mashreq...mashreq fixed income trading daily market update sunday, january 24, 2016 page 1 market...

mashreq Fixed Income Trading

Daily Market Update Sunday, January 24, 2016

Market Update

US, GCC see no future for Syria if Assad stays

The US and six-nation Gulf Cooperation Council said they see no future for Syria if President Bashar al-Assad remains in power as he is a “magnet" for

terror in the region. "None of us are under any illusions that obstacles still exist for reaching peace in Syria," US Secretary of State John Kerry told

reporters in Riyadh on Saturday after meeting foreign affairs ministers from GCC countries including Kuwait, Qatar, Saudi Arabia and the United Arab

Emirates. “War in Syria cannot end because he is the magnet that attracts the violent terrorism and jihadis who will continue to come as long as his

supporters continue to say he’s part of the future.” Talks between the Syrian government and opposition leaders scheduled for January 25 have been

postponed for “a few days,” Saudi-owned al-Hayat reported, citing an e-mail from United Nations Special Envoy for Syria Staffan de Mistura. The delay may

enable a “better start” to the talks, which are aimed at ending Syria’s five-year civil war, the London-based newspaper quoted De Mistura as saying. The

US, Russia and other nations have agreed on a timetable to form a transitional government in Syria within six months and hold elections within a year and

a half. Russia has made progress in weakening US opposition to Assad standing for re-election, according to Russian and Western diplomats. While the US

still says Assad can’t lead Syria over the long-term, the Obama administration has backed away from insisting that he go at the start of a transition

process. John Kerry and Russian foreign minister Sergei Lavrov “confirmed the support of efforts of United Nations Special Envoy for Syria Staffan de

Mistura to organize Geneva talks next week between representatives of the Syrian govt and opposition groups aiming at political settlement,” after

speaking on the phone January 23, according to a statement on the website of Russia’s Foreign Affairs Ministry. The two also discussed respecting the right

of Syrian people to define the future of their country. (Bloomberg)

ECB leaves rates unchanged as oil threatens inflation outlook The European Central Bank left its key interest rates unchanged as investors wait for President Mario Draghi to explain how officials intend to respond to a

slump in oil prices that’s depressing euro-area inflation. The 25-member Governing Council, meeting in Frankfurt on Thursday, kept the main refinancing

rate at 0.05%, the deposit rate at minus 0.3% and the marginal rate at 0.3%. None of the economists in a Bloomberg survey predicted any rate changes.

Mario Draghi said at a news conference in Frankfurt that ECB policy measures were working and believes rates will stay at present or lower level for some

time. He said that economic developments and credit have improved, however downside risks have increased again amid heightened uncertainties about

emerging market growth prospects. He said that euro area inflation dynamics also continued to be weaker than expected and it would therefore be

necessary to review and possibly reconsider our monetary policy stance at our next meeting in March. (Bloomberg)

Saudi and UAE PMI decline showing pressure on non-hydro carbons sector The Saudi monthly Purchasing Managers' Index (PMI), a proxy for growth in the Saudi's non-oil sector, fell to 54.4 in December 2015 from 56.3 in

November 2015 and recorded the weakest improvement in business conditions since the survey began in 2009. The non-oil sector in Saudi Arabia was

affected by slower expansion in output and new orders as well as weak employment. Staffing levels last month stagnated, with the majority of respondents

anticipating no change in employment. Similarly in the UAE, the PMI dropped to a 40-month low of 53.3 in December 2015 from 54.5 in November. Slower

growth in new work weighed on the sector, with the pace of expansion the weakest since August 2011. Output, employment and input buying also eased

as firms competed to gain clients. Despite the slowdown, the non-hydrocarbon sector is an area to focus on. As oil remains near USD30 per barrel and with

liquidity conditions getting tightened in GCC economies, banks will continue to focus on the contracting sector as it will be an enabler for non-hydrocarbon

diversification. The sector has its own problems with bank facing significant challenges, as payments are released to contractors beyond the agreed time, even against consultant certified invoices. This, in turn, affects payment to sub-contractors and impacts project profitability. There is also a reluctance to

assign proceeds or give irrevocable assignment letters to financing banks. (Khaleej Times)

China, Iran agree to expand trade to USD600 billion in a decade

China and Iran mapped out a wide-ranging 25-year plan to broaden relations and expand trade during the first visit by a Chinese leader to the Islamic

republic in 14 years. President Xi Jinping met with his counterpart Hassan Rouhani on Saturday, a week after the lifting of international sanctions against Iran over its nuclear program. The Chinese leader is the first head of state of the six-country bloc that negotiated the historic deal to visit Iran. Rouhani

said the meeting marked "the beginning of an important era" in Iran-China relations, the official Islamic Republic News Agency reported. The visit was the

first by a Chinese president in 14 years, official Iranian media reported. "Today we discussed the strategic relationship between both countries, setting up a

comprehensive 25-year plan and also promoting bilateral relations of up to USD600 billion over the next 10 years," Rouhani said. The two countries signed

17 documents and letters of intent, IRNA reported, including treaties on judicial, commercial and civil matters. Long-term contracts in the energy and

mining sectors were also discussed, Rouhani said. Iran is seeking to attract USD50 billion annually in foreign investment for the country’s ailing USD400

billion economy. China is Iran’s biggest trade partner, purchasing oil from Iran while sanctions over the country’s nuclear program blocked US and

European competitors from the market. Trade between the two countries stood at some USD52 billion in 2014, before the plunge in oil prices. (Bloomberg)

