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mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and domestic debt to support economy Saudi Arabia’s budget for the 2016 fiscal year (Dec. 31 2015 to Dec. 30, 2016) was endorsed by the Council of Ministers on Monday. It points to a sustained commitment in maintaining a high level of spending despite the sustained environment of lower oil prices. Despite being reduced slightly, budgeted spending is set to play a vital role in supporting the economy in 2016, Jadwa Investment said in its report released after the announcement of the new budget. The government has reaffirmed its commitment to support the economy by budgeting for a SAR 326 billion deficit in nominal terms (13% of GDP), based on revenues of SAR 514 billion and expenditures of SAR 840 billion. The deficit will continue to be financed using a combination of Saudi Arabian Monetary Agency’s (SAMA) huge stock of net foreign assets, and domestic debt. Despite the global environment of lower oil prices, the Kingdom has maintained a high level of spending in the 2016 fiscal budget. Education and healthcare remain the focus of government spending, accounting for 35% of total spending. Whilst spending on military and security services constitutes the largest single share at 25%. A new allocation accounting for 22% has been introduced to support the budget and help address shortages in revenue. Authorities announced increases in the prices of fuel, electricity and water as part of a plan to restructure subsidies within five years. The government intends to cut spending next year and gradually privatize some state-owned entities and introduce value-added taxation as well as a levy on tobacco. In attempting to reduce its reliance on oil, the kingdom is seeking to put an end to the population’s dependence on government handouts, a move that political analysts had considered risky after the 2011 revolts that swept parts of the Middle East. (Arab News and Bloomberg) Bahrain cabinet approves new fuel pricing system Bahrain's cabinet has approved a new pricing system for diesel and kerosene that is set to begin in January, state news agency BNA reported on Monday. The new pricing system is expected to result in a "gradual increase" in the cost of both fuels to domestic customers in the coming years, as Bahrain adjusts its prices to reflect expected rises in other Gulf Cooperation Council (GCC) states. "Bahrain continues to preserve its competitiveness with the GCC even after the adjustment of prices in diesel and kerosene and will observe the gradual increase in diesel fuel and kerosene over the coming years," said the statement, attributed to the kingdom's energy minister, Abdul Hussein bin Ali Mirza. (Arabian Business) Bahrain's USD 100 million Dragon City mall opens for business Bahrain's Dragon City, a new Chinese-themed shopping mall hosting more than 500 companies, has opened for business, it has been announced. The mall, managed by the China Middle East Investment and Trade Promotion Centre (Chinamex) and located in Diyar Al Muharraq, aims to raise the profile of Chinese products across the GCC, as well as aim to increase the number of regional visitors to the kingdom, a statement said. The Bahrain Dragon City site includes a 50,000 sq m market, along with a warehouse facility, a leisure complex and restaurants which aims to strengthen family tourism, the statement added. (Arabian Business) Russian GDP Shrinks First Time Since June as Longer Slump Looms Russia’s economy shrank for the first time in five months as declines in oil prices rippled through consumption and industrial output, highlighting the risks to a recovery from the country’s recession. Gross domestic product slumped 0.3 percent in November on a seasonally adjusted basis after gains of 0.1 percent in October and 0.3 percent in September, the Economy Ministry said in a report on its website. GDP shrank 4 percent last month from a year earlier. A renewed sell-off in oil is threatening to extend the recession into a second year for what would be Russia’s longest slump in two decades. While GDP contracted at a slower annual pace last quarter, shrinking crude prices remain a challenge to President Vladimir Putin, who said this month that Russia had put the worst of the economic crisis behind it. (Bloomberg) Putin's bailout bank needs a rescue; It's an USD 18 billion whopper For years, Vladimir Putin used Vnesheconombank (VEB) to pay for “special projects,” from the Sochi Olympics to covert acquisitions in Ukraine to oligarch bailouts. Now, the state bank needs a rescue of its own and it could be the Kremlin’s costliest yet. VEB was supposed to be the financial supercharger of the Russian president’s state-directed capitalism, using its government backing to raise billions at low rates on western markets and pumping them in to ventures the Kremlin wanted funded, some concealed from public view with code names like “Lily of the Valley.” Hit by Western sanctions last year, VEB has stopped new lending. The cost of its bailout could reach 1.3 trillion rubles (USD18 billion), according to several senior government officials, ballooning the budget deficit at a time when plunging oil prices are forcing spending cuts. “The government can’t just leave it alone to face the problems caused by the financial and economic situation in the country, speaking directly, by various kinds of sanction pressures, ” Prime Minister Dmitry Medvedev told a VEB board meeting discussing rescue options on Dec 22nd. (Bloomberg) Chinese bond defaults seen rising as borrowing costs climb Chinese corporate defaults will likely spread next year as borrowing costs climb, financial companies surveyed by Bloomberg said. All 22 bond traders, analysts and others surveyed forecast China’s corporate default rate will rise in 2016, while over 70% expect the extra yield on corporate notes to increase. The premium on five-year AA rated company securities over government notes has risen to 173 basis points after plunging to an eight-year low of 169.2 basis points last month. More firms in China are struggling to repay debt amid the worst economic slowdown in a quarter century. The number of listed companies with more debt than equity has jumped to 913 from 705 in 2007, according to data compiled by Bloomberg. Three Chinese manufacturers said last week that they lack funds to repay bonds due this month. Earlier in December, pig iron producer Sichuan Shengda Group Ltd. became at least the seventh Chinese firm to renege on local debt obligations this year. (Bloomberg) New World China sells projects to Evergrande for USD 1.1 billion New World China Land Ltd. has signed an agreement to sell property projects in the Chinese cities of Guiyang and Chengdu to Evergrande Real Estate Group Ltd. for a total 7.3 billion yuan (USD1.1 billion), New World China Land said in a statement to the city’s stock exchange. In a separate statement, Evergrande said it will buy five developments from Chow Tai Fook Enterprises Ltd., which is controlled by the family of billionaire Cheng Yu-Tung. New World China Land is a unit of New World Development Co., also controlled by Cheng. (Bloomberg) Sinopec plans to double fuling shale gas capacity by 2017 China Petrochemical Corp., China’s second-biggest oil and gas producer, plans to double annual shale gas production capacity at its Fuling project in southwest China in the next two years to 10 billion cubic meters. The Beijing-based company known as Sinopec Group has steadily produced 15 million cubic meters of shale gas a day at the site for more than a month, it said in an e-mailed statement on Tuesday. Current gas production could meet daily gas demand of 30 million families, it said. (Bloomberg)

