ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU.S.FINRARule2242.Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients.Suchtradinginterestsmaybecontrarytotherecommendationsofferedinthisreport.Pleaseseeanalystcertificationsandimportantdisclosuresbeginningonpage18.USCreditAlphaRecedingpressureThisweek,wetakeacloserlookatcorporatebonddemandfromTaiwaneselifeinsurersininvestmentgradeandpresentabasketofhighyieldbondswithattractiveconvexitycharacteristics.TheUSCreditAlphawillreturnonFriday,September6,afterLaborDayweekend.Wehopeyouhaveagreatrestofthesummer.USCreditAlphaOverview........................................................2Softerinflationandbetterretailsalessignaledthatconcernsabouttheconsumermightbeoverblown,whilealsopavingthepathfortheFOMCtobegincuttinginSeptember.Riskassetscontinuedtoreboundthisweekasmacropressureseased.InvestmentGradeTaiwanbuyingremainssteady.....................................4Taiwanesebuyinghasbeensteadyformostofthisyear,eventhoughhigherFXhedgecostsareaffectingnetyields.Buyinghasbeenfocusedonsingle-Asandcreditswithsteepcurves.Morerecently,thosewithmoresupportfromTaiwanhaveexperiencedlesscurvesteepening.HighYi...
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