mashreq · mashreq Fixed Income Trading Daily Market Update • • • • • • South Africa Sells USD2.4 Billion Vodacom Stake to fund Eskom South Africa sold its 28.7 billion-rand

mashreqFixed Income Trading

Daily Market Update

Market Update

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Wednesday, July 01, 2015

Greece misses IMF payment as last-minute request for 2 year rescue package under ESM rejected by creditors, ECB meets today to decide

on the ELA

Greece failed to make its EUR1.5 billion payment to IMF yesterday, after European creditors refused a last-minute request for a 2 year rescue package under

European Stability Mechanism. Prime Minister Alexis Tsipras tried to reach a solution to the ongoing crisis by asking for a 2-year rescue package, a request

which was sternly dismissed by German Chancellor Angela Merkel. As a result, Greece became the first “advanced” economy to miss a payment to IMF, and

joined Sudan and Zimbabwe in being in arrears to the global lender of last resort. The missed payment by Greece is the largest in the history of the IMF.

Countries that miss IMF payments are ineligible for further funds as long as they are in arrears. The lender’s procedures for dealing with overdue borrowers

stretch over two years and culminate in potential expulsion from the fund’s membership.

All eyes will be on the ECB, as its 25-member governing council meets today, and consider their response to Greece’s non-repayment to the IMF. ECB could

ask for tightening of terms for the ELA to Greek lenders. The ECB has maintained the threat that it could increase the discounts that it imposes on the

collateral banks must provide against ELA. Currently, the so-called haircuts are based on the assumption that the country will return to international markets

-- which looked to be the case until Tsipras came to power in January. Yet even as the country moves in the opposite direction by not paying the IMF, the

ECB may still show tolerance. The three major credit-rating companies have said failure to pay the fund wouldn’t constitute a formal default, and the

Washington-based institution prefers the term “arrears.” The IMF said in a statement on Tuesday that its board would consider Greece’s request for a delay

of the payment “in due course.” Moreover, Tspiras’s effort on Tuesday to reopen negotiations by requesting a two-year bailout from the ESM presents the

ECB with evidence of continuing dialog that might persuade it to wait before tightening the noose.

Nobel laureate economist Joseph Stiglitz considers a “Yes” vote in the referendum as a vote for depression. The vote, which leaders in Berlin and Paris have

labeled a decision on remaining in the euro, will allow Greeks to either support or reject an aid package offered by Greece’s creditors. “A ‘yes’ vote is a vote

for depression,” the Columbia University professor and former World Bank chief economist said in a telephone interview on Tuesday, referring to a budget-

surplus requirement that would require years of austerity. “To me, that’s pretty terrible.”

That and other “disastrous provisions” make the proposal a bad deal for Greece, said Stiglitz, a longtime critic of austerity measures imposed by the

International Monetary Fund. A “no” vote “doesn’t mean that Greece leaves the euro. What it says is, ‘Your last offer is not acceptable.’” (Bloomberg)

Abu Dhabi considers state-backed merger for troubled TAQA

According to sources, Abu Dhabi may merge Abu Dhabi National Energy Company (TAQA) into another state-owned business to make the company's

crippling debts more manageable and try to turn around its performance. The past 18 months have seen its strategy fall apart, with the huge debts taken on

to fund its expansion and a big drop in oil prices calling into question its very existence. (Reuters)

Momentum builds for Iran deal as negotiators allow another week

Momentum built toward a historic nuclear deal, with Iran and negotiators giving themselves until July 7 to draft the text of a final agreement. Following a two-

hour meeting with US Secretary of State John Kerry in Vienna, Russia’s Foreign Minister Sergei Lavrov said only “procedural” issues needed to be addressed.

The US and Europe formally extended the terms of their interim agreement with Iran in order to win time to settle on a deal. “The situation is moving in the

right direction,” Lavrov told journalists at the Palais Coburg where talks convened for a fourth day. “We have every reason to believe that the result is within

reach.” In Washington, where Congressional suspicion of an agreement runs high, President Barack Obama told reporters he’d reject a deal that wasn’t

sufficient. “I will walk away from the negotiations if in fact it’s a bad deal,” Obama said. Even if an accord is struck, the “deep” divisions between the US and

Iran won’t disappear overnight, he said. Earlier on Tuesday, Iranian Foreign Minister Mohammad Javad Zarif, accompanied by the brother of President

Hassan Rouhani and other senior officials, rejoined nuclear talks after getting a boost from the nation’s Supreme Leader Ali Khamenei. In a show of support,

Khamenei posted a picture on Twitter of Zarif and Iran’s envoys to the talks dressed in white scientists’ coats. “I recognize our negotiators as trustworthy,

committed, brave and faithful,” Khamenei said in an accompanying statement. Zarif, who left the Austrian capital on Sunday for talks at home over

remaining hurdles to an agreement, also met with Lavrov and with Yukiya Amano, the head of the International Atomic Energy Agency. “I am here to get a

final deal and I think we can,” Zarif told reporters on Tuesday in Vienna while sitting beside Kerry. (Bloomberg)

Bank Sohar in Non-Binding MoU with Bank Dhofar on merger plan

According to a statement posted on Muscat Stock Market, Bank Sohar and Bank Dhofar of Oman have entered a non-bidning MOU for a merger. The banks

have agreed to proceed with due diligence process, subject to regulatory approvals. (Bloomberg)

Page 1


Daily Market Update

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South Africa Sells USD2.4 Billion Vodacom Stake to fund Eskom

South Africa sold its 28.7 billion-rand (USD2.4 billion) stake in Vodafone Group Plc’s African unit to raise funds for state-owned power utility Eskom Holdings

SOC Ltd. amid a countrywide electricity shortage. The government sold its 13.91% holding in wireless carrier Vodacom Group Ltd. to Africa’s largest money

manager, the Public Investment Corp., the National Treasury said in an e-mailed statement Wednesday. “The sale of the Vodacom stake was the most viable

option for ensuring that government was able to swiftly realize the proceeds and inject equity into Eskom to bolster the utility,” the Treasury said. “The PIC’s

offer to government was in line with pricing quoted by other institutions when taking into account the large size of the stake.” South Africa has worked out a

23 billion-rand bailout package for Eskom, which is building new plants to resolve the power shortage in the continent’s most-industrialized nation. The utility

has a 225 billion-rand cash-flow shortfall and has been carrying out scheduled blackouts every other day this year as demand exceeds supply from aging

power stations. (Bloomberg)

Chinese manufacturing PMI remains sluggish in June

A Chinese factory gauge remained sluggish last month, suggesting a tepid response from manufacturers to loosened monetary policy settings and efforts to

shore up local government finances. The official Purchasing Managers’ Index was 50.2 for June, missing the median estimate of 50.4 in a Bloomberg survey

and unchanged from May. The non-manufacturing PMI, a measure of services and construction, fared better, climbing to 53.8 in June from 53.2.