Dubai property prices, rents forecast to soften further in 2016

Average residential property prices fell 10% during 2015 and are set to drop further this year, according to a new report by consultancy firm Deloitte. Its

annual Real Estate Predictions Report for Dubai also said that while published pipeline forecasts estimate that some 40,000 units will be delivered in 2016,

Deloitte suggested that a more realistic number will be about 10,000 units. The report said that in 2016, average residential prices will decrease further,

"reflecting a transition to a more mature market". It added that although there may be a softening in residential rental prices in some submarkets, this softening won't be to the same degree of recent declines in residential sales prices. "Over the past 13 years Dubai has exper ienced development on a scale

and to a standard like no other real estate market globally. Along with other regional and international markets it has suffered the effects of the global

financial crisis," said Robin Williamson, managing director, Deloitte Corporate Finance Limited. "Today, it is now maturing and feeling the effects of various

market drivers whilst demonstrating strong resilience in certain sectors." He added: "Despite the decline in average resident ial sales prices in Dubai during

2015, price growth over the last four years reflects a compound annual growth rate of 11.6%, which outperforms other leading global cities such as

London, Paris and Singapore." Deloitte also said office rental growth in Dubai during 2016 will be slow in some submarkets as a result of supply growth and

the power of negotiation will, in general, shift from landlords to tenants. "There will be a trend towards more mixed use office led developments and a

greater allocation of space to amenities, which will enable schemes to differentiate against competition as well as a strategy for developers to diversify risk

and generate more robust cash flows," Deloitte said. It added that given the shortage of high quality office space in Dubai, some companies will be more amenable to leasing additional space than is required at present in order to accommodate future expansion, with a view to subletting surplus space in the

short term. (Arabian Business)

OPEC splits show at Davos as Nigeria debates with Saudi Arabia

Nigeria’s oil minister, speaking on a panel at the World Economic Forum in the Swiss resort, said the Organization of Petroleum Exporting Countries needs

to meet soon as crashing prices force the group to reconsider its current laissez-faire policy. Saudi Arabia, represented by the chairman of its national oil

company, said the kingdom won’t reverse course unless non-OPEC nations play their part in production cuts. “If there are other producers willing to

collaborate, Saudi Arabia will be willing also to collaborate,” said Khalid Al- Falih, chairman of Saudi Arabian Oil Co., also known as Saudi Aramco. “But

Saudi Arabia will not accept the role of -- by itself -- balancing a structural imbalance that is happening today.”



Officials from two non-OPEC nations speaking on the same panel -- Azerbaijan and Russia -- didn’t hold out much hope they’d be able to resolve the

impasse soon. Nigeria’s petroleum resources minister of state, Emmanuel Kachikwu, made the case that the African nation and several fellow OPEC states

want to meet before the group’s scheduled June 2 summit as the pain from $30 oil intensifies. There’s “a lot of energy” around a possible early OPEC

meeting, Kachikwu said in a subsequent Bloomberg Television interview. While it’s uncertain whether such a gathering will take place, “everybody is agreed

on one thing: prices today are not good enough,” he said. Venezuela, which has declared a state of economic emergency, has formally written to other

members of the group to request a crisis meeting, according to five people familiar with the matter. (Bloomberg)

PBOC said to tell banks to cancel repos with excessive rates The People’s Bank of China is ordering banks to keep a lid on lending rates charged to one another as it seeks to prevent a pre-holiday surge in demand for

funds leading to a cash crunch at a time of record capital outflows. The monetary authority told some banks to cancel repurchase agreements that were

conducted at interest rates it deemed excessive, according to people familiar with the matter, who asked not to be identified because the information is

private. It also advised some institutions to keep rates on the short- term loans below certain levels, though not all parties were given the same limit, they

said. Seven-day repos were conducted on Wednesday at 4.5%, the highest level since June and double the rate that the PBOC charges for similar term

funds in its open-market operations. The directives come at a time when the PBOC is flooding the financial system with money to keep borrowing costs

from climbing amid the weakest economic growth in a quarter century. Using a variety of lending tools, the authority has injected more than 1.3 trillion

yuan (USD198 billion) into the financial system this month. (Bloomberg)

Saudi Arabia’s Flynas in talks with Boeing, Airbus for 100 jets

Saudi Arabia’s low-cost carrier Flynas is talking to Airbus Group SE, Boeing Co. and Bombardier Inc. about a potential order for 100 new aircraft, after the

carrier posted a profit in 2015 for the first time in its history. The airline is considering 60 new planes in the next five years with an option for 40 more,

Flynas Chief Executive Paul Byrne said in an interview Saturday in Bahrain. It’s considering the Airbus A320 Neos, Boeing 737 Maxs and Bombardier CS300

aircraft and expects to decide on the order this year. Saudi Arabia, with a population of 30 million people, is removing restrictions in its travel market. It’s

in the process of licensing two new operators, Saudi Gulf Air and Al Maha Airways, which is owned by Qatar Airways. The two new operators have

experienced delays in obtaining their permits. Flynas currently has an all-Airbus fleet of 26 jets. "We’re talking to Airbus, Boeing and Bombardier about

purchasing or leasing depending on which is the best deal for us," Byrne said. "If we were to change from Airbus to Boeing or Bombardier, that will be a big move for us but its not as dramatic as it sounds." The leases on Flynas’ 26 aircraft will end within six years and it will require additional aircraft for

replacement and growth. On top of that, it will need more aircraft to cope with demand for pilgrimages to the country’s holy sites, increasing frequencies to

some destinations and catering to Saudi’s large domestic travel market, he said. "No one really knows the bottom of the Saudi market yet. There ’s room

for competition and expansion," he said. (Bloomberg)

