mashreq · according to their statement, which was virtually unchanged from the prior meeting. President Dilma Rousseff’snew economic team, spearheaded by Finance Minister Joaquim

mashreqFixed Income Trading

Daily Market Update

Market Update

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Thursday, March 05, 2015

US airlines are lobbying Congress for tightening aviation treaties with Gulf based carriers

After failing to compete with the regional giants, Emirates, Etihad and Qatar Airways, three biggest US airlines, vying with the Gulf rivals for overseas fliers,

are turning to Congress for help in tightening aviation treaties with Qatar and the United Arab Emirates. The lobbying by American, United and Delta will

include lawmakers overseeing transport and trade, plus other legislative leaders. The airlines also want to keep pressing Secretary of State John Kerry and

Transportation Secretary Anthony Foxx. Courting House members and senators opens a new front in the campaign against what American, United and Delta

say are unfair subsidies for Doha-based Qatar Airways and to the UAE’s Emirates Airline and Etihad Airways. The trio of state-backed gulf carriers has gotten

more than USD42 billion in such aid during the past decade, according to the US airlines. American, United and Delta are crying foul over the alleged

subsidies that gulf carriers enjoy and are able to undercut competitors on fares, drawing travelers to their bases in Qatar, Abu Dhabi and Dubai and away

from European and Asian hubs served by the US industry. The US should modify the so-called Open Skies agreements with Qatar and the UAE, according to

these airlines. Gulf aviation leaders have dismissed the US airlines’ objections, with Qatar Airways Chief Executive Officer Akbar Al Baker telling CNN last

month: “We don’t receive any subsidy. What the government has given us is equity into an airline which they own.” Sheikh Ahmed of Emirates recently

asked the US airlines to improve their services to attract passengers. (Bloomberg)

Saudi Arabia to keep pumping oil as plan to defend market share proves successful

Saudi Arabia pledged to supply as much oil as its customers need and sees no sign their requirements will slow down as OPEC’s strategy to defend market

share proves successful. The world’s biggest oil exporter will only cut output if customers refuse to buy its crude, which is unlikely because Saudi supply is

the world’s most reliable, Oil Minister Ali Al- Naimi said in Berlin on Wednesday. Prices will continue to stabilize as recovering demand helps the global market

to rebalance, he said. “Demand is gradually rising, global economic growth seems more robust and the oil price is stabilizing”, he said. (Bloomberg)

IMF urges Oman to cut subsidies as oil rout risks reserves

Oman must cut subsidies and trim a burgeoning public wage bill to avoid draining financial reserves, the International Monetary Fund’s country head said.

The IMF mission concluded a visit to Oman on Tuesday as part of the country’s Article IV consultation, a regular economic review. The IMF will press for

major fiscal reforms in the sultanate, mission chief Ananthakrishnan Prasad said in an interview in Muscat. “The oil price decline has made undertaking of

reforms more urgent for Oman,” Prasad said. “Without any reforms at this stage the country will either have to use its buffers or increase debt, and there

could be spillovers from the fiscal sector to the rest of the economy.” Oman, the biggest Middle Eastern oil producer that is not a member of OPEC, has been

hit hard by the rout in oil prices. After years of surpluses, the country recorded a budget deficit of 600 million rials (USD1.56 billion) last year, according to

the Ministry of Finance. It estimated that the deficit will widen to 8% of gross domestic product this year, assuming an oil price of USD75 a barrel.

(Bloomberg)

S&P: Falling oil prices are unlikely to spur Sukuks in Gulf

According to global credit rating agency Standard and Poor’s (S&P), falling oil prices are unlikely to spur Gulf’s Islamic debt issue in 2015, even as no

“meaningful” correlation between oil price swings and trends in GCC sovereign Sukuk issuance could be ferreted out. It said the upside for sovereign Sukuk

issuance in countries in the GCC region is limited in 2015. Although lower oil prices will lead to fiscal deficits in some countries in the GCC region, S&P said

most governments’ net asset positions will likely remain strong enough to enable their financing. It said the extent and duration of the oil price fall will likely

most affect the financing needs of those GCC sovereigns where expenditure side responses or liquid reserves are not available to cover fiscal deficits

resulting from lower oil revenues. While keeping an eye on the likely financing mix for regional mega-projects, S&P continues to expect that most sovereign

Sukuk issues will relate to essential infrastructure projects and refinancing needs. The tightening fiscal positions of regional governments may also spur GRE

(government-related enterprises) debt issuance that can facilitate off-balance sheet financing. (Gulf-Times.com)

Emaar 2014 apartment sales plunge as villa and land revenue climb

Emaar Properties revenue from apartment sales dropped to AED1.27 Billion vs AED3.61 Billion a year earlier, the company said in its full financial statement

to Dubai stock market today. Revenue from villa sales was AED1.83 Billion vs AED1.33 billion while revenue from sale of commercial units, plots of land and

others went up to AED1.43 billion vs AED590 million. Emaar’s hospitality division generated AED1.68 billion vs AED1.52 billion earlier. Earlier in the day the

company proposed a dividend of 15 fils a share for 2014 compared to 20 fils paid a year earlier. (Bloomberg)

flydubai reports AED4.4bn revenues in 2014

Dubai-based low-cost-carrier (LCC) flydubai posted a full-year net profit of AED 250 million ($68 million) for 2014, up 12.3% year-over-year (YOY) from the

carrier’s AED 222.8 million net income in 2013. Full-year revenue was AED 4.4 billion, up 18.9% YOY. Ancillary revenue made up 14.4% of the airline’s total

annual revenue. Fuel continued to be the company’s largest expense and accounted for 36% of flydubai’s 2014 operating expenses, down 3.5 points from

2013. Thirty percent of flydubai’s fuel requirements for 2015 are hedged, the company said. Flydubai reportedly carried 7.25 million passengers in 2014, up

6.3% YOY, with the greatest rise coming from passengers to/from Central Asia (up 57% YOY). The carrier added 23 new routes in 2014, increasing its

network total to 86 destinations with 1,400 flights per week. (Bloomberg)

