mashreq...2018/08/15 · Saudi Arabia opened its stock market to international investors in June as part of broader plans to diversify the economy away from oil. The benchmark Tadawul

mashreqFixed Income Trading

Daily Market Update

Market Update

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Tuesday, August 18, 2015

Saudi growth slows as Kingdom adjusts to cheap oil, IMF says

Economic growth in Saudi Arabia is set to slow this year and next as the government is forced to reduce spending to compensate for lower oil prices, the

International Monetary Fund said. Saudi Arabia’s gross domestic product will grow by 2.8 % this year and 2.4 % in 2016, the IMF said in e- mailed

statement on Monday at the conclusion of its regular country consultation. That compares with 3.5 % growth last year. Annual growth may expand to 3 %

in the “medium term,” it said. The world’s largest oil producer turned to the bond market this year for the first time since 2007 after crude prices fell by

more than 50%. The resulting budget deficit, which the IMF projects at 19.5% of GDP, may force Saudi rulers to abandon the kingdom’s traditional largess.

Saudi Arabia needs “comprehensive energy price reforms, firm control of the public sector wage bill, greater efficiency in public sector investment,” the IMF

said. “The sharp drop in oil revenues and continued expenditure growth would result in a very large fiscal deficit this year and over the medium term,

eroding the fiscal buffers built up over the past decade.” The government should also introduce value-added and land taxes, the IMF said. Oil makes up

about 90 % of the Kingdom’s revenues. Saudi Arabia opened its stock market to international investors in June as part of broader plans to diversify the

economy away from oil. The benchmark Tadawul All Share Index has dropped more than 20 % this year. The kingdom sold 20 billion riyals (USD5.3 billion)

of bonds to local banks and public institutions in August to cover the deficit. Government debt was equivalent to 1.6 % of the country’s GDP at the end of

2014, the IMF said. The drop in oil revenues combined with a war in Yemen and a boost in domestic spending led the country’s net foreign assets to fall for

a fifth consecutive month in June. Reserves stood at USD664.4 billion, down from USD724.5 in January. (Bloomberg)

Iraq Hires JPMorgan, Deutsche, Citigroup on USD6 billion bond sale

Iraq hired banks to help raise USD6 billion in bonds as the country seeks to plug a widening fiscal deficit with its first international debt sale in almost a

decade. The government appointed Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co. to arrange the bond program in tranches, Muneer

Mohammed Omran, director general of the central bank’s investor department in Baghdad, said in a telephone interview Tuesday. The first sale will take

place this year, he said. Spokesmen for the banks declined to comment. Iraq, holder of the world’s fifth-largest oil reserves, is selling bonds to bolster its

financial position amid civil conflict and a global slump in oil prices. Fitch Ratings issued its first rating on Iraqi debt this month, assigning it the fifth-worst

junk grade, and said it expects a double-digit fiscal deficit for 2015 because of lower crude prices, higher military spending and costs associated with civil

unrest. The country’s most recent bond sale was a USD2.7 billion issue in 2006, according to data compiled by Bloomberg. The yield on those notes due

January 2028 rose 66 basis points this year, to 8.55% today. (Bloomberg)

Iran deal opposed by Head of Senate Foreign Relations Committee

Bob Corker, the chairman of the Senate Foreign Relations Committee, said he opposes the nuclear agreement with Iran, arguing it won’t end the country’s

nuclear enrichment program and may lead to greater instability in the Middle East. The Tennessee Republican announced his decision in a Washington Post

opinion piece published online yesterday. Corker has been increasingly critical of the accord since the agreement was announced last month. “The

agreement should be one that allows us to maintain leverage and ensure it is enforceable, is verifiable and holds Iran accountable,” Corker wrote. “This deal

does not do that and instead leaves the United States vulnerable to a resurgent Iran wealthier and more able to work its will in the Middle East.” Lawmakers

have until the end of the day September 17 to complete their review of the accord. (Bloomberg)

Sell-off in emerging stocks and currencies exacerbate after Bangkok bombings

EM stocks and currency sell-off that had begun last week on the back of currency devaluation by the PBOC, exacerbated after a deadly bombing in Bangkok

last night. Chinese equities have slumped 5% this morning amid concern a strengthening property market will reduce the prospects for stimulus. The

Shanghai Composite tumbled from a three-week high as new-home prices rose in 31 cities out of the 70 the government monitors, from 27 the previous

month, the statistics bureau said today. The Shanghai index had climbed 14% from its July 8 low through Monday amid unprecedented state intervention

following a USD4 trillion rout. The securities regulator said on Friday that China Securities Finance Corp. will reduce its intervention in the stock market as

volatility ebbs. The Thai baht has declined to a six-year low versus the dollar, as Thai police is trying to capture the suspect involved in the bombing that

killed at least 20 people. Indonesia’s rupiah slumped to a 17-year low and Turkey’s lira sank to a record. (Bloomberg)

PBOC injects ~ USD19 billion via weekly auctions, most in 18 moths

The People’s Bank of China tripled the amount of cash added to the financial system in its open-market operations, helping to ensure an adequate supply of

funds as it supports the yuan following last week’s devaluation. The central bank conducted 120 billion yuan (USD18.8 billion) of seven-day reverse-

repurchase agreements, up from 40 billion yuan on Thursday, according to a statement on its website. That compares with 50 billion yuan of contracts that

matured Tuesday and was the largest offering of reverse repos since late January 2014. The interest rate on Tuesday’s reverse repos was kept unchanged

from last week at 2.5%. Central bank intervention to prop up the yuan removes funds from the financial system and risks driving borrowing costs higher

unless the monetary authority releases additional cash. The nation’s foreign-exchange reserves are expected to drop by some USD40 billion a month in the

rest of this year as the central bank buys the Chinese currency, based on the median of 28 estimates in a Bloomberg survey. (Bloomberg)

Page 1


Daily Market Update

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Moody’s reduces 2015 GDP growth forecast for the US while maintaining G20’s growth projections

Moody’s, in its quarterly report on global economic outlook, has reduced its growth forecast for the US economy from 2.8% (May) to 2.4%. In 2016 the

agency projects the US GDP to grow at 2.8%. Moody’s has also stated that gap between FOMC’s interest-rate projections and market expectations presents

risk of sharp appreciation in USD. The forecast for G20 economies is maintained at 2.7%. China’s growth forecast has been maintained at 6.8% in 2015,

6.5% in 2016 and will slow toward around 6% by end of the decade. Japan growth forecast has been raised by 50 bps to 1% in 2015 and 1.5% in 2016.

(Bloomberg)

Burgan Bank gets regulatory approval to redeem USD400million bondshakoor

According to a statement to the Kuwait bourse, Burgan Bank has received central bank approval to redeem its USD400million bond and to repurchase its

100million dinar bond. The dollar bond issued in 2010 was maturing in 2020 with a redemption option anytime from September 29th 2015. The Dinar bond

is maturing in 2022 was issued in 2012. (Bloomberg)

IndusInd, Yes Bank said to study RBS’s onshore Indian portfolio

According to sources, IndusInd Bank Ltd. and Yes Bank Ltd. are among Indian lenders studying Royal Bank of Scotland Group Plc’s onshore portfolio. RBS

plans to sell about INR60 billion (USD919 million) of onshore loans and about INR60 billion of deposits in the country. RBL Bank Ltd., based in the West

Indian city of Kolhapur, is also interested in looking at the portfolio. Chief Executive Officer Ross McEwan has been eliminating assets and cutting jobs in an

effort to turn around seven straight annual losses. Britain’s biggest taxpayer-owned lender has said it’s on target to reduce risk-weighted assets to less than