Saudi Airline plans debut bond sale as Kingdom steps up issuance

Saudi Arabia’s main airline said it’s planning to sell as much as SAR5 billion (USD1.3 billion) of Islamic bonds in the second quarter to refinance loans and

buy planes, becoming the latest issuer in the kingdom to tap debt markets for cash amid an oil slump. The carrier known as Saudia is in negotiations with

local banks to oversee its first-ever bond offering, Saleh Al Jasser, the director general of Saudi Arabian Airlines, said in an interview at the Sakhir airbase

during the Bahrain air show on Friday. The plans are part of a wider Islamic bond program the company will turn to "as and when needed" for funding, he

said. "We will be initiating a sukuk program for the purpose of refinancing some of our existing loans and also to help finance our growth plans, to finance

the acquisition of fleet," Al Jasser said. Borrowers in the oil-exporting nation are turning to debt markets in greater numbers amid a slump in crude prices that is worsening the nation’s budget deficit. Saudia’s sale comes as the airline, which bought 50 Airbus Group SE planes at the Paris Airshow last summer,

seeks to boost its fleet to 200 by 2020. The airline will take delivery next week of three Boeing Co. 787-9 and one 777-300ER, which will be used for flights

to Paris, Guangzhou, Casablanca and Dubai, in addition to domestic routes, Al Jasser said. Saudia will add domestic and regional flights this year and in

2017, after announcing the start of services to Algeria, Ankara in Turkey, Munich, Germany and the Maldives, he said. (Bloomberg)

Gulf Air in 40-plane deal to upgrade Boeing, Airbus orders

Gulf Air is poised to announce a 40-aircraft deal for Boeing Co. and Airbus Group SE models that will see Bahrain’s national carrier upgrade existing orders,

according to Maher Salman Al Musallam, its acting chief executive officer. The fleet plan, to be detailed at the Bahrain Air Show, will include a switch from

Boeing Co.’s baseline 787-8 to the larger -9 version of the Dreamliner, Al Musallam said in an interview on the first day of the expo Thursday. Gulf Air also

has an order for Airbus A320 jets that could be converted to the latest Neo model, which uses new engines to deliver a 15% performance improvement and

had its first delivery Wednesday to Deutsche Lufthansa AG. With losses mounting, the company is focused more on regional flights while cutting jobs and

retiring planes after its government owner told it to shrink or face closure. (Bloomberg)

DP World forms JV with RDIF DP World has entered into an agreement with Russian Direct Investment Fund (RDIF) to launch a new joint venture (JV) company, DP World Russia. The

newly formed JV entity aims at targeting ports, transportation and logistics infrastructure in Russia. It is expected to potentially invest a total of USD2

billion over a period of time in upgrading Russian port facilities, while introducing international best practices in operations to improve trade connectivity for

the benefit of Russian businesses, consumers and community. As per the deal, DP World will own 80% shares in the new venture, while RDIF holding the

remaining stake. (GulfBase.com)

Existing US home sales rise to close out best year since 2006 Purchases of previously owned US homes rose more than projected in December, helped in part by warmer weather and wrapping up the best year since

2006. Contract closings jumped 14.7%, the most on record, to a 5.46 million annualized rate, figures from the National Association of Realtors showed

Friday. The median forecast in a Bloomberg survey called for a gain to 5.2 million. Prices picked up as inventories eased. For all of 2015, sales climbed to

5.26 million from 4.94 million. The December sales rebound was driven by industry adjustments to new mortgage regulations that had delayed closings a

month earlier. The number of previously owned homes on the market dropped to 1.79 million last month. At the current sales pace, it would take 3.9

months to sell those houses, the lowest since January 2005 and down from 5.1 months at the end of the prior month. Less than a five months ’ supply is

considered a tight market, the Realtors group has said. Bloomberg survey estimates for previously-owned home sales ranged from 4.82 million to 5.5

million. Purchases slumped 10.5% to a 4.76 million pace in November. (Bloomberg)

Investcorp buys minority stake in Saudi supermarket chain Investcorp has acquired stake in Bindawood Holding, one of Saudi Arabia’s supermarket and hypermarket chains, according to e-mailed statement.

Bindawood Holding manages Bindawood and Danube brands across 40 hypermarkets and supermarkets in Saudi Arabian cities, and employs more than

7,000 people. It has plans to open more than 30 hypermarkets and supermarkets in coming years. (Bloomberg)

Fitch keeps wary eye on Azerbaijan after capital controls

Ratings agency Fitch is keeping a watching brief on Azerbaijan after it earlier this week introduced a 20% tax on some transactions where money is taken

out of the central Asian country. The controls were brought in as Azerbaijan struggles to respond to slumping revenue from oil and gas exports – which

account for three quarters of government revenue and 95% of its total exports – and a collapse in the value of its currency after a peg against the US dollar

was abandoned at the end of last year. Fitch says the introduction of the capital controls does not “automatically” have consequences for the country’s



sovereign rating, as Azerbaijan still has relatively low debt and “substantial external assets” which support its “BBB-’/Stable” rating (which is one notch

above junk). SOFAZ, the country’s state oil fund, had assets worth USD35 billion at the end of the third quarter last year, Fitch points out. Azerbaijan ’s

banking sector is unlikely to be affected as some three-quarters of deposits are in dollars, Fitch says. But the agency is keeping an eye on the situation,

warning: “the capital controls could damage the sovereign’s credit profile through their impact on growth and financial stability.” If the situation

deteriorates further, Fitch believes that the government of Azerbaijan may be “reluctant” to use SOFAZ’s assets to defend the manat “as SOFAZ finances

around half of the state budget and is also meant as a fund for future generations”. (Financial Times)