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Page 1: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

mashreq Fixed Income Trading

Daily Market Update Tuesday, December 29, 2015

Page 1

Market Update

Saudi Arabia’s huge stocks of net foreign assets and domestic debt to support economy

Saudi Arabia’s budget for the 2016 fiscal year (Dec. 31 2015 to Dec. 30, 2016) was endorsed by the Council of Ministers on Monday. It points to a

sustained commitment in maintaining a high level of spending despite the sustained environment of lower oil prices. Despite being reduced slightly,

budgeted spending is set to play a vital role in supporting the economy in 2016, Jadwa Investment said in its report released after the announcement of

the new budget. The government has reaffirmed its commitment to support the economy by budgeting for a SAR 326 billion deficit in nominal terms (13%

of GDP), based on revenues of SAR 514 billion and expenditures of SAR 840 billion. The deficit will continue to be financed using a combination of Saudi

Arabian Monetary Agency’s (SAMA) huge stock of net foreign assets, and domestic debt. Despite the global environment of lower oil prices, the Kingdom

has maintained a high level of spending in the 2016 fiscal budget. Education and healthcare remain the focus of government spending, accounting for 35%

of total spending. Whilst spending on military and security services constitutes the largest single share at 25%. A new allocation accounting for 22% has

been introduced to support the budget and help address shortages in revenue. Authorities announced increases in the prices of fuel, electricity and water

as part of a plan to restructure subsidies within five years. The government intends to cut spending next year and gradually privatize some state-owned

entities and introduce value-added taxation as well as a levy on tobacco. In attempting to reduce its reliance on oil, the kingdom is seeking to put an end

to the population’s dependence on government handouts, a move that political analysts had considered risky after the 2011 revolts that swept parts of the

