mashreq...mashreq fixed income trading daily market update market update • • • • • •...

mashreqFixed Income Trading

Daily Market Update

Market Update

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Qatar believes oil prices have bottomed out

Global oil prices have bottomed out, with signs of a recovery seen in 2016, Qatar’s Energy Minister Mohammed Al Sada said. Growth in non-OPEC oil

supply slowed “substantially” this year and is likely to remain flat or turn negative in the next, Al Sada said in an e-mailed statement. “Call on OPEC oil is

expected to become healthier,” to 30.5 million barrels a day in 2016 from 29.3 million in 2015, he said, citing increasing demand from both developed

and emerging markets. Current low prices have “caused oil companies to reduce their capital expenditure by almost 20% this year from USD650 billion in

2014,” he said. “This trend of reducing investment in the oil industry could result in production shortfalls down the line.” (Bloomberg)

UAE aims to increase contribution of non-oil GDP to 80%

UAE Minister of Economy Sultan Bin Saeed Al Mansouri has said that the government is planning to increase the contribution of the non-oil sector to the

nation’s gross domestic product (GDP) to 80% from the present figure of 70% in the next 10 to 15 years. He said the growth rate recorded by the UAE

economy last year was 4.6% while the total GDP was USD1.47 trillion. He added the government has a policy of economic diversification to reduce the

contribution of the oil sector to just 20% to the overall GDP. (GulfBase.com)

Putin defends Syria bombing

Russian President Vladimir Putin has defended his air and cruise-missile strikes on terror targets in Syria as two Saudi Arabian officials softened their

government’s position on the fate of Syrian President Bashar al-Assad. Putin discussed his Syria campaign on Sunday with Saudi Arabia’s Defense

Minister Mohammed Bin Salman, who signaled a willingness to let al-Assad remain in power longer, while the foreign ministers of both nations also met to

consider the situation in Syria. Putin’s bombing campaign to support his ally Assad took the US and NATO by surprise. As Russia builds up its military

presence in Assad’s stronghold on the eastern Mediterranean Sea, US President Barack Obama dismissed any notion that his leadership on the world

stage was being challenged. Now Russia is leading the diplomatic charge, with Putin in bilateral meetings with Abu Dhabi crown prince Sheikh Mohammed

bin Zayed Al Nahyan and Saudi Arabia’s Prince Mohammed, who were in Sochi in southern Russia, site of a Formula 1 auto race. Putin again called for a

political resolution emanating from Assad’s government. Later in the day, Russian Foreign Minister Sergei Lavrov met with his Saudi counterpart, Adel Al-

Jubeir, who said through a translator that Assad must depart after a political transition. Previously, the kingdom’s position was that Assad’s departure was

a precondition to any settlement. “This transitional government must develop principles for the implementation of reforms, develop a constitution, and of

course, as a result that will lead to the resignation of Bashar Assad,” Al-Jubeir said. The Obama administration last week abandoned its attempt to build

and train a rebel force in Syria to take on Islamic State. The US will instead focus on equipping selected leaders and providing air support to their units,

including Arab and Kurdish groups in Syria. Putin said the Russian air campaign was already more effective than discontinued US efforts to support some

militant groups. Speaking in an interview with state-run television channel Rossiya 1 broadcast on Sunday, Putin said Russia’s involvement was legal and

reasonable because it followed a Syrian request for assistance. (Bloomberg)

Iran test fires a new guided long-range ballistic missile

Iran has said it successfully tested a new long- range guided ballistic missile. The "ground-to-ground ballistic missile" was fully designed and built by Iran

and can be guided and controlled until it hits it target, Defense Minister Hossein Dehghan was quoted as saying by state-run news agency IRNA. The

report had no information about the missile’s range, or the date and location of the test. State TV showed footage of the launch. (Bloomberg)

Monday, October 12, 2015

Fed’s Fischer says economy merits a lift-off in 2015

Federal Reserve Vice Chairman Stanley Fischer said the US economy may be strong enough to merit an interest-rate increase by year end, while

cautioning that officials are monitoring slower domestic job growth and international developments in deciding the precise timing of liftoff. At the Federal

Open Market Committee’s meeting in September, “most participants, myself included, anticipated that achieving these conditions would entail an initial

increase in the federal funds rate later this year,” Fischer said on Sunday in Lima, where he is attending the annual meeting of the International Monetary

Fund. “Of course, that assessment was premised on the assumption of continued solid economic growth and further improvement in the labor market,

which are key factors supporting our expectation that inflation will rise to our 2% objective,” he said in prepared remarks released by the Fed. While the

last two payroll reports have been "disappointing," the job market’s prospects for further improvement "look good overall," he said. Fischer, 71, said he

anticipates that inflation will likely move back toward the Fed’s 2% target "as the transitory effects of oil prices and the dollar fade." Fischer said the focus

in recent FOMC statements on foreign developments is natural, given the "increasing influence of foreign economic developments on the United States

economy, both through imports and exports, and through capital account developments." "Nonetheless, we do not currently anticipate that the effects of

these recent developments on the US economy will prove to be large enough to have a significant effect on the path for policy," he said. (Bloomberg)

OPEC sees growth in crude oil demand

Oil demand will grow and non-OPEC supply is due to contract, OPEC Secretary-General Abdalla Salem El-Badri said, hoping to see a more balanced

market in 2016. The oil industry’s “best days are yet to come” as demand will grow to 110 million barrels a day by 2040, El-Badri said at a conference in

Kuwait City on Sunday. The gap in crude oil supply and demand is due to close in the third quarter of 2016, Mohammad Ghazi Al-Mutairi, chief executive

officer of state-run Kuwait National Petroleum Co., said at the same event. “At OPEC, we are hopeful that the industry will see a more balanced oil market

in 2016,” El-Badri said. “We have recently seen a contraction in production from some non-OPEC producers and an uptick in demand growth.” The

