window.NREUM||(NREUM={});NREUM.info = {"beacon":"bam.nr-data.net","errorBeacon":"bam.nr-data.net","licenseKey":"4b6efa9038","applicationID":"8572220","transactionName":"NQMBY0QEV0MFB00KCQxJImRmSlBeAgsWEBMPCwJFT0tYQxQc","queueTime":0,"applicationTime":243,"agent":"","atts":""} <meta name="Generator" content="Microsoft Word 15 (filtered)" /> <style> <!-- /* Font Definitions */ @font-face {font-family:Wingdings; panose-1:5 0 0 0 0 0 0 0 0 0;} @font-face {font-family:SimSun; panose-1:2 1 6 0 3 1 1 1 1 1;} @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4;} @font-face {font-family:"\@SimSun"; panose-1:2 1 6 0 3 1 1 1 1 1;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin-top:0in; margin-right:0in; margin-bottom:8.0pt; margin-left:0in; line-height:107%; font-size:11.0pt; font-family:"Calibri",sans-serif;} a:link, span.MsoHyperlink {color:blue; text-decoration:underline;} a:visited, span.MsoHyperlinkFollowed {color:#954F72; text-decoration:underline;} p.MsoNoSpacing, li.MsoNoSpacing, div.MsoNoSpacing {margin:0in; margin-bottom:.0001pt; font-size:11.0pt; font-family:"Calibri",sans-serif;} p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph {margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; font-size:12.0pt; font-family:"Times New Roman",serif;} p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst {margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; font-size:12.0pt; font-family:"Times New Roman",serif;} p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle {margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; font-size:12.0pt; font-family:"Times New Roman",serif;} p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast {margin-top:0in; margin-right:0in; margin-bottom:0in; margin-left:.5in; margin-bottom:.0001pt; font-size:12.0pt; font-family:"Times New Roman",serif;} .MsoChpDefault {font-family:"Calibri",sans-serif;} .MsoPapDefault {margin-bottom:8.0pt; line-height:107%;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in;} div.WordSection1 {page:WordSection1;} /* List Definitions */ ol {margin-bottom:0in;} ul {margin-bottom:0in;} --> </style> <div class="WordSection1"> <p class="MsoNoSpacing"><strong><span style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #555555;">Discussion Items</span></strong></p> <p class="MsoListParagraphCxSpFirst" style="margin-left: 0.25in; text-indent: -0.25in;"><span style="font-size: 10.5pt; font-family: Symbol; color: #555555;">·<span style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #555555;">Active high yield market shows record levels of issuance</span></p> <p class="MsoListParagraphCxSpMiddle" style="margin-left: 0.25in; text-indent: -0.25in;"><span style="font-size: 10.5pt; font-family: Symbol; color: #555555;">·<span style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span style="font-size: 10.5pt; font-family: Arial, sans-serif; color: #555555;">What our Asian high yield proprietary indicators are saying</span></p> <p class="MsoListParagraphCxSpMiddle" style="margin-left: 0.25in; text-indent: -0.25in;"><span style="font-size: 10.5pt; font-family: Symbol; color: #555555;">·<span style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></sp" />