*SINGAPORE EMA: CONDITIONAL APPROVAL FOR SEMBCORP VMS POWER LINK *SINGAPORE, MALAYSIA RENEW MOU TO STRENGTHEN ENERGY COOPERATION *SEMBCORP TO SUPPLY NXERA DATA CENTERS WITH LOW-CARBON ENERGY

*CelcomDigi: Unit Lodges MYR10B Islamic Notes Program With Securities Commission Malaysia

USD Credit Market week to date as of 27-Oct-2026 (Tuesday): Changes week to date - USD O/N SOFR @ 3.92% (unch) - 5Y USD SOFR SWAP @ 4.54% (+2bps) - 2Y UST @ 4.72% (+4bps) - 5Y UST @ 4.83% (+2bps) - 10Y UST @ 4.99% (-1bps) - 30Y UST @ 5.3% (-2bps) - 2y/10y UST Yield Curve @ 27bps (-5bps) USD Aussie Bank Senior Credit FIXED: - ANZ 4.615% 12/16/29 @ 5.17% (+4bps) - NAB 4.901% 01/14/30 5.07% (+1bps) - MQGAU 5.033% 01/15/30 5.4% (-2bps) - WSTP 2.65% 01/16/30 5.09% (-1bps) - CBAAU 4.608% 03/14/30 5.1% (unch) USD Aussie Bank Tier 2 Credit FIXED: - HLBKMK 4.4% 05/29/29 @ 0% (unch) - NAB 3.933% 08/02/34 5.76% (+2bps) - ANZ 5.731% 09/18/34 5.79% (+6bps) - CBAAU 3.61% 09/12/34 5.77% (+4bps) - MQGAU 3.052% 03/03/36 6.18% (+3bps) - WSTP 3.02% 11/18/36 6.09% (+2bps) USD Non-APAC Senior Credit: - HSBC 4.675% 03/10/32 5.85% (unch) USD SG Credit: - DBSSP 4.403% 03/21/28 @ 4.93% (+6bps) - UOBSP 4.401% 04/02/28 4.96% (-1bps) USD Malaysia Credit: - AMMMK 5.252% 01/23/30 5.59% (unch) - PETMK 4.95% 01/03/31 5.39% (+3bps) - KNBZMK 2.78% 05/11/31 5.5% (+3bps) - MALAYS 4.612% 04/30/32 4.9% (+2bps) USD China Credit: - CHGRID 1 5/8 08/05/30 4.94% (+6bps) - SINOPE 2.7% 05/13/30 4.97% (+3bps)

AUD Credit Market week to date as of 27-Oct-2026 (Tuesday): Changes week to date - 3mBBSW @ 4.85% (+3bps) - 2Y ACGB @ 4.86% (unch) - 5Y ACGB @ 4.88% (unch) - 10Y ACGB @ 5.16% (unch) - 30Y ACGB @ 5.58% (unch) 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 5.55% (+4bps) - GOOGL 5 1/2 08/27/31 5.79% (+1bps) - NAB 5.1% 10/16/35 5.96% (+3bps) - GOOGL 6 1/4 08/27/36 6.22% (+1bps) FRN - OCBCSP Float 01/15/29 @ DM+58bps (+2bps) - DBSSP Float 02/13/29 @ DM+56bps (unch) - 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+68bps (+2bps) - WSTP Float 02/12/31 @ DM+67bps (unch) - GOOGL Float 08/27/31 @ DM+93bps (unch) Bank AUD Tier 2 FXD - CBAAU 5.632% 03/05/36 6.25% (+1bps) - MQGAU 5.757% 08/20/36 6.45% (+3bps) - MQGAU 6.1456% 05/29/40 6.82% (+3bps) - NAB 5.774% 07/30/40 6.71% (+4bps) - ANZ 5.691% 08/14/40 6.71% (+3bps) - WSTP 6.085% 02/12/41 6.75% (+4bps) FRN - WSTP Float 02/12/35 @ DM+123bps (+2bps) - NAB Float 11/14/35 @ DM+130bps (+1bps) - CBAAU Float 03/05/36 @ DM+133bps (+2bps) - MQGAU Float 08/20/36 @ DM+153bps (+2bps) - ANZ Float 02/23/37 @ DM+142bps (+2bps) Kangaroo Bonds (Foreign issuers in AUD): - MTRC 4.886% 01/29/31 5.4% (+3bps) - MTRC 5.582% 01/29/38 6.2% (+4bps)

Ringgit Bonds on Monday (26/10): Table 1: End of the day levels. Table 2: Changes in the day. - MYR IRS fell 1bps. - Govvies yields gained 1-2bps. - GG/Caga/Rated corp yields slipped 1-2bps.