Organization of Petroleum Exporting Countries, led by Saudi Arabia and other Gulf Arab producers, have kept the group’s production target unchanged to

maintain market share amid growing output from non-OPEC producers. OPEC and non-OPEC officials are to meet at an expert level in Vienna later this

month to discuss the market. OPEC’s decision to keep its output target at 30 million barrels a day is the “ideal solution” to rebalance the market and

support prices, Kuwait Oil Minister Ali Al-Omair said at the conference. The market remains oversupplied and stocks are above their 5-year average, El-

Badri said. (Bloomberg)


Daily Market Update

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Rating Update

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Foreigners can buy debt issued by Indian states from today

India is opening the door to foreigners to prod its powerful state governments into doing more to boost economic growth. Starting today, overseas

investors can buy as much as INR500 billion (USD7.7 billion) of state debt through 2018 after the central bank opened the sector to develop India’s

financial markets. State governments have control over land, water and electricity, making them essential to attracting investment. Working together,

India’s 29 states would form a bloc that has a bigger economy than the whole of sub-Saharan Africa, more members than the European Union, and twice

the population of North America. State budget deficits have halved to about 2.5% of GDP over the past 15 years. Between April to September, their

governments have spent more than Modi’s administration and are poised to outstrip federal spending for the first time in at least six years. The

investment cap will be INR35 billion this year, and will steadily rise to INR500 billion by 2018. The states plan to borrow INR750-800 billion between

October and December, according to a calendar on the Reserve Bank of India’s website. As part of this, 14 state governments will auction INR156.37

billion of bonds on Tuesday. India’s USD207 billion of outstanding state bonds currently account for 19% of the overall debt market and are "far less

liquid" than federal debt, according to Barclays. (Bloomberg)

S&P Affirms Morocco 'BBB-/A-3' Ratings; Outlook Stable

On Oct. 9, 2015, Standard & Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on

the Kingdom of Morocco. The outlook is stable. (Bloomberg)

Al-Anba: KIA may sell assets to cover deficit

Al-Anba newspaper has reported that the Kuwait Investment Authority (KIA) is considering selling assets to cover a state budget deficit caused by low oil

prices. The sovereign wealth fund, which is estimated to have over USD500 billion of assets, is studying whether to liquidate assets that generate annual

returns of below 9%. Reportedly, the size of the sales is expected to be around USD30 billion. (Reuters)

Saudi Electricity Company sees growth fueled by record power demand

Ziyad Al Shiha, the CEO of SECO, said in an interview that record power demand growth of 10% this year is encouraging the company to continue with its

plans to expand and grow investments. According to Ziyad, SECO invests between SAR40-50 billion annually and will continue with the same rate of

investments in the coming years in projects that include power generation, transportation and distribution. All funding resources are available, including

sukuk, government funding and its own income. (Bloomberg)

China ‘Golden Week’ holiday sales surge

China’s restaurant, cinema and travel sales surged in the ‘Golden Week’ national holiday, providing an indication that robust household spending remains

a prop for a slowing economy. The October 1-7 holiday to celebrate the Communist Party’s founding of the People’s Republic in 1949 came this year after

a period of historic volatility in China’s financial markets that rattled global confidence in the world’s second-biggest economy. According to the official

Xinhua News Agency, more than 750 million trips were taken in the seven days and more than 4 million tourists traveled abroad in the period. The

Ministry of Commerce said sales at restaurants and retailers amounted to yuan 1.082 trillion during the seven days. That was an 11% jump from a year

earlier. The Golden Week spending provided further evidence that the transition to a more consumer-led economy is holding up. (Bloomberg)

Glencore to sell Copper mines in Chile, Australia to curb debt

Glencore Plc intends to sell two copper mines, Cobar in Australia and Lomas Bayas in Chile, as part of a plan to cut debt by about USD10 billion after

commodity prices plunged. “The sale process is in response to Glencore receiving a number of unsolicited expressions of interest for these mines from

various potential buyers,” the company said Monday in a regulatory statement. “This will allow potential buyers to bid to purchase either one or both of

the mines and may or may not result in a sale.” The Swiss trader and miner said last month it’s planning to raise about USD2 billion from the sale of

stakes in its agricultural assets and precious metals streaming transactions. Chief Executive Officer Ivan Glasenberg announced a debt- cutting program

in early September that includes selling USD2.5 billion of new stock, asset sales, spending cuts and suspending the dividend. Taken together, the

measures aim to reduce debt from USD30 billion nearer to USD20 billion. (Bloomberg)

Kenya is reportedly working on a USD750 million loan

Kenyan government is reportedly in talks with banks for a USD750 million syndicated financing facility, which will be signed in the next two weeks. Loan

talks come amid cash crunch as the national revenue authority missed collection target by 12 billion shillings. (Bloomberg)

Indian PM Modi’s reform agenda faces a stern test in Bihar

Indian Prime Minister Narendra Modi’s most crucial political test this year begins today as state elections begin in Bihar. In five phases over the next four

weeks, voters in Bihar will cast ballots to elect the next legislative assembly in a state economy that has seen growth surge in recent years from a very

low base. The vote in Bihar is important for Modi’s efforts to control India’s upper house, where opposition lawmakers have blocked key economic

proposals such as a nationwide sales tax that would make the country a single market. A win would give him momentum in about a dozen more state

elections through 2017 that will determine control of the body. Modi’s promises of all-inclusive economic growth propelled his Bharatiya Janata Party to

victories in last year’s national election and four of five other states over the past two years. Yet that strategy might not work against Kumar, who boasts

a solid record of growth in Bihar and is confident he’ll win when results are announced on November 8. Under Kumar, Bihar’s economic expansion has

averaged more than 10% a year, exceeding the national rate. Kumar’s supporters credit him with restoring law and order to Bihar and providing

residents with roads, electricity and food. (Bloomberg)


