mashreq€¦ · daily market update sunday, november 29, 2015 page 1 quote of the day "the...

mashreq Fixed Income Trading

Daily Market Update Sunday, November 29, 2015

Quote of the Day

"The important thing is not to stop questioning. Curiosity has its own reason for existing.” – Albert Einstein

Market Update

UAE's Dana Gas says wins USD1.98 billion Kurdistan judgement

A London court, ruling in a dispute that dragged on for six years, has ordered the Kurdistan Regional Government (KRG) in Iraq to pay USD1.98 billion to a

consortium including Dana Gas of the United Arab Emirates, Dana said on Sunday. A tribunal of the London Court of International Arbitration directed that

the payment be made within 28 days. The judgement is final, binding and internationally enforceable, Dana said in a statement to the Abu Dhabi stock exchange. Dana said it had further, substantial damage claims for wrongfully delayed development of the gas fields that would be heard in 2016, along

with remaining counter-claims of the KRG. (Arabian Business)

Saudi central bank's foreign assets fall 1% m-o-m in October

Net foreign assets at Saudi Arabia's central bank fell 1.0% in October from the previous month to SAR2.401 trillion (USD640 billion), their lowest level

since late 2012, official data showed on Thursday. The central bank, which serves as Saudi Arabia's sovereign wealth fund, has been liquidating assets to cover a huge state budget deficit caused by low oil prices, which have slashed the earnings of the world's top oil exporter. The assets shrank 12.8% from a

year earlier in October. They had reached a record high of USD737 billion in August last year before the decline began. The central bank's foreign assets,

some of which are managed by global fund firms, are mainly securities such as US Treasury bonds and deposits with banks abroad. Equities are believed to

account for only a small fraction of securities holdings, perhaps 20%. The bulk of assets are believed to be denominated in US dollars. The October data

showed Saudi Arabia continuing to sell foreign securities actively; the central bank's holdings of these dropped 4.5% from the previous month to USD427

billion. (Reuters)

Russia imposes sanctions on Turkey in response to downing of fighter jet Russian President Vladimir Putin announced measures against Turkey, including the suspension of visa-free travel, halting tours to Turkey and a ban on the

hiring of Turkish nationals, in retaliation for the downing of one of its military jets. Russia will also block some goods from Turkey, the list of which the

government will determine at a later time, Putin’s administration said late on Saturday in an e-mailed statement. Visa-free travel to Russia is suspended

from 1st January 2016, and Russia is also banning charter flights to Turkey, which has been the top destination for Russian tourists, with 3.3 million

making the trip in the first nine months of this year. (Bloomberg)

Oil majors vying for Iranian projects worth USD30 billion Total SA, Royal Dutch Shell Plc and Lukoil PJSC are among international companies that have selected oil and natural gas deposits to develop in Iran as the

holder of the world’s fourth-largest crude reserves presents USD30 billion worth of projects to investors. Total is one of the companies that have been in

the forefront of discussions and Eni SpA is also looking to invest, Oil Minister Bijan Namdar Zanganeh said. Shell, Total and Lukoil all specified fields they

would be interested in developing in Iran, Ali Kardor, deputy director of investment and financing at National Iranian Oil Co. said in an interview in Tehran. Iran is pitching 70 oil and natural gas projects valued at USD30 billion to foreign investors at a two-day conference in Tehran as the Persian Gulf country

prepares for the end of sanctions that have stifled its energy production. All banking and economic sanctions will be lifted by the first week of January,”

Amir Hossein Zamaninia, deputy oil minister for international and commerce affairs, said at the event. The country is offering 52 oil and gas development

projects in addition to 18 exploration blocks, according to a brochure from the Iranian oil ministry. That includes projects at 29 new and currently producing oilfields and 23 gas developments. (Bloomberg)

Euro-Area confidence at four-year high as ECB mulls stimulus

Euro-area economic confidence matched its highest level in more than four years as the European Central Bank prepares to make a decision on whether to

increase stimulus. An index of executive and consumer confidence stood at 106.1 in November, the European Commission in Brussels said on Friday, and