*OPENAI TO TRAIN FRONTIER MODELS WITHOUT INTERNET ACCESS

heng ah ong ah huat ah *MASAYOSHI SON PLANS $50B MALAYSIA TECH INVESTMENT: PM

*MAXIS BROADBAND TO BUY SUBSCRIBER DATA FROM ASTRO

*MAS, BNM, BOT PARTNER ON CROSS-BORDER DIGITAL MONEY SETTLEMENT *MAS, BNM, BOT TO JOIN BLOOM INITIATIVE AS POLICYMAKER MEMBERS

*PETRONAS CCS, TOTALENERGIES, MITSUI SIGN CARBON STORAGE JV PACT *PETRONAS JV TARGETS UP TO 5M METRIC TONS/YR CO2 INJECTION

*MALAYSIA'S SARAWAK STATE DISSOLVES ASSEMBLY EFFECTIVE OCT. 26 *MALAYSIA'S SARAWAK DISSOLVES ASSEMBLY FOR LOCAL ELECTION

USD Credit Market week to date as of 26-Oct-2026 (Monday): Changes week to date - USD O/N SOFR @ 3.9% (+2bps) - 5Y USD SOFR SWAP @ 4.52% (-7bps) - 2Y UST @ 4.68% (-3bps) - 5Y UST @ 4.81% (-6bps) - 10Y UST @ 4.99% (-8bps) - 30Y UST @ 5.32% (-10bps) - 2y/10y UST Yield Curve @ 31bps (-5bps) USD Aussie Bank Senior Credit FIXED: - ANZ 4.615% 12/16/29 @ 5.13% (-1bps) - NAB 4.901% 01/14/30 5.06% (-1bps) - MQGAU 5.033% 01/15/30 5.42% (+1bps) - WSTP 2.65% 01/16/30 5.1% (-3bps) - CBAAU 4.608% 03/14/30 5.1% (-3bps) USD Aussie Bank Tier 2 Credit FIXED: - HLBKMK 4.4% 05/29/29 @ 0% (unch) - NAB 3.933% 08/02/34 5.75% (+1bps) - ANZ 5.731% 09/18/34 5.73% (-1bps) - CBAAU 3.61% 09/12/34 5.74% (+1bps) - MQGAU 3.052% 03/03/36 6.16% (+1bps) - WSTP 3.02% 11/18/36 6.07% (unch) USD Non-APAC Senior Credit: - HSBC 4.675% 03/10/32 5.85% (+7bps) USD SG Credit: - DBSSP 4.403% 03/21/28 @ 4.88% (-1bps) - UOBSP 4.401% 04/02/28 4.97% (-2bps) USD Malaysia Credit: - AMMMK 5.252% 01/23/30 5.59% (-4bps) - PETMK 4.95% 01/03/31 5.37% (-1bps) - KNBZMK 2.78% 05/11/31 5.47% (-4bps) - MALAYS 4.612% 04/30/32 4.88% (-5bps) USD China Credit: - CHGRID 1 5/8 08/05/30 4.88% (-5bps) - SINOPE 2.7% 05/13/30 4.94% (-5bps)

