Don't Mind Please

the great liquidity draining is back. Ready for second wave of AI boom *MICROSOFT KICKS OFF 10-PART US DOLLAR HIGH-GRADE BOND OFFERING *MICROSOFT SET TO RAISE $25 BILLION FROM HIGH-GRADE BOND SALE

*AXIS REAL ESTATE 3Q NET INCOME 54.8M RINGGIT, +5.1% Y/Y *AXIS REAL ESTATE 3Q REV. 90.8M RINGGIT, -2.1% Y/Y

Here is the Jason Borne thing with regard to Jensen Huang. *US BELIEVED EXEC HAD DIRECT ACCESS TO JENSEN HUANG: NYT *TRUMP WAS BRIEFED ON US INTELLIGENCE A YEAR AGO: NYT *US SUSPECTED SPY HELPED CHINA EVADE CONSTRAINTS ON AI CHIPS:NYT *NVIDIA SAYS CEO INTERACTIONS WITH THE EXEC WERE NOT UNUSUAL:NYT *US INTELLIGENCE FOCUSED ON SINGAPORE-BASED EXEC HUANG LE: NYT *NVIDIA'S JENSEN HUANG WAS TARGET OF CHINESE SPY PLOT: NYT

*BAT MALAYSIA 3Q REV. 302.0M RINGGIT, +0.4% Y/Y *BAT MALAYSIA 3Q NET INCOME 2.35M RINGGIT, -67% Y/Y

Sharing is Caring Caring is Pharmacy *BIG CARING SEEKS TO RAISE UP TO 2.3B RINGGIT IN MALAYSIA IPO *BIG CARING SETS IPO PRICE AT 1.08 RINGGIT APIECE

USD Credit Market week to date as of 30-Oct-2026 (Friday): Changes week to date - USD O/N SOFR @ 3.94% (+2bps) - 5Y USD SOFR SWAP @ 4.46% (-6bps) - 2Y UST @ 4.7% (+2bps) - 5Y UST @ 4.84% (+3bps) - 10Y UST @ 5.02% (+2bps) - 30Y UST @ 5.34% (+2bps) - 2y/10y UST Yield Curve @ 32bps (unch) USD Aussie Bank Senior Credit FIXED: - ANZ 4.615% 12/16/29 @ 5.15% (+2bps) - NAB 4.901% 01/14/30 5.09% (+3bps) - MQGAU 5.033% 01/15/30 5.39% (-3bps) - WSTP 2.65% 01/16/30 5.09% (-1bps) - CBAAU 4.608% 03/14/30 5.07% (-3bps) USD Aussie Bank Tier 2 Credit FIXED: - HLBKMK 4.4% 05/29/29 @ 0% (unch) - NAB 3.933% 08/02/34 5.74% (unch) - ANZ 5.731% 09/18/34 5.76% (+3bps) - CBAAU 3.61% 09/12/34 5.73% (unch) - MQGAU 3.052% 03/03/36 6.19% (+4bps) - WSTP 3.02% 11/18/36 6.1% (+3bps) USD Non-APAC Senior Credit: - HSBC 4.675% 03/10/32 5.79% (-6bps) USD SG Credit: - DBSSP 4.403% 03/21/28 @ 4.91% (+4bps) - UOBSP 4.401% 04/02/28 4.94% (-3bps) USD Malaysia Credit: - AMMMK 5.252% 01/23/30 5.6% (+1bps) - PETMK 4.95% 01/03/31 5.39% (+3bps) - KNBZMK 2.78% 05/11/31 5.53% (+6bps) - MALAYS 4.612% 04/30/32 4.91% (+3bps) USD China Credit: - CHGRID 1 5/8 08/05/30 4.96% (+8bps) - SINOPE 2.7% 05/13/30 4.97% (+3bps)