China’s richest man plans USD10 billion India development project

Billionaire Wang Jianlin’s Dalian Wanda Group Co.agreed to invest USD10 billion to build an industrial zone in India, in what could become one of the

biggest development projects in the country. Wanda Group, China’s biggest commercial-property developer, signed a preliminary agreement with the

northern Indian state of Haryana to build an industrial zone, the company said on its official WeChat account on Friday. While details of the spending

weren’t immediately available, the proposed amount would rank it among the biggest such investments in India. The proposal also highlights the growing

ambitions of a business tycoon who already boasts an estimated wealth exceeding anyone in Asia. (Bloomberg)

Pampa Energia’s Mindlin interested in Petrobras Argentina assets

Argentina’s Pampa Energia SA is interested in buying the local assets of Brazil’s state-controlled oil producer Petroleo Brasileiro SA to deepen domestic

investment as new President Mauricio Macri ushers in sweeping economic changes. Chief Executive Officer Marcelo Mindlin said he met with Macri this week

at the World Economic Forum in Davos, Switzerland. Macri’s efforts to unwind the investment-unfriendly policies of his predecessor Cristina Fernandez de

Kirchner will help bring down overseas borrowing costs for Argentine companies, which currently average more than 9%, helping their ability to grow, Mindlin said in an interview in Davos. “We think the Petrobras assets are very attractive and would allow us to grow several of our businesses lines in

Argentina,” he said. “But our interest is also based on the new policy of the Macri administration to reinsert Argentina into the world. The possibility that

the government and private companies could tap external funding now at a time that global rates are so low would enable more investment, more growth,

and more quality jobs for Argentinians.” Petrobras is cutting spending and selling assets after crude prices tumbled and Brazil’s biggest corruption scandal

led to a management reshuffle. The company has failed to sell its Argentine unit -- which owns filling stations, a refinery, stakes in electricity companies,

and drilling rights for oil and gas fields, among other assets -- in multiple attempts. Buenos Aires-based Pampa Energia made a USD1.2 billion bid for

Petrobras’s stake in its Argentine unit less than a month ago, Brazilian newspaper Valor Economico reported on January 19, citing unidentified sources.

(Bloomberg)

Earnings Update

Dar Al Arkan’s 2015 net profit drops 38%

Dar Al Arkan reported 2015 financials on Thursday with net profit of SAR359 million for the full year, compared to SAR575 million in 2014, posting a

decline of 38%. The decline was mainly on account of lower property sales and lower non-operating income. (Bloomberg)

Ratings Update

Moody’s puts 175 energy and mining companies on downgrade watch

Three of the world’s biggest energy groups — Royal Dutch Shell, Total and Statoil — are among 175 energy and mining companies at risk of ratings

downgrades following a collapse in oil and other commodities markets, Moody’s warned on Friday. Downgrades are seen by some analysts as most likely

for exploration and production companies in North America, where the sharp fall in oil prices is putting pressure on the finances of many groups that led

the US shale boom. Moody’s has put on review for downgrades 69 US-based companies — including Schlumberger, the oil services group which on

Thursday announced 10,000 job losses, and Chesapeake Energy, the gas producer. In a review of the entire natural resources industry, the credit rating

agency blamed China’s economic slowdown for its gloomy outlook and pointed to a “substantial risk” that oil priceswill recover only slowly from 12-year

lows of less than USD 30 a barrel. “Oil prices have deteriorated substantially in the past few weeks and have reached nominal price lows not seen in more

than a decade,” said Moody’s. “Even under a scenario with a modest recovery from current prices, producing companies will experience much lower cash

flows.” Moody’s warning comes after plunges in the prices of various commodities, including iron ore, resulting in many producers’ share prices tumbling to

historic lows. The slide highlights investors’ fears that companies will struggle to maintain dividend payouts and refinance debt as revenues are hit. Rio

Tinto, Vale and Alcoa were among the 55 mining-related groups earmarked by Moody’s for possible downgrades. Also named were the state of Iowa, the

location of some US mining companies, and the government of Salt Lake County in Utah, which is the site of large copper deposits. (Financial Times)

According to Moody’s some of the companies on review for possible downgrade are:

Vinacomin Holding Corporation Limited

Vedanta Resources plc

Indika Energy Tbk (P.T.)

Topaz Marine

Oil India Gazprom

Yancoal

Tullow

Pride International

S&P affirms Oil and Natural Gas Corp. 'BBB-' rating with Stable outlook Standard & Poor's Ratings Services has affirmed its long-term corporate credit rating on Oil and Natural Gas Corp. Ltd. (ONGC) at 'BBB-'. The outlook is

stable. At the same time, the rating agency has affirmed its long-term issue rating on the company's guaranteed notes at 'BBB-'. ONGC, which is

government owned, is India's largest oil and gas exploration and production company. The rating on ONGC reflects the company's strong competitive

position and our expectations of maintaining moderate financial ratios despite the fall in oil and gas prices. The rating remains constrained by S&P’s 'BBB-'

sovereign rating on India. Standard & Poor's believes the Indian government could take steps to improve the profitability of the oil and gas industry in the

low price environment. The government is reviewing whether to link the levy on oil production to oil price instead of a fixed rate of INR4,500 per ton. This

could materially improve profitability as the levy could fall to USD3-USD4 per barrel, assuming it is 10% of oil price, compared with USD9-USD10 per barrel

currently. S&P believes ONGC continues to maintain its strong competitive position. The company has sustained its production levels and accounts for 70%

of India's oil and gas production. The stable outlook on ONGC reflects the outlook on the sovereign credit rating on India (BBB-/Stable/A-3) and the

company's sensitivity to government intervention. (Bloomberg)