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Daily Market Update

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Germany says Eurozone has hands full with existing Greek bailout program

Germany and the European Commission said that talk of a third bailout for Greece was premature, while Spain's Economy Minister was insistent that further

support was almost inevitable. Economy Minister Luis de Guindos said Athens was unlikely to return to capital markets by June, when an extension of its

bailout expires, and so some form of further aid program looked likely. German Chancellor Angela Merkel said she was focusing on the current bailout, now

extended for four months. De Guindos had already suggested that the Eurozone was talking about another bailout for Greece, with a package worth between

€30bn and €50bn under discussion, prompting denials from Eurozone officials. De Guindos said that the size of any third support deal is yet to be agreed and

that Eurozone finance ministers would examine Greece's liquidity needs and debt maturities at its Eurogroup meeting next week. Meanwhile, the

International Monetary Fund chief Christine Lagarde said the success of Greece's reform plan depends on the framework that is put in place and how the

overhaul is implemented. (Reuters)


China lowers GDP growth target for 2015

China set the lowest economic growth target in more than 15 years and flagged increasing headwinds as leaders tackle the side effects of a generation-long

expansion that spurred corruption, fueled debt and hurt the environment. The goal of about 7% - down from last year’s aspiration of about 7.5% was given

in Premier Li Keqiang’s work report at the annual meeting of the legislature in Beijing today. Fiscal policy will remain proactive and monetary policy prudent,

while the yuan exchange rate will be kept at a reasonable and balanced level, the government said. Headwinds that include a property slump, excess

industrial capacity and disinflation prompted the second interest-rate cut in three months at the weekend. Policymakers flagged a wider budget deficit this

year of about 2.3% of gross domestic product, adding fiscal firepower to the monetary stimulus. China plans a wider budget deficit this year as the

government adds fiscal fuel to monetary stimulus to cushion the economy’s slowdown while risks such as a local- government debt binge are reined in.

China’s central government is assuming some of the debt incurred by local-government financing vehicles as it reshapes its fiscal framework. (Bloomberg)

Brazil raises interest rates to highest since 2009

Brazil’s central bank raised borrowing costs to the highest level in almost six years on price pressure from a weakening currency and kept its options open on

the size of the next increase. The board voted unanimously on Wednesday to maintain the pace of tightening with a half-point increase to 12.75%, as

expected by 59 of 63 economists surveyed by Bloomberg. Policy makers took into consideration “the macroeconomic scenario and the inflation outlook,”

according to their statement, which was virtually unchanged from the prior meeting. President Dilma Rousseff’s new economic team, spearheaded by Finance

Minister Joaquim Levy, is unwinding tax breaks and allowing government regulated prices to rise in an effort to shrink last year’s record budget deficit. The

policies, coupled with a Real that weakened to a 10-year low Wednesday, are fanning inflation and threaten to damp an economic recovery. Annual inflation

accelerated to 7.36% in mid- February as prices surged 1.33% in the month. Policy makers have responded to increase by lifting the key rate 50 bps at

three consecutive meetings, giving Brazil the highest inflation-adjusted borrowing costs among the Group of 20 nations. (Bloomberg)

India is shifting capital support to target most profitable banks

India’s support of state-controlled banks is shifting to target the most profitable lenders for capital injections, rather than propping up weaker peers, as the

nation seeks to build a more robust financial system. Amid reduced government support, weaker lenders could look to limit operations to a particular

business segment to boost profitability, Financial Services Secretary Hasmukh Adhia said in an interview. The Bank Board Bureau, an advisory arm to be

formed within five months, may be able to “nudge” some of these banks to merge with competitors, he said. In its annual budget unveiled on Saturday, the

government put aside 79.4 billion rupees (USD1.3 billion) for state-owned banks, a regular practice to bolster capital at lenders prevented from selling stock

so as not to dilute government shareholdings. More than 40% of the 69.9 billion rupees allocated for the fiscal year ending this month was given to State

Bank of India, the nation’s biggest bank, which boosted profitability over the second half of 2014. (Bloomberg)

Citigroup to sell holding in Turkey’s Akbank before the expiry of Lockup period

Citigroup is selling its stake in Akbank TAS, Turkey’s second-largest bank by market value, before the end of a lockup agreement as Chief Executive Officer

Michael Corbat streamlines the US lender. Citigroup is offering 396 million shares, or 9.9% of Akbank stock, the Turkish firm said in a statement. The stake

was valued at about 3.17 billion lira (USD1.2 billion) at the end of Wednesday’s trading in Istanbul. The shares closed at 8 liras and have surged 37% in the

past year. Corbat is shrinking the third-biggest US bank by assets, and announced a deal Tuesday to sell subprime lender OneMain Financial to Springleaf

Holdings Inc. for USD4.25 billion in cash. Citigroup’s sale to third parties terminates the three-year lockup it signed with Akbank’s owner, Haci Omer Sabanci

Holding AS, in April 2012. The accelerated equity offering was agreed to on 19th February, Akbank said. The shares are being offered at 7.36 to 7.52 liras,

according to terms of the deal seen by Bloomberg. The sale to institutional investors has closed after getting demand for all the shares on offer, a person

familiar with the matter said. (Bloomberg)

IMF says growth outlook for Sri Lanka is favorable

The IMF said on Wednesday that Sri Lanka's economic prospects remain favorable under the new government but a mid-term fiscal consolidation is essential.