Moody’s says Kuwait’s economic and fiscal strength supports rating

Moody’s has said in a report that Kuwait’s economic and fiscal strength supports the country’s Aa2 rating with a Stable outlook, despite the prospects of a

delayed recovery in oil prices. Steffen Dyck, Moody’s Senior Analyst, expects the government to register small fiscal surpluses of around 1.8% of GDP this

fiscal year and next given Kuwait’s low fiscal breakeven oil price”. (Bloomberg)


Daily Market Update

Libor Euribor Eibor

Price Yield Price % Yield Net Last 1d Chg Last 1d Chg Last 1d Chg

Last Last 1d Chg 1d Chg (bp) 1-Month 0.197 0.001 -0.113 0.001 0.564 0.014

2 Year 99.977 0.639 0.004 0.000 3-Month 0.321 0.001 -0.049 -0.001 0.833 0.004

5- Year 99.891 1.399 0.004 0.000 6-Month 0.528 0.002 0.028 0.000 0.977 0.007

10-Year 99.219 2.089 0.008 0.000 12-Month 0.845 0.004 0.139 0.000 1.187 0.007

30-Year 99.156 2.918 0.016 0.000 Source: Bloomberg

2 Year 100.485 -0.252 0.000 -0.036

5- Year 101.248 0.001 -0.005 0.095 USD EUR AED

10-Year 103.643 0.617 -0.023 0.242 Last 1d Chg Last 1d Chg Last 1d Chg

30-Year 128.197 1.372 -0.154 0.670 2-Year 0.776 0.010 0.059 0.001 1.568 0.005

5-Year 1.441 -0.002 0.368 0.001 2.436 -0.002

10-Year 2.072 0.000 0.998 0.001 3.682 0.001

2 Year 100.750 0.603 0.000 -0.057 30-Year 2.600 0.004 1.564 0.002 N/A N/A

5- Year 103.520 1.238 0.005 0.000 Source: Bloomberg

10-Year 101.245 1.862 0.000 0.000

30-Year 118.450 2.596 -0.017 0.000

Source: Bloomberg

Last Change

YTD (%)

S&P 500 2,014.89 -2.14

Change Change Dow Jones Industrial Avg 17,084.49 -4.14

Spread Day YTD Nasdaq 4,830.47 1.99

iTraxx Europe 81.190 0.000 18.328 Nikkei 18,438.67 5.66

iTraxx Europe Crossover 331.830 0.000 -13.784 Shanghai 3,287.66 1.64

CDX North America IG 81.422 0.000 15.301 Indian BSE 27,079.51 -2.90

CDX North America HY 446.020 0.000 89.066 Eurostoxx 3,252.26 3.59

iTraxx SovX Western Europe 20.920 0.000 -6.360 DFM General Index 3,713.11 -1.61

iTraxx SovX CEEMEA 173.195 0.000 -142.225 ADX General Index 4,551.07 0.49

iTraxx Europe Senior Financial 80.768 0.000 13.332 Qatar Exchange Index 11,874.12 -3.35

iTraxx Europe Sub Financial 168.313 0.000 19.446 TASI 7,827.08 -6.07

Source: Bloomberg Source: Bloomberg

Change Change Last Change Change

bps Spread Day YTD Day YTD (%)

Emirate of Abu Dhabi 5Y 72.500 0.000 10.500 Spot Gold 1,166.25 -1.56

Emirate of Dubai 5Y 190.000 0.000 -40.000 Spot Silver 16.04 1.86

Kingdom of Bahrain 5Y 315.000 0.000 60.000 WTI Crude 50.11 -5.99

State of Qatar CDS 5Y 62.647 0.000 -3.581 Brent Crude 53.15 -7.41

Kingdom of Saudi Arabia 5Y 125.000 10.000 60.000 Nymex Nat Gas 2.53 -12.39

Lebanese Republic 5Y 410.000 5.000 15.000 LME Copper 5,295.00 -15.95

Republic of Turkey 5Y 275.000 11.000 95.000 Source: Bloomberg

Arab Republic of Egypt 5Y 349.000 4.000 69.000

Source: Bloomberg

Last (NAV) Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.59813 0.61% 2.93%

Makaseb Income Fund 13.00769 0.48% 1.90%

Makaseb Arab Tigers Fund 14.00500 -0.41% -18.08%

Source: Bloomberg

0.50

0.03

160.00

MUTUAL FUNDS

141.81

CDS COMMODITIES

9.72

0.20

0.48

104.51

-11.45

1.95

-0.31

-14.42

18.25

1.46

33.74

bps 19.68

297.50

GERMAN BUNDS SWAPS

UK GILTS

EQUITY

Change

KEY CDS INDICES Day


KEY GOVERNMENT BONDS INTERBANK RATES

US TREASURIES

Fixed Income Trading

October 12, 2015 USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 97.00 97.00 3.38 A/Baa1/- UNITED STATES Sr Unsecured 2,000

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 99.07 99.07 3.72 A/Baa1/- UNITED STATES Sr Unsecured 2,000

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 97.33 97.33 3.10 A/A2/A- FRANCE Sr Unsecured 1,000

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 97.67 97.67 2.86 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 99.01 99.01 2.80 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 87.54 87.54 6.88 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 82.00 82.00 7.49 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured 200,000

