CEME S.P.A. – € HY FRN TAP ISSUER: CEME S.P.A EXPECTED ISSUE RATINGS (M/S/F): B2 / B / B ISSUE TYPE: FUNGIBLE TAP OF EXISTING FRNs DUE 2031 TAP SIZE: €75M COUPON: E+4.50% (SAME AS EXISTING) UOP: (1) FUND THE ACQUISITION OF JLT (2) FUND CASH ON B/S FOR GCP #highyield

Assemblin Caverion Group AB Upgraded To 'B+' On Successful Integration And Stronger Credit Metrics; Outlook Stable #highyield

NEWS: *SEVERAL BLASTS HEARD IN QATAR'S DOHA: REUTERS CITING WITNESSES *ISRAEL CHANNEL 12: DOHA EXPLOSION TARGETED HAMAS OFFICIALS *HAMAS NEGOTIATING TEAM TARGETED IN DOHA BLAST. SENIOR HAMAS OFFICIAL ON QATAR ATTACK: AL JAZEERA *ISRAEL SAYS IT ATTACKED HAMAS LEADERSHIP

EUR HY market remains healthy: *** InPost - FINAL PRICE TALK, UPSIZE*** Size:€850,000,000 (vs.€750,000,000) Final Price talk:4.00 - 4.125% (vs. 4.25% area) #highyield

US Preliminary Benchmark Payrolls Revision -911k (est -700k, last -818k) bls.gov/news.release/p…

People are surprised by the huge negative revision of payrolls, but the "no hiring, no firing" narrative has been evident on screens for the past two years...

Sweden Industrial Orders m/m -2.4% (est -, last +4.2% from +5.7%)

An interesting test for French market: *IPT: SOCIETE GENERALE €BMARK PERPNC 9/2032 AT1 6.625% AREA #highyield

Fressnapf H1 25 Revenues +1% Adjusted RR EBITDA +15.8% Margin +1% OCF -14m (vs+7m in H1 24) due to higher taxes+ NWC and reclassification of income FCF -50m (vs -43m in H1 24) Cash 117m Liquidity 417m Net debt 1.24b Net leverage 2.3x #highyield

Italy IP m/m +0.4% (est +0.1%, last +0.2%)

US August PPI: m/m -0.1% (est +0.3%, last +0.7% from +0.9%) m/m core -0.1% (est +0.3%, last +0.7% from +0.9%) y/y +2.6% (est +3.3%, last +3.3%) y/y core +2.8% (est +3.5%, last +3.7%) PPI surprised on downside, led by Portfolio Mgmt component. Contributors to PCE will add +1bp.

Interesting: the PPI Trade Services explicitly measures the change in gross margins for US retailers and wholesalers. When index increases it means that producers are increasing their margins, so tariff costs are being passed through to costumers. No evidence it's happening.