(Bloomberg)

Competition in India’s telecom market set to become more intense as Mukesh Ambani enters the market

India’s top wireless operators Bharti Airtel Ltd., Vodafone Group Plc and Idea Cellular Ltd. are girding to defend market share as Mukesh Ambani, the

nation’s richest man, finalizes his foray into an already crowded market. Ambani’s USD16 billion Reliance Jio Infocomm Ltd. service may offer 300-rupee

(USD5) monthly tariffs and compatible smartphones for less than 4,000 rupees. The fourth-generation network is due to start commercial operations around

December with speeds faster than most existing Indian connections. If Ambani delivers on his promise of affordable and speedy services, he could hurt

revenues at Bharti, Vodafone’s India unit and Idea, as per Jefferies Group. Bharti, India’s largest wireless provider, says it’s offering 4G in more than 30

Indian cities. The company has tied up with Xiaomi Corp. and Samsung Electronics Co. to sell compatible smartphones with discounted data service

packages. Vodafone expects to roll out 4G coverage in some areas by the end of 2015, Sunil Sood, chief executive officer of the Indian unit, told reporters in

May. Idea plans to offer the faster service in some regions when 4G phone prices drop, Managing Director Himanshu Kapania told Bloomberg TV India.

(Bloomberg)

UK 1Q2015 GDP growth revised up to 0.4%

Britain’s economy had more momentum than previously estimated in 1Q2015, driven by consumer spending and corporate investment. The Office for

National Statistics said GDP rose 0.4%, revising its previous figure of 0.3%. The economy has grown for nine straight quarters as a bout of very low inflation

spurred domestic demand, though the recovery remains uneven with net trade continuing to act as a drag. Consumer spending rose 0.9% in 1Q2015 and

business investment grew 2%, both faster than previously estimated. Exports rose 0.4% and imports increased 2.3%. Net trade subtracted 0.6 percentage

point from growth. Revisions left the current-account deficit at 6.4% of GDP in 4Q2014 and a peak of 7.1% in1Q2015. (Bloomberg)


Qatar Islamic Bank raises 2 billion riyals with Tier 1 sukuk

Qatar Islamic Bank ( QIB ), the Gulf state's largest sharia-compliant lender by assets, has raised 2 billion riyals ($ 550 million) with a Tier 1 perpetual sukuk

issue, it said. The sale was completed on Tuesday and was in accordance with Basel III banking rules, it said in a statement to the bourse. The issue will

enhance the bank's capital adequacy ratios and support its business growth, it said. In February, shareholders of QIB approved the issue of up to 5 billion

riyals of Tier 1 sukuk. (Reuters)

APICORP appoints banks for a debut sukuk issue

Saudi Arabia-based Arab Petroleum Investments Corp has mandated four banks for a debut international sukuk issue this year, according to sources, in what

could be the first overseas debt offer from the kingdom in over a year. The company picked Standard Chartered, First Gulf Bank, NCB Capital and GIB

Capital to arrange the debut sukuk, two sources with knowledge of the deal said, speaking on condition of anonymity as the information is private. One of

the sources said APICORP might add more banks before pressing ahead with the transaction. (Reuters)

Page 2


Daily Market Update

Rating Update

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Fitch maintains Malaysia’s rating at A-, improves outlook to Stable from Negative

Rating agency Fitch surprisingly maintained Malaysia’s A- rating and upgraded the outlook from Negative to Stable. It said a new consumption tax introduced

in April and fuel subsidy reforms are supportive of Malaysia’s finances, even as government debt guarantees increase. The company warned in March that

the chance of a downgrade was more than 50%, helping send the ringgit to a decade low. “Fitch continues to believe that the Malaysian sovereign is

incurring additional contingent liabilities beyond explicit guarantees because of quasi-fiscal operations of state-owned entity 1MDB,” according to the Fitch

statement. “Fitch thinks there is a high probability that sovereign support for 1MDB would be forthcoming if needed.” Fitch lowered Malaysia’s outlook to

negative in 2013, citing weaker prospects for public finances. Moody’s Investors Service and Standard & Poor’s also rank Malaysia at their fourth-lowest

investment grades. Moody’s has a positive outlook, while S&P’s is stable.

Fitch affirms MAF rating at BBB with Stable outlook

Fitch Ratings has affirmed UAE-based Majid Al Futtaim Holding LLC's (MAF) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. The

Outlook is Stable. Fitch has also affirmed MAF's Short-term IDR at 'F3'. MAF Global Securities Limited's global medium-term note (GMTN) programme and

MAF Sukuk Ltd have also been affirmed at 'BBB'. Fitch has affirmed MAF Global Securities Limited's hybrid security rating at 'BB+. MAF continues to benefit

from high occupancy levels and resilient rental income. The affirmation reflects the group's delivery of revenue and profitability growth. The Stable Outlook

reflects the group's ability to maintain relatively stable credit metrics although this is balanced against the expectation of significant growth and expansion

investment over the forecast period. The ratings reflect a strong balance sheet, supported by a match between average debt maturity and weighted average

lease length. Fitch believes the group has strong net interest coverage between 2x and 4x and an adjusted leverage ratio below 40%. (Bloomberg)

Page 3


Daily Market Update

Change Change USD EUR AED

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

iTraxx Europe 74.809 -1.668 11.809 2-Year 0.910 0.007 0.120 -0.005 1.369 0.026

iTraxx Europe Crossover 326.526 -8.366 -19.059 5-Year 1.791 0.005 0.487 -0.014 2.477 0.025

CDX North America IG 70.039 -1.797 3.918 10-Year 2.465 0.001 1.151 0.001 3.772 0.057

CDX North America HY 354.842 -9.537 -2.112 30-Year 2.937 -0.002 1.691 0.001 N/A N/A

iTraxx SovX Western Europe 28.650 0.795 0.785 Source: Bloomberg

iTraxx SovX CEEMEA 316.635 4.360 1.215

iTraxx Europe Senior Financial 89.122 -1.770 21.686

iTraxx Europe Sub Financial 178.305 -2.177 29.438

Source: Bloomberg

Change Change Last Change

bps Spread Day YTD YTD (%)