APPLE INC US037833BG48 13-May-2025 2000 FIXED 3.20 101.62 101.62 3.00 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 98.47 98.47 3.25 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 98.51 98.51 3.59 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 99.83 99.83 3.33 A-/Baa1/A UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA CORP US06051GFP90 21-Apr-2025 2500 FIXED 3.95 98.19 98.19 4.18 BBB+/Baa3/A- UNITED STATES Subordinated 2,000

BARCLAYS PLC US06738EAC93 11-Sep-2024 1250 FIXED 4.38 97.73 97.73 4.69 BB+/Baa3/A- UNITED KINGDOM Subordinated 200,000

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 96.20 96.20 4.14 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 91.38 91.38 5.51 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 98.38 99.30 3.00 A+/A1/A+ AUSTRALIA Sr Unsecured 2,000

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 97.94 97.94 3.42 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 96.34 96.34 3.30 A/A2/- UNITED KINGDOM Sr Unsecured 1,000

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 100.16 100.16 3.49 A/A2/- UNITED KINGDOM Sr Unsecured 1,000

BPCE SA US05578UAD63 15-Mar-2025 1250 FIXED 4.50 98.09 98.09 4.75 -/Baa3/A- FRANCE Subordinated 200,000

CITIGROUP INC US172967GT25 15-May-2023 1250 FIXED 3.50 98.00 98.00 3.81 BBB+/Baa3/A- UNITED STATES Subordinated 1,000

CITIGROUP INC US172967JL61 26-Mar-2025 1000 FIXED 3.88 99.46 99.46 3.94 BBB+/Baa3/A- UNITED STATES Subordinated 1,000

CITIGROUP INC US172967JP75 27-Apr-2025 1500 FIXED 3.30 98.00 98.00 3.55 A-/Baa1/A UNITED STATES Sr Unsecured 1,000

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 96.92 96.92 2.88 A/A2/A UNITED STATES Sr Unsecured 2,000

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 101.63 101.63 3.14 A/A2/A UNITED STATES Sr Unsecured 2,000

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 2500 FIXED 3.75 97.49 97.49 4.07 BBB+/Baa2/A SWITZERLAND Sr Unsecured 250,000

CREDIT AGRICOLE SA USF2R125AC99 17-Mar-2025 1500 FIXED 4.38 97.86 97.86 4.66 BBB/Baa3/A- FRANCE Subordinated 200,000

DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 97.10 97.10 4.10 BBB+/A3/A GERMANY Sr Unsecured 1,000

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 97.27 97.27 3.86 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 99.25 99.25 3.35 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 97.77 97.77 3.96 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 82.77 82.77 6.94 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 90.13 90.13 8.72 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 96.19 96.19 4.13 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 96.81 96.81 4.42 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 84.75 84.75 7.04 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains


October 12, 2015 USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 83.00 83.00 7.04 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 82.75 82.75 7.38 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 94.70 94.70 4.55 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 98.87 98.87 3.64 A-/A3/A UNITED STATES Sr Unsecured 2,000

JPMORGAN CHASE & CO US46625HJY71 10-Sep-2024 3000 FIXED 3.88 99.43 99.43 3.95 A-/Baa1/A UNITED STATES Subordinated 2,000

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 97.48 97.48 3.45 A/A3/A+ UNITED STATES Sr Unsecured 2,000

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 99.97 99.97 3.50 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 97.14 97.14 3.26 A- /*-/Baa1/A- /*- UNITED STATES Sr Unsecured 2,000

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 90.03 90.03 4.47 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 91.05 91.05 5.03 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 96.68 96.68 4.07 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 100.58 100.58 3.30 A-/A3/BBB+ UNITED STATES Sr Unsecured 1,000

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 98.61 98.61 2.92 AA/A2/A UNITED STATES Sr Unsecured 2,000

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 98.56 98.56 3.57 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 92.78 92.78 5.05 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 101.56 101.56 3.31 A/A2/A UNITED STATES Sr Unsecured 2,000

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 95.03 95.03 5.35 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 99.19 99.19 3.48 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 99.19 99.19 3.48 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 98.42 99.34 3.83 A-/A3/- UNITED KINGDOM Sr Unsecured 2,000

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 97.94 97.94 3.21 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 100.72 100.72 3.16 AA-/Aa1/- NETHERLANDS Sr Unsecured 1,000

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 99.70 99.70 3.29 A+/A1/A GERMANY Sr Unsecured 250,000

SOCIETE GENERALE USF8586CH211 14-Apr-2025 1500 FIXED 4.25 96.70 96.70 4.68 BBB/Baa3/A- FRANCE Subordinated 200,000

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 92.88 92.88 4.11 A-/Aa3/AA- UNITED KINGDOM Sr Unsecured 200,000

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 96.06 96.06 3.06 AA-/Aa2/- NORWAY Sr Unsecured 1,000

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 98.62 98.62 3.77 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 97.52 97.52 3.11 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 98.98 98.98 3.78 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 99.94 99.94 3.51 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 100.31 100.31 4.20 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.69 93.69 3.53 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 98.52 98.52 3.18 A+/A2/AA- UNITED STATES Sr Unsecured 1,000



October 12, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 100.31 100.31 2.30 A/A1/A UNITED KINGDOM Sr Unsecured 1,000

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.89 99.89 2.52 A/Baa1/- UNITED STATES Sr Unsecured 2,000

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 100.49 100.89 2.25 A/A2/A NETHERLANDS Sr Unsecured 200,000

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 100.20 100.20 2.33 A-/A2/A+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 90.45 90.45 6.04 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.80 100.80 1.82 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 100.52 100.52 1.81 A+/A2/A+ UNITED KINGDOM Sr Unsecured 2,000

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.98 98.98 2.68 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.83 98.83 2.53 A-/Baa1/A UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.91 99.91 1.79 A/A1/A+ UNITED STATES Sr Unsecured 250,000