Fixed Income Trading

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

Risk

Rating

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 97.57 97.57 3.30 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 99.01 99.01 3.73 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ADOBE SYSTEMS INC US00724FAC59 1-Feb-2025 1000 FIXED 3.25 99.00 99.00 3.38 A-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 97.00 97.00 3.17 A/A2/A- FRANCE Sr Unsecured 1,000 P2

ALCOA INC US013817AV33 15-Apr-2021 1250 FIXED 5.40 89.60 89.60 7.87 BBB-/Ba1 /*-/BB+ /*+ UNITED STATES Sr Unsecured 2,000 P2

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 98.46 98.46 2.75 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.36 97.36 3.08 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

AMERICAN INTL GROUP US026874DD67 10-Jul-2025 1250 FIXED 3.75 97.04 97.04 4.13 A-/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 98.80 98.80 3.21 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 96.47 96.47 3.86 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 97.95 97.95 3.64 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P2

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 95.16 95.16 4.30 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P2

BARRICK GOLD CORP US067901AQ17 1-May-2023 730 FIXED 4.10 87.07 87.07 6.35 BBB-/Baa3 /*-/- CANADA Sr Unsecured 2,000 P4

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 91.35 92.08 4.37 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BHP BILLITON FIN USA LTD US055451AU28 30-Sep-2023 1500 FIXED 3.85 93.14 93.94 4.80 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 98.16 98.16 3.40 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 94.97 94.97 3.54 A/A2 /*-/- UNITED KINGDOM Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 96.16 96.16 4.01 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 1,000 P2

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 88.65 88.65 4.32 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 87.50 87.50 5.13 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 115 FIXED 3.75 100.00 100.00 3.75 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P2

DAIMLER FINANCE NA LLC USU2339CBX57 19-May-2025 650 FIXED 3.30 97.42 97.42 3.63 A-/A3/A- GERMANY Sr Unsecured 150,000 P2

DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 99.31 99.31 3.80 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P2

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 97.72 97.72 3.81 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

ELECTRICITE DE FRANCE SA USF2893TAS53 13-Oct-2025 1250 FIXED 3.63 99.47 99.47 3.69 A+/A1/A FRANCE Sr Unsecured 2,000 P2

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 97.54 97.54 3.68 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 96.32 96.32 4.18 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 95.37 95.37 4.31 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 92.95 92.95 4.98 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 68.00 68.00 11.12 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 68.70 68.70 10.30 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 67.38 67.38 10.66 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 92.52 92.52 4.96 BBB+/Baa2 /*-/BBB CANADA Sr Unsecured 2,000 P2

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 97.78 97.78 3.79 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P2

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 96.31 96.31 3.61 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

KINDER MORGAN INC/DELAWA US49456BAF85 1-Jun-2025 1500 FIXED 4.30 87.00 87.00 6.15 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P4

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 101.57 101.57 3.30 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

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


USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 95.28 95.28 3.51 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 70.73 70.73 8.60 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 75.88 75.88 7.48 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 91.83 91.83 4.79 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P3

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 100.65 100.65 3.29 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 98.01 98.01 3.00 AA/A1/A UNITED STATES Sr Unsecured 2,000 P2

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 95.27 95.27 4.04 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 92.18 92.18 5.22 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P2

MYLAN INC USU62472AF96 15-Jan-2023 750 FIXED 3.13 93.48 93.48 4.22 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P2

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 95.97 95.97 4.02 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 81.02 81.02 7.65 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P4

QUALCOMM INC US747525AF05 20-May-2025 2000 FIXED 3.45 97.02 97.02 3.83 A+/A1/- UNITED STATES Sr Unsecured 2,000 P2

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 100.16 100.16 3.35 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000 P2

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 88.23 89.13 5.23 A-/A3 /*-/A- UNITED KINGDOM Sr Unsecured 2,000 P2

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 89.20 89.20 4.81 A-/A3 /*-/A- UNITED KINGDOM Sr Unsecured 2,000 P2

ROLLS-ROYCE PLC USG76237AB53 14-Oct-2025 1000 FIXED 3.63 98.21 98.21 3.85 A/A3/A UNITED KINGDOM Sr Unsecured 200,000 P2

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 96.17 96.17 3.74 AA-/Aa1 /*-/AA /*- NETHERLANDS Sr Unsecured 1,000 P2

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 101.75 101.75 3.03 A+/A1/A GERMANY Sr Unsecured 250,000 P2

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 94.60 94.60 3.90 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 93.74 93.74 3.47 AA-/Aa2 /*-/- NORWAY Sr Unsecured 1,000 P2

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 97.51 97.51 3.92 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 95.96 95.96 3.37 AA-/Aa1 /*-/AA- FRANCE Sr Unsecured 2,000 P2

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 95.44 95.44 4.26 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 99.25 99.25 3.60 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 97.75 97.75 4.60 BBB-/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.95 93.95 3.53 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

VODAFONE GROUP PLC US92857WBC38 19-Feb-2023 1600 FIXED 2.95 93.88 93.88 3.95 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

WALGREENS BOOTS ALLIANCE US931427AF53 18-Nov-2021 1250 FIXED 3.30 100.82 100.82 3.14 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P2

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 96.56 96.56 3.45 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P2



USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

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Rating

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 100.23 100.23 2.32 A/A1/A UNITED KINGDOM Sr Unsecured 1,000 P1

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.18 99.18 2.70 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P1

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.78 100.12 2.42 A/A2/A NETHERLANDS Sr Unsecured 200,000 P1

