSBC’s CET1 ratio stood at 14.1% as of end-June 2026 🔹 HSBC reported profit after tax of US$7.9 billion, and revenue rose to US$19.1 billion 🔹 HSBC held US$713.7 billion of average high-quality liquid assets

New USD Bond Issuance Issuer: State Bank of India/London Currency: USD Tenure | IPG: 5-Year | T+120bps area (Est. 5.612%) First Issuance Date: 18 August 2026 Bond Rating: BBB- (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business

New SGD Bond Issuance Issuer: HSBC Holdings PLC Currency: SGD Tenure | IPG: 6-Year Non-Callable 5-Year | 3.10% area First Issuance Date: 17 August 2026 Bond Rating: A+ (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today's Business

New USD Bond Issuance Issuer: Lloyds Banking Group PLC Currency: USD Tenure | IPG: 6-Year Non-Callable 5-Year | T + 110bps (Est. 5.450%) 11-Year Non-Callable 10-Year | T + 130bps (Est. 5.940%) First Issuance Date: 17 August 2026 Bond Rating: A+ (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Books open, pricing later today NY

📌 Idea of The Week Credit Rating Upgraded to Investment Grade, NAND Amid the AI Wave Overall, Kioxia’s solid repayment capacity is underpinned by robust demand for NAND memory from AI data centres and strong cash flow generation. These bonds are suitable for investors seeking stable cash flows who also wish to increase exposure to the AI sector. 🌟 Highlights 🌟 🔹 Driven by AI Wave: Total Revenue Up 37% YoY, Operating Margin Improves Significantly to 37.5% 🔹 NAND Supply Shortage and Strong Pricing Power Reflected in First-Quarter Results 🔹 Extension of Joint Venture with Sandisk Strengthens Revenue Visibility 🔹 Disciplined Capital Investment and Record Free Cash Flow 🔹 Significant Improvement in Debt Levels and Upgrade to Investment Grade

📌 Idea of The Week Australia June CPI continues to support our preference for barbell strategies Within the corporate bond space, we remain positive on high-quality investment-grade issuers, particularly more defensive sectors such as major banks, supermarket operators and regulated utilities, which are better positioned to withstand a softer economic environment. 🌟 Highlights 🌟 🔹 Easing Headline Inflation, but Stickiness in Core Inflation Remains 🔹 Sign of Pullback in Discretionary Spending 🔹 Moderation in Property Markets 🔹 Yield Shifted Higher Since Last Update; Reaffirm Our View that It’s Close to Terminal Rate

New HKD Bond Issuance Issuer: Pioneer Reward Limited Currency: HKD Tenure | Yield 3-Year | 4.20% area First Issuance Date: 13 August 2026 Bond Rating: Baa1 (Moody’s) Ranking: Senior Unsecured Min. / Incremental Size: HKD 1,000,000 / 500,000 Timing: As early as today’s business