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 100.02 100.02 2.14 A+/A1/AA- UNITED STATES Sr Unsecured 1,000

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.42 100.42 2.78 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 100.28 100.28 2.31 A+/A1/A+ FRANCE Sr Unsecured 200,000

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 100.64 100.64 2.16 A/A2/- UNITED KINGDOM Sr Unsecured 1,000

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.27 100.27 2.18 A/A2/A FRANCE Sr Unsecured 250,000

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.52 99.52 2.12 A/A2/A UNITED STATES Sr Unsecured 1,000

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 99.95 99.95 1.97 AA/Aa1/- UNITED STATES Sr Unsecured 2,000

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.59 99.59 1.87 A-/Baa1/A UNITED STATES Sr Unsecured 1,000

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 100.29 100.29 2.13 A/A2/A UNITED STATES Sr Unsecured 2,000

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.98 99.98 2.75 BBB+/Baa2/A SWITZERLAND Sr Unsecured 250,000

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 100.37 100.37 1.55 A/A1/A SWITZERLAND Sr Unsecured 250,000

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 98.52 98.52 2.55 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 98.50 98.50 2.67 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 98.00 98.00 2.92 A-/A3/A- GERMANY Sr Unsecured 150,000

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.84 99.84 1.94 BBB+/A3/A GERMANY Sr Unsecured 1,000

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 100.87 100.87 1.70 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.66 99.66 2.37 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 100.20 100.20 2.54 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 94.39 94.39 4.86 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 89.37 89.37 5.87 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.52 99.52 2.60 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 100.46 100.46 3.09 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 83.14 83.14 8.54 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000


GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 100.59 100.59 1.88 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000



October 12, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 100.66 100.66 2.44 A-/A3/A UNITED STATES Sr Unsecured 2,000

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.31 100.31 2.16 A/A2/AA- UNITED STATES Sr Unsecured 100,000

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 98.94 98.94 2.61 A/A2/AA- UNITED STATES Sr Unsecured 100,000

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 100.10 100.10 1.60 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.88 99.88 2.10 BBB/Baa3/- UNITED KINGDOM Sr Unsecured 200,000

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.36 100.36 2.87 BBB/Baa3/- UNITED KINGDOM Sr Unsecured 200,000

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 100.11 100.11 2.17 A/A3/A+ UNITED STATES Sr Unsecured 2,000

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 100.59 100.59 2.10 A/A3/A+ UNITED STATES Sr Unsecured 2,000

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.35 100.35 2.32 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.63 100.05 2.39 A/A2/A AUSTRALIA Sr Unsecured 2,000

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 98.01 98.01 3.17 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 100.02 100.02 2.20 A-/A3/BBB+ UNITED STATES Sr Unsecured 1,000

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.39 100.39 1.76 AA/A2/A UNITED STATES Sr Unsecured 2,000

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 100.15 100.15 2.08 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 99.86 99.86 2.28 A/A3/A UNITED STATES Sr Unsecured 2,000

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 101.12 101.12 1.92 A+/A2/A UNITED STATES Sr Unsecured 250,000

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.64 99.64 1.93 A/A1/A UNITED STATES Sr Unsecured 2,000

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.27 100.27 2.18 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.90 99.90 1.90 -/Aaa/AAA CANADA Secured 1,000

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 100.34 100.34 1.84 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.40 98.40 3.03 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 100.57 100.57 1.99 AA-/Aa1/- NETHERLANDS Sr Unsecured 1,000

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.34 99.14 1.88 A+/A1/A GERMANY Sr Unsecured 250,000

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 100.24 100.24 2.09 A+/A1/A GERMANY Sr Unsecured 250,000

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 97.34 97.34 2.88 A-/Aa3/AA- UNITED KINGDOM Sr Unsecured 200,000

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.16 100.16 2.31 A/A2/A SWITZERLAND Sr Unsecured 250,000

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.39 99.39 1.77 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 94.13 94.13 3.80 A- /*-/A2/- GERMANY Sr Unsecured 200,000

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.64 100.64 1.94 A+/A2/AA- UNITED STATES Sr Unsecured 1,000

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.79 99.79 2.20 A+/A2/AA- UNITED STATES Sr Unsecured 1,000



October 12, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 100.10 100.10 2.45 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000


ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 98.97 99.56 3.94 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 100.62 101.19 1.99 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 101.65 101.65 2.49 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 100.50 101.07 2.46 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 100.31 100.31 2.55 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 101.70 101.70 4.23 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 100.01 100.01 3.12 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 99.80 100.62 2.24 A-/A1/BBB+ OMAN Sr Unsecured 200,000

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 98.28 98.28 4.67 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 97.13 97.68 3.92 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 102.53 102.97 1.36 A-/A1/- QATAR Sr Unsecured 200,000

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 101.82 102.46 2.18 A-/A1/- QATAR Sr Unsecured 200,000

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 101.38 102.04 2.56 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 102.42 102.97 1.73 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 100.05 100.67 2.77 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 100.14 100.77 4.22 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 100.15 100.78 3.07 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 102.79 102.79 4.18 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 101.35 101.35 4.18 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 103.50 103.50 2.17 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.83 99.52 100.64 1.58 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 101.27 101.91 2.75 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 100.50 101.10 2.74 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 100.50 100.50 2.23 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.88 101.88 3.25 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 102.84 103.36 1.35 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 101.76 102.39 1.64 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 102.79 103.36 2.17 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 100.14 100.77 2.44 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 100.88 101.50 2.35 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.06 99.93 4.63 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.42 100.16 3.47 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 85.01 86.14 7.14 BBB-/-/BBB- BAHRAIN Unsecured 200,000

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 103.13 103.13 4.31 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000