An IMF mission led by Todd Schneider was in Sri Lanka to conduct a post-program monitoring after the completion of a USD2.6 billion stand-by agreement in

2012. "Growth is likely to continue in the relatively robust range of 6-7% in 2015. Inflation is expected to remain the low single digits, although some upward

pressure may emerge as higher wages and salaries translate into increased demand," Schneider said. The IMF agreed with local authorities that sustaining

robust growth over the medium term would require continued commitment to policies in support of macroeconomic stability, and structural reforms to

enhance productivity and competitiveness. While hailing the new government's focus on improving governance and increasing transparency, the IMF voiced

concern over the budget deficit of 4.4% as "challenging" and advised the government to consider contingency measures should revenues fall. They also

recommended a fiscal consolidation to reduce Sri Lanka's debt, which is currently 88.9% of the country's GDP. (Bloomberg)

Page 2


Daily Market Update

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New Issue Update

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Rating Update

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Iraq bond investors keeping eyes on barrels per day

As Iraq’s troops battle Islamic State to retake Tikrit and the government grapples with a squeeze on revenue, a surge in oil production is helping the nation’s

bonds stage their best rally since December. Output increased to a record 3.7 million barrels a day in December, as OPEC’s second-biggest producer seeks to

offset the effect of a nine-month slump in crude prices. The yield on the nation’s bonds due in January 2028 fell for the past seven days, the longest streak

for more than two months, data compiled by Bloomberg show. It was trading at 7.62% on Wednesday. The cost of insuring Iraq’s dollar-denominated debt

against default tumbled 41 basis points, or 0.41 percentage point, in the last two weeks to 334, according to data compiled by Bloomberg. That compares

with 374 basis points for Lebanon, an oil importer whose economy has been hurt by the civil war in neighboring Syria. The gains comes even as Iraq’s

budget is hit by the war and oil-price slump. The IMF expects the deficit to widen to 6.1% of gross domestic product from 4.9% in 2014. (Bloomberg)

Emirates NBD to hold investor meetings

Emirates NBD PJSC (rated Baa1 (stable) / A+ (stable), Moody’s and Fitch), has mandated Bank of America Merrill Lynch, BNP Paribas, Deutsche Bank,

Emirates NBD Capital, HSBC and ING as Joint Lead Managers to arrange a series of fixed income Pan-European investor meetings commencing on 09 March

2015. A benchmark Regulation S offering may follow subject to market conditions.

ENBD Roadshow Schedule

Mon Mar 9th Zurich / Vienna

Tue Mar 10th Munich / Amsterdam

Wed Mar 11th Paris

Thr Mar 12th London

Turkish Airlines to hold investor meetings in the US and Europe

Turkish Airlines has mandated Citi and Goldman Sachs to set up meetings to discuss a potential debt financing, which may be in the form of an EETC,

commencing March 9, 2015. Senior management will be hosting a series of fixed income investor meetings in select cities in the US and Europe. The

purpose of the discussions is to provide an overview of the Turkish Airlines business and an overview of an indicative legal structure for a potential financing

which is based on the jurisdictional requirements for aircraft creditors within Turkey. A Rule 144A / Regulation S financing may follow, subject to market

conditions.

Roadshow Schedule

Europe:

London – March 9 & 10,

Call with Europe & Asia – March 10, 2015

United States:

Los Angeles – March 11

Chicago – March 11, 2015

New York – March 12

Boston – March 13

Fitch Affirms 6 UAE Banks: NBAD, FGB, UNB, ADCB, HBME, ENBD.

Fitch Ratings has affirmed the Long-and Short-term Issuer Default Ratings (IDR) of six UAE banks as part of its peer review of the UAE banking sector. The

affirmation of the banks' Long-term IDRs, Support Ratings and Support Rating Floors, except for HSBC Bank Middle East Limited (HBME), reflects the

extremely high probability of support available from the UAE authorities, and governments of Abu Dhabi (AA/Stable/F1+) and Dubai, if required. Fitch's view

of support considers the sovereign's strong capacity to support the banking system, sustained by its sovereign wealth funds and on-going revenues mostly

from its hydrocarbon production, despite the lower oil prices, and the moderate size of the UAE banking sector in relation to the country's GDP. Fitch's

opinion of support is also based on the willingness of the authorities to support the banking sector, which has been demonstrated by the UAE authorities'

long track record of supporting domestic banks, as well as close ties and ownership links with the government in a number of banks. Five of the banks -

National Bank of Abu Dhabi (NBAD), First Gulf Bank (FGB), Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB) and Emirates NBD (ENBD) -

have Support Ratings of '1', reflecting the extremely high probability of state support.

Page 3


Daily Market Update

Change Change USD EUR AED

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

iTraxx Europe 50.229 -0.796 -12.771 2-Year 0.911 0.009 0.108 -0.003 1.259 -0.009

iTraxx Europe Crossover 262.850 -4.298 -82.735 5-Year 1.739 0.003 0.301 0.003 2.335 -0.015

CDX North America IG 61.663 -0.110 -4.458 10-Year 2.237 -0.003 0.721 0.005 3.360 0.000

CDX North America HY 323.576 1.802 -33.378 30-Year 2.605 -0.005 1.216 0.004 N/A N/A

iTraxx SovX Western Europe 22.715 0.045 -5.150 Source: Bloomberg

iTraxx SovX CEEMEA 351.765 0.240 36.345

iTraxx Europe Senior Financial 56.220 -0.855 -11.215

iTraxx Europe Sub Financial 124.559 -1.960 -24.307

Source: Bloomberg

Change Change Last Change

bps Spread Day YTD YTD (%)

Emirate of Abu Dhabi 5Y 68.920 0.230 5.380 S&P 500 2,098.53 1.92

Emirate of Dubai 5Y 198.885 -0.375 -28.010 Dow Jones Industrial Avg 18,096.90 1.54

Kingdom of Bahrain 5Y 270.030 4.925 28.290 DFM General Index 3,742.34 -0.84

State of Qatar CDS 5Y 77.500 0.000 0.000 ADX General Index 4,556.10 0.60

Kingdom of Saudi Arabia 5Y 74.500 -0.755 7.790 Qatar Exchange Index 12,130.25 -1.27

Lebanese Republic 5Y 390.015 16.460 -5.060 TASI 9,462.59 13.55

Republic of Turkey 5Y 211.091 9.910 26.698 Spot Gold 1,203.92 1.65

Arab Republic of Egypt 5Y 320.030 -1.720 38.250 Spot Silver 16.24 3.38

Source: Bloomberg WTI Crude 51.78 -2.80

Brent Crude 60.61 5.72

Source: Bloomberg

Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.46513 0.33% 5.82%

Mashreq Al-Islami Arab Tigers 19.36540 -0.25% 4.32%

Makaseb Income Fund 12.89250 0.56% 3.54%

Source: Bloomberg

CREDIT MARKETS SWAPS


-25.14

bps

CDS MISCELLANEOUS

Change

Day

-9.25

-106.47

-5.04

-116.50

-161.65

3.58

0.00

0.25

0.06

MUTUAL FUNDS

Last (NAV)