Middle East. (Arab News and Bloomberg)

Bahrain cabinet approves new fuel pricing system Bahrain's cabinet has approved a new pricing system for diesel and kerosene that is set to begin in January, state news agency BNA reported on Monday.

The new pricing system is expected to result in a "gradual increase" in the cost of both fuels to domestic customers in the coming years, as Bahrain adjusts

its prices to reflect expected rises in other Gulf Cooperation Council (GCC) states. "Bahrain continues to preserve its competitiveness with the GCC even

after the adjustment of prices in diesel and kerosene and will observe the gradual increase in diesel fuel and kerosene over the coming years," said the

statement, attributed to the kingdom's energy minister, Abdul Hussein bin Ali Mirza. (Arabian Business)

Bahrain's USD 100 million Dragon City mall opens for business Bahrain's Dragon City, a new Chinese-themed shopping mall hosting more than 500 companies, has opened for business, it has been announced. The mall,

managed by the China Middle East Investment and Trade Promotion Centre (Chinamex) and located in Diyar Al Muharraq, aims to raise the profile of

Chinese products across the GCC, as well as aim to increase the number of regional visitors to the kingdom, a statement said. The Bahrain Dragon City site

includes a 50,000 sq m market, along with a warehouse facility, a leisure complex and restaurants which aims to strengthen family tourism, the statement

added. (Arabian Business)

Russian GDP Shrinks First Time Since June as Longer Slump Looms Russia’s economy shrank for the first time in five months as declines in oil prices rippled through consumption and industrial output, highlighting the risks

to a recovery from the country’s recession. Gross domestic product slumped 0.3 percent in November on a seasonally adjusted basis after gains of 0.1

percent in October and 0.3 percent in September, the Economy Ministry said in a report on its website. GDP shrank 4 percent last month from a year

earlier. A renewed sell-off in oil is threatening to extend the recession into a second year for what would be Russia’s longest slump in two decades. While

GDP contracted at a slower annual pace last quarter, shrinking crude prices remain a challenge to President Vladimir Putin, who said this month that Russia

had put the worst of the economic crisis behind it. (Bloomberg)

Putin's bailout bank needs a rescue; It's an USD 18 billion whopper For years, Vladimir Putin used Vnesheconombank (VEB) to pay for “special projects,” from the Sochi Olympics to covert acquisitions in Ukraine to oligarch

bailouts. Now, the state bank needs a rescue of its own and it could be the Kremlin’s costliest yet. VEB was supposed to be the financial supercharger of

the Russian president’s state-directed capitalism, using its government backing to raise billions at low rates on western markets and pumping them in to

ventures the Kremlin wanted funded, some concealed from public view with code names like “Lily of the Valley.” Hit by Western sanctions last year, VEB

has stopped new lending. The cost of its bailout could reach 1.3 trillion rubles (USD18 billion), according to several senior government officials, ballooning

the budget deficit at a time when plunging oil prices are forcing spending cuts. “The government can’t just leave it alone to face the problems caused by

the financial and economic situation in the country, speaking directly, by various kinds of sanction pressures,” Prime Minister Dmitry Medvedev told a VEB

board meeting discussing rescue options on Dec 22nd. (Bloomberg)

Chinese bond defaults seen rising as borrowing costs climb Chinese corporate defaults will likely spread next year as borrowing costs climb, financial companies surveyed by Bloomberg said. All 22 bond traders,

analysts and others surveyed forecast China’s corporate default rate will rise in 2016, while over 70% expect the extra yield on corporate notes to increase.