October’s reading was revised to the same level from an initial 105.9. The figures are the strongest since May 2011. Economists in a Bloomberg survey

predicted the gauge would stay unchanged at 105.9. With a slowdown in emerging markets and persistently low inflation testing the strength of the

currency bloc’s recovery, the ECB is debating whether to provide a new round of easing. Options include propping up its EUR1.1 trillion (USD1.2 trillion)

asset-purchase program and cutting the deposit rate further below zero. The Governing Council will make a decision in its meeting on December 3.

(Bloomberg)

Momentum for climate deal grows as Obama joins Xi at Paris talks More than 140 world leaders including US President Barack Obama and Xi Jinping of China are gathering in Paris for France’s biggest diplomatic event since

1948, striving to reach the first truly global deal to curbgreenhouse gases. The two weeks of United Nations-sponsored talks have already gathered pledges to reduce emissions from 177 of the 195 countries involved, signaling broader support for a deal than when envoys last attempted to reach one six years

ago. Those discussions in Copenhagen ended in disarray with recriminations between industrialized and developing nations. Now, with the cost of

alternatives to fossil fuels coming down and scientific concern about global warming mounting, there’s stronger political will to act than ever. Delegates

open their discussions on Sunday, and leaders are scheduled to speak on Monday to lend political momentum to the process. (Bloomberg)

Chinese copper smelters planning cuts in 2016

Copper smelters in China, the world’s biggest producer of the refined metal, are weighing cuts in production next year as they respond to prices that have

tumbled to six-year lows, according to people with knowledge of the matter. The smelters, including China’s biggest, Jiangxi Copper Co. and Tongling

Nonferrous Metals Group Co., decided to reduce output after meeting in Shanghai on Saturday, the people said, declining to be identified because they weren’t authorized to speak publicly. The size of any cut hasn’t been determined, the people said. Representatives of the companies may continue meeting

before announcing the action, which could happen early next week, according to the people. China’s nickel smelters met on Friday and pledged to reduce

output starting next month to boost prices, following cuts of 500,000 tons announced by zinc producers on November 20. The cutbacks are part of wider

efforts to support prices in the world’s biggest producer and consumer of raw materials. (Bloomberg)

President Dilma Rousseff cancels overseas visits amid budget woes

Brazilian President Dilma Rousseff canceled an official visit to Japan and Vietnam, the government said, as it tries to resolve a budget crisis. Rousseff’s

administration said on Friday that it will trim more than 10 billion reais (USD2.6 billion) from this year’s spending budget in a last-ditch effort to meet its

fiscal target. The government will provide details of the spending cuts in a decree on Monday, the presidential press office said. The cuts may not be

enough to avoid missing a goal of posting a surplus before interest payments of 66 billion reais in 2015. Finance Minister Joaquim Levy is asking Congress

to approve legislation that would relax the target, and legislators are expected to vote on the proposal on December 1. If Congress doesn ’t pass the bill,

the administration must either meet the original target for a primary surplus or it would violate the budget law. (Bloomberg)



Zurich says to exit UAE general insurance business by end-2016

Zurich Insurance Group will exit its general insurance business in the United Arab Emirates by the end of 2016, after a review concluded the investment

needed in the market was not justified by its limited growth potential. Zurich, which will continue to offer life insurance in the UAE, has been reviewing its global general insurance business, its biggest source of revenue. The retrenchment in the UAE, where intense competition in recent years has pushed down

margins on premiums, means Zurich will stop offering new services to retail and small business customers from November 30, with existing policies not

being renewed after that date. Zurich said on Thursday the exit would mean that a number of jobs will change or cease to exist, but it was too early to

determine how many jobs would be impacted. It did not give any figures for its UAE sales. (Reuters)