Page 4

Fixed Income Trading

March 5, 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 6.750 118.13 120.13 1.63 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 102.63 106.63 4.30 B- /Caa1 /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 97.13 101.13 6.78 B- /Caa1 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 112.75 114.25 2.24 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 106.63 108.63 4.55 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 106.88 107.88 1.17 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 120.38 121.38 3.09 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 102.75 103.75 3.33 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 103.38 103.88 -0.08 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 123.50 125.50 2.78 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 113.63 114.63 3.02 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 102.88 103.88 4.62 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 94.75 96.75 5.48 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 98.88 100.88 6.50 B /B1 /B

Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.200 105.13 107.13 5.38 B+ /- /BB-

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 95.75 97.75 6.69 B+ /- /BB-

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 105.13 107.13 3.90 AA- /A1 /A+

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.25 103.25 3.95 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 101.38 103.38 5.24 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 102.13 104.13 6.09 B- /Caa1 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 101.38 103.38 5.92 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 102.75 104.75 7.52 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 94.13 96.13 8.27 B- /Caa1 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 93.75 95.75 5.97 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 93.63 95.63 6.34 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 108.63 110.13 3.31 BBB- /NR /BBB

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 112.50 114.00 3.91 BBB- /- /BBB

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 112.50 114.00 4.13 BBB- /- /BBB

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 97.75 99.25 6.05 BBB- /- /BBB

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.75 101.75 1.26 BB- /B1 /-

Sovereign

Page 5


March 5, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 108.00 110.00 0.96 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 111.63 113.63 1.90 BBB- /- /BBB-

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 103.25 105.25 3.47 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 106.50 108.50 2.46 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 109.25 112.25 4.70 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 101.75 104.75 5.28 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 101.50 102.50 1.08 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 108.50 110.00 2.90 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 91.75 94.25 6.38 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 86.38 88.88 7.01 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 1050 100/1 100 USD Fixed 11.750 98.75 101.25 9.42 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 103.63 104.63 0.01 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 103.38 105.38 1.75 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 99.13 101.13 6.70 BB- /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 101.00 102.50 4.41 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 418 1/1 100 USD Step Cpn 3.500 87.50 89.00 6.73 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 104.00 106.00 5.94 B- /B2 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 96.50 98.50 8.12 B- /B2 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 96.63 98.63 8.32 B- /B2 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 104.13 106.13 2.26 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 112.00 113.50 2.56 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 98.00 99.50 3.37 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 97.88 99.38 3.46 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 115.38 116.88 3.63 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 102.88 104.38 3.80 - /Baa3 /BBB-

Republic Of Indonesia USY20721BG36 15-Jan-25 2000 200/1 100 USD Fixed 4.125 101.88 103.38 3.71 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 105.13 106.63 4.81 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 97.00 98.50 4.72 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 128.63 130.13 4.81 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.125 104.50 106.00 4.75 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 93.25 94.75 4.56 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 88.38 89.88 5.58 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 101.75 103.25 5.02 B+ /- /B+

Page 6


March 5, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 104.88 106.38 5.97 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 94.63 96.63 7.05 - /B1 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 108.13 109.63 3.84 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 97.25 99.25 5.37 BB- /- /BB-

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 101.38 103.38 6.06 BB- /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 97.50 99.50 6.45 BB- /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 101.63 103.63 6.05 B /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 114.13 116.13 5.62 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 99.13 101.13 6.09 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 96.88 99.88 7.67 - /- /B+

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 105.25 106.75 2.32 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 112.88 114.38 3.37 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 103.50 105.00 -0.15 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 118.88 120.38 -0.37 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 113.75 115.25 2.99 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 108.63 110.13 3.29 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 101.50 103.00 3.28 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 112.50 114.00 3.65 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 104.25 105.75 3.89 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 112.00 115.00 4.10 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 107.00 110.00 2.72 BBB- /Baa2 /BBB

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 117.88 120.88 4.83 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 104.75 107.75 4.88 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 102.75 104.25 4.77 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 99.50 101.00 4.85 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 103.38 105.38 5.13 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 102.25 105.25 5.27 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 100.38 103.38 5.31 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.25 105.25 3.00 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 113.63 115.13 3.79 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 113.63 115.13 2.02 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 92.63 94.13 4.12 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 110.13 111.63 2.52 - /Baa3 /BBB-

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Incr. (000)

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%

Credit Rating

S&P /Moody /Fitch

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 109.88 111.38 4.22 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 99.88 101.38 4.31 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 120.13 123.13 5.11 NR /Baa3 /BBB-

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 94.75 97.75 5.03 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.38 99.88 2.84 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 67.00 73 29.94 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 104.25 106.25 4.01 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 92.63 95.13 6.19 B+ /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 108.13 110.63 6.91 B+ /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 106.00 107.50 2.86 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 103.50 104.50 0.69 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 117.25 118.75 1.77 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 165.13 167.63 3.85 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.63 102.63 1.16 AA /Aa2 /-

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 102.75 104.25 2.64 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 99.25 101.25 1.39 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 103.13 105.13 3.42 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 117.88 119.88 5.97 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.388 102.00 104.50 5.36 Not Rated

Aabar Investments Pjsc (C) XS0632138961 27-May-16 1250 100/100 100 EUR Fixed 4.000 138.13 141.13 -23.21 Not Rated

Bahrain Mumtalakat Hold (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 101.25 102.75 3.54 BBB- /- /BBB

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 100.88 102.38 4.66 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 100.25 101.25 0.03 AA /Aa2 /AA


IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 104.75 105.75 0.01 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 104.25 105.25 1.06 AA /Aa2 /AA