The premium on five-year AA rated company securities over government notes has risen to 173 basis points after plunging to an eight-year low of 169.2

basis points last month. More firms in China are struggling to repay debt amid the worst economic slowdown in a quarter century. The number of listed

companies with more debt than equity has jumped to 913 from 705 in 2007, according to data compiled by Bloomberg. Three Chinese manufacturers said

last week that they lack funds to repay bonds due this month. Earlier in December, pig iron producer Sichuan Shengda Group Ltd. became at least the

seventh Chinese firm to renege on local debt obligations this year. (Bloomberg)

New World China sells projects to Evergrande for USD 1.1 billion New World China Land Ltd. has signed an agreement to sell property projects in the Chinese cities of Guiyang and Chengdu to Evergrande Real Estate

Group Ltd. for a total 7.3 billion yuan (USD1.1 billion), New World China Land said in a statement to the city ’s stock exchange. In a separate statement,

Evergrande said it will buy five developments from Chow Tai Fook Enterprises Ltd., which is controlled by the family of billionaire Cheng Yu-Tung. New

World China Land is a unit of New World Development Co., also controlled by Cheng. (Bloomberg)

Sinopec plans to double fuling shale gas capacity by 2017

China Petrochemical Corp., China’s second-biggest oil and gas producer, plans to double annual shale gas production capacity at its Fuling project in

southwest China in the next two years to 10 billion cubic meters. The Beijing-based company known as Sinopec Group has steadily produced 15 million

cubic meters of shale gas a day at the site for more than a month, it said in an e-mailed statement on Tuesday. Current gas production could meet daily

gas demand of 30 million families, it said. (Bloomberg)

Page 2: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

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 98.06 98.06 3.22 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 98.63 98.63 3.77 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 97.74 97.74 3.05 A/A2/A- FRANCE Sr Unsecured 1,000 P2

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 97.47 97.47 2.91 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.21 97.21 3.10 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 67.00 67.00 12.94 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000 P4

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 62.27 62.27 12.60 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000 P4

APPLE INC US037833BG48 13-May-2025 2000 FIXED 3.20 101.06 101.06 3.07 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 97.81 97.81 3.38 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 97.23 97.23 3.75 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 100.10 100.10 3.28 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GFP90 21-Apr-2025 2500 FIXED 3.95 97.66 97.66 4.26 BBB/Baa3/A- UNITED STATES Subordinated 2,000 P3

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 96.32 96.32 4.14 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P2

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 85.66 85.66 6.60 BBB-/Baa3/- CANADA Sr Unsecured 2,000 P4

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 91.59 92.23 4.33 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 98.09 98.09 3.41 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 94.18 94.18 3.66 A/A2/- UNITED KINGDOM Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 99.00 99.00 3.63 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P2

BPCE SA US05578UAD63 15-Mar-2025 1250 FIXED 4.50 96.59 96.59 4.97 -/Baa3/A- FRANCE Subordinated 200,000 P3

CITIGROUP INC US172967GT25 15-May-2023 1250 FIXED 3.50 98.32 98.32 3.76 BBB/Baa3/A- UNITED STATES Subordinated 1,000 P3

CITIGROUP INC US172967JL61 26-Mar-2025 1000 FIXED 3.88 98.48 98.48 4.07 BBB/Baa3/A- UNITED STATES Subordinated 1,000 P3

CITIGROUP INC US172967JP75 27-Apr-2025 1500 FIXED 3.30 97.81 97.81 3.58 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P2

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 91.50 91.50 3.81 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 95.10 95.10 4.01 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 2500 FIXED 3.75 97.02 97.02 4.14 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000 P2

CREDIT AGRICOLE SA USF2R125AC99 17-Mar-2025 1500 FIXED 4.38 96.99 96.99 4.78 BBB/Baa3/A- FRANCE Subordinated 200,000 P3

DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 101.31 101.31 3.52 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P2

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 98.81 98.81 3.66 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 98.48 98.48 3.50 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 97.62 97.62 3.99 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 61.36 61.36 12.81 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P4

