o corporate bonds while keeping existing investments in sovereign bonds. 36 UBS For further information please contact CIO's asset class specialist Achim Peijan, [email protected] and CIO's asset class specialist Daniela Steinbrink Mattei, Preferences (6 months) short duration neutral long duration USD

merging market bonds Bnew old Source: UBS CIO WM Global Investment Office 23 For further information please contact ClO's asset class specialists Achim Peijan, [email protected] and Daniela Steinbrink Mattei, [email protected] Please see important disclaimer and disclosures at the end of