Diversified

Page 8


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Credit Rating

S&P /Moody /Fitch

IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 127.50 129.00 0.90 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 116.75 117.75 2.69 AA /Aa2 /AA



Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 109.50 111.00 1.89 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 105.38 106.88 2.92 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 125.75 128.75 3.44 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 102.63 103.63 0.48 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 122.13 123.13 1.82 AA /Aa2 /AA



Mumtalakat XS0521476118 30-Jun-15 750 100/1 100 USD Fixed 5.000 100.38 101.88 -1.07 BBB- /- /BBB

Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 102.00 104.50 7.70 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 93.25 94.75 8.03 B /Ba2 /-

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 104.25 105.25 0.95 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.13 101.63 1.94 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.50 103.00 2.21 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 100.00 101.50 2.40 A /NR /A+

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 103.50 105.00 3.77 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 102.13 103.63 3.81 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 101.00 102.50 -0.08 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 103.25 104.75 1.00 - /A2 /A+

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 86.63 88.63 12.95 BB- /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 79.63 81.63 15.22 B /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 103.75 105.25 4.77 Not Rated

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 54.38 74.38 33.92 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 55.75 75.75 24.70 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 102.88 104.88 2.15 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 98.38 100.38 3.75 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 99.13 101.13 4.46 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 98.00 100.00 4.12 - /- /BBB-

Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 99.75 101.75 0.34 - /Baa3 /BBB-

Financial Institutions

Page 9


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Credit Rating

S&P /Moody /Fitch

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 99.88 101.88 3.12 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 106.38 108.38 3.53 - /Baa3 /BBB-

Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.000 96.50 98.50 4.34 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 99.63 101.63 4.74 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 98.50 100.50 6.11 BB /- /-

Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.71 B /- /-

Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 102.75 104.75 1.89 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.88 103.88 4.50 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 98.38 100.38 3.03 - /- /A

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 100.38 102.38 0.96 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 101.63 103.63 1.54 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 105.75 107.25 2.12 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 100.00 102.00 2.83 BBB- /Baa2 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 102.50 105.00 4.80 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 100.25 102.25 5.12 BB+ /Baa3 /BBB-

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 99.63 101.63 2.61 - /Baa3 /-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 67.00 74.00 19.13 - /C /-

Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 94.38 99.38 6.86 - /B1 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.50 101.50 1.99 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 100.88 102.38 0.74 - /Baa2 /BBB

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 100.75 102.25 0.84 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 103.25 104.75 1.69 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 106.88 108.38 2.82 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 103.75 106.25 3.65 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 102.00 104.50 4.64 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 98.75 101.25 4.88 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 104.75 106.25 4.21 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 105.50 107.50 4.89 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 100.63 102.13 0.92 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 101.25 103.75 2.51 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 113.13 115.13 3.41 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 99.63 101.63 6.14 BB /B2 /-

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.75 103.75 1.22 A /- /A

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S&P /Moody /Fitch

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 121.13 122.13 4.91 - /Ba2 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 103.63 104.63 4.87 - /Ba1 /-

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 116.38 118.38 4.14 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 97.88 99.88 7.28 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 102.13 105.13 1.65 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 101.50 102.50 2.26 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 98.38 100.38 3.66 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 99.63 101.63 2.90 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 99.00 100.50 3.38 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.63 103.13 2.35 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.75 104.75 1.07 A- /A1 /-

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 119.00 121.00 2.70 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 72.88 75.88 17.92 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 89.38 92.38 10.83 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 79.25 81.75 14.72 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.88 104.38 1.29 A- /A2 /A

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 104.25 106.25 1.87 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 102.13 104.13 5.10 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 101.00 103.00 6.13 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 99.00 101.00 6.07 - /Ba1 /BB

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 99.00 101.00 6.07 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 89.25 91.25 11.31 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.453 91.88 96.88 3.40 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 104.13 105.63 1.82 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 104.13 105.63 1.63 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.88 105.38 2.18 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.75 102.25 2.74 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 103.00 104.50 3.31 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 98.13 100.13 5.71 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 101.63 103.63 5.60 Not Rated

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 104.50 106.50 4.04 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 98.88 100.88 4.84 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.88 104.88 1.92 BBB- /Baa3 /-

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S&P /Moody /Fitch

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 103.63 105.63 2.56 BBB- /Baa3 /-

Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.750 97.75 99.75 2.80 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 102.25 103.75 3.45 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 76.88 79.88 16.14 B /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 75.75 78.25 14.94 B /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 82.38 84.88 12.82 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 98.75 101.75 4.44 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.38 102.38 3.40 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 99.25 102.25 5.63 - /Ba2 /BBB-

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 101.88 102.88 1.72 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 102.75 104.25 0.73 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 104.00 105.50 1.05 - /A2 /A+

First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.625 98.75 100.25 2.57 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 102.25 103.75 1.34 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 87.50 91.50 9.79 BB- /B2 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 81.00 85.00 9.10 BB+ /- /BB+

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 76.63 81.63 13.86 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 76.38 79.38 16.57 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 102.00 103.50 1.92 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 100.88 102.38 -0.70 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 99.13 101.13 6.49 BB- /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 89.00 91.00 8.93 BB- /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.25 101.25 1.91 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.63 101.63 3.59 BBB /- /-

Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.200 99.63 101.63 3.86 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 100.25 102.25 2.22 BBB- /Baa2 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 99.13 100.63 2.72 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 100.38 101.88 3.53 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 98.00 100.00 3.51 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 99.75 101.75 4.39 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 105.50 107.00 2.23 BBB- /Baa2 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 107.00 108.50 2.65 BBB- /Baa2 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 102.25 103.75 2.70 BBB- /Baa2 /BBB-

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S&P /Moody /Fitch

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.63 104.13 2.95 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 99.63 101.13 3.44 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 104.38 105.88 3.59 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 100.38 101.88 3.72 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 103.38 104.38 2.22 BB+ /(P)Ba1 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.38 103.88 3.23 BB+ /Ba1 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 88.75 90.75 8.24 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 105.00 107.50 5.17 - /Ba2 /BB

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 101.25 103.25 2.46 - /Baa2 /BBB-