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 62.56 62.56 15.83 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P4

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 96.93 96.93 4.01 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 95.30 95.30 4.64 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.50 78.00 78.00 8.87 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

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

Page 3: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

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

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 74.75 74.75 8.84 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 72.00 72.00 9.58 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 90.61 90.61 5.28 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P2

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 98.93 98.93 3.64 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P2

JPMORGAN CHASE & CO US46625HJY71 10-Sep-2024 3000 FIXED 3.88 99.74 99.74 3.91 BBB+/Baa1/A UNITED STATES Subordinated 2,000 P3

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 97.41 97.41 3.46 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

KINDER MORGAN INC/DELAWA US49456BAF85 1-Jun-2025 1500 FIXED 4.30 88.85 88.85 5.86 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P4

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 100.41 100.41 3.45 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 96.08 96.08 3.40 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 80.64 80.64 6.34 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 80.76 80.76 6.63 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 93.74 93.74 4.50 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P3

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 100.00 100.00 3.37 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 97.34 97.34 3.09 AA/A1/A UNITED STATES Sr Unsecured 2,000 P2

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 96.16 96.16 3.91 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 92.35 92.35 5.18 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P2

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 100.93 100.93 3.38 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 84.44 84.44 7.04 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000 P4

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 99.79 99.79 3.40 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000 P2

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 90.48 91.48 4.89 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 90.29 90.29 4.59 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 96.93 96.93 3.64 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P2

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 100.14 100.14 3.23 A+/A1/A GERMANY Sr Unsecured 250,000 P2

SOCIETE GENERALE USF8586CH211 14-Apr-2025 1500 FIXED 4.25 95.23 95.23 4.90 BBB/Baa3/A- FRANCE Subordinated 200,000 P3

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 93.30 93.30 4.07 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 94.87 94.87 3.27 AA-/Aa2/- NORWAY Sr Unsecured 1,000 P2

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 99.40 99.40 3.68 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 96.02 96.02 3.35 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000 P2

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 95.98 95.98 4.18 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 100.00 100.00 3.50 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 97.64 97.64 4.62 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 3.52 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 97.14 97.14 3.37 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P2

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

Page 4: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (SHORT TERM 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

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 99.98 99.98 2.38 A/A1/A UNITED KINGDOM Sr Unsecured 1,000 P1

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 100.11 100.11 2.47 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P1

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.16 99.58 2.55 A/A2/A NETHERLANDS Sr Unsecured 200,000 P1

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.36 99.36 2.53 A-/A2/A+ UNITED STATES Sr Unsecured 2,000 P1

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 71.25 71.25 12.35 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 99.65 99.65 2.08 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.69 99.69 2.04 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000 P1

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 99.17 99.17 2.65 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 97.70 97.70 2.82 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.37 99.37 2.02 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000 P1

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.10 99.10 2.38 A/A1/AA- UNITED STATES Sr Unsecured 1,000 P1

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 99.75 99.75 2.94 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P1

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.38 99.38 2.52 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000 P1

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 98.66 98.66 2.66 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P1

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 99.51 99.51 2.38 A/A2/A FRANCE Sr Unsecured 250,000 P1

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.16 99.16 2.21 A/A2/A UNITED STATES Sr Unsecured 1,000 P1

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.85 98.85 2.25 AA/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.04 99.04 2.13 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P1

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 98.20 98.20 2.64 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P1

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.24 99.24 2.94 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000 P1

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.30 99.30 2.01 A/A1 /*-/A SWITZERLAND Sr Unsecured 250,000 P1

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.63 99.63 2.15 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 98.94 98.94 2.56 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 98.89 98.89 2.72 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.23 99.23 2.25 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P1

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 99.78 99.78 1.97 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000 P1

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 98.93 98.93 2.69 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.76 98.76 2.94 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 82.38 82.38 11.71 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 66.49 66.49 13.91 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P3

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.13 99.13 2.80 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 99.36 99.36 3.35 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1

