在长期利率飙升的情况下，可转换债券结束五周反弹：2025年5月16日（周五）至5月22日（周四）当周总结

Restricted - External U.S. Convertibles StrategyVenu Krishna, CFA+1 212 526 7328venu.krishna@barclays.comBCI, USJack Leung+1 212 526 8432jack.leung@barclays.comBCI, US •2025YTD US converts have returned +2.63% vs. underlying equities (-0.92%), SPX (-0.16%),Russell 2000 (-7.82%), HY (+2.06%), IG (+1.09%), and 5-7Y Treasuries (+2.98%).•Total TRACE volumes were $16.1bn for the week vs. the 2024 average of $13.2bn.•4 new issues, excluding exchanges, priced this week for a total of $2.45bn. Please visitCBINSIGHT on Barclays Live for detailed primary market statistics. Analyst(s) Certification(s):We, Jack Leung and Venu Krishna, CFA, hereby certify (1) that the views expressed in this research report accurately reflect our personal views aboutany or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies 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.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Other Material ConflictsOne or more of the authoring research analysts (and/or a member of the analyst’s household) has long positions in index funds and/or ETFs that aredesigned to passively track the performance of the S&P 500, Euro Stoxx, FTSE 100, and/or Stoxx 600 Indices.Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Risk Disclosure(s)The convertible valuations are based on the Barclays Research proprietary convertible valuation model, under which key assumptions relate to creditspread and equity volatility metrics. Material changes in any of these variables can have a significant impact on valuation. Upside/downside analysistakes into consideration likely future valuation and expected trading patterns, among others. It is based on a total return participation of theconvertible relative to a +/- 25% (unless otherwise specified) change in the common stock's price over a one-year investment horizon. A materialchange in the company's financial situation can significantly alter this assessment.Master limited partnerships (MLPs) are pass-through entities structured as publicly listed partnerships. For tax purposes, distributions to MLP unitholders may be treated as a return of principal. Investors should consult their own tax advisors before investing in MLP units.Disclosure(s) regarding Information SourcesBloomberg® is a trademark and service mark of Bloomberg Finance L.P. and itsaffiliates(collectively “Bloomberg”) and the Bloomberg Indices aretrademarks of Bloomberg. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve orendorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the resultsto be obtained therefrom and,