++ Off-the-run Relative Value Offers ++

Stewart OldfieldJoshua ShoshanDavide-A SferrazzaXavier AvilaLiam Osullivan

Paul,

Is this below something you want to see? We work with a desk that trade slightly less liquid paper, but very often offering nice pickups to more liquid bonds or notes. I can send this to you daily if you want.

Here is a today's update:

Getting lifted on Macy's 27s — thanks Ray. Leaves 2MM to offer at +348

refreshed offer axes below. Note that below axe list is NOT exhaustive. Please get in touch with desk for any other illiquid / off-the-run inquiries

USD Offer Axes

Size	ISIN	Des	Rating	Rank	Amt Outstanding	Ask Spread	Yield	Ask (Cash)	Comment
									Senior notes issued by a KFW initiated
10MM	XS1670658134	EFSE Float 08/24/22		Unsecured	29,500,000	DM+ 190	4.03%	100.00	microfinance fund. Structural credit enhancement of at least 70%
		FOXA 9
		½	BBB+ *	Sr					FOXA 3.7 24s
2.5MM	90131HAV7	07/15/24	/ Baal	Unsecured	200,000,000	T+ 103	3.33%	136.97	at 69/64
		C6%	BBB+/	Sr					C 3.3 25s at
1MM+	172967AM3	06/01/25	Baal	Unsecured	150,000,000	T+ 120	3.50%	122.40	80/75
		BACR O		Sr					BACR 3.75 24s
1MM+	XS0743062845	03/27/27 M 6.79	A-/NR	Unsecured Sr	13,402,221	Z+ 140	3.65%	71.09	at Z+95 101 CoC M 24s
2MM	55616XAB3	07/15/27	Baa3	Unsecured	165,000,000	T+ 348	5.79%	107.38	at 225/210

EUR Offer Axes

Size	ISIN	Des	Rating	Rank	Amt Outstanding	Ask Spread	Yield	Ask (Cash)	Comment
									Longer plain senior Aegon
		AEGON Float	A1	Secured					(A3-two notches lower!) at
10MM	XS0242163656	02/02/21 OTTOGR		Sr	100,000,000	OAS+ 45	0.43%	101.75	Z+23 OTTOGR 3.75
1.8MM	XS1031554360	0		Unsecured	50,000,000	DM+ 125	0.92%	102.51	20s at z+92

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