GLENCORE FUNDING LLC XS1218431705 16-Apr-2018 500 FIXED 2.13 89.00 89.00 7.45 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 83.00 83.00 9.04 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3

GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 82.50 82.50 7.75 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3

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

Page 5: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (SHORT TERM 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

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 98.21 98.21 2.97 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P1

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.30 99.30 2.77 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P1

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.62 99.62 2.36 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.56 99.56 2.46 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.21 98.21 2.06 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.57 99.57 2.22 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.97 100.97 2.72 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.68 99.68 2.29 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 98.50 98.50 2.64 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 99.53 99.53 2.52 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 98.83 99.20 2.61 A/A2/A AUSTRALIA Sr Unsecured 2,000 P1

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 89.35 89.35 5.45 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.23 99.23 2.39 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P1

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.49 99.49 1.98 AA/A1/A UNITED STATES Sr Unsecured 2,000 P1

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 100.10 100.10 2.10 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P1

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.61 98.61 2.61 A/A3/A UNITED STATES Sr Unsecured 2,000 P1

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 99.82 99.82 2.31 A+/A2/A UNITED STATES Sr Unsecured 250,000 P1

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 98.50 98.50 2.22 A/A1/A UNITED STATES Sr Unsecured 2,000 P1

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 99.86 99.86 2.29 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000 P1

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 98.33 98.33 2.31 -/Aaa/AAA CANADA Secured 1,000 P1

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.28 99.28 2.37 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000 P1

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.48 98.48 3.03 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000 P1

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 98.64 98.64 2.46 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P1

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 97.79 98.59 2.06 A+/A1/A GERMANY Sr Unsecured 250,000 P1

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.65 99.65 2.23 A+/A1/A GERMANY Sr Unsecured 250,000 P1

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 97.91 97.91 2.77 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 99.95 99.95 2.36 A/A2 /*+/A SWITZERLAND Sr Unsecured 250,000 P1

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.21 99.21 1.88 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P1

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 94.02 94.02 3.90 BBB+/A3/- GERMANY Sr Unsecured 200,000 P1

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.12 100.12 2.09 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.16 99.16 2.37 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1

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

Page 6: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

Fixed Income Trading

USD GCC ISSUES

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

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.56 99.56 2.72 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 96.23 96.23 4.25 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.88 96.63 4.36 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.42 99.98 2.51 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.90 100.50 2.83 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.79 99.51 2.89 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 98.63 98.63 2.98 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 100.50 100.50 4.42 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 99.15 99.15 3.50 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.98 97.81 2.87 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.81 99.70 2.64 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000 P2

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 100.00 100.00 4.25 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000 P5

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.82 95.67 4.46 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBD CAYMAN XS1321976950 17-Nov-2020 400 FIXED 4.00 100.15 100.78 3.82 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.71 102.30 1.54 A-/A1/- QATAR Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.92 100.50 2.72 A-/A1/- QATAR Sr Unsecured 200,000 P2

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.43 101.16 2.86 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.51 102.19 1.96 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.83 98.63 3.26 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.25 99.96 4.33 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 99.10 99.86 3.28 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 101.43 101.43 4.36 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 101.55 101.55 4.11 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 102.22 102.22 2.78 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.41 99.63 2.26 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 99.85 100.52 3.10 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.26 99.78 3.05 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.75 99.75 2.45 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.63 101.63 3.28 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.85 102.39 1.72 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.84 101.39 2.05 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.09 101.68 2.67 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 98.20 98.81 2.93 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.98 100.70 2.55 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

IBQ FINANCE LTD XS1325770722 25-Nov-2020 500 FIXED 3.50 99.48 100.05 3.49 -/A2/A+ QATAR Sr Unsecured 200,000 P2

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

Page 7: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

Fixed Income Trading

USD GCC ISSUES

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

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.38 100.25 4.59 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.47 100.24 3.45 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 76.24 77.64 8.00 BBB-/-/BBB- BAHRAIN Unsecured 200,000 P3