Egypt, DP World to form JV for oil platform at Ain Sokhna port Joint venture includes Egypt’s Suez Canal Economic Development Authority and Sonker Bunkering, the authority’s spokesman Tarek Hassanien says in a

statement. Platform at Ain Sokhna, which is managed by DP World, will handle oil, gas, petrochemicals; to be finished within 1 year. Suez Canal Economic

Devlopment Authority will own 60% of joint venture. (Bloomberg)

VimpelCom and Global Telecom Holding combine Pakistan telecom business with Warid Telecom VimpelCom Ltd. ("VimpelCom") and Global Telecom Holding S.A.E. ("GTH"), together with Warid Telecom Pakistan LLC and Bank Alfalah Limited ("Dhabi

Group shareholders"), have reached an agreement to merge their Pakistan telecom businesses. The merger of Pakistan Mobile Communications Limited

("Mobilink") and Warid Telecom (Private) Limited ("Warid") will see the combined entity serving 45 million customers. Together with continued

investments, the new entity will allow Mobilink and Warid to accelerate the availability of high-speed mobile telecommunications and provide consumers

and businesses with a best-in-class mobile network, more competitively priced services and wider access to enablement facilities such as mobile financial services. Commenting on the agreement, Jean-Yves Charlier, Chief Executive Officer of VimpelCom, said: "We are delighted to announce the agreement

with the Dhabi Group shareholders today to combine our businesses in Pakistan. With the addition of Warid to our already strong customer base at

Mobilink, we will serve more than 45 million customers and offer a best-in-class mobile and high-speed data network – a key factor in the digital

enablement of Pakistan's economy. This transaction follows a number of strategic milestones for the company, including our recent joint venture announcement with WIND and 3 Italia in Italy and the agreement to sell our operations in Zimbabwe. This is yet another important step in our journey to

continue delivering on our strategy to transform VimpelCom and improve our competitive position in our operating markets." The transaction is expected to

create Capex and Opex synergies with a net present value of approximately USD500 million. The combined revenue of both companies for the 12 months

to September 2015 was USD1.4 billion. Chairman of Dhabi Group, His Highness Sheikh Nahyan Mubarak Al Nahyan, said, "Creating the largest operator in

Pakistan is a significant milestone for Mobilink and Warid but also for Pakistan as a whole. Warid's partnership with Mobilink will create value for all

stakeholders and pave the way for exceptional and cost-efficient telecommunication services for customers. Both parties bring their unique strengths to

this merger. Warid, with its strong post-paid base and high quality 4G/LTE network will complement Mobilink's position in the market. We are very pleased

to continue to contribute to the strengthening of the competitive landscape for the broader telecom sector and the overall economy of Pakistan. The

transaction reaffirms my own and my fellow investors' long-standing and continuing commitment to Pakistan." VimpelCom and the Dhabi Group shareholders have agreed a clear corporate governance structure. The board will consist of seven directors, of whom six will be nominated by VimpelCom

and GTH and one nominated by the Dhabi Group shareholders. Upon successful completion of the transaction, Mobilink's CEO Jeffrey Hedberg will become

the CEO of the combined business and Mobilink's CFO Andrew Kemp will become the CFO of the combined function. (VimpelCom)

BTG sees USD1.1 billion in fund withdrawals after the arrest of Andre Esteves, while share price takes a hit

Grupo BTG Pactual SA’s clients took 4.2 billion reais (USD1.1 billion) out of some of the bank’s most liquid fixed-income funds in the two days following the

arrest of controlling shareholder Andre Esteves. The withdrawals on November 25 and 26, which can be seen in the latest available data on the securities

regulator’s website, represent about a third of the combined net assets of the 10 fixed-income funds listed on the bank’s website. Net assets stood at 12.7

billion reais on November 24, the day before the Brazilian billionaire was detained. BTG had 155.6 billion reais in assets under management at the end of

October, according to the country’s capital market’s association. Esteves was arrested November 25 on allegations he teamed up with Senator Delcidio

Amaral to interfere with the testimony of a former Petroleo Brasileiro SA executive who was jailed in January in the nation ’s biggest corruption scandal.

