BAS September 2022 Presentations

Internal Use Only

Management was Reaching for Yield since Risk- Free Rates were Extremely Low

6.0%

5.0%

4.0%

3.0%

4/30/2021

Yield

1.65%

2.0%

4/30/2020

0.64%

1.0%

1m 2m 3m 6m 1y

2y

3y

5y

7y

10y

20y

30y

Maturity

17

Internal Use Only

Credit Risk Premium

4.5%

High risk (e.g. Corporates) Low risk (e.g. U.S. Treasuries)

4.0%

3.5%

3.0%

Yield

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

1m

3m

6m

1y

2y

3y

5y

7y

10y

20y

30y

Maturity

18