October 12, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.42 97.12 98.39 2.71 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 102.75 102.75 2.79 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 500 FIXED 3.00 99.38 100.16 2.96 -/Baa2/A UNITED ARAB EMIRATES Sr Unsecured 200,000

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 98.99 99.77 4.04 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 101.54 102.30 2.52 -/A3/- OMAN Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 102.37 102.88 1.25 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 102.97 102.97 2.19 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 99.58 100.26 2.19 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.75 97.75 3.60 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 96.45 96.45 4.25 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 99.00 99.00 4.56 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 102.82 103.36 1.93 A-/A2/A+ QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 103.00 103.00 1.14 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 100.50 100.50 1.90 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 101.62 102.10 2.03 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 101.79 101.79 2.46 -/Aa3/AA- QATAR Sr Unsecured 200,000

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 103.50 104.11 1.89 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 100.15 100.74 3.04 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.69 101.33 2.16 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 101.52 102.02 1.27 AA-/A1/AA- SAUDI ARABIA Sr Unsecured 200,000



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 104.34 105.10 3.11 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 101.33 101.92 2.16 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 100.04 100.68 2.68 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.77 101.77 1.30 AA/Aa2/- QATAR Sr Unsecured 200,000


TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 103.04 103.60 1.54 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



October 12, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.23 98.23 3.42 A-/A2/A MEXICO Sr Unsecured 200,000

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 93.22 93.22 4.83 A-/A2/A MEXICO Sr Unsecured 200,000

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 85.50 85.50 8.10 -/Baa3/BBB- BRAZIL Sr Unsecured 200,000

BANCO DO BRASIL (CAYMAN) US05958AAJ79 10-Oct-2022 1925 FIXED 3.88 84.00 84.00 6.79 BB+/Baa3/BBB BRAZIL Sr Unsecured 200,000

BANCO NAC DE DESEN ECONO USP14486AK37 14-Apr-2019 1000 FIXED 4.00 93.77 93.77 6.00 BB+/Baa3/- BRAZIL Sr Unsecured 200,000

BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1750 FIXED 5.75 92.35 92.35 7.02 BB+/Baa3/BBB BRAZIL Sr Unsecured 200,000

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 95.13 95.13 6.33 BB+/Baa3/BBB BRAZIL Sr Unsecured 150,000

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 93.00 93.00 6.47 BB+/Baa3/BBB BRAZIL Sr Unsecured 150,000

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 94.95 96.19 6.04 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 88.65 88.65 5.72 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 93.33 93.33 6.24 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 81.00 81.00 7.48 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 98.68 98.68 5.22 BBB/Baa3/- BRAZIL Sr Unsecured 2,000

FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 84.75 85.50 5.04 BB+/Baa3/BBB BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 89.91 91.79 5.39 BB+/Baa3/BBB BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 84.82 86.27 6.77 BB+/Baa3/BBB BRAZIL Sr Unsecured 100,000

FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 79.25 79.25 6.61 BB+/Baa3/BBB BRAZIL Sr Unsecured 200,000

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 93.25 93.25 4.82 A-/-/A MEXICO Sr Unsecured 150,000

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 90.65 90.65 7.95 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 80.75 80.75 8.24 BBB-/Baa3/BBB- BRAZIL Sr Unsecured 200,000

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 88.36 88.36 5.83 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 96.80 96.80 4.77 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 104.88 104.88 5.76 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000


MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.40 100.40 5.46 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 93.19 93.19 4.61 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 96.11 96.11 4.77 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 96.77 96.77 4.90 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 87.86 87.86 6.55 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured 10,000

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 98.05 99.32 2.85 -/Baa2/- PHILIPPINES Sr Unsecured 10,000

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 97.62 98.55 4.96 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 91.75 91.75 3.92 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 100.00 100.00 4.00 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 92.50 92.50 5.52 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 98.68 99.43 3.85 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 94.99 95.66 4.05 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000



October 12, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 99.08 99.60 4.18 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 96.47 97.24 5.45 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 90.41 91.41 5.22 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 95.27 95.93 5.40 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 93.85 94.62 4.61 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 99.64 100.35 5.08 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 85.03 85.90 5.90 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 101.19 102.06 6.34 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 100.05 100.84 3.64 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 91.99 92.45 4.45 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 94.59 95.18 4.84 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 88.17 88.84 5.68 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 95.25 95.25 4.83 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.30 98.30 4.25 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 94.75 94.75 5.65 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 100.65 100.65 3.52 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 96.00 97.00 4.95 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 94.50 94.50 4.95 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 92.92 92.92 5.74 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 86.15 86.15 8.27 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 82.70 82.70 8.59 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 73.87 73.87 8.00 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 93.52 93.52 5.73 -/Baa3/BBB TURKEY Sr Unsecured 200,000



October 12, 2015 USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 102.79 102.79 1.52 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 102.79 102.79 4.18 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 112.17 112.17 2.96 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 105.61 106.13 0.82 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 100.54 101.01 1.74 AAA/Aa1/- HONG KONG Unsecured 200,000

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 99.75 100.19 1.85 AAA/Aa1/- HONG KONG Sr Unsecured 200,000

IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 100.57 100.94 1.17 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.09 96.73 3.45 A-/A3/- MALAYSIA Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 92.75 93.57 4.64 A-/A3/- MALAYSIA Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 102.82 103.36 1.93 A-/A2/A+ QATAR Sr Unsecured 200,000

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 103.26 104.12 5.62 B-/B3/- PAKISTAN Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.18 104.65 2.43 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 97.25 97.25 4.73 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 110.41 110.97 2.74 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 93.77 94.44 4.21 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 100.19 100.19 2.66 A-/A1/- MALAYSIA Sr Unsecured 200,000





SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 99.94 99.94 5.50 AA-/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 103.81 103.81 3.48 AA-/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 104.34 105.10 3.11 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 105.15 105.61 2.48 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 109.43 109.83 2.78 A-/A3/- MALAYSIA Sr Unsecured 250,000

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 101.22 101.37 1.09 A-/A3/- MALAYSIA Sr Unsecured 250,000



October 12, 2015 USD Commodity and Energy


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating



ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 98.97 99.56 3.94 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ALCOA INC US013817AW16 1-Oct-2024 1250 FIXED 5.13 99.63 99.63 5.18 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 90.45 90.45 6.04 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 87.54 87.54 6.88 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 82.00 82.00 7.49 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured 200,000

ANGLOGOLD HOLDINGS PLC US03512TAA97 15-Apr-2020 700 FIXED 5.38 95.50 95.50 6.55 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

ANGLOGOLD HOLDINGS PLC US03512TAC53 1-Aug-2022 750 FIXED 5.13 88.01 88.01 7.40 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

BARRICK GOLD CORP US067901AL20 1-Apr-2022 1249 FIXED 3.85 91.29 91.29 5.47 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 91.38 91.38 5.51 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BARRICK NA FINANCE LLC US06849RAF91 30-May-2021 1329 FIXED 4.40 95.77 95.77 5.28 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 98.38 99.30 3.00 A+/A1/A+ AUSTRALIA Sr Unsecured 2,000

BP CAPITAL MARKETS PLC US05565QCB23 6-Nov-2022 1000 FIXED 2.50 96.69 96.69 3.02 A/A2/A UNITED KINGDOM Sr Unsecured 1,000

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 96.34 96.34 3.30 A/A2/- UNITED KINGDOM Sr Unsecured 1,000

CNOOC FINANCE 2013 LTD US12625GAC87 9-May-2023 2000 FIXED 3.00 94.70 94.70 3.81 AA-/Aa3/- CHINA Sr Unsecured 200,000

CNOOC FINANCE 2015 US US12634MAB63 5-May-2025 2000 FIXED 3.50 96.73 96.73 3.91 AA-/Aa3/- CHINA Sr Unsecured 200,000

CODELCO INC USP3143NAN41 3-Nov-2021 1150 FIXED 3.88 101.65 101.65 3.57 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAP98 17-Jul-2022 1250 FIXED 3.00 93.82 93.82 4.06 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAW40 16-Sep-2025 2000 FIXED 4.50 98.48 98.48 4.69 AA-/A1/A+ CHILE Sr Unsecured 200,000

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 96.92 96.92 2.88 A/A2/A UNITED STATES Sr Unsecured 2,000

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 101.63 101.63 3.14 A/A2/A UNITED STATES Sr Unsecured 2,000

DOW CHEMICAL CO/THE US260543CH45 15-Nov-2022 1250 FIXED 3.00 98.08 98.08 3.31 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 97.27 97.27 3.86 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

E.I. DU PONT DE NEMOURS US263534CK37 15-Feb-2023 1250 FIXED 2.80 95.17 95.17 3.55 A-/A3/A UNITED STATES Sr Unsecured 2,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 88.65 88.65 5.72 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ENCANA CORP US292505AJ36 15-Nov-2021 600 FIXED 3.90 94.37 94.37 4.98 BBB/Baa2/- CANADA Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 89.37 89.37 5.87 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 82.77 82.77 6.94 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAZ87 15-Mar-2023 1999 FIXED 3.88 79.70 79.70 7.49 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBL82 14-Nov-2024 850 FIXED 4.55 83.00 83.00 7.12 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AN03 15-Nov-2020 617 FIXED 6.50 91.00 91.00 8.73 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 90.13 90.13 8.72 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AH09 15-Nov-2021 1000 FIXED 4.95 86.00 86.00 7.89 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 84.75 84.75 7.04 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 83.14 83.14 8.54 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722583 15-Jan-2019 500 FLOATING 1.65 85.00 85.00 6.79 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000



October 12, 2015 USD Commodity and Energy


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating




GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 83.00 83.00 7.04 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000


GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 94.70 94.70 4.55 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

HALLIBURTON COMPANY US406216BD29 1-Aug-2023 1100 FIXED 3.50 100.72 100.72 3.39 A /*-/A2/A- UNITED STATES Sr Unsecured 2,000

KINROSS GOLD CORP US496902AJ65 1-Sep-2021 500 FIXED 5.13 88.50 88.50 7.58 BBB-/Ba1/BBB- CANADA Sr Unsecured 2,000


MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 98.01 98.01 3.17 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 90.03 90.03 4.47 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.40 100.40 5.46 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 98.56 98.56 3.57 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

NEWMONT MINING CORP US651639AN69 15-Mar-2022 1500 FIXED 3.50 90.37 90.37 5.29 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000

OCCIDENTAL PETROLEUM COR US674599CE35 15-Feb-2023 1191 FIXED 2.70 98.25 98.25 2.97 A/A2/A UNITED STATES Sr Unsecured 2,000

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 101.56 101.56 3.31 A/A2/A UNITED STATES Sr Unsecured 2,000

PETROLEOS MEXICANOS US71656MBC29 23-Jul-2020 1500 FIXED 3.50 99.77 99.77 3.55 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 93.19 93.19 4.61 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured 10,000

PETRONAS CAPITAL LTD USY68856AM84 18-Mar-2022 750 FIXED 3.13 98.18 98.18 3.44 A-/A1/- MALAYSIA Sr Unsecured 200,000

PETRONAS CAPITAL LTD USY68856AN67 18-Mar-2025 1500 FIXED 3.50 97.11 97.11 3.87 A-/A1/- MALAYSIA Sr Unsecured 200,000