BTG Pactual interim Chief Executive Officer Persio Arida said in a letter to clients on Friday that the bank isn’t under investigation or accused of any

wrongdoing and that the company’s financial position is solid. BTG’s shares have lost 26% since Wednesday. Concerns about BTG Pactual’s funding and

liquidity prompted Moody’s Investors Service and Fitch Ratings to say this week that they were reviewing the bank’s credit rating for a possible downgrade.

(Bloomberg)

Rating Update

Moody's upgrades Kuwait's Gulf Bank deposit rating to A3 with stable outlook

Moody's Investors Service, ("Moody's") has upgraded Kuwait's Gulf Bank K.S.C.P long-term deposit ratings to A3 from Baa1 and the standalone baseline credit assessment (BCA) to ba1 from ba2. The bank's short-term deposit ratings were affirmed at Prime-2. Moody's has revised the outlook on long-term

ratings to stable from positive. The rating action is driven by: (1) continuing improvements in asset quality and provisioning coverage; (2) the

strengthening of the bank's risk management practices and a further reduction of balance sheet risk, which Moody's expects will contain the risk of a

resurgence in NPL formation; and (3) the rating agency's expectation that core profitability will remain resilient and capitalisation buffers will remain

adequate driven by a conservative implementation of Basel III capital requirements by Kuwait's central bank. (Bloomberg)

Moody's affirms Al Ahli Bank of Kuwait's A2/Prime-1 ratings with stable outlook Moody's Investors Service, ("Moody's") has affirmed all ratings on Al Ahli Bank of Kuwait K.S.C.P. (ABK), including the bank's deposit ratings (A2/Prime-1),

baseline credit assessment (BCA) and adjusted BCA (baa3), and counterparty risk assessment (A1(cr)/Prime-1(cr)). The outlook on all long-term ratings is

stable. The action follows the conclusion of ABK's deal with Greece's Piraeus Bank SA to acquire 98.5% of Piraeus Bank Egypt (PBE). (Bloomberg)

S&P Affirms 'BB+/B' rating On Indian Overseas Bank with stable outlook Standard & Poor's Ratings Services said that it had affirmed its 'BB+' long-term issuer credit rating on India-based Indian Overseas Bank (IOB). The

outlook is stable. At the same time, it affirmed its 'B' short-term rating and 'BB+' long-term issue rating on the bank. "The rating affirmation reflects our

expectation that a "very high" likelihood of timely and sufficient extraordinary support from the government of India will help IOB withstand continuing

weakness in operating performance," said Standard & Poor's credit analyst Amit Pandey. IOB's aggressive growth over the past several years has stressed

its internal control system, in our view. The bank's reported nonperforming loan (NPL) ratio rose sharply to 11% in September 30, 2015, from 7.35% as of

Sept. 30, 2014, and is the highest among the Indian banks that we rate. The bank's standard restructured ratio is also one of the highest, at 8.9%. Most of

this restructuring took place during the past few years and we expect slippages to continue to occur in the restructured loan book. The resultant high credit

costs have strained IOB's earnings, which remain abysmally low. (Bloomberg)



Moody's places Indika's B2 on review for downgrade

Moody's Investors Service has placed the B2 corporate family rating (CFR) of Indika Energy Tbk (P.T.) (Indika) on review for downgrade. At the same time,

Moody's placed the B2 ratings on the USD300 million notes due 2018 and the USD500 million notes due 2023, issued by Indo Energy Finance B.V. and Indo Energy Finance II B.V., respectively, on review for downgrade. The two issuers are wholly owned subsidiaries of Indika. The notes are unconditionally

guaranteed by Indika. On 23 November 2015, Indika announced an offer to repurchase for cash up to USD100 million of its outstanding USD300 million

senior notes due May 2018. Indika has offered to repurchase the notes at between USD600 and USD650 per USD1,000 tendered, including a USD50 early

tender premium. The offer only impacts roughly 10% of Indika's outstanding debt and a third of its 2018 notes. (Bloomberg)