AUD Credit Market week to date as of 30-Oct-2026 (Friday): Changes week to date - 3mBBSW @ 4.91% (+9bps) - 2Y ACGB @ 4.84% (-2bps) - 5Y ACGB @ 4.82% (-6bps) - 10Y ACGB @ 5.11% (-5bps) - 30Y ACGB @ 5.54% (-4bps) AUD Senior (Bank & Corp) FXD - CBAAU 5.03% 01/15/31 @ 5.58% (+2bps) - UOBSP 5.023% 01/29/31 5.57% (+2bps) - WSTP 5.141% 02/12/31 5.6% (+3bps) - DBSSP 5.065% 02/13/31 5.54% (+3bps) - GOOGL 5 1/2 08/27/31 5.8% (+2bps) - NAB 5.1% 10/16/35 5.95% (+2bps) - GOOGL 6 1/4 08/27/36 6.21% (unch) FRN - OCBCSP Float 01/15/29 @ DM+57bps (+1bps) - DBSSP Float 02/13/29 @ DM+57bps (+1bps) - ANZ Float 02/18/30 @ DM+65bps (unch) - NAB Float 03/18/30 @ DM+65bps (unch) - MQGAU Float 07/17/30 @ DM+73bps (+1bps) - CBAAU Float 01/15/31 @ DM+66bps (unch) - WSTP Float 02/12/31 @ DM+67bps (unch) - GOOGL Float 08/27/31 @ DM+94bps (+1bps) Bank AUD Tier 2 FXD - CBAAU 5.632% 03/05/36 6.26% (+2bps) - MQGAU 5.757% 08/20/36 6.46% (+4bps) - MQGAU 6.1456% 05/29/40 6.83% (+4bps) - NAB 5.774% 07/30/40 6.72% (+5bps) - ANZ 5.691% 08/14/40 6.72% (+4bps) - WSTP 6.085% 02/12/41 6.76% (+5bps) FRN - WSTP Float 02/12/35 @ DM+122bps (+1bps) - NAB Float 11/14/35 @ DM+129bps (unch) - CBAAU Float 03/05/36 @ DM+133bps (+2bps) - MQGAU Float 08/20/36 @ DM+157bps (+6bps) - ANZ Float 02/23/37 @ DM+143bps (+3bps) Kangaroo Bonds (Foreign issuers in AUD): - MTRC 4.886% 01/29/31 5.4% (+3bps) - MTRC 5.582% 01/29/38 6.19% (+3bps)

Ringgit Bonds on Thursday (29/10): Table 1: End of the day levels. Table 2: Changes in the day. - MYR IRS fell 2-5bps. - Govvies yields fell 1-6bps. - GG/Caga/Rated corp yields closed mixed.

According to TAB Global / The Asian Banker’s latest rankings, Hong Leong Financial Group has taken the #1 spot in Malaysia for financial strength! 🇲🇾📈

UK Budget *UK BANK TAX HIKE SAID TO BE TEMPORARY, SURCHARGE LESS THAN 8% *UK RAISES DUTY ON GAMING MACHINES TO 25% FROM 20% *UK TO INCREASE BANK SURCHARGE TO 6% FROM 3% *UK PLANS £250.6 BILLION GILT SALES IN 2026-27; EST. £249.2B *UK 2026 GDP GROWTH FORECAST RAISED TO 1.2% FROM 1.1% *UK 2027 GDP GROWTH FORECAST LOWERED TO 1% FROM 1.6% *UK FISCAL HEADROOM VS SPENDING RULE £15B; EXPECTED £15.2B

Mega merger in the Malaysia Telco space *MAXIS, U MOBILE ARE SAID TO REVIVE PLANS FOR COMBINATION *MAXIS IS SAID TO ASK POTENTIAL ADVISERS TO SUBMIT PROPOSALS *MAXIS, U MOBILE TALKS START TO GAIN MORE TRACTION: SOURCES