POTASH CORP-SASKATCHEWAN US73755LAL18 15-Mar-2024 750 FIXED 3.63 100.32 100.32 3.58 A-/A3/- CANADA Sr Unsecured 2,000

POTASH CORP-SASKATCHEWAN US73755LAM90 1-Apr-2025 500 FIXED 3.00 92.47 92.47 3.96 A-/A3/- CANADA Sr Unsecured 2,000

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 98.42 99.34 3.83 A-/A3/- UNITED KINGDOM Sr Unsecured 2,000

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 97.94 97.94 3.21 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000

SCHLUMBERGER INVESTMENT USL81445AD75 1-Aug-2022 1000 FIXED 2.40 96.15 96.15 3.03 AA-/Aa3/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 100.72 100.72 3.16 AA-/Aa1/- NETHERLANDS Sr Unsecured 1,000

SINOPEC CAPITAL 2013 LTD USG81877AA34 24-Apr-2023 1250 FIXED 3.13 96.33 96.33 3.69 AA-/Aa3/- CHINA Sr Unsecured 200,000

SINOPEC GRP OVERSEA 2015 USG8201JAC56 28-Apr-2025 1500 FIXED 3.25 96.62 96.62 3.67 AA-/Aa3/- CHINA Sr Unsecured 200,000

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 96.06 96.06 3.06 AA-/Aa2/- NORWAY Sr Unsecured 1,000

STATOIL ASA US85771PAK84 15-Jan-2024 900 FIXED 2.65 96.14 96.14 3.19 AA-/Aa2/- NORWAY Sr Unsecured 1,000

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 97.52 97.52 3.11 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAL70 15-Sep-2020 1000 FIXED 4.63 98.81 98.81 4.90 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 92.92 92.92 5.74 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 98.98 98.98 3.78 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000



October 12, 2015 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 94.12 94.57 1.62 A/A2/A NETHERLANDS Sr Unsecured 1,000

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 90.99 91.90 4.16 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured 100,000

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 95.53 95.99 1.85 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 95.63 96.08 1.83 A-/Baa1/A UNITED STATES Sr Unsecured 100,000

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 94.69 95.36 1.51 A/A1u/A- SPAIN Secured 100,000

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.27 99.68 1.55 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 95.11 95.60 1.38 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 93.62 94.26 1.62 A+/A1/A+ AUSTRALIA Sr Unsecured 100,000

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 94.77 95.39 1.78 AA-/A1/- UNITED STATES Sr Unsecured 100,000

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 94.57 95.31 1.55 A+/A2/- GERMANY Sr Unsecured 1,000

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 95.84 96.49 2.81 BBB/Baa2/A FRANCE Subordinated 100,000

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 96.68 97.16 1.52 A/A2/- UNITED KINGDOM Sr Unsecured 100,000

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 92.84 93.23 3.09 BBB/Baa3/A- FRANCE Subordinated 100,000

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 95.03 95.59 1.50 A+/A2/A- UNITED STATES Sr Unsecured 100,000

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 94.91 95.63 1.75 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 98.80 99.23 1.84 A-/Baa1/A UNITED STATES Sr Unsecured 100,000

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 96.08 96.58 1.24 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.74 98.16 1.55 BBB+/Baa2/A SWITZERLAND Sr Unsecured 100,000

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 97.28 97.61 1.27 A/A2/A FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 97.48 97.78 1.25 A/A2/- FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 98.71 99.02 1.31 A/A2/- FRANCE Sr Unsecured 100,000

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 95.92 96.54 1.53 A-/Baa1/- FRANCE Sr Unsecured 100,000

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 94.42 95.01 3.38 BBB-/Ba1/A- GERMANY Subordinated 1,000

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 92.32 92.80 1.97 BBB+/A3/A GERMANY Sr Unsecured 100,000

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 93.06 93.95 2.73 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000

ERSTE GROUP BANK AG AT000B002852 1-Jun-2021 359ZERO

COUPON0.00 92.31 92.57 1.38 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 97.85 98.20 1.10 AA+/A1/- UNITED STATES Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 78.86 79.75 5.69 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 77.36 78.45 5.83 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 74.36 75.53 5.08 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 98.42 98.77 1.57 A-/A3/A UNITED STATES Sr Unsecured 1,000

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 96.95 97.53 1.48 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 96.05 96.45 1.72 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 98.28 98.72 1.65 A/A3/A+ UNITED STATES Sr Unsecured 100,000

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1000 FIXED 1.25 97.25 97.77 1.51 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 96.36 96.79 1.67 A/A2/A AUSTRALIA Sr Unsecured 100,000



October 12, 2015 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 98.43 98.90 1.30 A-/A3/BBB+ UNITED STATES Sr Unsecured 100,000

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 92.76 93.46 2.28 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 98.63 99.15 1.85 A-/A3/A UNITED STATES Sr Unsecured 100,000

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 95.98 96.60 1.26 AA/A1/- SWITZERLAND Sr Unsecured 1,000

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 93.36 93.97 3.25 BBB/Baa2/BBB+ SPAIN Subordinated 100,000

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 96.14 96.76 1.37 A/A2/- GERMANY Sr Unsecured 1,000

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 95.16 95.75 3.15 -/Baa3/A- FRANCE Subordinated 100,000

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 95.98 97.05 3.51 BBB/A2/A+ UNITED KINGDOM Subordinated 100,000

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 97.01 97.54 1.23 AA-/Aa2/- NORWAY Sr Unsecured 100,000

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 97.44 98.09 1.60 AA-/Aa1/- FRANCE Sr Unsecured 100,000

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 89.07 89.79 2.43 A- /*-/A2/- GERMANY Sr Unsecured 1,000


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