300 billion pounds (USD469.4 billion) this year. The process is at an early stage, according to the people. Spokesmen for RBL and Edinburgh-based RBS

declined to comment, while representatives for IndusInd Bank and Yes Bank didn’t immediately respond to requests for comment. RBS agreed in April to

sell its diamond and jewelry financing business in India, including about INR45 billion of loans, to Mumbai-based IndusInd. The British lender announced last

month it’s in talks for a management buyout of its Indian private banking operations and said Aug. 14 it will sell some of its offshore Indian loan

commitments. RBL acquired RBS’s business banking, credit card and mortgage businesses in India in 2013. (Bloomberg)

GIC plans to buy assets of Greenko for INR1,650 crore

Singapore's sovereign wealth fund GIC plans to acquire the trading activities and assets of Hyderabad-based clean energy producer Greenko for about Rs

1,650 crore in one of the largest transactions in the Indian reneweable energy space. The fund, previously known as the Government of Singapore

Investment, has signed non-binding agreement with the London-listed company to buy shares in its affiliated, firm Greenko Mauritius. The deal if completed

would result in the sale of Greenko Mauritius' assets and trading activities such as the clean energy projects in India. Greenko portfolio includes wind,

hydroelectricity, biomass and natural gas assets, which are mostly located in north and south India. GIC's notice said that the discussions are at an

advanced stage and that the deal is subject to a legally binding sale and purchase agreement. In addition, completion of the deal will be subject to a

number of conditions, including the approval of shareholders, in accordance with the requirements of the AIM rules, and arrangements being agreed

between GIC and the senior management. Greenko's power generation capacity is about 838 MW which is likely to rise to about 1,000 MW. (The Economic

Times)

Treasury bulls charge as inflation concern falls to January low

Treasury 30-year bonds are outperforming shorter maturities this quarter, driving the extra yield on the securities over two-year notes to the narrowest

since April as inflation expectations wane. The spread between two- and 30-year Treasuries shrank to as little as 208 basis points on Monday, the least

since April 28th , and down 37 basis points since the end of June. Thirty-year yields are falling as a more than 50% slide in oil prices in the past 12 months

pushes down inflation. Two-year yields are being anchored by investor expectations the Federal Reserve will be slow to raise interest rates. Thirty-year

bonds have returned 6.5% this quarter through Monday, according to Bank of America Merrill Lynch indexes. Two-year notes lost 0.02% in the same

period, while 10-year securities gained 1.8%. Futures show a 46% probability the Fed will raise its benchmark interest rate at its Sept. 16-17 meeting,

based on the assumption that the effective fed funds rate will average 0.375% after the first increase. (Bloomberg)


Japan’s holdings of US treasuries drop to lowest level since 2013

Japan’s holdings of US treasuries dipped below USD1.2 trillion for the first time since 2013 even as purchases of the government debt accelerated among

foreigners as a whole. Japan, the second-largest foreign holder, saw its holdings fall by USD17.8 billion in June, the biggest drop in two years, to USD1.197

trillion, according to Treasury Department data released on Monday. China’s holdings of Treasuries rose by about USD900 million to USD1.27 trillion. Net

foreign purchases of Treasuries were USD69.8 billion in June, the most since February 2014, after USD53.4 billion in buying in May, the report showed.

Foreigners sold US equities, pared purchases of corporate debt and increased buying of US agency bonds. The Treasury’s report, which also contains data

on international capital flows, showed net foreign purchases of long-term securities of USD103.1 billion in June. It showed a total cross-border outflow,

including short-term securities such as Treasury bills and stock swaps, of USD110.3 billion. (Bloomberg)

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Daily Market Update

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Brazil’s Oi gives a welcome surprise to traders expecting a loss

Bond investors in debt-laden Brazilian phone company Oi SA were bracing for the worst. Three days before it reported earnings, Oi’s USD1.5 billion of notes

due 2022 sank to a record low 73.3 cents on the dollar amid concern that the company would post its third straight loss. But those fears were never

realized: Oi announced net income of 620 million reais (USD178 million) on Thursday, the most in six quarters. The surprise is helping revive bondholder

confidence in a company plagued by myriad setbacks during the past year, including the unexpected resignation of its chief executive officer and an

undisclosed billion-dollar loan to a company that later defaulted. Oi’s bonds have soared 4.4% since the earnings report, compared with a 0.1% average

drop for companies in emerging-markets. “This was a positive surprise as, up until early last week, the market was brutal with them,” said Jorge Piedrahita,

the chief executive officer of Torino Capital in New York. “Profit came in way better than many had feared, and they advanced in their cost-cutting efforts.”

Rio de Janeiro-based Oi was able to post a profit after slashing operating expenses by 10.5% and booking the 5.8 billion euros sale of its Portuguese assets.

The company is evaluating the sale of telecommunications towers and call centers to trim costs further, Chief Financial Officer Flavio Nicolay Guimaraes said

Thursday. Oi is also seeking to push out maturities on its debt, he said. Oi said in an e-mailed reply to questions that its bonds are trading in line with

Brazilian issuers which are being affected by the deteriorating economic scenario. Yields on Oi’s notes have fallen 0.75 percentage point since Thursday to

10.65%. The company’s debt levels are 4.5 times earnings before interest, taxes, depreciation and amortization. (Bloomberg)

Abu Dhabi’s KBBO said to plan $1.2 billion New York listing

Abu Dhabi-based investment firm KBBO Group is seeking to raise about $1.2 billion through the sale of shares in its Centurion Investment and Infinite

Investment LLC units, according to a person familiar with the matter. KBBO, with interests in real estate, energy and health care, plans to merge the two

companies and offer a 40 percent stake in a primary and secondary sale next year, the person said, asking not to be identified as the matter is private. The

merged entity may be valued at about $3 billion, they said. The initial public offering is planned for the second or third quarter of 2016 on the New York

Stock Exchange, the person said. KBBO is expected to hire banks to manage the sale soon, with KBBO and Guggenheim Partners LLC acting as financial

advisers for the process, according to the person. KBBO is one of a number of companies in the Middle East expected to sell shares later this year or next

amid the stabilization of oil prices and regional stock markets. Companies in the region sold stakes in 11 IPOs in the first half of 2015, raising more than

$2.4 billion, according to Ernst & Young. The number of deals fell by 11 percent from a year earlier, with the value raised droppinshakoorg by%. KBBO’s

Centurion and Indian-born entrepreneur Bavaguthu Raghuram Shetty bought a majority stake in retail currency exchange Travelex Holdings Ltd. in 2014

from Apax Partners LLP. (Bloomberg)

Almarai hires HSBC, Samba Capital for Saudi Islamic bond sale

Foodmaker Almarai Co. has mandated HSBC Saudi Arabia Ltd. and Samba Capital for the sale of Islamic bonds two years after it last tapped the market.

The Riyadh-based company plans to raise 2 billion riyals ($533 million) in a private offering to investors based in Saudi Arabia after a series of meetings this

week, it said in a statement to the kingdom’s bourse. The funds raised will help finance a 21 billion-riyal investment program from 2016 to 2020, it said.

The sukuk offering may be the kingdom’s first since the nation tapped the market after an eight year hiatus, according to data compiled by Bloomberg.

