最后提醒全球市场：远射

Restricted - External Shinichiro Kadota(i)+81 3 4530 1374BSJL, JapanAnshul Pradhan(i)+1 212 412 3681BCI, USVenu Krishna, CFA+1 212 526 7328BCI, USDominique Toublan(i)+1 212 412 3841BCI, US•Alex Altmann, head of Barclays Equities Tactical Strategies•Register to participate in the call using the button above. You will receive access details viaa calendar invite. During the call, there will be an opportunity totype questions.Anonline replaywill be available via the link above from one hourafterthe call, for twoweeks.Relevant research•US rates research: 30y USTs: In the endgame, 22 May 2025••Japan rates strategy: Supply-laden superlong, 22 May 2025••US Credit Alpha: Rebound complete, 16 May 2025••US equity strategy: Food for Thought: Yield, proceed with caution, 23 May 2025•Japan FX and Rates ResearchUS Rates ResearchU.S. Equity StrategyUC Credit StrategyThis event is intended for Barclays institutional investor clients only. This event is strictly and solelyfor the benefit of the intended recipients. Please do not forward this invitation to any other partywithout written consent from Barclays Research. Barclays' Investment Bankers are permitted toattend this event. Participant comments are not for attribution.If your firm is in-scope for research unbundling under MiFID II and you require further informationregarding pricing to participate in this Barclays Research content event, please contact your salesrepresentative. For FICC clients who are in-scope for research unbundling under MiFID II, access to thisevent requires a FICC Basic package. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies coveredin its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that couldaffectthe objectivity of this report. Investors should consider this report as only asingle factor in making their investment decision.This document is intended for institutional investors and is not subject to all of the independence anddisclosure standards applicable to debt research reports prepared for retail investors under U.S. FINRARule 2242. Barclays trades the securities covered in this report for its own account and on adiscretionary basis on behalf of certain clients. Such trading interests may be contrary to therecommendationsofferedin this report.(i)This author is a debt research analyst in the Fixed Income, Currencies and Commodities Researchdepartment and is neither an equity research analyst nor subject to all of the independence anddisclosure standards applicable to analysts who produce debt research reports under U.S. FINRA Rule2242.Any views or opinions by Barclays research analysts have been previously published in researchreports available to our clients on Barclays Live. Click here to view the guide to the Barclaysfundamental equity research rating system.For analyst certifications and important disclosures including, where applicable, foreignaffiliatedisclosures, and the date and time when the production of each recommendation was completed andfirst disseminated, please refer to the full document(s) included in this email or go to our Researchportal on Barclays Live. To access conflict of interest disclosures relating to issuers covered byBarclays Research, please see https://publicresearch.barclays.com.Barclays Events Terms of Service | Barclays Events Privacy NoticeDisclaimer:BARCLAYSThis communication has been prepared by Barclays.“Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” meansBarclays Bank PLC, Barclays PLC and any of their subsidiaries,affiliates,ultimate holding companyand any subsidiaries oraffiliatesof such holding company.CONFLICTS OF INTERESTBARCLAYS IS A FULL SERVICE INVESTMENT BANK. In the normal course ofofferinginvestment bankingproducts and services to clients, Barclays may act in several capacities (including issuer, marketmaker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty andcalculation agent) simultaneously with respect to a product, giving rise to potential conflicts ofinterest which may impact the performance of a product.BARCLAYS POSITIONSBarclays may at any time acquire, hold or dispose of long or short positions (including hedging andtrading positions) and trade or otherwiseeffecttransactions for their own account or the account oftheir customers in the products referred to herein which may impact the performance of a product.FOR INFORMATION ONLYTHIS DOCUMENT IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE.This information has been prepared by the Research Department within the Investment Bank ofBarclays. The information, analytic tools, and/or models referenced herein (and any reports or resultsderived from their use) are intended for informational purposes only. Barclays has no obligation toupdate this information and may cease provision of this information at any time and without notice.NO OFFERBa