Fixed Income Trading

November 29, 2015 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

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 98.42 98.42 2.84 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 100.26 100.26 2.54 A- /*-/A3/A UNITED STATES Sr Unsecured 2,000

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.05 100.05 2.24 A/A2/AA- UNITED STATES Sr Unsecured 100,000

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 100.09 100.09 2.33 A/A2/AA- UNITED STATES Sr Unsecured 100,000

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.61 98.61 1.95 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.63 99.63 2.20 BBB/Baa3/- UNITED KINGDOM Sr Unsecured 200,000

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 101.14 101.14 2.69 BBB/Baa3/- UNITED KINGDOM Sr Unsecured 200,000

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 100.30 100.30 2.12 A /*-/A3/A+ UNITED STATES Sr Unsecured 2,000

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.58 99.58 2.36 A /*-/A3/A+ UNITED STATES Sr Unsecured 2,000

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.11 100.11 2.37 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.29 99.61 2.50 A/A2/A AUSTRALIA Sr Unsecured 2,000

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 97.31 97.31 3.35 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.25 99.25 2.38 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.43 99.43 1.99 AA/A2/A UNITED STATES Sr Unsecured 2,000

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 99.51 99.51 2.27 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 99.13 99.13 2.47 A /*-/A3/A UNITED STATES Sr Unsecured 2,000

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.12 100.12 2.21 A+ /*-/A2/A UNITED STATES Sr Unsecured 250,000

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 98.92 98.92 2.11 A/A1/A UNITED STATES Sr Unsecured 2,000

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.09 100.09 2.23 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 98.72 98.72 2.20 -/Aaa/AAA CANADA Secured 1,000

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.65 99.65 2.17 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 99.08 99.08 2.88 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 99.72 99.72 2.19 AA-/Aa1/- NETHERLANDS Sr Unsecured 1,000

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.46 99.30 1.85 A+/A1/A GERMANY Sr Unsecured 250,000

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 100.54 100.54 2.02 A+/A1/A GERMANY Sr Unsecured 250,000

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.42 98.42 2.63 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.13 100.13 2.32 A/A2 /*+/A SWITZERLAND Sr Unsecured 250,000

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.64 99.64 1.66 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 93.89 93.89 3.90 A- /*-/A3/- GERMANY Sr Unsecured 200,000

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 102.19 102.19 1.46 A+ /*-/A2/AA- UNITED STATES Sr Unsecured 1,000

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 100.05 100.05 2.14 A+ /*-/A2/AA- UNITED STATES Sr Unsecured 1,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 2


November 29, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.31 99.88 2.56 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000


ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.68 96.20 4.42 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.41 99.98 2.51 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.92 100.41 2.87 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.52 99.16 2.99 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.42 97.75 3.19 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 100.06 100.71 4.38 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 98.92 99.75 3.23 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 99.27 99.85 2.56 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 94.12 95.58 5.39 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.18 94.82 4.66 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.88 102.30 1.66 A-/A1/- QATAR Sr Unsecured 200,000

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 100.11 100.56 2.71 A-/A1/- QATAR Sr Unsecured 200,000

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.72 101.21 2.86 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.50 102.23 1.99 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.82 98.64 3.25 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.36 99.96 4.33 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 98.70 99.37 3.40 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 101.20 101.77 4.31 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 101.00 101.84 4.05 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 102.05 102.67 2.56 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.70 99.69 2.04 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 100.19 100.88 3.01 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.13 99.71 3.07 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.61 100.18 2.32 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.34 102.24 3.20 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.87 102.31 1.96 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.75 101.26 2.16 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.11 101.65 2.69 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.62 98.25 3.07 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.44 100.06 2.73 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.36 100.18 4.60 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.46 100.04 3.50 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 79.68 80.86 7.65 BBB-/-/BBB- BAHRAIN Unsecured 200,000



