400 350 300 250 200 '21 150 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Modified Duration ■ E Disc NE '27 '27 Par sPar' 17 36 Ilk- '46 Sane Oduelatieedint The USD curve - On the back of recent outperformance of the Pars, we have taken profit in Pars vs. 5Y CDS and Pars vs. 46s despite that the Pars r