KINGDOM OF BAHRAIN XS1324932273 26-Jan-2021 700 FIXED 5.88 102.20 102.82 5.23 BBB-/-/BBB-e BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1324931895 26-Jan-2026 800 FIXED 7.00 100.29 101.20 6.83 BBB-/-/BBB-e BAHRAIN Sr Unsecured 200,000 P3

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 88.64 89.83 5.35 BBB/A3/- OMAN Sr Unsecured 200,000 P2

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 102.02 102.02 4.46 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 99.36 100.03 4.50 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.19 98.12 3.52 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000 P3

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 101.01 101.01 3.07 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 0 FIXED 3.00 #N/A N/A #N/A N/A #N/A N/A -/WR/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P5

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.33 95.39 4.91 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.90 100.76 2.91 -/A3/- OMAN Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.85 101.85 2.46 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.61 98.61 2.61 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.75 97.75 3.61 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 97.55 97.55 4.13 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 96.38 97.76 4.65 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.34 101.96 2.34 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 98.05 98.69 3.05 -/-/A+ QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.66 101.66 1.89 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.50 99.50 2.37 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.54 101.12 2.34 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.66 100.66 2.71 -/Aa3/AA- QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 102.14 102.75 2.27 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 98.23 98.99 3.56 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.00 100.64 2.38 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.75 100.75 2.05 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 97.97 98.78 3.66 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 87.60 87.60 5.99 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P3

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.02 100.90 3.64 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.65 101.37 2.33 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 97.99 98.84 3.14 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.36 104.06 2.61 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.72 102.30 2.16 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

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

Page 8: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

Fixed Income Trading

USD EMERGING MARKET INVESTMENT GRADE ISSUES

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

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.86 98.86 3.32 A-/A2/A MEXICO Sr Unsecured 200,000 P2

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.62 90.62 5.02 A-/A2/A MEXICO Sr Unsecured 200,000 P3

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 99.83 100.17 3.43 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 88.95 90.07 6.55 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 79.59 79.59 7.24 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P2

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 84.73 84.73 7.51 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P3

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 73.00 73.00 8.35 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P3

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 92.25 92.25 6.14 BBB/Baa3/- BRAZIL Sr Unsecured 2,000 P2

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 89.15 89.15 5.12 A-/-/A MEXICO Sr Unsecured 150,000 P3

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 79.49 79.49 11.15 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000 P3

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 70.00 70.00 10.81 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000 P3

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 86.63 86.63 5.97 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.87 97.87 4.40 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 102.77 102.77 6.13 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000 P2

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 89.87 89.87 6.31 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.00 99.00 5.79 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 86.83 86.83 5.80 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 88.52 88.52 5.91 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 88.00 88.00 6.12 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 78.00 78.00 7.47 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.56 98.83 2.93 -/Baa2/- PHILIPPINES Sr Unsecured 10,000 P2

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 93.19 94.19 5.64 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 87.85 88.35 4.54 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 95.25 95.75 4.63 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 84.00 85.00 6.10 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.08 94.88 4.59 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 98.54 99.25 5.22 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 98.27 99.21 6.56 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.83 98.63 3.93 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 91.71 92.21 4.53 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 93.74 94.44 4.95 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 87.91 88.70 5.70 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 95.78 95.78 4.77 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000 P3

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 100.13 100.13 3.71 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

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

Page 9: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

Fixed Income Trading

USD EMERGING MARKET INVESTMENT GRADE ISSUES

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

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 96.38 96.38 5.41 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 96.50 96.50 6.23 BBB-/Baa3/BBB- TURKEY Unsecured 200,000 P2

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 97.40 98.40 3.81 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P2

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 91.25 92.25 5.28 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000 P3

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 88.95 89.95 5.27 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P3

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 75.30 75.30 9.93 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 71.04 71.04 10.27 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 71.00 71.00 10.11 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 65.50 65.50 9.08 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 96.49 96.49 4.97 -/Baa3/BBB TURKEY Sr Unsecured 200,000 P2