November 29, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 89.27 90.41 5.26 BBB/A3/- OMAN Sr Unsecured 200,000

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 101.71 102.38 4.41 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.89 98.79 2.60 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 100.31 100.81 3.11 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 500 FIXED 3.00 101.78 102.46 2.34 -/Baa2/A UNITED ARAB EMIRATES Sr Unsecured 200,000

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.23 95.23 4.93 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 100.09 100.75 2.92 -/A3/- OMAN Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 101.66 102.22 1.55 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.78 102.28 2.35 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.12 98.68 2.58 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.63 98.29 3.52 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 95.42 96.25 4.27 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 98.07 99.07 4.56 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.92 102.42 2.20 A-/A2/A+ QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.58 102.05 1.68 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.05 99.60 2.31 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.31 100.85 2.45 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.55 101.06 2.62 -/Aa3/AA- QATAR Sr Unsecured 200,000

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 102.38 103.04 2.20 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.64 98.59 3.67 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.38 100.88 2.30 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.41 100.91 1.97 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 101.32 102.00 3.50 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.52 101.25 2.40 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 98.14 98.86 3.13 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.15 101.58 1.34 AA/Aa2/- QATAR Sr Unsecured 200,000


TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.75 102.25 2.33 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



November 29, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.40 98.96 3.30 A-/A2/A MEXICO Sr Unsecured 200,000

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.93 92.36 4.89 A-/A2/A MEXICO Sr Unsecured 200,000

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 75.02 77.05 11.08 -/Baa3 /*-/BBB- /*- BRAZIL Sr Unsecured 200,000

#REF! #REF! perp #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! perp #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1440 FIXED 5.75 94.00 94.00 6.75 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 96.35 97.75 5.36 BB+/Baa3/BBB- BRAZIL Sr Unsecured 150,000

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 94.98 96.02 5.53 BB+/Baa3/BBB- BRAZIL Sr Unsecured 150,000

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 92.28 93.45 6.26 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 85.35 86.23 6.12 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 90.42 91.23 6.54 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 78.05 79.01 7.68 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 94.78 95.62 5.65 BBB/Baa3/- BRAZIL Sr Unsecured 2,000

FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 81.75 82.25 5.70 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 88.00 88.00 5.98 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 81.63 82.63 7.12 BB+/Baa3/BBB- BRAZIL Sr Unsecured 100,000

FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 75.25 75.25 7.00 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 90.77 91.79 4.92 A-/-/A MEXICO Sr Unsecured 150,000

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 91.53 93.07 7.39 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 80.01 81.12 8.21 BBB-/Baa3/BBB- BRAZIL Sr Unsecured 200,000

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 87.36 88.37 5.83 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.58 98.50 4.08 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 104.49 105.43 5.65 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000


MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.57 101.40 5.22 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 91.18 91.89 4.85 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 93.64 94.44 5.02 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 94.15 95.00 5.14 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 84.05 84.90 6.81 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.60 98.85 2.92 -/Baa2/- PHILIPPINES Sr Unsecured 10,000

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 94.41 95.26 5.47 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 90.40 90.40 4.17 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 98.00 98.00 4.29 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 88.60 88.60 5.81 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 96.59 97.16 4.26 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000



November 29, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 93.32 93.91 4.35 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 96.75 97.18 4.51 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 92.42 93.07 5.77 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 87.43 88.22 5.46 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 91.74 92.28 5.67 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.90 95.60 4.48 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 101.23 101.86 4.88 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 85.93 86.83 5.82 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 101.24 102.05 6.35 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 98.26 99.08 3.87 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 91.76 92.21 4.51 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 94.63 95.27 4.84 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 87.35 87.93 5.76 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 95.15 95.87 4.76 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 99.24 99.99 3.75 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 95.47 96.34 5.42 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 98.22 98.62 5.94 BBB-/Baa3/BBB- TURKEY Unsecured 200,000