Emirate of Abu Dhabi 5Y 60.285 1.960 -3.255 S&P 500 2,063.11 0.20

Emirate of Dubai 5Y 183.450 0.885 -43.445 Dow Jones Industrial Avg 17,619.51 -1.14

Kingdom of Bahrain 5Y 272.995 -17.305 31.255 DFM General Index 4,072.24 7.90

State of Qatar CDS 5Y 61.680 -1.190 0.000 ADX General Index 4,707.04 3.93

Kingdom of Saudi Arabia 5Y 63.820 0.140 -2.890 Qatar Exchange Index 12,076.08 -1.71

Lebanese Republic 5Y 354.925 0.015 -40.150 TASI 9,086.89 9.04

Republic of Turkey 5Y 225.120 0.421 40.727 Spot Gold 1,173.91 -0.88

Arab Republic of Egypt 5Y 315.095 -15.140 33.315 Spot Silver 15.67 -0.25

Source: Bloomberg WTI Crude 58.41 9.65

Brent Crude 62.62 9.23

Source: Bloomberg

Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.50650 -0.55% 4.35%

Mashreq Al-Islami Arab Tigers 19.43160 -3.77% 2.84%

Makaseb Income Fund 12.98431 -0.32% 1.96%

Source: Bloomberg

bps

CDS MISCELLANEOUS

Change

Day


CREDIT MARKETS SWAPS

1.56

-0.06

-1.06

-0.97

MUTUAL FUNDS

Last (NAV)

5.47

23.16

-14.59

-16.19

-124.94

26.96

Page 4

Fixed Income Trading

July 1, 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 6.750 116.38 118.38 1.68 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 103.50 105.00 4.58 B- /B3 /B

Arab Republic Of Egypt XS1245432742 11-Jun-25 1500 200/1 100 USD Fixed 5.875 97.13 98.63 6.06 B- /- /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 97.88 99.38 6.93 B- /B3 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 110.75 112.25 2.47 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 108.13 110.13 4.32 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 105.75 106.75 1.15 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 118.50 119.50 3.24 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 102.63 103.63 3.33 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 101.38 101.88 -0.87 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 121.25 123.25 2.94 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 112.25 113.25 3.14 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 102.38 103.38 4.66 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 88.75 90.75 5.94 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 98.38 100.38 6.57 B /B1 /B

Emirate of Ras Al Khaimah (S) XS1210507650 31-Mar-25 1000 200/1 100 USD Fixed 3.094 97.50 98.50 3.27 - /- /A

Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.200 105.63 107.63 4.84 B+ /- /B+

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 96.13 98.13 6.64 B+ /- /B+

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 104.63 106.63 3.94 A+ /A1 /WD

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.25 103.25 2.60 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 103.00 105.00 4.11 B- /B3 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 104.00 106.00 5.47 B- /B3 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 101.50 103.50 5.84 B- /B3 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 108.25 110.25 6.68 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 96.88 98.88 7.98 B- /B3 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 93.38 95.38 6.04 - /B1 /B

Ivory Coast XS1196517434 03-Mar-28 1000 200/1 100 USD Fixed 6.375 97.38 99.38 6.45 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 93.75 95.75 6.34 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 107.88 109.38 3.34 BBB- /NR /BBB-

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 110.63 112.13 4.11 BBB- /- /BBB-

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 110.63 112.13 4.33 BBB- /- /BBB-

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 93.13 94.63 6.41 BBB- /- /BBB-

Sovereign

Page 5


July 1, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.13 101.13 0.64 BB- /B1 /-

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 106.63 108.63 0.96 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 109.00 111.00 2.26 BBB- /- /BBB-

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 101.25 103.25 3.74 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 101.38 103.38 3.06 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 100.00 103.00 5.29 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 103.13 105.13 5.12 B- /NR /B

Lebanese Republic XS1196417569 26-Feb-25 800 1/1 100 USD Fixed 6.200 100.25 102.25 5.89 B- /- /B

Lebanese Republic XS1196419854 26-Feb-30 1400 1/1 100 USD Fixed 6.650 101.38 103.38 6.29 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 101.25 102.25 0.72 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 109.50 111.00 2.65 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAA99 22-Apr-25 1000 200/1 100 USD Fixed 3.043 98.75 100.25 3.01 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAB72 22-Apr-45 500 200/1 100 USD Fixed 4.236 94.88 96.38 4.46 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 94.88 97.38 5.26 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 89.25 91.75 6.55 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 676 100/1 100 USD Fixed 11.750 99.88 102.38 2.02 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 102.00 103.00 -0.10 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 102.50 104.50 1.88 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 99.13 101.13 6.68 B+ /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 101.50 103.00 4.33 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 409 1/1 100 USD Step Cpn 4.000 90.88 92.38 6.43 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 102.25 104.25 6.43 B- /B3 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 90.50 92.50 9.21 B- /B3 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 90.75 92.75 9.21 B- /B3 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 103.00 105.00 2.45 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 110.88 112.38 2.58 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 93.38 94.88 4.11 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 93.75 95.25 4.09 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 110.00 111.50 4.25 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 97.50 99.00 4.48 (P)BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BG36 15-Jan-25 2000 200/1 100 USD Fixed 4.125 97.38 98.88 4.27 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAC39 05-May-25 1100 200/1 100 USD Fixed 4.250 93.13 94.63 4.95 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAD89 28-May-25 2000 200/1 100 USD Fixed 4.325 96.75 98.25 4.55 - /(P)Baa3 /BBB-

Page 6


July 1, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 96.50 98.00 5.39 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 89.75 91.25 5.23 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 115.75 117.25 5.54 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.125 94.88 96.38 5.37 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAB55 05-May-45 500 200/1 100 USD Fixed 5.375 87.00 88.50 6.23 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 93.88 95.38 4.49 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 86.13 87.63 5.75 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 101.50 103.00 5.03 B+ /- /B+

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 101.13 102.63 6.48 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 92.38 94.38 7.64 - /B1 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 107.13 108.63 3.94 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 99.63 101.63 4.54 B+ /- /BB-

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 102.88 104.88 5.71 B+ /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 99.88 101.88 6.08 B+ /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 100.00 102.00 6.30 B+ /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 110.63 112.63 6.15 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 95.63 97.63 6.60 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 96.38 99.38 7.77 - /- /B+