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.54 99.54 2.49 A-/A2/A+ UNITED STATES Sr Unsecured 2,000 P1

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 67.25 67.25 14.03 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.37 100.37 1.91 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 100.74 100.74 1.74 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000 P1

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.84 98.84 2.73 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.50 98.50 2.63 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.78 99.78 1.85 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000 P1

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.93 99.93 2.17 A/A1/AA- UNITED STATES Sr Unsecured 1,000 P1

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 99.59 99.59 2.98 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P1

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.89 99.89 2.40 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000 P1

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 98.86 98.86 2.61 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 1,000 P1

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.36 100.36 2.15 A/A2/A FRANCE Sr Unsecured 250,000 P1

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 100.01 100.01 2.00 A/A2/A UNITED STATES Sr Unsecured 1,000 P1

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.62 98.62 2.32 AA/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.44 99.44 1.96 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P1

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 92.17 92.17 4.21 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P1

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 12 FIXED 2.75 99.60 99.60 2.85 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P1

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.62 99.62 1.88 A/A2/A SWITZERLAND Sr Unsecured 250,000 P1

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.96 99.96 2.02 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 99.50 99.50 2.40 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 99.16 99.16 2.66 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.26 99.26 2.25 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P1

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 99.44 99.44 2.05 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000 P1

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.13 99.13 2.62 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 99.57 99.57 2.72 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 61.75 61.75 27.18 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 50.50 50.50 21.91 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000 P3

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.64 99.64 2.57 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 97.29 97.29 3.87 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 76.50 76.50 12.17 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3




USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


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Offer

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Rating

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 97.26 97.26 3.47 BBB+/Baa2 /*-/BBB CANADA Sr Unsecured 2,000 P1

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.39 99.39 2.75 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P1

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.99 99.99 2.25 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 98.90 98.90 2.63 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.25 98.25 2.05 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.91 99.91 2.09 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.40 100.40 2.85 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.38 99.38 2.38 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.86 99.86 2.29 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.16 100.16 2.36 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.42 99.77 2.46 A/A2/A AUSTRALIA Sr Unsecured 2,000 P1

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 82.06 82.06 7.63 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.43 99.43 2.34 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P1

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.35 100.35 1.76 AA/A1/A UNITED STATES Sr Unsecured 2,000 P1

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 101.00 101.00 1.83 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P1

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.82 98.82 2.56 A/A3/A UNITED STATES Sr Unsecured 2,000 P1

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 99.98 99.98 2.26 A+/A2/A UNITED STATES Sr Unsecured 250,000 P1

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 100.01 100.01 1.85 A/A1/A UNITED STATES Sr Unsecured 2,000 P1

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.23 100.23 2.19 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000 P1

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.35 99.35 2.05 -/Aaa/AAA CANADA Secured 1,000 P1

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.37 99.37 2.33 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000 P1

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.96 98.96 2.91 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000 P1

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 97.96 97.96 2.63 AA-/Aa1 /*-/AA /*- NETHERLANDS Sr Unsecured 1,000 P1

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.98 99.87 1.69 A+/A1/A GERMANY Sr Unsecured 250,000 P1

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.72 99.72 2.22 A+/A1/A GERMANY Sr Unsecured 250,000 P1

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.84 98.84 2.54 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 99.88 99.88 2.38 A/A1/A SWITZERLAND Sr Unsecured 250,000 P1

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.23 99.23 1.88 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P1

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 95.43 95.43 3.55 BBB+/A3/- GERMANY Sr Unsecured 200,000 P1

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.50 100.50 1.97 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.43 99.43 2.30 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1



USD GCC ISSUES


Amount (Mio)

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Indic.

Offer

Offer

Yield %

Credit Rating


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Rating

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 98.49 99.13 2.96 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 92.64 93.50 4.73 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 92.64 93.52 4.83 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.09 99.71 2.64 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.45 100.08 2.97 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.29 98.97 3.05 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.58 98.21 3.09 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 97.91 98.78 4.70 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 97.22 98.19 3.94 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.40 97.31 2.99 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.28 99.10 2.93 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000 P2

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 93.95 94.62 4.75 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBD CAYMAN XS1321976950 17-Nov-2020 400 FIXED 4.00 99.52 100.20 3.95 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.33 100.01 2.87 A-/A1/- QATAR Sr Unsecured 200,000 P2

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 99.66 100.32 3.23 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 100.45 101.12 2.45 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.53 97.27 3.61 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 98.27 99.13 4.45 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 95.94 96.74 4.08 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.29 98.26 4.82 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 98.47 99.47 4.64 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.72 102.35 2.57 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.13 99.31 2.42 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 98.71 99.50 3.39 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 98.06 98.83 3.30 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 98.76 99.41 2.56 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 99.49 100.37 3.45 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.36 101.01 2.25 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 100.43 101.06 2.87 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.38 98.03 3.14 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.63 100.38 2.64 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

IBQ FINANCE LTD XS1325770722 25-Nov-2020 500 FIXED 3.50 99.07 99.78 3.55 -/A2/A+ QATAR Sr Unsecured 200,000 P2

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.88 99.83 4.65 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.67 99.62 3.60 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS0498952679 31-Mar-2020 1250 FIXED 5.50 100.42 101.22 5.17 BBB-/NR/BBB- BAHRAIN Sr Unsecured 100,000 P2



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

KINGDOM OF BAHRAIN XS1324932273 26-Jan-2021 700 FIXED 5.88 100.32 101.10 5.62 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS0794901727 5-Jul-2022 1500 FIXED 6.13 99.00 99.82 6.16 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1324931895 26-Jan-2026 800 FIXED 7.00 98.55 99.36 7.09 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P3

