我们在美元投资级和高收益债券中的最佳想法

Restricted - External Dominique Toublan+1 212 412 3841dominique.toublan@barclays.comBCI, USHale Holden+1 212 412 1524hale.holden@barclays.comBCI, USPriya Ohri-Gupta, CFA+1 212 412 3759priya.ohrigupta@barclays.comBCI, US FIGURE 2. Summary of HY Ideas in CreditcastHale HoldenMetals & Mining, Chemicals, and PackagingBuy PRIMIN TLUnderweight BWY 2LsUnderweight CE 2028s - 2033sTelecom & CablePaul ChambersOverweight LVLT 2L 4.875% 29s, 4.50% 30s, 3.875% 30s, 10% 32sOverweight LVLT Unsecd 3.625% 2029s & 3.75% 2029sTechnologyBuy COMM S+500 2029 TLOverweight SABHLD 8.875% 2027s & 10.75% 2029sShanna QiuBuy SABHLD 2027 - 2029 TLsGaming & LeisureBuy RWLVCA 2029s - 2031sScott GrabineBuy JACENT 2029sOverweight CYH 2L 6.875% 2029s & 6.125% 2030sSell MERLLN Unsecd 2027s, Secd 2031s & 2032sSell FLL 2028sEuropean Autos and Auto PartsUnderweight OMI 4.50% 2029s & 6.625% 2030sOverweight IHOVER $6.375% 2029s & $8.00% 2032sShanna QiuTrade/Relative Value RecommendationsUS Investment GradeFIGURE 1. Summary of IG Trade Ideas in CreditcastTradeBuy CIXCN 7.5% 2029sSell ALB 5.05 2032sSell EL 2030s and 2034sBuy HES 2031s and HES 5y CDSSell HUM 6.0% of 2055sBuy GILD 4.8% 2044s or Buy ABBV 4.75% 2045s. Sell PFE 4.4% 2044sBuy BMY 5.55% 2054s, Sell PFE 5.3% 2053sBuy FABSJV 36s outright, or against selling INTC 34sSell EIX holdco 5.250% 2032s, EIX 5.450% 2029s, or EIX 6.250% 2030sSell EIX (SoCalEd) opco 5.150% 2029s, 5.250% 2030s or 5.450% 2035sSell PCG 7.375% 2055s (hybrid) versus buying EIX 5% PerpsSell PacifiCorp BRKHEC 5.800% 2055s or BRKHEC 7.375% 2055 hybridsLegal entity for all analysts: BCI, USSource: Barclays Research US High YieldRetail, Consumer Products, Food &BeverageBuy PETM 7.75% 2029sOverweight W 2029s & 2030sBuy BID 2027sUnderweight JWN 2031s & 2044sEnergyOverweight CRGYFN 2032s & 2033sOverweight RIG 8% 2027s & 8.25% 2029sOverweight GEL 2032s & 2033sOverweight WILDFI 2029sFinancialsBuy PRAA 2030sUnderweight UWMC 2030sHealthcareBuy PRIHEA 2029sUnderweight FTRE 2030sMedia & EntertainmentOverweight SSP 2029sBuy LGF Starz 2029s and Sell AMCX 2029sLegal entity for all analysts: BCI, USSource: Barclays Research16 May 2025 Analyst(s) Certification(s):We, Andrew Keches, CFA, Peter Troisi, Harry Mateer, Hale Holden, Priya Ohri-Gupta, CFA, Paul Chambers, Edward Brucker, CFA,JeffHarlib, SrinjoyBanerjee, CFA, Dominique Toublan, Afsah Quadri, Scott Grabine, Samantha Kost, David Hargreaves and Shanna Qiu, CFA, hereby certify (1) that theviews expressed in this research report accurately reflect our personal views about any or all of the subject securities or issuers referred to in thisresearch report and (2) no part of our compensation was, is or will be directly or indirectly related to the specific recommendations or views expressedin this research report.Each research report excerpted herein was certified under SEC Regulation AC by the analyst primarily responsible for such report as follows: I herebycertify that: 1) the views expressed in this research report accurately reflect my personal views about any or all of the subject securities referred to inthis report and; 2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed inthis report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on