AUD Credit Market week to date as of 26-Oct-2026 (Monday): Changes week to date - 3mBBSW @ 4.82% (+6bps) - 2Y ACGB @ 4.91% (+6bps) - 5Y ACGB @ 4.94% (+3bps) - 10Y ACGB @ 5.21% (-2bps) - 30Y ACGB @ 5.64% (-3bps) AUD Senior (Bank & Corp) FXD - CBAAU 5.03% 01/15/31 @ 5.62% (+5bps) - UOBSP 5.023% 01/29/31 5.62% (+7bps) - WSTP 5.141% 02/12/31 5.63% (+5bps) - DBSSP 5.065% 02/13/31 5.58% (+6bps) - GOOGL 5 1/2 08/27/31 5.84% (+7bps) - NAB 5.1% 10/16/35 5.99% (+3bps) - GOOGL 6 1/4 08/27/36 6.27% (+7bps) FRN - OCBCSP Float 01/15/29 @ DM+57bps (+1bps) - DBSSP Float 02/13/29 @ DM+56bps (+1bps) - ANZ Float 02/18/30 @ DM+65bps (+1bps) - NAB Float 03/18/30 @ DM+65bps (+1bps) - MQGAU Float 07/17/30 @ DM+72bps (+1bps) - CBAAU Float 01/15/31 @ DM+67bps (+1bps) - WSTP Float 02/12/31 @ DM+67bps (+1bps) - GOOGL Float 08/27/31 @ DM+93bps (+2bps) Bank AUD Tier 2 FXD - CBAAU 5.632% 03/05/36 6.3% (+8bps) - MQGAU 5.757% 08/20/36 6.5% (+9bps) - MQGAU 6.1456% 05/29/40 6.85% (+2bps) - NAB 5.774% 07/30/40 6.74% (+4bps) - ANZ 5.691% 08/14/40 6.74% (+3bps) - WSTP 6.085% 02/12/41 6.77% (+4bps) FRN - WSTP Float 02/12/35 @ DM+120bps (+2bps) - NAB Float 11/14/35 @ DM+129bps (+3bps) - CBAAU Float 03/05/36 @ DM+131bps (+3bps) - MQGAU Float 08/20/36 @ DM+151bps (+3bps) - ANZ Float 02/23/37 @ DM+140bps (+4bps) Kangaroo Bonds (Foreign issuers in AUD): - MTRC 4.886% 01/29/31 5.43% (+5bps) - MTRC 5.582% 01/29/38 6.22% (unch)

Ringgit Bonds on Friday (23/10): Table 1: End of the day levels. Table 2: Changes in the day. - MYR IRS gained 2-3bps. - Govvie yields slipped 1-2bps in the short end and gained 2bps at the 7-10y bracket. - GG yields slipped 1-2bps. - Caga yields added 2-15bps, led by the 3y-10y bracket. - Rated corp yields added 1-2bps.

Looking for passive income from Malaysian REITs? Here is RHB's latest coverage summary 💸👇 💰 Sentral REIT: 10.1% Yield | BUY 🏢 IGB Commercial REIT: 8.9% Yield | BUY 🛍️ Pavilion REIT: 6.9% Yield | BUY (+39.7% Upside) 🏗️ AME REIT: 5.9% Yield | BUY Important not to follow blindly. Do your own research.

Malaysia tourist arrivals in 2026 fall behind previous years. Blame it on haze.

Education systems in the world. 4 quadrants: Strong and Low Cost: China Strong but expensive: Singapore Weak and Cheap: Many led by South East Asia countries Weak but expensive: Iceland

History of market concentration during major bubbles (via BofA Global Research) 📊 Peak market concentration levels throughout history: • Railroads (1800s): 63% peak concentration • Utilities / Telco / Industrials (1920s): 36% peak • Nifty Fifty (1972): 40% peak • Japan Nikkei / MSCI ACWI (1989): 44% peak • Dot-Com / TMT (1999): 41% peak • AI Big 10 (Current): 41% concentration Historically, major market bubbles tend to peak around ~40% concentration, putting today’s AI Big 10 directly in that historic peak zone.

"Buy humiliation..." 📉  BofA Global Research data shows 10-year rolling returns on US Treasuries hitting -1%, marking the worst long-run performance for USTs in the past 100 years.  Key historical context: • Dec 1959: ~0% return trough • Sep 1981: ~1.5% return trough • Oct 2026: -1% (100-year low) You are living in historical times.

Stacked macro and political calendar heading into late October & November 📊 From Brazil Election, to FOMC, to UK Budget, ECB, BOE to APEC Shenzhen High-priority levels and key watches: • FOMC (Oct 28): Consensus points to pause; watch for yield curve steepening • UK Budget (Oct 28): Keeping 30Y Gilt yield below 6% • Tech Earnings (Oct 28): MSFT / GOOG earnings on deck • BoJ (Oct 30): JPY 160 remains critical threshold • US Midterms (Nov 3): Polymarket pricing 68% DEM sweep vs 28% split