KUWAIT PROJECTS CO XS1026105806 5-Feb-2019 500 FIXED 4.80 101.46 102.51 3.91 BBB-/Baa3/- KUWAIT Sr Unsecured 200,000 P2

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 83.85 84.94 6.11 BBB/A3/- OMAN Sr Unsecured 200,000 P2

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 99.16 100.05 4.74 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 97.22 98.03 4.75 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.74 97.94 98.81 2.94 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000 P3

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 98.69 99.48 3.34 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.56 94.72 5.06 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.30 100.07 3.10 -/A3/- OMAN Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 100.08 100.76 2.77 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 97.40 98.10 2.75 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 94.32 95.17 4.04 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 90.30 91.44 4.82 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.46 101.10 2.64 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.05 97.79 3.26 -/-/A+ QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 98.71 99.36 2.45 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 99.60 100.27 2.65 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 99.37 99.97 2.88 -/Aa3/AA- QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 100.94 101.64 2.67 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAK CAPITAL XS1210507650 31-Mar-2025 1000 FIXED 3.09 91.86 92.61 4.07 -/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.57 98.38 3.76 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 98.77 99.49 2.82 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 96.98 97.84 4.31 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 100.40 101.27 3.98 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2


SHARJAH SUKUK LTD XS1345635830 27-Jan-2021 500 FIXED 3.84 100.41 100.91 3.64 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 96.73 97.33 4.13 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.11 100.88 2.54 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 97.05 97.95 3.38 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.90 101.61 2.98 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.27 101.86 2.44 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.79 99.45 3.22 A-/A2/A MEXICO Sr Unsecured 200,000 P2

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 89.08 90.27 5.05 A-/A2/A MEXICO Sr Unsecured 200,000 P3

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 100.91 101.27 3.18 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 89.75 91.67 6.41 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 73.39 74.55 8.19 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P2

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 77.68 78.75 8.49 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 66.99 67.95 8.99 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 89.86 91.12 6.32 BBB/Baa3/- BRAZIL Sr Unsecured 2,000 P2

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 88.05 91.93 4.91 A-/-/A MEXICO Sr Unsecured 150,000 P3

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 77.27 78.95 11.38 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000 P3

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 66.70 68.19 11.32 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000 P3

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 83.20 84.08 6.18 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

KINGDOM OF MOROCCO XS0850020586 11-Dec-2022 1500 FIXED 4.25 98.99 99.81 4.28 BBB-/-/BBB- MOROCCO Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.06 97.77 4.47 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 100.73 101.61 6.34 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000 P2

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 87.91 88.81 6.53 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.44 100.19 5.50 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 84.07 84.87 6.20 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 84.53 85.49 6.40 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 84.98 85.83 6.45 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 72.89 73.88 7.92 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P3

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 98.38 99.55 2.82 -/Baa2/- PHILIPPINES Sr Unsecured 10,000 P2

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 89.64 90.73 6.22 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 87.25 87.75 4.66 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 93.00 93.50 4.99 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 80.75 80.75 6.47 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 93.25 94.03 4.72 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 98.04 98.71 5.30 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 84.35 84.35 6.03 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 94.12 95.04 6.90 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.18 98.18 3.99 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 90.88 91.34 4.69 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 93.23 93.87 5.02 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 86.44 87.11 5.82 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 92.56 94.16 4.99 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000 P3



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 97.54 98.28 4.30 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 92.36 93.22 5.91 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 94.43 95.25 6.41 BBB-/Baa3/BBB- TURKEY Unsecured 200,000 P2

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.63 97.63 3.92 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P2

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 89.75 90.75 5.39 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000 P3

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 88.75 89.75 5.29 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P3

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 57.91 59.25 10.04 BBB/Baa3 /*-/BBB /*- BRAZIL Sr Unsecured 2,000 P3

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.28 95.99 5.13 -/Baa3/BBB TURKEY Sr Unsecured 200,000 P2



USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.43 98.95 3.76 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 101.96 102.63 3.72 -/Baa3/- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAB48 5-Sep-2017 750 FIXED 5.13 104.26 104.48 2.26 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.21 100.67 3.08 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.85 102.24 2.74 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.25 98.65 3.47 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 96.36 97.18 4.37 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 102.64 103.39 4.04 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL INTERNATIO USN1384FAA32 11-Mar-2023 1500 FIXED 5.13 102.45 103.05 4.62 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 96.66 97.38 4.72 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.22 103.61 2.83 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.77 99.18 2.96 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.59 99.02 2.98 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1347434927 20-Jul-2021 500 FIXED 3.13 98.95 99.23 3.28 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.22 101.78 3.71 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.88 101.17 2.43 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAC05 21-Feb-2018 1000 FIXED 4.70 104.17 104.39 2.50 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.08 101.43 3.13 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.58 99.95 3.14 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.67 101.94 2.25 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.75 103.16 2.84 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.14 102.01 4.10 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.03 102.44 3.07 -/Baa2 /*-/BBB- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0927643030 7-May-2018 300 FIXED 2.50 99.31 99.56 2.70 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.15 100.59 3.07 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 96.40 97.16 4.21 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 99.84 100.52 4.55 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.10 99.77 3.91 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 97.38 98.06 4.39 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P2

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 90.15 91.73 5.45 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P3

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.45 101.73 2.44 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.12 102.45 2.82 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.32 102.68 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.14 102.60 3.15 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.51 101.93 2.89 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2



USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AL SHINDAGHA SUKUK LTD XS1137967409 26-Nov-2019 500 FIXED 3.78 98.84 99.77 3.84 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.40 97.31 2.99 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 100.91 101.27 3.18 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.53 97.27 3.61 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 98.27 99.13 4.45 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DUBAI DOF SUKUK LTD XS0880424337 30-Jan-2023 750 FIXED 3.88 97.77 98.30 4.16 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DUBAI DOF SUKUK LTD XS1062038143 30-Apr-2029 750 FIXED 5.00 99.91 100.87 4.91 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.29 98.26 4.82 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HAZINE MUSTESARLIGI VARL XS0975124180 10-Oct-2018 1250 FIXED 4.56 102.19 102.81 3.46 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

HAZINE MUSTESARLIGI VARL XS1141043296 25-Nov-2024 1000 FIXED 4.49 95.55 96.25 5.02 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.67 99.62 3.60 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 97.22 98.03 4.75 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.86 97.54 3.35 A-/A3/- MALAYSIA Unsecured 200,000 P2

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.56 94.72 5.06 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NOOR SUKUK CO LTD XS1224417847 28-Apr-2020 500 FIXED 2.79 94.55 95.46 3.96 -/-/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.46 101.10 2.64 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 96.88 96.88 4.80 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 98.88 99.21 2.91 A-/A1 /*-/- MALAYSIA Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.05 97.79 3.26 -/-/A+ QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS1210507650 31-Mar-2025 1000 FIXED 3.09 91.86 92.61 4.07 -/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 96.98 97.84 4.31 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2




SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 96.73 97.33 4.13 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SHARJAH SUKUK LTD XS1345635830 27-Jan-2021 500 FIXED 3.84 100.41 100.91 3.64 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 97.05 97.95 3.38 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.90 101.61 2.98 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 102.17 102.94 3.26 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ZAR SOV CAPITAL FUND XS1113141441 24-Jun-2020 500 FIXED 3.90 95.58 96.60 4.77 BBB-/Baa2/BBB- SOUTH AFRICA Sr Unsecured 200,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABN AMRO BANK NV XS1218821756 16-Apr-2025 1450 FIXED 1.00 96.36 96.85 1.37 A/A2/A NETHERLANDS Sr Unsecured 1,000 P2

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 61.18 62.24 12.80 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000 P3

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.96 97.33 1.68 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000 P2

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 94.06 94.63 2.02 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.04 93.93 1.69 A+/A1u/A- SPAIN Secured 100,000 P2

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.01 99.37 1.61 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000 P2

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.02 96.51 1.26 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000 P2

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 90.42 91.07 2.19 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000 P2

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.65 97.41 1.55 AA-/A1/- UNITED STATES Sr Unsecured 100,000 P2

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.48 96.04 1.47 A+/A2/- GERMANY Sr Unsecured 1,000 P2

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 97.22 98.01 2.63 BBB+/Baa2/A FRANCE Subordinated 100,000 P3

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 95.51 96.03 1.71 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 100,000 P2

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.77 95.15 2.86 BBB/Baa3/A- FRANCE Subordinated 100,000 P3

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 97.83 98.39 1.18 A+/A2/A- UNITED STATES Sr Unsecured 100,000 P2

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.39 98.00 1.48 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000 P2

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 97.49 98.05 1.99 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.81 98.22 1.01 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P2

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.29 97.66 1.65 BBB+/Baa3/A SWITZERLAND Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 99.32 99.66 0.93 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 99.44 99.73 0.93 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 100.75 101.06 0.99 A/A2/A FRANCE Sr Unsecured 100,000 P2

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.25 97.82 1.39 A-/Baa1/- FRANCE Sr Unsecured 100,000 P2

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 90.17 91.06 3.94 BB+/Ba1/BBB+ GERMANY Subordinated 1,000 P5

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 92.83 93.32 1.93 BBB+/A3/A- GERMANY Sr Unsecured 100,000 P2

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 86.98 88.00 3.55 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000 P4

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

COUPON0.00 95.07 95.32 0.90 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000 P2

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.62 99.97 0.81 AA+/A1/- UNITED STATES Sr Unsecured 100,000 P2

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 68.61 69.78 8.82 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 67.33 68.55 8.57 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 61.42 62.73 7.54 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 98.83 99.21 1.50 BBB+/A3/A UNITED STATES Sr Unsecured 1,000 P2

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.19 98.71 1.32 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000 P2

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 96.94 97.49 1.56 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000 P2

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 97.86 98.43 1.69 A-/A3/A+ UNITED STATES Sr Unsecured 100,000 P2

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.71 98.18 1.47 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 96.81 97.26 1.61 A/A2/A AUSTRALIA Sr Unsecured 100,000 P2

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.79 100.19 1.09 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000 P2

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.31 95.98 1.99 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000 P2

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 97.38 97.92 2.00 BBB+/A3/A UNITED STATES Sr Unsecured 100,000 P2

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 99.40 100.04 0.87 AA/A1/- SWITZERLAND Sr Unsecured 1,000 P2

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 91.65 92.36 3.49 BBB/Baa2/BBB+ SPAIN Subordinated 100,000 P3

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 98.65 99.26 1.08 A/A2/- GERMANY Sr Unsecured 1,000 P2

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 95.21 95.95 3.14 -/Baa3/A- FRANCE Subordinated 100,000 P3

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 90.23 91.38 4.32 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000 P3

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 95.44 95.97 1.48 AA-/Aa2 /*-/- NORWAY Sr Unsecured 100,000 P2

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 96.58 97.23 1.70 AA-/Aa1 /*-/AA- FRANCE Sr Unsecured 100,000 P2

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 90.89 91.60 2.19 BBB+/A3/- GERMANY Sr Unsecured 1,000 P2


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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

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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.

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