Almarai last sold Islamic bonds in September 2013 when it raised 1.7 billion riyals in perpetual notes. The company, which operates a joint venture with

PepsiCo Inc., has a capital investment plan to expand its capacity in farming, manufacturing, distribution and logistics, it said in May. Its profit rose 22

percent in the second quarter to 530 million riyals. Almarai’s stock has gained 23 % this year to 94.73 riyals on Monday, compared with a 1.3% increase in

the benchmark Tadawul All Share Index. (Bloomberg)

Algeria calls for non-OPEC output cut to stop oil price fall

The Organization of Petroleum Exporting Countries can do little to halt the oil price decline on its own and needs producers from outside the group to help in

reducing global supplies, Algeria’s Energy Minister said. “A supply reduction by OPEC alone cannot really guarantee a return to oil market stability,” Salah

Khebri said at an event in Algiers, according to Liberte newspaper. As the 12-member group of crude producing nations accounts for 40 percent of the

world’s supply, “there should be steps taken within OPEC and with non-OPECs.” Khebri called earlier this month for an OPEC emergency meeting because of

the continued decline in oil prices, which dropped by half from a year ago amid rising production from the U.S. Oil and gas sales account for about 60

percent of Algeria’s budget revenue and 95 percent of its export income, according to the International Monetary Fund. Algeria’s initiative to coordinate an

OPEC response to tumbling crude prices had the backing of cash-strapped fellow members Libya and Venezuela. It was met with no public response from

OPEC’s top producer Saudi Arabia, which engineered at the Nov. 27 meeting of the group a shift in its policy away from the historic role of managing prices

by adjusting supply. Saudi Arabia instead lobbied OPEC to preserve market share in the hope that prices would recover when higher cost producers such as

U.S. shale companies are forced out of the market. The group stuck to the same policy at its last meeting in June. (Bloomberg)

India, U.A.E. plan USD75 billion fund as Modi seeks investment

The United Arab Emirates and India plan to create a USD75 billion fund to invest in Indian infrastructure, according to a joint statement at the end of Prime

Minister Narendra Modi’s visit on Monday. The fund will support the expansion of India’s network of railways, ports, roads, airports and industrial corridors.

The countries also aim to increase trade by 60% in the next five years. The U.A.E. is already India’s third-largest trade partner and home to more than 2

million Indians. Earlier Monday, Modi, the first Indian premier to visit the U.A.E. in more than three decades, told investors in Abu Dhabi that his country

needs USD1 trillion in investments, touting opportunities in areas from real estate to energy and tourism. “There was a lot of interest in railways, roads, in

construction of different kinds” and energy during the trip, Indian Foreign Secretary S. Jaishankar told reporters. Modi held talks with government officials

and top executives from companies including Emirates Airline, DP World, Emaar Properties, Mubadala and Emirates Investment Authority. Retail king M.A.

Yusuff Ali was among the prominent Indian business leaders who attended the event. (Bloomberg)

Page 3

Change Change USD EUR AED

bps Spread Day YTD Last 1d Chg Last 1d Chg Last 1d Chg

iTraxx Europe 67.155 -0.648 4.293 2-Year 0.933 -0.014 0.085 -0.001 1.605 -0.019

iTraxx Europe Crossover 310.835 -2.237 -34.780 5-Year 1.658 -0.032 0.386 -0.005 2.542 0.012

CDX North America IG 76.564 0.147 10.444 10-Year 2.216 -0.028 0.963 -0.028 3.723 0.043

CDX North America HY 382.496 1.992 25.542 30-Year 2.613 -0.021 1.480 -0.025 N/A N/A

iTraxx SovX Western Europe 22.360 -0.015 -3.591 Source: Bloomberg

iTraxx SovX CEEMEA 310.310 2.555 -5.110

iTraxx Europe Senior Financial 75.610 -0.772 8.175

iTraxx Europe Sub Financial 156.174 -1.519 7.307

Source: Bloomberg

Change Change Last Change Change

bps Spread Day YTD Day YTD (%)

Emirate of Abu Dhabi 5Y 55.500 -2.000 -6.500 S&P 500 2,102.44 2.11

Emirate of Dubai 5Y 185.000 5.000 -45.000 Dow Jones Industrial Avg 17,545.18 -1.56

Kingdom of Bahrain 5Y 285.000 0.000 30.000 DFM General Index 3,866.33 2.45

State of Qatar CDS 5Y 57.053 -0.115 -9.175 ADX General Index 4,586.33 1.27

Kingdom of Saudi Arabia 5Y 67.500 0.000 2.500 Qatar Exchange Index 11,714.50 -4.65

Lebanese Republic 5Y 360.000 0.000 -35.000 TASI 8,392.61 0.71

Republic of Turkey 5Y 264.000 2.500 84.000 Spot Gold 1,120.18 -5.42

Arab Republic of Egypt 5Y 330.000 0.000 50.000 Spot Silver 15.22 -3.11

Source: Bloomberg WTI Crude 41.56 -21.98

Brent Crude 48.45 -15.49

Source: Bloomberg

Last (NAV) Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.60820 0.29% 3.79%

Mashreq Al-Islami Arab Tigers #N/A N/A #VALUE! #VALUE!

Makaseb Income Fund 13.11636 0.37% 3.32%

Source: Bloomberg

2.48

-0.12

-0.31

-0.29

MUTUAL FUNDS

-44.66

CDS MISCELLANEOUS

10.90

67.78

-60.53

-44.98

-20.19

CREDIT MARKETS SWAPS

Page 4

Fixed Income Trading

August 18, 2015

Security Name ISIN Code MaturityOutst.

Amnt (Mn)

Min Piece/

Incr. (000)

Value at

MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer

Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Abu Dhabi Govt Int'L XS0422754258 08-Apr-19 1500 100/1 100 USD Fixed 6.750 116.75 118.75 1.43 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 104.00 105.50 4.44 B- /B3 /B

Arab Republic Of Egypt XS1245432742 11-Jun-25 1500 200/1 100 USD Fixed 5.875 97.75 99.25 5.98 B- /B3 /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 96.50 98.00 7.05 B- /B3 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 110.63 112.13 2.38 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 107.63 109.63 4.37 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 105.25 106.25 1.17 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 118.88 119.88 3.14 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 103.00 104.00 3.27 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 100.75 101.25 -3.18 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 121.25 123.25 2.84 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 112.25 113.25 3.09 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 103.00 104.00 4.60 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 90.13 92.13 5.83 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 94.13 96.13 7.20 B /B1 /B

Emirate of Ras Al Khaimah (S) XS1210507650 31-Mar-25 1000 200/1 100 USD Fixed 3.094 97.38 98.38 3.29 - /- /A

Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.200 104.00 106.00 5.40 B+ /- /B+

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 89.25 91.25 7.83 B+ /- /B+

Gabonese Republic XS1245960684 16-Jun-25 500 200/1 100 USD Fixed 6.950 92.13 94.13 7.81 B+ /Ba3 /B+

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 103.63 105.63 4.06 A+ /A1 /WD

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 100.88 102.88 2.32 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 102.88 104.88 4.00 B- /B3 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 102.88 104.88 5.75 B- /B3 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 101.25 103.25 5.88 B- /B3 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 105.50 107.50 7.07 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 94.63 96.63 8.22 B- /B3 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 89.38 91.38 6.67 - /B1 /B

Ivory Coast XS1196517434 03-Mar-28 1000 200/1 100 USD Fixed 6.375 92.50 94.50 7.08 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 89.00 91.00 7.05 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 107.88 109.38 3.29 BBB- /NR /BBB-

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 109.50 111.00 4.26 BBB- /- /BBB-

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 109.50 111.00 4.47 BBB- /- /BBB-

Sovereign

Page 5


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 89.63 91.13 6.70 BBB- /- /BBB-

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.13 101.13 -1.06 BB- /B1 /-

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 106.50 108.50 0.74 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 109.13 111.13 2.18 BBB- /- /BBB-

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 100.00 102.00 3.93 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 101.50 103.50 3.04 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 99.50 102.50 5.32 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 103.25 105.25 5.07 B- /NR /B