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 99.00 99.00 3.73 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 94.80 94.80 5.10 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 93.00 93.00 5.05 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 86.39 87.12 7.00 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 77.11 78.41 9.22 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 76.00 76.91 9.30 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 67.15 68.40 8.68 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 96.84 97.41 4.70 -/Baa3/BBB TURKEY Sr Unsecured 200,000



November 29, 2015 USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.75 99.10 3.71 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.87 103.57 3.38 -/Baa3/- INDIA Sr Unsecured 200,000

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.78 101.23 2.95 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.97 102.46 2.71 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.55 98.80 3.42 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 98.24 99.33 4.09 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.62 104.28 3.91 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 99.41 99.94 4.38 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.90 103.16 2.08 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.58 104.00 2.77 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.98 99.32 2.92 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.84 99.21 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.84 102.53 3.59 BBB-/Baa3/- INDIA Sr Unsecured 200,000

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.97 101.32 2.40 BBB-/Baa3/- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.61 101.95 3.01 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 100.01 100.49 3.01 BBB-/Baa3/- INDIA Sr Unsecured 200,000

IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 102.04 102.39 3.29 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.78 102.05 2.28 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 103.15 103.38 2.82 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.59 102.60 4.03 BBB-/-/BBB- INDIA Sr Unsecured 200,000

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.76 103.14 2.89 -/Baa2/BBB- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.81 101.16 2.91 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 98.31 98.89 3.92 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.68 103.27 4.17 BBB-/Baa2/- INDIA Sr Unsecured 200,000

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.93 100.69 3.76 BBB-/-/BBB- INDIA Sr Unsecured 200,000

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 99.02 99.53 4.19 BBB+/Baa2/- INDIA Sr Unsecured 250,000

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 92.02 93.33 5.33 BBB+/Baa2/- INDIA Sr Unsecured 250,000

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 103.07 103.45 2.00 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.69 102.08 2.34 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.61 102.96 2.70 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.73 103.15 2.74 BBB-/Baa3/- INDIA Sr Unsecured 200,000

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.44 103.00 3.07 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.53 103.89 2.31 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.60 102.15 2.85 BBB-/Baa3/- INDIA Sr Unsecured 200,000



November 29, 2015 USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 101.99 102.45 1.53 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 101.20 101.77 4.31 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 111.22 111.97 2.90 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 104.17 104.63 1.55 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 99.71 100.17 1.96 AAA/Aa1/- HONG KONG Unsecured 200,000

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 98.82 99.23 2.07 AAA/Aa1/- HONG KONG Sr Unsecured 200,000

IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 100.06 100.59 1.29 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 97.03 97.73 3.33 A-/A3/- MALAYSIA Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 93.90 96.06 4.48 A-/A3/- MALAYSIA Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.92 102.42 2.20 A-/A2/A+ QATAR Sr Unsecured 200,000

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 102.11 102.79 5.96 B-/B3/B PAKISTAN Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.36 104.84 2.30 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 96.75 96.75 4.81 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 109.72 110.26 2.83 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 93.38 93.97 4.31 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 99.61 99.93 2.72 A-/A1/- MALAYSIA Sr Unsecured 200,000





SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 92.55 93.55 5.97 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 99.58 100.39 3.94 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 101.32 102.00 3.50 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 103.00 103.50 3.12 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 108.85 109.24 2.85 A-/A3/- MALAYSIA Sr Unsecured 250,000

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.90 101.03 1.25 A-/A3/- MALAYSIA Sr Unsecured 250,000



November 29, 2015 USD Commodity and Energy


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating



ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.68 96.20 4.42 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ALCOA INC US013817AW16 1-Oct-2024 1250 FIXED 5.13 95.57 95.57 5.77 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG03762CG79 27-Sep-2017 750 FIXED 2.63 95.99 95.99 4.95 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 83.50 83.50 8.12 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 82.40 82.40 8.25 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 75.55 75.55 9.00 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured 200,000