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 103.75 105.25 4.71 - /Baa3 /BBB

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 103.00 105.00 3.63 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 104.00 105.50 2.43 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 103.63 105.13 3.85 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.381 93.50 97.50 2.74 BBB /Ba2 /A-

Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.000 98.88 100.88 2.80 - /Baa2 /A

National Bank of Egypt XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 97.38 102.38 -0.60 - /Caa1 /B

National Bk Of Abu Dhabi XS0497249341 25-Mar-15 750 100/1 100 USD Fixed 4.250 99.25 100.75 -12.29 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 103.38 104.38 1.08 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.75 104.75 3.32 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.50 104.50 3.54 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 103.00 104.00 2.05 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.250 99.25 100.25 2.20 AA- /Aa3 /AA-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 108.13 110.13 5.66 B+ /- /BB-

Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 100.25 102.25 -0.29 - /Caa1 /B

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 101.38 102.38 -0.26 - /- /A

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.25 102.75 1.41 - /- /A

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 101.00 102.00 0.21 A+ /Aa3 /A+

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.75 104.25 1.17 A+ /Aa3 /A+

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.50 101.00 1.77 A+ /Aa3 /A+

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 102.00 103.00 1.51 - /A3 /A

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.250 100.00 101.50 2.88 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 89.13 91.13 8.94 - /Ba2 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 86.00 88.50 9.13 - /Ba2 /BB+

Page 13


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S&P /Moody /Fitch

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 101.00 102.00 0.04 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 89.63 91.63 7.49 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 80.00 82.00 15.11 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 79.00 81.00 8.56 - /Ba2 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 73.88 75.88 9.55 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 73.63 75.63 13.66 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 104.13 105.13 0.46 BBB+ /- /BBB+

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.88 102.88 1.99 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 103.50 105.00 1.97 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 101.75 103.25 2.16 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 102.75 104.25 2.52 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 107.88 109.38 3.65 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 99.88 102.88 5.03 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 101.88 104.88 4.87 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 101.38 104.38 2.05 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.25 103.75 2.85 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 104.00 106.00 1.85 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 98.00 100.00 4.25 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 98.50 100.50 3.78 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 102.13 104.13 4.27 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.13 102.13 3.11 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 99.88 101.88 4.29 - /Baa3 /BBB-

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 100.50 102.50 4.85 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 99.25 101.25 5.06 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.50 103.50 3.32 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 98.88 100.88 4.52 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 94.25 96.25 4.74 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 96.88 98.88 4.97 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 98.63 101.13 3.43 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 101.50 104.00 4.43 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 97.75 99.75 5.05 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 96.25 98.75 6.21 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 97.88 98.88 4.09 - /Baa3 /BBB-

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S&P /Moody /Fitch

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 101.13 103.13 4.62 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 96.75 98.75 4.18 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 100.25 102.25 4.32 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 99.88 101.88 3.02 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 96.63 98.63 6.23 - /Ba2 /BB+

Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6.875 95.75 97.75 7.43 - /Ba3 /BB+

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.88 105.38 2.35 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.88 103.38 2.64 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 105.25 106.75 2.93 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 85.38 88.38 9.74 BB+ /- /BBB-

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 90.63 93.63 8.81 BB+ /Ba1 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 91.88 94.88 8.73 - /Ba1 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 77.50 80.50 10.77 BB- /Ba3 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 101.50 103.00 4.37 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 100.25 101.75 4.70 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 95.38 96.88 4.72 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 94.25 95.75 6.20 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 89.63 91.63 8.71 BB- /- /B+

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.75 106.25 2.58 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 101.25 102.75 4.34 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 104.75 106.25 2.89 - /Baa3 /BBB

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 97.63 100.13 7.21 BB+ /Ba2 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 95.75 97.75 7.89 BB+ /Ba2 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 90.75 92.25 7.19 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 100.13 102.13 4.44 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 97.50 99.50 5.92 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 98.75 100.75 6.29 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 102.63 104.63 5.31 BB /(P)Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 100.00 101.50 4.13 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 100.75 102.75 3.54 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 79.13 82.13 17.45 B- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 80.13 83.13 16.95 B- /Caa1 /-

Real Estate / Tourism

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S&P /Moody /Fitch

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 80.63 83.63 16.70 B- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Fixed 13.375 28.25 33.25 55.30 CCC- /Caa3 /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 108.63 110.63 0.85 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 113.00 115.00 2.73 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 104.75 106.25 3.76 BBB- /Baa2 /-

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 99.88 101.38 3.46 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 104.38 106.38 4.02 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 97.50 99.50 3.70 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 93.88 96.38 11.26 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 114.00 116.00 2.99 - /Ba1 /BB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 100.63 102.63 3.26 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 105.00 107.00 4.71 BBB /Baa3 /-

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 108.25 110.25 2.72 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 106.50 108.50 1.33 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 105.50 107.00 3.84 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 107.38 109.38 4.31 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 97.38 99.88 11.27 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 108.50 110.50 2.63 Not Rated

Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 100.00 101.50 -0.58 AA /Aa2 /-

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 111.63 113.13 2.38 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 98.13 100.13 6.58 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 102.75 104.75 6.96 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 800 200/1 100 USD Fixed 8.375 101.25 103.25 7.68 BB- /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 99.25 101.25 4.31 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 101.75 103.75 5.48 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 99.75 101.25 8.90 B+ /B1 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 87.63 89.63 12.87 B- /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 82.38 85.38 18.06 B- /- /B+

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 99.75 101.25 3.98 BB+ /- /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 100.63 102.63 7.87 B+ /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 109.50 111.00 1.50 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 107.38 108.88 3.83 BBB- /Baa3 /BBB-

Telecommunications / IT

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S&P /Moody /Fitch

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 109.38 110.88 3.93 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 500 200/1 100 USD Fixed 2.375 101.38 102.38 1.79 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 105.50 106.50 2.70 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 105.25 106.25 0.73 AA- /Aa3 /A+