Lebanese Republic XS1196417569 26-Feb-25 800 1/1 100 USD Fixed 6.200 100.38 102.38 5.87 B- /- /B

Lebanese Republic XS1196419854 26-Feb-30 1400 1/1 100 USD Fixed 6.650 101.50 103.50 6.28 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 100.88 101.88 0.83 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 108.63 110.13 2.77 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAA99 22-Apr-25 1000 200/1 100 USD Fixed 3.043 96.50 98.00 3.29 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAB72 22-Apr-45 500 200/1 100 USD Fixed 4.236 95.13 96.63 4.44 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 91.38 93.88 6.97 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 81.50 84.00 8.07 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 676 100/1 100 USD Fixed 11.750 99.00 101.50 -0.24 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 101.38 102.38 -0.18 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 102.50 104.50 1.83 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 96.13 98.13 7.99 B+ /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 96.25 97.75 5.08 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 409 1/1 100 USD Step Cpn 4.000 87.38 88.88 7.44 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 102.88 104.88 6.01 B- /B3 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 88.88 90.88 9.53 B- /B3 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 88.88 90.88 9.62 B- /B3 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 102.63 104.63 2.51 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 110.00 111.50 2.72 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 93.13 94.63 4.17 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 93.38 94.88 4.16 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 109.13 110.63 4.35 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 97.13 98.63 4.54 (P)BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BG36 15-Jan-25 2000 200/1 100 USD Fixed 4.125 96.88 98.38 4.34 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAC39 05-May-25 1100 200/1 100 USD Fixed 4.250 91.25 92.75 5.21 BB+ /Baa3 /BBB-

Page 6


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic of Indonesia (S) US71567RAD89 28-May-25 2000 200/1 100 USD Fixed 4.325 96.13 97.63 4.63 - /Baa3 /BBB-

Republic Of Indonesia XS1268430201 30-Jul-25 1250 100/1 100 EUR Fixed 3.375 97.50 99.00 3.50 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 95.75 97.25 5.45 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 88.38 89.88 5.33 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 114.25 115.75 5.63 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.125 94.13 95.63 5.42 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAB55 05-May-45 500 200/1 100 USD Fixed 5.375 84.38 85.88 6.45 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 89.63 91.13 5.10 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1263054519 21-Jul-25 2500 200/1 100 USD Fixed 5.125 95.63 97.13 5.50 - /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 78.50 80.00 6.40 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1263139856 21-Jul-45 1500 200/1 100 USD Fixed 6.500 95.50 97.00 6.73 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 98.50 100.00 5.87 B+ /- /B+

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 95.38 96.88 7.36 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 88.25 90.25 10.95 - /B2 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 106.63 108.13 4.01 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 97.38 99.38 5.36 B+ /- /BB-

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 97.88 99.88 6.78 B+ /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 93.63 95.63 7.11 B+ /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 101.00 103.00 6.13 B+ /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 108.25 110.25 6.57 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 92.50 94.50 7.09 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 96.38 99.38 7.68 - /- /BB-

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 104.88 106.38 2.22 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 110.75 112.25 3.57 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 101.50 103.00 -0.28 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 111.88 113.38 1.13 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 112.63 114.13 2.89 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 107.13 108.63 3.43 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 100.63 102.13 3.42 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 108.63 110.13 4.14 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 100.63 102.13 4.36 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 107.13 110.13 4.61 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 99.50 102.50 3.47 BBB- /Baa2 /BBB

Page 7


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 111.13 114.13 5.24 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 97.25 100.25 5.36 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 101.88 103.38 4.91 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 99.00 100.50 4.97 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAC24 03-Jun-25 650 200/1 100 USD Fixed 6.125 97.63 99.13 6.24 - /B1 /BB-e

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 101.75 103.75 5.40 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 99.75 102.75 5.70 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 96.88 99.88 5.90 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.00 105.00 2.88 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 111.50 113.00 3.99 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 111.25 112.75 2.26 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 90.38 91.88 4.53 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 105.38 106.88 3.10 - /Baa3 /BBB-

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 105.50 107.00 4.75 - /Baa3 /BBB-

Republic Of Turkey US900123CJ75 14-Apr-26 1500 200/1 100 USD Fixed 4.250 92.50 94.00 4.98 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 96.25 97.75 4.79 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 109.50 112.50 5.79 NR /Baa3 /BBB-

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 85.50 88.50 5.71 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.50 100.00 2.80 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 58.50 64.50 33.28 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 98.13 100.13 4.78 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 81.13 83.63 8.50 B /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 93.38 95.88 9.20 B /- /B

Republic Of Zambia XS1267081575 30-Jul-27 1250 200/1 100 USD Fixed 8.970 93.63 96.13 9.55 B /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 103.88 105.38 3.08 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 102.75 103.75 0.47 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 116.38 117.88 1.48 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 162.88 165.38 3.90 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.38 102.38 1.10 AA /Aa2 /-

Page 8


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 103.25 104.75 2.53 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 98.75 100.75 1.49 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 101.75 103.75 3.64 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 114.63 116.63 6.27 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.397 98.25 100.75 6.19 Not Rated

Mumtalakat Sukuk Holding (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 99.88 101.38 3.75 BBB- /- /BBB-

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 101.25 102.75 3.99 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 99.63 100.63 -0.51 AA /Aa2 /AA

IPIC XS0558268628 15-Nov-15 1000 250/1 100 USD Fixed 3.125 100.00 101.00 -1.09 AA /Aa2 /AA

IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 102.75 103.75 -0.23 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 103.38 104.38 0.86 AA /Aa2 /AA

IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.375 104.50 105.50 0.38 AA /Aa2 /AA

IPIC XS0558268891 15-Nov-20 1500 250/1 100 USD Fixed 5.000 111.75 112.75 2.39 AA /Aa2 /AA

IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 123.38 124.88 1.22 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 114.00 115.00 2.96 AA /Aa2 /AA

IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.625 113.63 114.63 1.61 AA /Aa2 /AA

IPIC XS0701227075 01-Nov-41 750 200/1 100 USD Fixed 6.875 133.63 135.63 4.54 AA /Aa2 /AA

Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 106.88 108.38 1.55 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 104.63 106.13 2.92 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 124.38 127.38 3.28 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 101.38 102.38 0.18 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 119.13 120.13 1.97 AA /Aa2 /AA



Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 104.00 106.50 7.06 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 95.00 96.50 7.55 B /Ba2 /-

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 102.75 103.75 1.06 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.38 101.88 1.74 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.38 102.88 2.15 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 100.25 101.75 2.30 A /NR /A+

Adcb Finance Cayman Ltd XS1199968998 10-Mar-20 750 200/1 100 USD Fixed 2.625 99.38 100.88 2.42 A /- /A+

Diversified

Financial Institutions

Page 9


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 101.88 103.38 3.98 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 101.88 103.38 3.78 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 99.50 101.00 -1.10 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 102.13 103.63 0.92 - /A2 /A+

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 96.38 98.38 8.17 B+ /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 89.88 91.88 11.94 B- /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 104.63 106.13 4.28 Not Rated

Africa Finance Corp XS1225008538 29-Apr-20 750 200/1 100 USD Fixed 4.375 100.25 102.25 3.85 - /A3 /-

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 54.75 74.75 48.54 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 57.75 77.75 31.18 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 102.00 104.00 1.43 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 99.50 101.50 3.31 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 101.25 103.25 3.85 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 98.13 100.13 4.07 - /- /BBB-

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 100.13 102.13 2.86 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 105.75 107.75 3.30 - /Baa3 /BBB-

Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.000 96.00 98.00 4.50 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 97.13 99.13 5.15 - /Baa3 /BBB-