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 103.38 104.88 2.70 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 108.50 110.00 3.87 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 102.25 103.75 -0.43 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 112.25 113.75 1.37 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 113.00 114.50 2.90 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 108.13 109.63 3.26 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 100.75 102.25 3.41 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 110.38 111.88 3.89 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 102.00 103.50 4.17 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 108.88 111.88 4.41 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 100.50 103.50 3.37 BBB- /Baa2 /BBB

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 111.38 114.38 5.23 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 98.25 101.25 5.29 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 101.75 103.25 4.98 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 98.88 100.38 5.01 B+ /B1 /BB-

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S&P /Moody /Fitch

Republic Of Sri Lanka USY8137FAC24 03-Jun-25 650 200/1 100 USD Fixed 6.125 98.00 99.50 6.19 - /B1 /BB-e

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 101.50 103.50 5.47 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 99.50 102.50 5.75 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 96.63 99.63 5.94 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.13 105.13 2.90 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 113.50 115.00 3.64 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 110.25 111.75 2.53 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 92.38 93.88 4.19 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 105.63 107.13 3.08 - /Baa3 /BBB-

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 107.88 109.38 4.44 - /Baa3 /BBB-

Republic Of Turkey US900123CJ75 14-Apr-26 1500 200/1 100 USD Fixed 4.250 94.75 96.25 4.70 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 97.38 98.88 4.64 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 113.38 116.38 5.53 NR /Baa3 /BBB-

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 89.13 92.13 5.43 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.75 100.25 2.71 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 68.63 74.63 25.99 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 99.13 101.13 4.65 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 85.38 87.88 7.59 B+ /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 99.88 102.38 8.11 B+ /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 103.63 105.13 3.12 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 103.00 104.00 0.51 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 115.75 117.25 1.78 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 162.75 165.25 3.93 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.38 102.38 1.14 AA /Aa2 /-

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 102.38 103.88 2.67 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 98.88 100.88 1.46 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 102.00 104.00 3.61 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 115.75 117.75 6.16 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.397 100.63 103.13 5.68 Not Rated

Page 8


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Mumtalakat Sukuk Holding (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 99.63 101.13 3.80 BBB- /- /BBB-

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 102.13 103.63 3.58 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 99.75 100.75 -0.12 AA /Aa2 /AA

IPIC XS0558268628 15-Nov-15 1000 250/1 100 USD Fixed 3.125 100.25 101.25 -0.36 AA /Aa2 /AA

IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 103.38 104.38 -0.19 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 103.38 104.38 1.07 AA /Aa2 /AA

IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.375 104.63 105.63 0.42 AA /Aa2 /AA

IPIC XS0558268891 15-Nov-20 1500 250/1 100 USD Fixed 5.000 110.88 111.88 2.61 AA /Aa2 /AA

IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 123.13 124.63 1.35 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 113.63 114.63 3.05 AA /Aa2 /AA

IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.625 113.25 114.25 1.69 AA /Aa2 /AA

IPIC XS0701227075 01-Nov-41 750 200/1 100 USD Fixed 6.875 134.75 136.75 4.48 AA /Aa2 /AA

Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 107.38 108.88 1.82 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 104.38 105.88 3.05 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 124.50 127.50 3.38 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 101.63 102.63 0.41 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 119.50 120.50 2.04 AA /Aa2 /AA



Mumtalakat XS0521476118 30-Jun-15 750 100/1 100 USD Fixed 5.000 98.88 100.38 -- NR /- /NR

Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 103.88 106.38 7.13 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 94.75 96.25 7.57 B /Ba2 /-

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 103.25 104.25 0.96 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.00 101.50 1.92 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 100.88 102.38 2.32 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 99.63 101.13 2.46 A /NR /A+

Adcb Finance Cayman Ltd XS1199968998 10-Mar-20 750 200/1 100 USD Fixed 2.625 98.63 100.13 2.59 A /- /A+

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 101.75 103.25 4.00 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 101.38 102.88 3.94 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 100.00 101.50 -0.81 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 102.25 103.75 1.07 - /A2 /A+

Diversified

Financial Institutions

Page 9


July 1, 2015


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Credit Rating

S&P /Moody /Fitch

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 97.50 99.50 7.51 B+ /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 93.88 95.88 10.55 B- /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 103.88 105.38 4.59 Not Rated

Africa Finance Corp XS1225008538 29-Apr-20 750 200/1 100 USD Fixed 4.375 99.75 101.75 3.97 - /A3 /-

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 63.00 83.00 28.22 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 65.63 85.63 21.21 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 102.13 104.13 1.79 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 98.88 100.88 3.55 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 100.50 102.50 4.08 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 98.38 100.38 3.98 - /- /BBB-

Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 98.63 100.63 -9.71 - /Baa3 /BBB-

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 100.00 102.00 2.97 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 106.00 108.00 3.34 - /Baa3 /BBB-

Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.000 96.38 98.38 4.40 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 98.38 100.38 4.94 - /Baa3 /BBB-

Akbank XS1210422074 31-Mar-25 500 200/1 100 USD Fixed 5.125 95.13 96.63 5.58 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 100.88 102.88 5.44 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 3.267 101.75 103.75 2.07 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.25 103.25 4.60 Not Rated

Ahli United Bank XS1133289832 Perpetual 400 200/1 100 USD Variable 6.875 102.50 104.50 5.79 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 99.25 101.25 2.80 - /- /A+

Astra Sedaya Finance Pt XS1210971682 01-Apr-18 300 200/1 100 USD Fixed 2.875 99.00 100.50 2.68 - /Baa3 /BBB-

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 99.13 101.13 0.40 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 100.75 102.75 1.36 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 104.75 106.25 2.15 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 98.13 100.13 3.22 BBB- /Baa3 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 102.50 105.00 4.45 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 102.63 104.63 4.38 BB+ /Baa3 /BBB-

Bank Dhofar XS1233710380 Perpetual 300 200/1 100 USD Variable 6.850 98.88 100.88 6.63 Not Rated

Banco Do Brasil XS0955552178 25-Jul-18 1000 100/1 100 EUR Fixed 3.750 101.50 103.50 2.55 BBB- /Baa2 /BBB

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 99.50 101.50 0.29 - /Baa3 /-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 71.25 78.25 17.90 - /C /-

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Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 95.88 100.88 3.63 - /B1 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 98.88 100.88 2.16 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 100.13 101.63 -0.72 - /Baa3 /BBB-

