EFTA Document EFTA01385464

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite CIS: Commonwealth of Independent States Another Substantial Driver of the Global Supply Imbalance CIS encompasses Russia and several adjacent nations following the dissolution of the Soviet Union in 1991. During 2016 CIS manufactured 102.4mn mt of steel and consumed 54.7mn mt resulting in a sizeable regional surplus of 47.7mn mt, albeit less than Asia's 63.5mn mt of excess production. We have bifurcated CIS into