PhillipCapital Bonds

* Centurion Corporation Limited – Upsize of the 4-Year 5.25% Notes - Update 1* ** UPSIZE OF THE 5.25% 2029 FIXED RATE NOTES ANNOUNCED ** TOTAL EO AMOUNT ACCEPTED: SGD 42.5M ** FPG: 5.25% (THE NUMBER) ** UPSIZE AMOUNT: TBD ** TIMING: TODAY'S BUSINESS

Markets optimistic as Trump returns to the White House https://www.businesstimes.com.sg/international/markets-optimistic-trump-returns-white-house

Contrarian bet emerges that next Fed move is higher, not lower https://www.businesstimes.com.sg/international/contrarian-bet-emerges-next-fed-move-higher-not-lower

Hong Kong stocks approach 2-week high as US inflation report raises odds of rate cuts Consumer price index delivers ‘a pleasant surprise’ and suggests ‘gentle easing of persistent inflationary pressures’, investor says https://www.scmp.com/business/china-business/article/3294945/hong-kong-stocks-rise-2-week-high-cooling-us-inflation-raises-odds-rate-cuts?module=top_story&pgtype=section

Inflation Ticks Up to 2.9%, but Underlying Price Gains Are Muted Gas prices rose sharply, but investors homed in on a small decline in the core CPI https://www.wsj.com/economy/central-banking/cpi-report-inflation-december-interest-rate-0347479e?mod=hp_lead_pos1

GREAT EASTERN LIFE US$ REG S AT1 ** IPG Announced for US$ Subordinated Perpetual AT1 Capital Securities ** IOIs/ Feedback Received Post Global Investor Calls ** Initial Price Guidance: 5.90% area ** Size: US$ Benchmark ** Tenor: PERP-NC-7 ** Exp Issue Ratings: A (S&P) ** Timing: Today’s Business

BPCE SGD 10NC5 Tier 2 ** New BPCE SGD 10NC5 Tier 2 announced ** Initial Price Guidance: 4.85% area ** Issue Size: SGD Benchmark ** Expected Issue Ratings: Baa2 (MOODY’S) / BBB (S&P) / BBB+ (FITCH) ** Reset: AT 5YR SORA OIS + Margin ** Settlement: 21 Jan 2025 ** Timing: Today’s Business

Greenback firms as strong jobs data support Fed easing pause https://www.businesstimes.com.sg/companies-markets/greenback-firms-strong-jobs-data-support-fed-easing-pause?login=true&close=true

Fed officials signal interest rates likely on hold for a while https://www.businesstimes.com.sg/companies-markets/banking-finance/fed-officials-signal-interest-rates-likely-hold-while

Fed minutes show officials were eager to slow interest-rate cuts https://www.businesstimes.com.sg/companies-markets/banking-finance/fed-minutes-show-officials-were-eager-slow-interest-rate-cuts

CLIFFORD CAPITAL PTE. LTD. USD REGS 5-YEAR Senior Bond Offering * New USD 5-YEAR REGS Transaction Announced * Feedback/IOIs Received Post Global Investor Calls * Guaranteed by the Government of Singapore of Singapore * Initial Price Guidance: CT5+65BPS area * Size: US$ Benchmark * Pricing/Hedging UST Reference: T 4 ⅜ 12/31/29 (CT5) * Exp. Issue Ratings: AAA (S&P) * Timing: Today’s Business

CLIFFORD CAPITAL PTE. LTD. USD REGS 5-YEAR Senior Bond Offering * New USD 5-YEAR REGS Transaction Announced * Feedback/IOIs Received Post Global Investor Calls * Guaranteed by the Government of Singapore of Singapore * Initial Price Guidance: CT5+65BPS area * Size: US$ Benchmark * Pricing/Hedging UST Reference: T 4 ⅜ 12/31/29 (CT5) * Exp. Issue Ratings: AAA (S&P) * Timing: Today’s Business

* CRÉDIT AGRICOLE 10NC5 SGD Benchmark TIER 2 – Update 1 * ** Initial Price Guidance: 4.55% area ** Exp Issue Rating: Baa1/BBB+/A- by Moody's/S&P/Fitch ** Tenor: 10NC5 ** Issue Size: SGD benchmark ** Reset: At 5YR SORA OIS + Initial Margin ** Timing: Today’s Business

In Times of Economic-Policy Uncertainty, It May Be Best to Avoid Stocks Research suggests that stocks, and especially small-caps, outperform bonds when uncertainty falls. But bonds are the place to be when uncertainty flares, as it has recently. https://www.wsj.com/finance/investing/investing-economic-policy-stocks-bonds- 9df8ca33?mod=h