Exhibit 87: High Yield Par-Weighted Interest Exhibit 88: Characteristics of US High Coverage Ratio Yield Issuance Interest coverage today stands near all-time highs, Today's high yield universe is much healthier than the unlike the pre-crisis period. pre-crisis cohort. Coverage Ratio Use of New Issuance Proceeds (%) 5 60 2006-07 Average ™ 2015-16 Average a5 36 4 50 48 40 3 30 27 2g 2 20 SSSSBSBSEBESBSBE2EPHEeEtFTeEeSL ES LBO and M&A Low-Rated Companies Aggressive Securities RFERSRSSRRRERRSERRRERESSE SBS {PIK/Toggle Bonds) Data through 03 2016. Data as of December 31, 2016. Source: Investment Strategy Group, Barclays. Source: Investment Strategy Group, JP Morgan. Of course, a more constructive view of high yield fundamentals does not necessarily suggest Exhibit 89: High Yield Credit Performance During robust returns. In high yield bonds, today’s below- _ Periods of Rising Rates average spreads already reflect our subdued default —_ High yield has historically outperformed investment grade expectations and are less likely to offset any further bonds during episodes of rising rates. increase in rates. We thus expect returns of around Average Retuin (%) 8 af TimelRasilive 4% in the year ahead. Although high yield energy 8 m Average Total Return During + 100 is likely to generate similar gains, the potential 4 sa ota Peat Fide ‘ upside is more significant given wider starting 6 spreads and the potential for distressed bonds to 5 « pull to par amid higher oil prices. Finally, with a 2 5% return, bank loans should perform marginally 50 better than bonds, reflecting their attractive ° 0.25-year duration and continued investor demand 1 0s for floating rates—a feature that is back in vogue || now that 3-month LIBOR is almost above the | 1% LIBOR floor that more than 90% of bank 2 0 Inv. Grade Fixed High Yield High Yield Bank Loans Bank Loans loans possess. Income (IGFI) Less IGFI Return Less IGFI Return While these returns may pale in comparison to . . . Data as of December 3