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 99.63 101.13 0.27 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 102.25 103.75 1.64 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 105.38 106.88 3.05 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 102.13 104.63 4.05 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 101.25 103.75 4.70 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 98.63 101.13 4.88 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 101.38 102.88 4.62 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 104.88 106.88 4.93 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 99.63 101.13 -0.09 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 101.00 103.00 2.64 BBB- /Baa3 /-

Bank Of India/Jersey XS1227592703 06-May-20 750 200/1 100 USD Fixed 3.125 96.88 98.88 3.38 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 110.63 112.63 3.73 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 101.00 103.00 5.16 B+ /B3 /-

Bank Of Sharjah XS1117297272 08-Jun-20 500 200/1 100 USD Fixed 3.374 98.13 99.63 3.46 - /- /BBB+

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.25 103.25 1.19 A /- /A

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 122.13 123.13 4.70 - /Ba2 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 104.63 105.63 4.44 - /Ba1 /-

Bbk XS1207170736 24-Mar-20 400 200/1 100 USD Fixed 3.500 98.00 99.00 3.73 - /Baa3 /BBB-

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 114.13 116.13 4.39 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 98.75 100.75 7.04 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 101.00 104.00 1.67 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 101.63 102.63 2.18 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 99.25 101.25 3.42 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 99.88 101.88 2.78 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 99.25 100.75 3.31 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.50 103.00 2.29 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.00 104.00 1.08 A- /A1 /-

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 118.38 120.38 2.54 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 87.50 90.50 12.23 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 96.63 99.63 7.86 BB- /B1 /BB

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Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 95.00 97.50 9.53 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.25 103.75 1.25 A- /A2 /A+

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 103.63 105.63 1.73 - /Baa1 /A

Dib Sukuk Ltd (S) XS1241110300 03-Jun-20 750 200/1 100 USD Fixed 2.921 98.50 100.00 2.92 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 101.88 103.88 5.09 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 103.50 105.50 5.58 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 102.63 104.63 4.89 - /Ba1 /BB

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 102.63 104.63 4.89 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 91.50 93.50 10.74 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.478 93.75 98.75 2.43 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 103.13 104.63 1.89 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 103.13 104.63 1.65 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.13 104.63 2.24 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 99.75 101.25 2.94 - /Baa1 /A+

Emirates Nbd Pjsc XS1227814883 06-May-20 350 200/1 100 USD Fixed 3.000 98.38 99.88 3.03 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 103.38 104.88 3.00 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 99.25 101.25 5.39 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 101.50 103.50 5.59 Not Rated

Emirates Nbd Pjsc XS1207079499 23-Mar-22 550 100/1 100 EUR Fixed 1.750 94.00 95.50 2.48 - /Baa1 /A+

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 103.75 105.75 4.11 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 99.75 101.75 4.67 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.25 104.25 1.91 BBB- /Baa3 /-

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 102.00 104.00 2.87 BBB- /Baa3 /-

Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.750 96.75 98.75 3.02 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 98.88 100.38 3.94 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 92.50 95.50 9.97 B- /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 90.13 92.63 10.27 B- /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 89.88 92.38 10.01 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 98.63 101.63 4.40 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.25 102.25 2.78 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 99.00 102.00 5.66 - /Ba2 /BBB-

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 101.63 102.63 1.67 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 101.63 103.13 0.86 - /A2 /A+

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S&P /Moody /Fitch

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 103.00 104.50 1.08 - /A2 /A+

First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.625 98.38 99.88 2.65 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 101.88 103.38 0.70 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 94.00 98.00 7.86 BB- /B2 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 90.38 94.38 6.52 BB+ /- /BB+

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 83.00 88.00 11.80 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 78.38 81.38 16.41 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.25 102.75 2.07 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 99.88 101.38 -0.96 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 100.88 102.88 4.09 B+ /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 94.63 96.63 7.15 B+ /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.00 101.00 1.95 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.25 101.25 3.66 BBB /- /-

Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.200 99.38 101.38 3.90 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 100.00 102.00 2.22 BBB- /Baa3 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 100.13 101.63 2.17 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 100.75 102.25 3.40 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 98.25 100.25 3.45 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 4.700 104.25 105.75 2.42 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 105.25 106.75 2.94 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 100.63 102.13 3.01 BBB- /Baa3 /BBB-

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.00 103.50 3.02 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 99.38 100.88 3.48 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 103.13 104.63 3.80 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 99.63 101.13 3.86 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 102.88 103.88 1.93 BB+ /(P)Ba1 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.75 104.25 2.93 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 96.13 98.13 6.17 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 105.88 108.38 4.40 - /Ba2 /BB

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 100.38 102.38 2.67 - /Baa2 /BBB-

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 104.00 105.50 4.61 - /Baa3 /BBB-

Page 13


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Credit Rating

S&P /Moody /Fitch

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 100.50 102.50 3.93 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 103.38 104.88 2.10 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 103.13 104.63 3.89 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.402 94.13 98.13 2.63 BBB /Ba2 /A-

Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.000 98.13 100.13 2.97 - /Baa2 /A

National Bank of Egypt XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 95.88 100.88 -5.50 - /B3 /B

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 102.63 103.63 1.12 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.25 104.25 3.32 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.13 104.13 3.55 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.13 103.13 2.20 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.250 98.50 99.50 2.37 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1243334668 Perpetual 750 200/1 100 USD Variable 5.250 100.88 102.38 4.70 BBB- /Baa3 /-

National Bank of Kuwait Tier 1 XS1206972348 Perpetual 700 200/1 100 USD Variable 5.750 101.13 102.63 5.21 - /Baa3 /-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 107.00 109.00 5.75 B+ /- /BB-

Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 98.75 100.75 -3.94 - /B3 /B

Noor Sukuk Co Ltd (S) XS1224417847 28-Apr-20 500 200/1 100 USD Fixed 2.788 97.75 99.25 2.96 - /- /A-

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 100.25 101.25 -1.07 - /- /A+

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.00 102.50 1.37 - /- /A+

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 100.25 101.25 -0.33 A+ /Aa3 /AA-

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.13 103.63 1.12 A+ /Aa3 /AA-

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.50 101.00 1.73 A+ /Aa3 /AA-

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.63 102.63 1.51 - /A2 /A+

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.250 99.50 101.00 2.98 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 97.00 99.00 5.74 - /Ba2 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 94.38 96.88 6.24 - /Ba2 /BB+