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

Page 10: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

Fixed Income Trading

USD INDIA INVESTMENT GRADE ISSUES

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

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 99.21 99.21 3.69 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 103.70 103.70 3.26 -/Baa3/- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 101.14 101.14 2.97 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 102.01 102.01 2.85 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 97.93 98.27 3.56 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.19 98.01 4.26 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.64 103.64 4.01 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.68 98.68 4.55 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.97 102.97 2.09 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.57 103.57 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.49 98.86 3.04 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.33 98.78 3.04 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.36 101.36 3.78 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.69 100.98 2.53 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.37 101.37 3.15 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.52 99.97 3.13 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

IDBI BANK LTD/DIFC DUBAI XS1325600994 30-Nov-2020 350 FIXED 4.25 100.06 100.39 4.16 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000 P5

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.45 101.70 2.43 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.51 102.85 2.96 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.95 101.95 4.11 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.12 102.47 3.08 -/Baa2/BBB- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0927643030 7-May-2018 300 FIXED 2.50 99.53 99.53 2.71 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.38 100.38 3.14 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.66 97.66 4.12 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.44 102.44 4.28 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 100.05 100.05 3.87 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 98.65 98.65 4.31 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P2

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 90.98 90.98 5.50 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P3

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 103.10 103.10 2.11 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.74 101.74 2.46 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.51 102.51 2.82 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.16 102.48 2.99 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 101.90 102.33 3.24 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.26 103.26 2.57 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.28 101.68 3.00 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

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

Page 11: mashreq · 2018. 10. 31. · mashreq Fixed Income Trading Daily Market Update Tuesday, December 29, 2015 Page 1 Market Update Saudi Arabia’s huge stocks of net foreign assets and

Fixed Income Trading

USD SUKUK

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

ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 102.35 102.35 1.38 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.98 97.81 2.87 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 99.83 100.17 3.43 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.83 98.63 3.26 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.25 99.96 4.33 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 113.63 113.63 2.36 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.83 104.56 0.61 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 101.43 101.43 4.36 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 99.38 99.83 2.05 AAA/Aa1/- HONG KONG Unsecured 200,000 P2

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 98.42 98.78 2.19 AAA/Aa1/- HONG KONG Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.47 100.24 3.45 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 101.29 102.15 6.12 B-/B3/B PAKISTAN Sr Unsecured 200,000 P5

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 99.36 100.03 4.50 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 95.45 96.16 3.53 A-/A3/- MALAYSIA Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 92.19 93.82 4.62 A-/A3/- MALAYSIA Unsecured 200,000 P4

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.34 101.96 2.34 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.03 104.63 2.33 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P3

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 95.29 95.29 5.03 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 109.01 109.63 2.94 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P3

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 92.78 93.49 4.41 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PERUSAHAAN PENERBIT SBSN US71567RAD89 28-May-2025 2000 FIXED 4.33 94.88 94.88 5.02 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 98.80 98.80 3.01 A-/A1/- MALAYSIA Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 98.05 98.69 3.05 -/-/A+ QATAR Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 91.65 91.65 6.12 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P3

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 99.74 99.74 4.04 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 102.69 103.45 3.59 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.75 100.75 2.05 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 87.60 87.60 5.99 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P3

SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 97.97 98.78 3.66 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.02 100.90 3.64 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.36 104.06 2.61 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 100.96 101.58 1.31 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 103.15 103.79 2.98 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 107.88 108.34 2.99 A-/A3/- MALAYSIA Sr Unsecured 250,000 P2

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.70 100.81 1.36 A-/A3/- MALAYSIA Sr Unsecured 250,000 P2

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


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mashreq · mashreq Fixed Income Trading Daily Market Update Change Change USD EUR AED bps Spread Day YTD Last 1d Chg Last 1d Chg Last 1d Chg iTraxx Europe 73.583 -4.137 10.720 2-Year

IG Issue34 Mashreq Tcm38-60564

Mashreq Bank