18. PAGE 17
• 2019
• 5 4%
Bloomberg 2018/11/30
2.0 %
2.5 %
3.0 %
3.5 %
4.0 %
4.5 %
2013 2014 2015 2016 2017 2018
50 bp
70 bp
90 bp
110 bp
130 bp
150 bp
170 bp
190 bp
210 bp
230 bp
2013 2014 2015 2016 2017 2018
19. PAGE 18
• 2019
2019
• ( ) (CCC )
Bloomberg 2018/11/30 Bank of America Merrill Lynch 2018/10/31
200 bp
300 bp
400 bp
500 bp
600 bp
700 bp
800 bp
900 bp
2013 2014 2015 2016 2017 2018
0%
1%
2%
3%
4%
5%
6%
7%
8%
2013 2014 2015 2016 2017 2018
20. PAGE 19
• 2018 (2018 11 400 )
• ( 2019 )
Bloomberg 2018/11/30 Bank of America Merrill Lynch 2018/10/31
BB2
BB1
BBB3
BBB2
2013 2014 2015 2016 2017 2018
200 bp
250 bp
300 bp
350 bp
400 bp
450 bp
500 bp
550 bp
2013 2014 2015 2016 2017 2018
21. PAGE 20
• (
) 2019
• 2019 2018
Bloomberg 2018/11/30 Bank of America Merrill Lynch 2018/10/31
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2013 2014 2015 2016 2017 2018
200 bp
250 bp
300 bp
350 bp
400 bp
450 bp
500 bp
550 bp
2013 2014 2015 2016 2017 2018
22. PAGE 21
•
2019
•
Bloomberg 2018/11/30 Bank of America Merrill Lynch 2018/10/31
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2013 2014 2015 2016 2017 2018
150 bp
170 bp
190 bp
210 bp
230 bp
250 bp
270 bp
290 bp
310 bp
330 bp
350 bp
2013 2014 2015 2016 2017 2018