Akbank XS1210422074 31-Mar-25 500 200/1 100 USD Fixed 5.125 93.63 95.13 5.79 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 99.88 101.88 5.70 BB /- /-

Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.70 B /- /-

Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 102.13 104.13 1.90 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.38 103.38 4.53 Not Rated

Ahli United Bank XS1133289832 Perpetual 400 200/1 100 USD Variable 6.875 102.75 104.75 5.70 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 98.63 100.63 2.95 - /- /A+

Astra Sedaya Finance Pt XS1210971682 01-Apr-18 300 200/1 100 USD Fixed 2.875 98.25 99.75 2.97 - /Baa3 /BBB-

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 98.75 100.75 -1.46 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 100.38 102.38 1.31 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 104.50 106.00 2.10 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 98.88 100.88 3.05 BBB- /Baa3 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 102.25 104.75 4.43 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 99.63 101.63 5.24 BB+ /Baa3 /BBB-

Bank Dhofar XS1233710380 Perpetual 300 200/1 100 USD Variable 6.850 99.38 101.38 6.51 Not Rated

Page 10


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


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%

Credit Rating

S&P /Moody /Fitch

Banco Do Brasil XS0955552178 25-Jul-18 1000 100/1 100 EUR Fixed 3.750 98.63 100.63 3.52 BBB- /Baa3 /BBB

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 98.75 100.75 1.07 - /Baa3 /-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 73.00 80.00 17.35 - /C /-

Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 96.13 101.13 1.64 - /B1 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.13 101.13 2.05 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 99.63 101.13 -1.45 - /Baa3 /BBB-

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 99.25 100.75 -0.97 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 102.00 103.50 1.50 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 105.75 107.25 2.91 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 102.13 104.63 3.88 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 101.88 104.38 4.17 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 99.00 101.50 4.71 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 102.00 103.50 4.53 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 105.00 107.00 4.85 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 99.13 100.63 -0.90 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 100.75 102.75 2.69 BBB- /Baa3 /-

Bank Of India/Jersey XS1227592703 06-May-20 750 200/1 100 USD Fixed 3.125 97.63 99.63 3.21 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 111.38 113.38 3.55 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 101.75 103.75 4.56 B+ /B3 /-

Bank Of Sharjah XS1117297272 08-Jun-20 500 200/1 100 USD Fixed 3.374 97.88 99.38 3.51 - /- /BBB+

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.25 103.25 1.07 A /- /A

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 124.63 125.63 4.34 - /Ba1 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 104.50 105.50 4.42 - /Ba1 /-

Bbk XS1207170736 24-Mar-20 400 200/1 100 USD Fixed 3.500 98.25 99.25 3.68 - /Baa3 /BBB-

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 112.38 114.38 4.68 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 98.88 100.88 7.00 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 100.75 103.75 1.52 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 102.00 103.00 2.06 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 98.88 100.88 3.51 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 99.50 101.50 2.88 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 99.00 100.50 3.37 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.63 103.13 2.20 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 101.88 103.88 0.99 A- /A1 /-

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Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 118.13 120.13 2.47 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 86.25 89.25 12.86 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 97.38 100.38 7.52 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 91.75 94.25 10.64 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.13 103.63 1.15 A- /A2 /A+

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 103.63 105.63 1.53 - /Baa1 /A

Dib Sukuk Ltd (S) XS1241110300 03-Jun-20 750 200/1 100 USD Fixed 2.921 99.00 100.50 2.81 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 103.38 105.38 4.60 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 105.38 107.38 5.17 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 102.88 104.88 4.75 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 88.25 90.25 11.89 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.497 93.75 98.75 2.57 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 103.25 104.75 1.62 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 103.13 104.63 1.39 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.13 104.63 2.15 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.38 101.88 2.78 - /Baa1 /A+

Emirates Nbd Pjsc XS1227814883 06-May-20 350 200/1 100 USD Fixed 3.000 99.25 100.75 2.83 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 104.00 105.50 2.67 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 100.50 102.50 5.01 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 101.50 103.50 5.57 Not Rated

Emirates Nbd Pjsc XS1207079499 23-Mar-22 550 100/1 100 EUR Fixed 1.750 95.13 96.63 2.31 - /Baa1 /A+

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 104.13 106.13 3.96 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 98.25 100.25 4.95 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.00 104.00 1.91 BBB- /Baa3 /-

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 102.25 104.25 2.77 BBB- /Baa3 /-

Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.750 97.38 99.38 2.88 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 100.88 102.38 3.63 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 87.13 90.13 12.32 B- /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 84.38 86.88 12.31 B- /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 84.88 87.38 12.48 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 99.38 102.38 4.00 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.25 102.25 2.33 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 100.25 103.25 5.27 - /Ba2 /BBB-

Page 12


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 101.75 102.75 1.55 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 101.50 103.00 0.62 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 102.88 104.38 0.91 - /A2 /A+

First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.625 99.38 100.88 2.42 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 101.75 103.25 0.32 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 96.50 100.50 7.09 BB- /B2 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 90.50 94.50 6.53 BB+ /- /BB+

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 83.13 88.13 11.88 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 79.50 82.50 16.16 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.25 102.75 2.00 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 99.50 101.00 -1.39 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 100.25 102.25 4.39 B+ /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 93.00 95.00 7.78 B+ /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.25 101.25 1.82 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.00 101.00 3.72 BBB /- /-

Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.200 99.25 101.25 3.92 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 99.75 101.75 2.29 BBB- /Baa3 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 99.75 101.25 2.33 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 100.50 102.00 3.45 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 98.75 100.75 3.34 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 98.38 100.38 4.57 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 104.13 105.63 2.37 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 105.63 107.13 2.78 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 100.88 102.38 2.94 BBB- /Baa3 /BBB-

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.13 103.63 2.91 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 100.00 101.50 3.28 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 104.13 105.63 3.51 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 101.00 102.50 3.54 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 102.50 103.50 1.94 BB+ /(P)Ba1 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.50 104.00 2.96 BB+ /Ba1 /-

Ind & Comm Bk Chn/Dubai XS1237348070 26-May-20 500 200/1 100 USD Fixed 2.625 97.88 99.38 2.76 - /A1 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 93.50 95.50 6.99 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 106.13 108.63 4.10 - /Ba2 /BB

Page 13


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 100.88 102.88 2.34 - /Baa2 /BBB-

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 98.88 100.38 5.67 - /Ba1 /BBB-

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 101.50 103.50 3.79 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 103.63 105.13 1.52 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 103.50 105.00 3.75 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.420 94.75 98.75 2.33 BBB /Ba2 /A-

Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.000 98.50 100.50 2.87 - /Baa2 /A

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 102.75 103.75 0.89 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.50 104.50 3.15 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.38 104.38 3.44 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.75 103.75 2.01 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.250 99.63 100.63 2.10 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1243334668 Perpetual 750 200/1 100 USD Variable 5.250 101.88 103.38 4.46 BBB- /Baa3 /-

National Bank of Kuwait Tier 1 XS1206972348 Perpetual 700 200/1 100 USD Variable 5.750 102.88 104.38 4.85 - /Baa3 /-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 107.00 109.00 5.64 B+ /- /BB-

National Savings Bank USY62526AB72 10-Sep-19 250 200/1 100 USD Fixed 5.150 96.38 98.38 5.60 B+ /- /BB-

Noor Sukuk Co Ltd (S) XS1224417847 28-Apr-20 500 200/1 100 USD Fixed 2.788 98.13 99.63 2.87 - /- /A-

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 99.75 100.75 -1.85 - /- /A+

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.00 102.50 1.31 - /- /A+

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 100.00 101.00 -1.04 A+ /Aa3 /AA-

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.00 103.50 1.03 A+ /Aa3 /AA-