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 111.88 112.88 1.50 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 90.38 92.88 10.45 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 99.25 101.25 4.59 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 82.63 85.63 7.36 BB+ /Ba1 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.50 103.50 1.16 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 122.25 123.75 2.02 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 109.13 111.13 2.71 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 98.13 100.63 3.16 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 110.00 112.50 3.57 A- /A2 /A+

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 97.63 100.13 3.86 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 101.00 103.50 4.28 A- /A2 /A+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 107.00 109.00 2.46 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 109.25 111.25 3.67 - /Baa3 /BB+

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 102.00 104.50 9.08 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 98.25 100.25 8.80 BB- /- /BB-

Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.250 98.50 100.50 5.15 BB /- /BB

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 110.13 111.63 3.41 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 88.50 90.50 7.61 BB+ /Ba1 /BB+

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 98.63 100.63 3.59 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 99.13 101.13 4.72 BBB- /- /BBB-

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 85.00 87.00 8.25 BB+ /Ba2 /BB+

Vimpelcom Holdings XS0889401054 13-Feb-19 600 200/1 100 USD Fixed 5.200 88.25 91.25 7.83 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 1000 200/1 100 USD Fixed 5.950 82.88 84.88 8.62 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 80.13 82.13 10.05 BB /- /BB+

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Flat Trading 11.500 42.88 45.38 137.63 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Fixed 10.250 42.88 45.38 37.32 CC /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Fixed 6.625 40.88 43.38 26.20 CC /- /C

Industrials / Energy

Page 17


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Credit Rating

S&P /Moody /Fitch

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 109.38 111.38 4.45 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 100.50 102.50 4.81 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 96.50 98.50 5.37 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 94.13 96.13 6.82 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 102.75 105.75 3.75 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 192 200/1 100 USD Fixed 7.750 97.13 99.13 8.57 BB- /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.25 102.25 3.70 - /Baa1 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 100.63 102.63 6.37 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 98.00 100.00 6.87 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 101.00 102.50 3.06 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 101.38 103.38 4.09 BB+ /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 98.13 100.13 4.97 BB+ /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.157 98.25 100.25 1.07 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 98.00 100.00 1.95 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.700 98.00 100.00 2.70 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Fixed 9.750 54.38 57.38 32.11 B- /- /B-

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 81.75 83.75 8.28 BB /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 109.25 111.25 2.76 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 111.13 113.13 3.53 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 394 2/1 100 USD Fixed 5.900 66.38 71.38 14.04 B /B1 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.157 98.38 100.38 0.99 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.25 100.25 2.69 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 102.38 104.38 3.92 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 79.63 86.63 13.06 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 82.38 86.38 15.37 Not Rated

DEWA XS0504040725 22-Apr-15 1000 100/1 100 USD Fixed 8.500 100.38 101.38 -2.92 - /Baa2 /WD

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 106.38 108.38 1.13 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 121.88 123.88 2.76 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 101.13 103.13 1.92 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 714 100/1 100 USD Fixed 5.888 108.75 110.25 3.29 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 114.63 116.13 2.86 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 379 200/1 100 USD Fixed 5.125 104.50 106.00 4.21 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 105.88 107.38 0.92 - /Baa3 /BBB-

Page 18


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S&P /Moody /Fitch

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 115.38 116.88 5.52 NR /Baa3 /BBB-

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 107.75 109.25 2.13 NR /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 103.38 104.88 1.17 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 714 200/1 100 USD Fixed 4.500 100.50 102.00 4.25 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 805 200/1 100 USD Fixed 3.875 100.25 101.75 3.62 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 97.63 99.63 5.82 BBB- /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 101.88 103.88 6.15 BBB- /Ba1 /-

Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.125 102.88 104.88 6.45 BBB- /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.13 101.13 2.57 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 99.63 101.63 5.03 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.136 97.38 98.88 5.73 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 82.50 85.50 7.55 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 82.50 87.50 8.19 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 85.38 88.38 5.97 BB+ /Ba1 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 114.00 116.00 7.01 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 102.00 104.00 3.17 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 88.75 91.25 9.94 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 98.00 100.50 7.23 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 89.63 92.13 6.58 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 94.13 96.63 8.94 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 109.13 112.13 3.49 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 111.00 113.00 3.92 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 101.13 103.13 1.42 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 100.25 103.25 2.12 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 97.00 99.00 4.99 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 96.38 98.38 5.47 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 87.38 89.38 12.72 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 93.25 96.25 9.68 BB- /Ba3 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 95.25 98.25 10.02 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 6.69 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 109.75 111.75 4.62 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 271 100/1 100 USD Fixed 6.267 115.13 118.13 4.79 A+ /A1 /A-

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 95.63 97.63 8.44 BB- /- /BB-

Page 19


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Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 94.63 96.63 5.56 BBB- /Ba1 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 93.50 96.00 6.40 BBB- /Ba1 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 91.38 93.38 6.97 BB+ /Ba1 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 88.88 91.38 7.21 BB+ /Ba1 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 102.25 104.25 1.49 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 111.38 113.38 3.27 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 105.75 107.75 3.57 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 102.75 104.75 3.79 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 107.25 108.75 4.45 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 112.00 113.50 5.90 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 102.63 104.63 2.68 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 109.25 111.25 3.90 - /Baa2 /BBB-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.88 100.38 2.37 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 100.38 101.88 2.79 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 98.75 100.25 3.71 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 104.50 106.00 3.85 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.603 91.50 93.50 6.02 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.123 86.50 88.50 5.77 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 97.25 101.25 5.28 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 92.38 94.38 6.26 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 86.63 88.63 6.38 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 89.75 91.75 6.84 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 89.88 92.88 6.87 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 83.38 85.38 6.72 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 93.13 95.13 6.99 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 93.25 95.25 7.66 BBB- /Ba2 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 64.00 66.50 27.00 CCC /- /CCC

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 107.88 110.38 3.73 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 98.13 100.63 3.78 BBB- /- /BBB-

Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.250 98.38 100.38 6.16 BB- /- /BB-e

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 99.75 101.75 6.23 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 284 250/1 100 USD Fixed 5.832 102.63 104.63 2.77 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 867 250/1 100 USD Fixed 5.298 106.63 108.63 3.57 A /Aa3 /A+

