高收益建筑产品周报 - 截至2025年07月03日

IndustryBuilding ProductsWeekly Rel ValeC微信 Andrew Casella, CFAResearch Analyst+1-212-250-0777Amelia SrebnikResearch Associate+1-212-250-0775Nirav ShahResearch Associate HY Performance TablesFigure 1: Performance Scorecard - BAML ICE Indices, as of 07/03/25High Yield Performance Scorecard (ICE BAML)Yield to WorstTime PeriodHYCCCHB/REBuilding MatsCurrent7.02%5.85%7.04%12.70%6.53%6.63%reading at beginning of the.Week7.11%5.86%7.15%12.86%6.55%6.64%Month7.11%5.86%7.15%12.86%6.55%6.64%Quarter7.11%5.86%7.15%12.86%6.55%6.64%Year7.47%6.43%7.54%11.87%7.02%7.05%AfromcurrentQuarter(42)Source : Deutsche Bank, Bloomberg Finance LP and BAML ICE9ec微信Page 2 Weekly MoversFigure 2: Weekly Movers Heat Map ($/YTW/OAS), Prices as of 07/03/25WoW Change$ PxWoW Wow changeJELD 7'32 (Uns)80.803.68CNR 6.125 '29 (Uns)CNR 6.125 '29 (Uns)75.933.62CNR 9.5 '29 (1L)CNR 9.5 '29 (1L)94.543.51USLBMH 6.25 '29 (Uns)USLBMH 6.25 '29 (Uns)88.602.81PRIMBP 6.75 '29 (Uns)WLSNRT 11'32 (Uns)93.102.66JELD 7'32 (Uns)FBM 6 '29 (Uns)94.042.53FBM 6'29 (Uns)PRIMBP 6.75 '29 (Uns)83.692.52CNR 8.75'28 (1L)CNR 8.75 '28 (1L)93.991.88WHTCAP 6.875 '28 (Uns)AMBATH 7°28 (Uns)94.341.80USLBMH 7.75'27 (Uns)JELD 4.875 '27 (Uns)93.921.20AMBATH 7'28 (Uns)PRIMBP 5.625 °29 (Uns)81.811.12WLSNRT 11'32 (Uns)USLBMH 7.75 '27 (Uns)97.641.10JELD 4.875 '27 (Uns)ACPROD 6.375 '29 (Uns)46.010.67PRIMBP 5.625 '29 (Uns)BLDR 4.25'32 (Uns)92.990.37ACPROD 6.375 '29 (Uns)BLDR 6.375'32 (Uns)103.080.32BLDR 6.375 '32 (Uns)BLDR 5 '30 (Uns)66'860.27BLDR 4.25 '32 (Uns)WHTCAP 6.875 '28 (Uns)100.170.20BLDR 5'30 (Uns)QUIKHO 6.375 '32 (1L)102.960.17ABCSUP 4'28 (1L)ABCSUP 4'28 (1L)97.950.12QUIKHO 6.375'32 (1L)ABCSUP 3.875'29 (Uns)94.850.11ABCSUP3.875'29 (Uns)GFF 5.75 '28 (Uns)100.00(0.06)QUIKHO 6.75'33 (Uns)QUIKHO 6.75 '33 (Uns)103.08(0.07) SBPLLC 7.75'29 (1L)SBPLLC 7.75 '29 (1L)98.29(0.09)BMCAUS 4.375'30 (Uns)OBEBLD 9.5 '30 (Uns)81.39(0.11)OBEBLD 9.5 '30 (Uns)BMCAUS 4.375 '30 (Uns)94.79(0.16) GFF 5.75 '28 (Uns)Source : Deutnce LADeutscheBankSecuritiesInc. Select BP EquityPerformance TablesFigure 3: Select Equity Comparables, Prices as of 07/03/25oten55.50ome / Secoha18.756.39Apoaete30MfgCorpWilen. Buld Mastner23.90Source : Bloomberg Finance LPPage 4 2.726 7July2025Building Products Weekly Rel ValFigure 8: SPY v. ITB/XHB Index (100 = 12/31/24), Prices as of 07/03/25SPY v. ITB/XHB ETFs (2025 YTD Performance))1101000685Source : Deutsche Bank and Bloomberg Finance LPPage 8 Relative Value TablesNote: Highlighted issuers have financials which are subject to a Virtual Data Room and are not available to be published.Figure 9: Select Fixed Income Comparables - Distributors, Prices as of 07/03/25utsche Bank8.150 Appendix 1Important Disclosures*Other information available upon requestDeutsche Bank may have shown incomplete disclosure information in its High Yield industry reports until 19th March 2021.If you require any further information please contact DVS.Support@db.com.Pricesare currentas of the end of the previoustrading session unlessotherwise indicated and are sourcedfromlocalexchanges via Reuters,Bloomberg and othervendors.Otherinformation is sourcedfrom DeutscheBank, subject companies,andothersources.ForfurtherinformationregardingdisclosuresrelevanttoDeutscheBankResearch,pleaseclickhereFor historical recommendations pertaining to a security mentioned in this report, please click hereAnalyst CertificationThis report covers more than one security and was prepared by more than one analyst. The views expressed in this reportaccurately reflect the personal views of each undersigned lead analyst about the subject issuers covered by each, and thesecurities of those issuers. In addition, the undersigned lead analysts have not and will not receive any compensation forDeutsche Bank debt rating keyBuy: These bonds are expected to outperform other issues inthe sector/industry group over the next three to six-monthperiod.Hold: These bonds are fairly valued currently. If owned, noneed to sell, but we await events/ releases/ conditions thatwould make the bond attractive enough for us to upgrade. Inthe interim, the bond will likely perform as well as the averageissue in the sector/industry group.Sell: There exists a significant likelihood that these bonds willunderperform relative to other issues in their sector/industrygroup,at leastoverthe nextthree months.Deutsche Bank Securities Inc. Company rating dispersion and banking relationshipsBUYHOLDPage 11 7 July 2025Building Products Weekly Rel Valoffice at 14th Floor, The Capital, C-70, G Block, Bandra Kurla Complex, Mumbai (India) 400051. Tel: + 91 22 7180 4444. It isregistered by the Securities and Exchange Board of India (SEBl) as a Stock broker bearing registration no.: INZ000252437;Merchant Banker bearing SEBI Registration no.: INM000010833 and Research Analyst bearing SEB! Registration. no.:INH000001741. DEiPL's~Compliance / Grievance officer is Ms. Rashmi Poddar.(Tel: +91complaints.deipl@db.com). Registration granted by SEBI and certification from NiSM in