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.63 101.13 1.66 A+ /Aa3 /AA-

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.63 102.63 1.45 - /A2 /A+

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.250 100.13 101.63 2.80 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 97.50 99.50 5.52 - /Ba2 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 94.75 97.25 6.14 - /Ba2 /BB+

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 100.00 101.00 -1.37 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 97.38 99.38 5.36 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 84.13 86.13 14.08 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 83.50 85.50 7.79 - /Ba2 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 79.88 81.88 8.48 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 80.50 82.50 11.71 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 102.25 103.25 0.45 BBB+ /- /BBB+

Page 14


August 18, 2015


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Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.25 102.25 2.07 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 102.63 104.13 1.95 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 100.88 102.38 2.32 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 101.75 103.25 2.68 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 106.25 107.75 3.81 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 101.63 104.63 3.66 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 103.00 106.00 3.75 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 100.63 103.63 1.71 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.38 103.88 2.60 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 103.00 105.00 1.56 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 98.13 100.13 4.21 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 99.00 101.00 3.56 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 102.63 104.63 4.01 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 99.75 101.75 3.12 - /Baa3 /BBB

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 99.63 101.63 4.32 - /Baa3 /BBB

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 99.00 101.00 5.08 - /Baa3 /BBB

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 99.63 101.63 4.84 - /Baa3 /BBB

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.13 103.13 3.17 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 99.25 101.25 4.39 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 94.25 96.25 4.82 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 96.25 98.25 5.12 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.13 101.63 3.11 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 101.75 104.25 4.24 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 98.00 100.00 5.00 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 96.00 98.50 6.26 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 98.50 99.50 3.92 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 100.13 102.13 4.81 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1219733752 22-Apr-20 350 200/1 100 USD Fixed 5.125 98.25 100.25 5.06 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 97.25 99.25 4.05 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 100.50 102.50 4.15 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 98.63 100.63 3.32 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 95.25 97.25 6.48 - /Ba2 /BB+

Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6.875 95.63 97.63 7.51 - /Ba3 /BB+

Page 15


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.13 104.63 2.25 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.25 102.75 2.72 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 104.25 105.75 3.03 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 94.50 97.50 7.52 BB+ /- /BBB-

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 99.13 102.13 5.39 BB+ /Ba1 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 99.38 102.38 4.48 - /Ba1 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 86.75 89.75 8.91 BB- /Ba3 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 101.88 103.38 4.14 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 100.25 101.75 4.66 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 95.63 97.13 4.73 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 94.38 95.88 6.21 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 92.13 94.13 8.13 B+ /- /B+

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.75 106.25 2.36 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 102.13 103.63 3.98 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 104.13 105.63 2.85 - /Baa3 /BBB

Country Garden Hldg Co USG24524AJ24 27-May-19 550 200/1 100 USD Fixed 7.875 105.50 107.50 5.51 BB+ /Ba1 /BB+

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 100.50 103.00 6.41 BB+ /Ba1 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 100.13 102.13 7.02 BB+ /Ba1 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 93.25 94.75 6.62 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 101.00 103.00 3.30 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 100.50 102.50 4.77 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 102.63 104.63 5.13 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 99.88 101.88 5.77 BB /Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 99.75 101.25 4.16 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 102.00 104.00 3.08 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 74.50 77.50 21.47 CCC- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 74.75 77.75 21.32 CCC- /Caa1 /-

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 75.00 78.00 21.16 CCC- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-22 3 100/1 100 EUR Pay-In-Kind 5.000 27.50 32.50 27.23 C /Ca /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 105.25 107.25 0.84 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 111.38 113.38 2.77 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 103.13 104.63 3.94 BBB- /Baa2 /-

Real Estate / Tourism

Page 16


August 18, 2015


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Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 101.75 103.25 2.96 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 104.25 106.25 3.86 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 98.00 100.00 3.50 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 94.00 96.50 11.30 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 113.00 115.00 2.84 - /Ba1 /BBB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 100.63 102.63 3.20 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 104.50 106.50 4.74 BBB /Baa3 /-

Lodha Developers Intl Lt XS1148395582 13-Mar-20 200 200/1 100 USD Fixed 12.000 98.75 100.75 11.78 - /Ba3 /B+

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 107.25 109.25 2.72 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 104.63 106.63 1.26 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 103.13 104.63 4.11 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 107.00 109.00 4.09 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 101.38 103.88 10.06 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 105.63 107.63 2.34 Not Rated

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 111.13 112.63 2.27 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 100.50 102.50 5.80 BB /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 104.13 106.13 6.51 BB /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 1100 200/1 100 USD Fixed 8.375 103.13 105.13 7.22 BB /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 100.75 102.75 3.87 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 101.63 103.63 5.48 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 102.38 103.88 7.71 B /B2 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 85.38 87.38 13.48 B /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 88.13 91.13 16.20 B- /- /B

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 99.88 101.38 3.92 BB+ /- /BBB-

Bharti Airtel Ltd USY0889VAA80 10-Jun-25 1000 200/1 100 USD Fixed 4.375 100.38 101.88 4.14 BBB- /Baa3 /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 101.75 103.75 7.44 BB- /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 105.25 106.75 2.11 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 106.00 107.50 3.97 BBB- /Baa3 /BBB-

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 107.50 109.00 4.11 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 900 200/1 100 USD Fixed 2.375 100.00 101.00 2.10 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 102.13 103.13 3.09 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 102.13 103.13 1.19 AA- /Aa3 /A+

Telecommunications / IT

Page 17


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 107.25 108.25 1.90 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 81.75 84.25 13.71 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 100.25 102.25 4.45 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 87.00 90.00 6.67 BB+ /Ba1 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 101.88 102.88 0.85 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 120.75 122.25 1.80 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 108.38 110.38 2.70 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 96.00 98.50 3.48 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 107.00 109.50 3.86 A- /A2 /A+

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 95.00 97.50 4.13 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 98.50 101.00 4.44 A- /A2 /A+

Millicom Intl Cellular XS1204091588 15-Mar-25 500 200/1 100 USD Fixed 6.000 96.38 98.38 6.23 - /Ba2 /BB+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 105.13 107.13 2.57 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 106.38 108.38 4.10 - /Baa3 /BB+

Naspers USN5946FAC16 21-Jul-25 1200 200/1 100 USD Fixed 5.500 99.75 101.75 5.27 BBB- /Baa3 /BB+

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 77.00 79.00 10.27 BB+ /Ba2 /BB

Ottawa Holdings Pte Ltd USY6589AAA44 16-May-18 365 200/1 100 USD Fixed 5.875 69.25 71.25 20.01 B+ /B2 /-

Reliance Communication XS1216623022 06-Nov-20 300 200/1 100 USD Fixed 6.500 101.00 103.00 5.83 - /Ba3 /BB-

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 81.63 85.13 17.82 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 68.88 69.88 20.38 BB- /- /BB-

Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.250 94.25 96.25 5.96 BB /- /BB

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 108.75 110.25 3.48 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 81.13 83.13 9.72 BB+ /Ba1 /BB

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 98.00 100.00 3.75 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 96.38 98.38 5.10 BBB- /- /BBB-

Vimpelcom Holdings XS0889401054 13-Feb-19 571 200/1 100 USD Fixed 5.200 96.25 98.25 5.76 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 983 200/1 100 USD Fixed 5.950 87.88 89.88 7.76 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 73.63 75.63 11.85 BB- /- /BB

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Defaulted 11.500 43.88 46.38 260.12 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Defaulted 10.250 29.88 32.38 53.62 D /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Defaulted 6.625 4.88 7.38 92.29 D /- /C

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 101.00 103.00 7.60 BB+ /Baa3 /-