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 100.25 101.25 -0.56 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 95.38 97.38 5.93 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 85.25 87.25 13.21 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 85.25 87.25 7.41 - /Ba2 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 80.25 82.25 8.37 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 82.13 84.13 10.89 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 102.50 103.50 0.74 BBB+ /- /BBB+

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.00 102.00 2.20 BBB+ /- /BBB+

Page 14


July 1, 2015


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S&P /Moody /Fitch

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 102.75 104.25 2.01 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 100.88 102.38 2.36 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 101.38 102.88 2.81 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 104.25 105.75 4.09 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 101.25 104.25 4.04 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 102.25 105.25 4.34 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 100.88 103.88 1.79 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.50 104.00 2.62 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 103.00 105.00 1.83 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 98.63 100.63 4.08 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 99.00 101.00 3.57 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 102.25 104.25 4.15 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.13 102.13 2.98 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 100.13 102.13 4.20 - /Baa3 /BBB-

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 100.13 102.13 4.89 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 99.38 101.38 4.97 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.75 103.75 2.96 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 99.75 101.75 4.26 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 95.13 97.13 4.58 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 97.38 99.38 4.88 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.38 101.88 3.03 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 102.50 105.00 4.06 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 98.75 100.75 4.85 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 98.50 101.00 5.83 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 99.00 100.00 3.75 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 100.63 102.63 4.69 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1219733752 22-Apr-20 350 200/1 100 USD Fixed 5.125 98.63 100.63 4.97 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 98.13 100.13 3.70 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 101.25 103.25 3.94 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 99.63 101.63 3.06 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 97.25 99.25 6.13 - /Ba2 /BB+

Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6.875 97.63 99.63 6.97 - /Ba3 /BB+

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.38 104.88 2.26 BBB- /Baa3 /-

Page 15


July 1, 2015


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Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.25 102.75 2.75 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 104.00 105.50 3.13 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 95.25 98.25 7.33 BB+ /- /BBB-

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 98.50 101.50 5.69 BB+ /Ba1 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 98.38 101.38 5.17 - /Ba1 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 88.50 91.50 8.54 BB- /Ba3 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 102.50 104.00 3.98 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 101.13 102.63 4.44 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 96.50 98.00 4.49 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 96.25 97.75 5.88 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 95.13 97.13 7.12 B+ /- /B+

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.38 105.88 2.54 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 102.00 103.50 4.06 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 104.63 106.13 2.76 - /Baa3 /BBB

Country Garden Hldg Co USG24524AJ24 27-May-19 550 200/1 100 USD Fixed 7.875 105.25 107.25 5.75 BB+ /Ba2 /BB+

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 99.75 102.25 6.63 BB+ /Ba2 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 99.50 101.50 7.17 BB+ /Ba2 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 92.75 94.25 6.72 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 100.25 102.25 4.06 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 100.50 102.50 4.81 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 102.13 104.13 5.31 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 100.38 102.38 5.69 BB /Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 99.00 100.50 4.26 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 101.13 103.13 3.36 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 77.00 80.00 19.49 B- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 77.50 80.50 19.17 B- /Caa1 /-

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 77.63 80.63 19.10 B- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Fixed 13.375 32.88 37.88 51.45 CCC- /Caa3 /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 105.88 107.88 1.10 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 111.38 113.38 2.86 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 102.25 103.75 4.06 BBB- /Baa2 /-

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 101.00 102.50 3.16 Not Rated

Real Estate / Tourism

Page 16


July 1, 2015


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Credit Rating

S&P /Moody /Fitch

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 105.00 107.00 3.71 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 99.13 101.13 2.98 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 93.13 95.63 11.55 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 112.50 114.50 3.08 - /Ba1 /BB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 100.63 102.63 3.22 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 103.13 105.13 4.93 BBB /Baa3 /-

Lodha Developers Intl Lt XS1148395582 13-Mar-20 200 200/1 100 USD Fixed 12.000 99.88 101.88 11.46 - /Ba3 /B+

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 106.88 108.88 2.88 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 104.63 106.63 1.60 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 102.50 104.00 4.20 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 107.00 109.00 4.19 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 101.75 104.25 9.98 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 105.63 107.63 3.13 Not Rated

Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 99.00 100.50 -8.32 AA /Aa2 /-

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 110.50 112.00 2.45 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 100.00 102.00 5.99 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 103.63 105.63 6.67 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 1100 200/1 100 USD Fixed 8.375 103.38 105.38 7.19 BB- /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 100.38 102.38 3.98 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 101.13 103.13 5.56 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 101.25 102.75 8.23 B /B2 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 84.50 86.50 13.65 B /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 95.50 98.50 13.50 B- /- /B

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 100.13 101.63 3.87 BB+ /- /BBB-

Bharti Airtel Ltd USY0889VAA80 10-Jun-25 1000 200/1 100 USD Fixed 4.375 97.75 99.25 4.47 BBB- /Baa3 /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 101.13 103.13 7.66 BB- /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 104.50 106.00 2.27 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 103.88 105.38 4.29 BBB- /Baa3 /BBB-

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 105.25 106.75 4.42 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 900 200/1 100 USD Fixed 2.375 100.13 101.13 2.08 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 101.38 102.38 3.19 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 101.25 102.25 1.35 AA- /Aa3 /A+

Telecommunications / IT

Page 17


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Credit Rating

S&P /Moody /Fitch

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 104.75 105.75 2.16 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 86.88 89.38 11.76 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 99.13 101.13 4.60 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 88.25 91.25 6.43 BB+ /Ba1 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.00 103.00 1.00 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 120.25 121.75 2.08 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 107.25 109.25 2.95 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 94.88 97.38 3.65 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 106.25 108.75 3.96 A- /A2 /A+

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 93.75 96.25 4.26 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 97.88 100.38 4.48 A- /A2 /A+

Millicom Intl Cellular XS1204091588 15-Mar-25 500 200/1 100 USD Fixed 6.000 96.00 98.00 6.28 - /Ba2 /BB+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 105.38 107.38 2.67 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 108.25 110.25 3.75 - /Baa3 /BB+

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 86.13 88.13 8.11 BB+ /Ba2 /BB+

Ottawa Holdings Pte Ltd USY6589AAA44 16-May-18 365 200/1 100 USD Fixed 5.875 78.88 80.88 14.24 BB- /B2 /-

Reliance Communication XS1216623022 06-Nov-20 300 200/1 100 USD Fixed 6.500 100.50 102.50 5.95 - /Ba3 /BB-

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 91.38 94.88 12.93 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 82.38 85.38 13.70 BB- /- /BB-

Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.250 96.88 98.88 5.45 BB /- /BB

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 107.50 109.00 3.89 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 91.38 93.38 7.02 BB+ /Ba1 /BB+

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 98.75 100.75 3.54 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 98.38 100.38 4.82 BBB- /- /BBB-

Vimpelcom Holdings XS0889401054 13-Feb-19 571 200/1 100 USD Fixed 5.200 94.75 96.75 6.22 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 983 200/1 100 USD Fixed 5.950 87.63 89.63 7.78 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 70.63 72.63 12.57 BB- /- /BB

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Defaulted 11.500 43.88 46.38 213.87 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Defaulted 10.250 44.88 47.38 35.56 D /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Flat Trading 6.625 43.38 45.88 25.93 D /- /C

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 109.38 111.38 3.45 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 100.13 102.13 4.87 BB+ /Baa3 /-

Industrials / Energy

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S&P /Moody /Fitch

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 95.38 97.38 5.58 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 91.75 93.75 7.04 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 101.00 103.00 4.14 - /Baa3 /BBB-

Bharat Petroleum Corp XS1227064430 08-May-25 500 200/1 100 USD Fixed 4.000 94.75 96.75 4.41 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 72 200/1 100 USD Fixed 7.750 99.00 101.00 6.41 B+ /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.25 102.25 3.66 - /Baa2 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 100.88 102.88 6.05 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 99.13 101.13 6.43 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 100.75 102.25 3.08 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 99.63 101.63 4.62 BB+ /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 97.50 99.50 5.12 BB+ /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.177 98.38 100.38 1.02 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 98.25 100.25 2.64 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Defaulted 9.750 42.38 45.38 42.98 D /- /C

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 85.13 87.13 7.76 BB- /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 108.88 110.88 2.43 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 111.00 113.00 3.39 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 327 2/1 100 USD Fixed 5.900 47.88 52.88 22.74 CCC+ /B3 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.175 98.38 100.38 0.98 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.38 100.38 2.65 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 98.50 100.50 4.43 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 75.75 82.75 16.06 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 81.38 85.38 16.74 Not Rated

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 104.75 106.75 1.10 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 119.50 121.50 2.95 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 100.63 102.63 1.98 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 657 100/1 100 USD Fixed 5.888 108.00 109.50 3.30 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 113.00 114.50 3.01 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 365 200/1 100 USD Fixed 5.125 104.50 106.00 4.17 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 108.25 109.75 0.63 - /Baa3 /BBB-

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 109.13 110.63 5.98 NR /Baa3 /BBB-

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 106.88 108.38 1.93 NR /Baa3 /BBB-

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S&P /Moody /Fitch

Dp World Ltd XS1234270921 18-May-20 500 200/1 100 USD Fixed 3.250 98.50 100.00 3.25 - /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 101.88 103.38 1.42 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 758 200/1 100 USD Fixed 3.875 101.25 102.75 3.46 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 714 200/1 100 USD Fixed 4.500 100.13 101.63 4.29 Not Rated

Emirates Airlines (S) XS1203164782 31-Mar-25 898 200/1 100 USD Fixed 2.471 99.00 100.50 2.41 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 97.38 99.38 5.88 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 100.13 102.13 6.41 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.125 100.38 102.38 6.78 BB+ /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.00 101.00 2.58 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 99.63 101.63 5.02 BBB- /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.136 101.25 102.75 3.45 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 90.38 93.38 6.12 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 90.50 95.50 6.36 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 91.00 94.00 4.83 BB+ /Ba1 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 113.75 115.75 6.70 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 98.75 100.75 4.31 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 89.00 91.50 9.96 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 98.88 101.38 6.64 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 90.75 93.25 6.41 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 92.00 94.50 9.66 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 107.13 110.13 3.74 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 107.63 109.63 4.32 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 100.25 102.25 1.31 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 99.88 102.88 2.11 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 94.88 96.88 5.57 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 96.50 98.50 5.46 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 96.38 98.38 9.99 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 97.63 100.63 7.37 BB- /Ba3 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 98.75 101.75 8.94 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 6.17 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 109.00 111.00 4.68 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 267 100/1 100 USD Fixed 6.267 114.13 117.13 4.85 A+ /A1 /A-

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 94.63 96.63 8.73 B+ /- /BB-

Page 20


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Credit Rating

S&P /Moody /Fitch

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 99.25 101.25 3.90 BBB- /Ba1 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 98.13 100.63 5.41 BBB- /Ba1 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 96.00 98.00 5.28 BB+ /Ba1 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 94.38 96.88 5.79 BB+ /Ba1 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 100.88 102.88 1.44 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 108.88 110.88 3.60 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 102.38 104.38 4.05 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 98.63 100.63 4.29 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 104.13 105.63 4.83 BBB- /- /BBB-

Office Cherifien Des Pho XS1221677120 22-Oct-25 1000 200/1 100 USD Fixed 4.500 94.75 96.25 4.97 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 104.25 105.75 6.43 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 101.13 103.13 2.99 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 105.75 107.75 4.30 - /Baa2 /BBB-

Oman Electricity XS1117297355 07-May-25 1000 200/1 100 USD Fixed 3.958 96.88 98.38 4.16 BBB+ /A3 /-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.75 100.25 2.41 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 99.38 100.88 3.02 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 96.00 97.50 4.13 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 101.00 102.50 4.29 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.643 96.75 98.75 3.40 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.163 93.25 95.25 4.27 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 99.75 103.75 3.03 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 97.13 99.13 3.78 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 90.88 92.88 5.24 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 94.00 96.00 5.86 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 93.88 96.88 6.04 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 85.75 87.75 6.38 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 95.63 97.63 6.61 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 91.88 93.88 7.78 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAN93 5-Jun-2115 2500 2/1 100 USD Fixed 6.850 80.75 82.75 8.28 BBB- /Ba2 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 67.25 69.75 26.81 CCC /- /CCC

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 104.25 106.75 4.28 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 96.38 98.88 4.05 BBB- /- /BBB-

Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.250 95.88 97.88 6.79 BB- /- /BB-

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S&P /Moody /Fitch

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 100.88 102.88 5.84 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 226 250/1 100 USD Fixed 5.832 102.25 104.25 2.31 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 802 250/1 100 USD Fixed 5.298 107.00 109.00 3.40 A /Aa3 /A+