*U MOBILE OWNERS ARE SAID TO SEEK OVER MYR10B VALUATION IN DEAL

*FITCH RATINGS: MALAYSIAN ISLAMIC FINANCE KEEPS GROWTH ON STRUCTURAL DEPTH, POLICY

USD Credit Market week to date as of 29-Oct-2026 (Thursday): Changes week to date - USD O/N SOFR @ 3.95% (+3bps) - 5Y USD SOFR SWAP @ 4.56% (+4bps) - 2Y UST @ 4.7% (+2bps) - 5Y UST @ 4.84% (+3bps) - 10Y UST @ 5.02% (+2bps) - 30Y UST @ 5.34% (+2bps) - 2y/10y UST Yield Curve @ 32bps (unch) USD Aussie Bank Senior Credit FIXED: - ANZ 4.615% 12/16/29 @ 5.15% (+2bps) - NAB 4.901% 01/14/30 5.09% (+3bps) - MQGAU 5.033% 01/15/30 5.39% (-3bps) - WSTP 2.65% 01/16/30 5.09% (-1bps) - CBAAU 4.608% 03/14/30 5.07% (-3bps) USD Aussie Bank Tier 2 Credit FIXED: - HLBKMK 4.4% 05/29/29 @ 0% (unch) - NAB 3.933% 08/02/34 5.74% (unch) - ANZ 5.731% 09/18/34 5.76% (+3bps) - CBAAU 3.61% 09/12/34 5.73% (unch) - MQGAU 3.052% 03/03/36 6.19% (+4bps) - WSTP 3.02% 11/18/36 6.1% (+3bps) USD Non-APAC Senior Credit: - HSBC 4.675% 03/10/32 5.79% (-6bps) USD SG Credit: - DBSSP 4.403% 03/21/28 @ 4.91% (+4bps) - UOBSP 4.401% 04/02/28 4.94% (-3bps) USD Malaysia Credit: - AMMMK 5.252% 01/23/30 5.6% (+1bps) - PETMK 4.95% 01/03/31 5.39% (+3bps) - KNBZMK 2.78% 05/11/31 5.53% (+6bps) - MALAYS 4.612% 04/30/32 4.91% (+3bps) USD China Credit: - CHGRID 1 5/8 08/05/30 4.96% (+8bps) - SINOPE 2.7% 05/13/30 4.97% (+3bps)

AUD Credit Market week to date as of 29-Oct-2026 (Thursday): Changes week to date - 3mBBSW @ 4.86% (+4bps) - 2Y ACGB @ 4.9% (+4bps) - 5Y ACGB @ 4.9% (+2bps) - 10Y ACGB @ 5.17% (+1bps) - 30Y ACGB @ 5.59% (+1bps) AUD Senior (Bank & Corp) FXD - CBAAU 5.03% 01/15/31 @ 5.58% (+2bps) - UOBSP 5.023% 01/29/31 5.57% (+2bps) - WSTP 5.141% 02/12/31 5.6% (+3bps) - DBSSP 5.065% 02/13/31 5.54% (+3bps) - GOOGL 5 1/2 08/27/31 5.8% (+2bps) - NAB 5.1% 10/16/35 5.95% (+2bps) - GOOGL 6 1/4 08/27/36 6.21% (unch) FRN - OCBCSP Float 01/15/29 @ DM+57bps (+1bps) - DBSSP Float 02/13/29 @ DM+57bps (+1bps) - ANZ Float 02/18/30 @ DM+65bps (unch) - NAB Float 03/18/30 @ DM+65bps (unch) - MQGAU Float 07/17/30 @ DM+73bps (+1bps) - CBAAU Float 01/15/31 @ DM+66bps (unch) - WSTP Float 02/12/31 @ DM+67bps (unch) - GOOGL Float 08/27/31 @ DM+94bps (+1bps) Bank AUD Tier 2 FXD - CBAAU 5.632% 03/05/36 6.26% (+2bps) - MQGAU 5.757% 08/20/36 6.46% (+4bps) - MQGAU 6.1456% 05/29/40 6.83% (+4bps) - NAB 5.774% 07/30/40 6.72% (+5bps) - ANZ 5.691% 08/14/40 6.72% (+4bps) - WSTP 6.085% 02/12/41 6.76% (+5bps) FRN - WSTP Float 02/12/35 @ DM+122bps (+1bps) - NAB Float 11/14/35 @ DM+129bps (unch) - CBAAU Float 03/05/36 @ DM+133bps (+2bps) - MQGAU Float 08/20/36 @ DM+157bps (+6bps) - ANZ Float 02/23/37 @ DM+143bps (+3bps) Kangaroo Bonds (Foreign issuers in AUD): - MTRC 4.886% 01/29/31 5.4% (+3bps) - MTRC 5.582% 01/29/38 6.19% (+3bps)

Ringgit Bonds on Wednesday (28/10): Table 1: End of the day levels. Table 2: Changes in the day. - MYR IRS gained 1-3bps. - Govvies yileds gained 3-5bps. - GG yields gained 1bps in the long end. - Caga yields unchanged. - Rated corp yields gained 1-2bps.

*CORRECT: CHINA 5-YEAR YIELD DROPPED PAST RECORD LOW CLOSE

*SOUTH KOREA 3Q GDP EXPANDS 1% Q/Q; EST. +0.8%

*S&P AFFIRMS AMBANK 'BBB+/A-2' RATINGS; OUTLOOK STABLE

*TENAGA NASIONAL ISSUES MYR4.8B SUSTAINABILITY SUKUK WAKALAH