Industrials / Energy

Page 18


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 90.13 92.13 7.40 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 82.88 84.88 8.00 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 76.88 78.88 8.57 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 102.50 104.50 3.90 - /Baa3 /BBB-

Bharat Petroleum Corp XS1227064430 08-May-25 500 200/1 100 USD Fixed 4.000 97.13 99.13 4.11 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 72 200/1 100 USD Fixed 7.750 98.50 100.50 6.95 B+ /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 99.88 101.88 3.74 - /Baa2 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 97.75 99.75 7.76 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 95.38 97.38 7.96 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 100.50 102.00 3.12 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 96.63 98.63 5.81 BB /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 92.63 94.63 6.33 BB /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.177 98.38 100.38 1.05 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 98.25 100.25 1.84 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.700 98.38 100.38 2.60 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Defaulted 9.750 41.50 44.50 46.42 D /- /C

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 73.63 75.63 9.93 BB- /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 108.00 110.00 2.58 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 110.38 112.38 3.46 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 327 2/1 100 USD Fixed 5.900 30.38 35.38 35.46 B /B3 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.209 98.38 100.38 1.01 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.50 100.50 2.61 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 98.88 100.88 4.38 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 78.63 85.63 14.78 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 418 45/0.01 100 USD Fixed 9.000 87.50 91.50 13.54 Not Rated

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 104.38 106.38 0.88 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 120.00 122.00 2.78 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 101.00 103.00 1.79 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 657 100/1 100 USD Fixed 5.888 107.75 109.25 1.70 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 113.25 114.75 2.92 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 365 200/1 100 USD Fixed 5.125 104.50 106.00 3.56 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 110.25 111.75 0.39 - /Baa3 /BBB-

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 110.38 111.88 5.88 NR /Baa3 /BBB-

Page 19


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%

Credit Rating

S&P /Moody /Fitch

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 106.63 108.13 1.80 NR /Baa3 /BBB-

Dp World Ltd XS1234270921 18-May-20 500 200/1 100 USD Fixed 3.250 99.25 100.75 3.08 - /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 101.63 103.13 1.18 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 758 200/1 100 USD Fixed 3.875 101.25 102.75 3.09 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 679 200/1 100 USD Fixed 4.500 100.75 102.25 3.98 Not Rated

Emirates Airlines (S) XS1203164782 31-Mar-25 898 200/1 100 USD Fixed 2.471 99.00 100.50 2.36 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 94.75 96.75 6.47 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 97.13 99.13 6.89 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.125 97.88 99.88 7.14 BB+ /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.13 101.13 2.53 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 98.75 100.75 5.14 BBB- /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.136 101.38 102.88 3.23 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 87.38 90.38 6.71 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 89.13 94.13 6.72 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 89.63 92.63 5.16 BB+ /Ba1 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 116.13 118.13 5.80 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 97.88 99.88 4.63 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 87.13 89.63 10.42 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 98.63 101.13 6.74 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 85.13 87.63 7.85 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 101.25 103.75 6.90 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 108.00 111.00 3.56 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 109.50 111.50 4.04 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 99.88 101.88 1.31 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 99.75 102.75 2.09 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 87.00 89.00 7.85 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 95.00 97.00 5.68 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 96.38 98.38 10.00 B- /- /B-

Maoye International Hldg USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 95.63 98.63 8.60 BB- /B1 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 98.38 101.38 9.05 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 5.93 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 104.38 106.38 5.30 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 267 100/1 100 USD Fixed 6.267 114.50 117.50 4.19 A+ /A1 /A

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Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 95.88 97.88 8.42 B+ /- /BB-

Noble Group Ltd XS0906440333 20-Mar-18 400 200/1 100 USD Fixed 3.625 83.63 85.63 10.08 BBB- /Baa3 /BBB-

Noble Group Ltd USG6542TAE13 29-Jan-20 1209 100/1 100 USD Fixed 6.750 85.00 87.00 10.49 BBB- /Baa3 /BBB-

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 98.25 100.25 4.27 BBB- /Ba1 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 97.75 100.25 5.49 BBB- /Ba1 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 96.13 98.13 5.26 BB+ /Ba1 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 95.00 97.50 5.64 BB+ /Ba1 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 100.38 102.38 1.38 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 109.25 111.25 3.50 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 104.38 106.38 3.72 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 100.88 102.88 4.00 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 104.13 105.63 4.82 BBB- /- /BBB-

Office Cherifien Des Pho XS1221677120 22-Oct-25 1000 200/1 100 USD Fixed 4.500 95.25 96.75 4.91 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 104.75 106.25 6.40 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 101.50 103.50 2.86 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 107.75 109.75 4.03 - /Baa2 /BBB-

Oman Electricity XS1117297355 07-May-25 1000 200/1 100 USD Fixed 3.958 95.75 97.25 4.31 BBB+ /A3 /-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.63 100.13 2.45 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 99.88 101.38 2.87 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 97.63 99.13 3.88 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 103.13 104.63 4.00 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.643 95.50 97.50 4.32 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.163 87.63 89.63 5.77 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 98.50 102.50 3.83 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 95.13 97.13 5.17 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 87.50 89.50 6.49 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 89.38 91.38 7.12 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 88.88 91.88 7.21 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 80.88 82.88 7.31 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 90.00 92.00 7.53 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 84.75 86.75 8.49 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAN93 5-Jun-2115 2500 2/1 100 USD Fixed 6.850 77.00 79.00 8.67 BBB- /Ba2 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 63.00 65.50 56.91 CCC /- /CCC

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Credit Rating

S&P /Moody /Fitch

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 103.00 105.50 4.48 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 97.63 100.13 3.85 BBB- /- /BBB-

Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.250 93.75 95.75 7.37 BB- /- /BB-

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 100.13 102.13 6.05 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 226 250/1 100 USD Fixed 5.832 101.75 103.75 0.00 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 802 250/1 100 USD Fixed 5.298 106.88 108.88 1.87 A /Aa3 /A+

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 105.25 107.25 2.97 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 108.13 110.13 3.63 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 98.88 100.38 4.08 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 113.75 115.75 5.13 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 99.88 101.38 1.03 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 99.25 100.75 -0.74 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 100.50 102.00 1.96 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 106.38 107.88 1.19 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 92.00 93.50 6.32 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 99.63 101.13 4.32 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 101.63 102.63 1.02 AA- /A1 /AA-



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 104.38 105.38 3.28 AA- /A1 /AA-


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 104.13 105.13 5.15 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 652 200/10 100 USD Fixed 5.875 29.38 36.38 38.85 CC /Ca /CC

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 99.13 101.13 2.70 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 94.00 99.00 5.59 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 101.00 103.00 3.12 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 104.38 105.88 0.88 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 102.63 104.13 1.44 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 99.75 101.25 1.96 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 113.25 114.75 2.07 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 113.63 115.13 2.33 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 114.25 115.75 3.11 A- /A3 /-

Page 22


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 98.88 100.38 3.57 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 99.13 100.63 3.79 A- /A3 /-


Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 100.13 102.13 4.12 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 99.25 100.75 4.66 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 95.13 96.63 6.45 BB /- /BB+

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 95.38 98.38 9.21 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 100.50 102.00 0.26 BBB- /Baa2 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 94.25 95.75 4.73 BBB- /Baa2 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 78.50 80.50 11.03 B+ /B3 /-

Transocean Inc US893830AK59 15-Apr-18 246 1/1 100 USD Fixed 7.375 97.63 99.63 7.53 BB+ /Ba1 /BBB-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 77.00 79.00 10.75 B+ /B3 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 99.75 101.25 3.63 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 93.38 94.88 5.33 BBB /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 96.63 98.63 8.55 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 84.50 86.50 10.78 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 84.63 86.63 11.46 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 75.88 77.88 11.50 BB- /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 81.13 86.13 57.01 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 750 100/1 100 USD Fixed 3.925 104.13 105.63 1.76 AA /Aa2 /AA

Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.63 100.13 4.38 BB /Ba2 /BB-

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 88.00 90.50 7.55 BB /Ba2 /BB-

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 86.25 90.25 12.52 BB- /B2 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 78.50 83.50 12.09 BB- /B2 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 84.50 86.50 8.65 B+ /- /BB-

Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.000 92.63 94.63 5.88 BB+ /- /BB+

Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.875 97.88 99.88 3.90 BB+ /- /BB+

Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.125 99.38 101.38 5.77 BB+ /Ba1 /BB+

Cosco Finance 2011 XS0858461758 03-Dec-22 1000 200/1 100 USD Fixed 4.000 99.13 100.13 3.98 - /A1 /-

Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 82.63 84.63 7.25 BB /Baa3 /BB+

Hikma Pharmaceuticals Pl XS1213834978 10-Apr-20 500 200/1 100 USD Fixed 4.250 99.13 101.13 3.98 BB+ /Ba1 /-

Miscellaneous

Various Developed Market Issues

Page 23


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 111.00 113.00 4.01 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 105.13 107.13 2.67 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 127.88 128.88 3.69 BBB /Baa2 /A-

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 107.38 109.88 2.99 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 129.25 132.25 4.59 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 113.63 115.63 5.02 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 107.88 109.88 3.77 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 99.38 101.38 -0.09 A- /Baa1 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 109.00 111.00 3.64 BB+ /Ba2 /BBB-

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 121.50 123.50 3.09 BB+ /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 101.38 103.38 -12.52 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 102.00 103.50 7.31 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 6.91 - /B2 /B+

Deutsche Bank Ag US251525AP63 01-Apr-25 1500 200/1 100 USD Fixed 4.500 94.25 97.25 4.86 BBB- /Ba1 /A-

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 100.50 101.50 0.54 A- /A3 /A

Jaguar Land Rover Automo USG5002FAE63 15-Mar-20 500 200/1 100 USD Fixed 3.500 96.25 97.75 4.04 BB /Ba2 /-

Jaguar Land Rover Automo USG50027AB03 15-May-21 84 150/1 100 USD Fixed 8.125 109.25 110.75 -0.90 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 109.38 110.88 3.30 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 98.50 100.50 -4.71 A /A1 /A+

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 114.38 116.38 2.99 BBB /Baa2 /A-

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 111.50 112.50 1.17 BBB /Baa2 /A-

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 111.63 114.63 3.72 BBB /Baa2 /A-

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 117.25 120.25 1.80 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 101.50 104.50 3.46 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 99.38 101.38 0.18 A- /A3 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 120.38 121.38 0.95 A- /A3 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 112.13 114.13 2.92 A- /A3 /A

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 115.25 118.25 2.90 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 111.63 113.63 3.92 BB+ /Ba2 /BBB

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 99.00 101.00 4.84 A- /Baa1 /BBB+

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 112.00 114.00 1.98 BBB+ /A3 /A

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 103.88 105.88 1.98 - /- /BBB-

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 107.50 109.50 3.10 - /- /BBB-

Page 24


August 18, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 111.50 113.50 1.65 BB+ /Ba2 /BBB

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 109.13 111.13 2.25 BB+ /NR /BBB

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 106.38 108.38 4.75 BB /Ba2 /BBB

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 99.13 101.13 0.39 A /A2 /A

Societe Generale USF8586CH211 14-Apr-25 1500 200/1 100 USD Fixed 4.250 94.25 96.25 4.74 BBB /Baa3 /A-

Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 96.88 98.88 4.13 BBB /A2 /A+

UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 100.88 102.88 3.63 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 117.88 119.88 3.74 BB /Ba1 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 103.88 105.88 4.05 BB /Ba1 /BBB

Egypt 3M T Bills N/A 20-Oct-15 2500 500/25 100 EGP Zero Cpn N/A 96.98 97.45 8.39 B/B2/B+

Egypt 6M T Bills N/A 19-Jan-16 3500 500/25 100 EGP Zero Cpn N/A 94.03 94.92 8.59 B/B2/B+

Egypt 9M T Bills N/A 12-Apr-16 3500 500/25 100 EGP Zero Cpn N/A 91.45 92.68 8.67 B/B2/B+

Egypt 1Y T Bills N/A 12-Jul-16 4000 500/25 100 EGP Zero Cpn N/A 88.80 90.37 8.71 B/B2/B+

French Discount T-Bill FR0121811709 11-Dec-14 0 100/1 100 EUR Zero Cpn N/A 99.50 100.00 0 - /- /NR

French Discount T-Bill FR0122005723 02-Apr-15 0 100/1 100 EUR Zero Cpn N/A 99.50 100.00 -- - /- /NR

German Treasury Bill DE0001119261 10-Dec-14 0 100/1 100 EUR Zero Cpn N/A 99.50 100.00 0 - /- /NR

German Treasury Bill DE0001119212 25-Mar-15 0 100/1 100 EUR Zero Cpn N/A 99.51 100.01 -- - /- /NR

Australia T-Bill AU2CLT051245 05-Dec-14 0 100/5 100 AUD Zero Cpn N/A 99.13 99.63 -- - /- /NR

(C) Denotes a Convertible bond

(S) Denotes a Sukuk

* Offer Yield adjusted for tax

Egypt T Bills

Page 25


August 18, 2015

Contact:

Mashreq Fixed Income Trading

Mohammad Ahsan / Khizer Usmani / Zeeshan Ali / Khurram Hussain / Yasmeen Rabbani / Shakoor Ahmed / Jean-Francois Bargiarelli

Sali Al Khatib

Telephone: +9714-2128822

For live prices, please visit our Bloomberg page MASH <GO>

General Disclaimer:

This note has been prepared solely for information purposes. It does not constitute an investment advice, solicitation, offer or personal recommendation by Mashreq Bank or its affiliates to

buy or sell any securities, product, service or investment or to engage in or refrain from engaging in any transaction, particularly, in any jurisdiction where such an offer or solicitation would

be illegal. Certain assumptions may have been made in the analysis that resulted in any information and results/returns detailed therein. No representation is made that any returns/results

indicated would be achieved or that all assumptions in achieving these returns/results have been considered. Past performance is not necessarily indicative of future results. Mashreq Bank

does not warrant accuracy of the information provided herein and views expressed in this research reflect personal views of the analyst(s) which does not take account of individual clients’

objectives, financial situations or needs. Investors are required to undertake their own assessment and seek appropriate financial, legal, tax and regulatory advice to determine whether this

investment is appropriate for them in light of their experience, objectives, financial resources and other relevant circumstances.

Mashreq Bank nor any of its related parties accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this memorandum and/or further

communication in relation thereto. Mashreq Bank does not accept any obligation to correct or update the information or opinions in it; however, opinions expressed are subject to change

without notice. This note is disseminated primarily electronically, and, in some cases, in printed form.

The above terms are indicative and do not constitute solicitation or an offer to sell to the public. This document is not intended to identify, represent or notify the conclusive terms and

conditions of any transaction, other material considerations and any possible risks, direct or indirect, would be involved in undertaking such a transaction. The interest of Mashreq Bank may

conflict with the interests of the investors in respect of any matter requiring its consent and Mashreq Bank will not be required to consider the interests of the investors in exercising such

rights.

Page 26

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mashreq...2018/08/15 · Saudi Arabia opened its stock market to international investors in June as part of broader plans to diversify the economy away from oil. The benchmark Tadawul