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 104.38 106.38 3.18 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 106.50 108.50 3.93 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 96.88 98.38 4.33 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 108.50 110.50 5.48 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 100.13 101.63 1.28 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 99.50 101.00 -0.10 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 100.38 101.88 2.02 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 106.00 107.50 1.30 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 94.88 96.38 5.89 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 100.63 102.13 4.16 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 101.75 102.75 1.07 AA- /A1 /AA-



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 104.25 105.25 3.30 AA- /A1 /AA-


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 104.50 105.50 5.13 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 652 200/10 100 USD Fixed 5.875 37.00 42.00 22.27 CC /Ca /CC

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 99.13 101.13 2.71 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 94.25 99.25 5.51 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 100.63 102.63 3.23 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 105.13 106.63 0.77 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 103.00 104.50 1.41 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.00 101.50 1.89 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 113.88 115.38 2.05 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 113.88 115.38 2.37 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 115.25 116.75 2.99 A- /A3 /-

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 98.63 100.13 3.61 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 98.88 100.38 3.82 A- /A3 /-


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Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 101.13 103.13 3.90 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 100.75 102.25 4.30 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 99.88 101.38 5.75 BB /- /BB+

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 97.13 100.13 8.57 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 100.88 102.38 0.48 BBB- /Baa2 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 95.63 97.13 4.48 BBB- /Baa2 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 90.25 92.25 7.81 B+ /B3 /-

Transocean Inc US893830AK59 15-Apr-18 246 1/1 100 USD Fixed 7.375 102.75 104.75 5.50 BB+ /Ba1 /BBB-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 89.13 91.13 7.97 B+ /B3 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 100.00 101.50 3.56 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 97.00 98.50 4.64 BBB /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 101.25 103.25 3.12 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 96.13 98.13 6.59 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 101.00 103.00 7.61 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 94.75 96.75 7.68 BB- /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 81.13 86.13 43.87 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 825 100/1 100 USD Fixed 3.925 103.38 104.88 2.88 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 88.00 90.50 7.53 BB /Ba2 /BB-

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 94.38 98.38 8.78 BB- /B1 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 88.13 93.13 9.09 BB- /B1 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 86.25 88.25 8.27 B+ /- /BB-

Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.000 94.50 96.50 5.56 BB+ /- /BB+

Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.875 99.13 101.13 3.67 BB+ /- /BB+

Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.125 100.50 102.50 5.50 BB+ /Ba1 /BB+

Cosco Finance 2011 XS0858461758 03-Dec-22 1000 200/1 100 USD Fixed 4.000 99.50 100.50 3.92 - /A1 /-

Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 83.88 85.88 6.99 BB /Baa3 /BB+

Hikma Pharmaceuticals Pl XS1213834978 10-Apr-20 500 200/1 100 USD Fixed 4.250 98.88 100.88 4.04 BB+ /Ba1 /-

Noble Group USG6542TAE13 29-Jan-20 1209 100/1 100 USD Fixed 6.750 101.75 103.75 5.80 BBB- /Baa3 /BBB-

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 110.13 112.13 4.18 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 106.13 108.13 2.41 BBB- /NR /A-

Miscellaneous

Various Developed Market Issues

Page 23


July 1, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 127.75 128.75 3.81 BBB /Baa2 /A-

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 108.38 110.88 2.79 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 128.88 131.88 4.92 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 112.50 114.50 5.23 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 107.38 109.38 4.11 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 99.88 101.88 0.50 A- /Baa1 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 108.50 110.50 3.84 BB+ /Ba2 /BBB-

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 118.75 120.75 3.65 BB+ /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 101.50 103.50 -4.62 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 102.13 103.63 7.30 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 6.96 - /B2 /B+

Deutsche Bank Ag US251525AP63 01-Apr-25 1500 200/1 100 USD Fixed 4.500 93.00 96.00 5.02 BBB- /Ba1 /A-

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 101.13 102.13 0.51 A- /A3 /A

Jaguar Land Rover Automo USG5002FAE63 15-Mar-20 500 200/1 100 USD Fixed 3.500 98.63 100.13 3.47 BB /Ba2 /-

Jaguar Land Rover Automo USG50027AB03 15-May-21 84 150/1 100 USD Fixed 8.125 109.38 110.88 0.14 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 108.63 110.13 3.80 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 99.00 101.00 -0.20 A /A1 /A+

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 114.00 116.00 3.13 BBB /Baa2 /A-

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 112.50 113.50 1.31 BBB /Baa2 /A-

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 112.75 115.75 3.57 BBB /Baa2 /A-

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 116.75 119.75 1.98 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 100.38 103.38 3.65 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 99.88 101.88 0.52 A- /A3 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 120.13 121.13 1.10 A- /A3 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 112.38 114.38 2.92 A- /A3 /A

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 115.63 118.63 3.04 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 111.13 113.13 4.05 BB+ /Ba2 /BBB

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 99.13 101.13 4.81 A- /Baa1 /BBB+

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 110.25 112.25 2.26 BBB+ /A3 /A

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 103.63 105.63 2.92 - /- /BBB-

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 106.75 108.75 3.77 - /- /BBB-

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 110.75 112.75 2.14 BB+ /Ba2 /BBB

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 109.38 111.38 2.59 BB+ /NR /BBB

Page 24


July 1, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 105.75 107.75 4.87 BB /Ba2 /BBB

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 99.63 101.63 0.30 A /A2 /A

Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 96.38 98.38 4.20 BBB /A2 /A+

UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 99.88 101.88 4.04 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 115.00 117.00 4.20 BB /Ba1 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 104.13 106.13 4.05 BB /Ba1 /BBB

Egypt 3M T Bills N/A 15-Sep-15 2500 500/25 100 EGP Zero Cpn N/A 96.87 97.34 8.76 B/B2/B+

Egypt 6M T Bills N/A 15-Dec-15 3000 500/25 100 EGP Zero Cpn N/A 93.68 94.57 9.22 B/B2/B+

Egypt 9M T Bills N/A 08-Mar-16 4000 500/25 100 EGP Zero Cpn N/A 91.15 92.38 9.06 B/B2/B+

Egypt 1Y T Bills N/A 07-Jun-16 4000 500/25 100 EGP Zero Cpn N/A 88.17 89.71 9.38 B/B2/B+

(C) Denotes a Convertible bond

(S) Denotes a Sukuk

* Offer Yield adjusted for tax

Egypt T Bills

Page 25


July 1, 2015

Contact:

Mashreq Fixed Income Trading

Mohammad Ahsan / Khizer Usmani / Zeeshan Ali / Usman Khan / 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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