Page 20


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Credit Rating

S&P /Moody /Fitch

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 104.75 106.75 3.18 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 108.38 110.38 3.69 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 99.63 101.13 3.99 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 112.50 114.50 5.22 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 100.88 102.38 1.51 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 100.38 101.88 0.09 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 101.50 103.00 1.75 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 109.38 110.88 0.79 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 96.38 97.88 5.67 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 100.00 101.50 4.27 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 102.50 103.50 0.95 AA- /A1 /AA-



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 107.63 108.63 2.91 AA- /A1 /AA-


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 111.25 112.25 4.72 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 675 200/10 100 USD Fixed 5.875 59.13 63.13 13.83 BB /B1 /BB+

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 99.88 101.88 2.55 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 98.38 100.38 5.20 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 100.25 102.25 3.36 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 106.38 107.88 1.00 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 104.13 105.63 1.28 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.63 102.13 1.73 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 115.88 117.38 1.93 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 115.75 117.25 2.22 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 117.25 118.75 2.81 A- /A3 /-

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 101.75 103.25 3.15 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 102.63 104.13 3.35 A- /A3 /-


Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 102.25 104.25 3.71 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 102.50 104.00 3.94 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 101.75 103.25 5.50 BB /- /BB+

Page 21


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Credit Rating

S&P /Moody /Fitch

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 87.38 90.38 11.95 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 101.75 103.25 0.94 BBB- /Baa1 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 96.88 98.38 4.26 BBB- /Baa1 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 87.13 89.13 8.46 B+ /B2 /-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 85.63 87.63 8.61 B+ /B2 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 98.75 100.25 4.04 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 97.25 98.75 4.59 BBB+ /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 98.25 100.25 6.53 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 89.00 91.00 8.77 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 93.88 95.88 9.13 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 87.00 89.00 9.05 BB /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 78.00 83.00 33.50 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 825 100/1 100 USD Fixed 3.925 104.38 105.88 2.74 AA /Aa2 /AA

Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.50 100.00 4.46 BB+ /Ba2 /BB+

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 91.88 94.38 6.73 BB+ /Ba2 /BB+

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 91.00 95.00 10.03 BB- /B1 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 81.25 86.25 10.91 BB- /B1 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 90.00 92.00 7.50 BB /- /BB+

Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.000 94.38 96.38 5.56 BB+ /- /BB+

Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.875 99.50 101.50 3.61 BB+ /- /BB+

Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.125 100.25 102.25 5.59 BB+ /Ba1 /BB+

Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 87.00 89.00 6.37 BBB- /Baa3 /BBB-

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 112.88 114.88 3.84 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 107.88 109.88 2.18 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 131.88 132.88 3.39 BBB- /Baa2 /BBB+

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 109.63 112.13 2.84 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 133.88 136.88 4.34 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 114.00 116.00 5.09 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 109.25 111.25 3.84 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 101.38 103.38 0.61 A- /Baa2 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 109.25 111.25 3.83 BB /Ba2 /BBB-

Miscellaneous

Various Developed Market Issues

Page 22


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Credit Rating

S&P /Moody /Fitch

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 124.50 126.50 2.89 BB /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 100.50 102.50 -14.35 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 104.63 106.13 6.94 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 7.07 - /B2 /B+

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 102.50 103.50 0.67 A- /Baa1 /A

Jaguar Land Rover Automo USG50027AB03 15-May-21 410 150/1 100 USD Fixed 8.125 108.88 112.88 0.59 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 111.88 113.38 3.10 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 100.50 102.50 0.31 A /A1 /A

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 115.63 117.63 3.00 BBB- /Baa2 /BBB+

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 115.38 116.38 1.33 BBB- /Baa3 /BBB+

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 114.75 117.75 3.37 BBB /Baa2 /A-

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 119.38 122.38 1.72 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 103.00 106.00 3.28 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 101.25 103.25 0.64 A- /Baa2 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 123.50 124.50 0.75 A- /Baa2 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 114.38 116.38 2.71 A- /Baa2 /A

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 116.88 119.88 3.28 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 114.00 116.00 3.68 BB+ /Ba2 /BBB-

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 103.25 105.25 3.43 A- /Baa1 /BBB+

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 116.50 118.50 1.50 BBB+ /A2 /A+

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 107.00 109.00 1.75 - /- /BBB

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 110.38 112.38 2.81 - /- /BBB

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 114.00 116.00 1.58 BB+ /Ba2 /BBB-

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 112.13 114.13 2.30 BB+ /NR /BBB-

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 110.88 112.88 4.17 BB /Ba3 /BBB-

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 100.50 102.50 0.63 A /A2 /A

Societe Generale XS0454569863 Perpetual 1000 2/2 100 USD Fixed 8.750 99.25 101.25 -6.98 BB+ /Ba2 /-

Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 98.13 100.13 3.93 BBB /A3 /A+

UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 101.88 103.88 3.45 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 122.88 124.88 3.22 BB /Ba2 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 105.75 107.75 3.74 BB /Ba2 /BBB

Page 23


March 5, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Egypt 3M T Bills N/A 02-Jun-15 2500 500/25 100 EGP Zero Cpn N/A 97.13 97.60 7.88 B/B2/B+

Egypt 6M T Bills N/A 01-Sep-15 3000 500/25 100 EGP Zero Cpn N/A 94.35 95.25 8.01 B/B2/B+

Egypt 9M T Bills N/A 24-Nov-15 4962 500/25 100 EGP Zero Cpn N/A 91.97 93.22 7.98 B/B2/B+

Egypt 1Y T Bills N/A 23-Feb-16 4000 500/25 100 EGP Zero Cpn N/A 89.43 91.02 8.07 B/B2/B+

(C) Denotes a Convertible bond

(S) Denotes a Sukuk

* Offer Yield adjusted for tax

Egypt T Bills

Page 24

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mashreq · according to their statement, which was virtually unchanged from the prior meeting. President Dilma Rousseff’snew economic team, spearheaded by Finance Minister Joaquim