ANGLOGOLD HOLDINGS PLC US03512TAA97 15-Apr-2020 700 FIXED 5.38 94.00 95.50 6.57 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

ANGLOGOLD HOLDINGS PLC US03512TAC53 1-Aug-2022 750 FIXED 5.13 87.93 88.77 7.28 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

BARRICK GOLD CORP US067901AL20 1-Apr-2022 814 FIXED 3.85 89.40 89.40 5.88 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 87.64 87.64 6.20 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BARRICK NA FINANCE LLC US06849RAF91 30-May-2021 1329 FIXED 4.40 94.43 94.43 5.59 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 98.06 98.61 3.12 A+/A1/A+ AUSTRALIA Sr Unsecured 2,000

BP CAPITAL MARKETS PLC US05565QCB23 6-Nov-2022 1000 FIXED 2.50 96.01 96.01 3.14 A/A2/A UNITED KINGDOM Sr Unsecured 1,000

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 97.29 97.29 3.16 A/A2/- UNITED KINGDOM Sr Unsecured 1,000

CNOOC FINANCE 2013 LTD US12625GAC87 9-May-2023 2000 FIXED 3.00 95.31 95.67 3.67 AA-/Aa3/- CHINA Sr Unsecured 200,000

CNOOC FINANCE 2015 US US12634MAB63 5-May-2025 2000 FIXED 3.50 96.60 96.99 3.88 AA-/Aa3/- CHINA Sr Unsecured 200,000

CODELCO INC USP3143NAN41 3-Nov-2021 1150 FIXED 3.88 98.48 99.24 4.02 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAP98 17-Jul-2022 1250 FIXED 3.00 91.94 92.36 4.34 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAW40 16-Sep-2025 2000 FIXED 4.50 95.94 96.56 4.95 AA-/A1/A+ CHILE Sr Unsecured 200,000

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 96.39 96.39 2.97 A/A2/A UNITED STATES Sr Unsecured 2,000

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 100.49 100.49 3.28 A/A2/A UNITED STATES Sr Unsecured 2,000

DOW CHEMICAL CO/THE US260543CH45 15-Nov-2022 1250 FIXED 3.00 100.00 100.00 3.00 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 99.55 99.55 3.56 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000

E.I. DU PONT DE NEMOURS US263534CK37 15-Feb-2023 1250 FIXED 2.80 96.37 96.37 3.37 A-/A3/A UNITED STATES Sr Unsecured 2,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 85.35 86.23 6.12 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ENCANA CORP US292505AJ36 15-Nov-2021 600 FIXED 3.90 93.73 93.73 5.14 BBB/Baa2/- CANADA Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 78.91 78.91 9.16 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 69.40 69.40 10.31 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAZ87 15-Mar-2023 1999 FIXED 3.88 68.52 68.52 10.07 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBL82 14-Nov-2024 850 FIXED 4.55 69.25 69.25 9.78 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AN03 15-Nov-2020 617 FIXED 6.50 83.63 83.63 10.86 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 81.95 81.95 10.51 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AN76 25-Oct-2017 1750 FIXED 2.70 91.88 91.88 7.36 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AH09 15-Nov-2021 1000 FIXED 4.95 83.60 83.60 8.52 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000



November 29, 2015 USD Commodity and Energy


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 80.01 80.01 8.09 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 82.00 82.00 9.27 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722583 15-Jan-2019 500 FLOATING 1.68 83.50 83.50 7.69 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1028955760 29-Apr-2019 1000 FIXED 3.13 83.06 83.06 9.00 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000


GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 79.42 79.42 7.80 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000


GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 95.15 95.15 4.49 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

HALLIBURTON COMPANY US406216BD29 1-Aug-2023 1100 FIXED 3.50 99.78 99.78 3.53 A/A2 /*-/A- UNITED STATES Sr Unsecured 2,000

KINROSS GOLD CORP US496902AJ65 1-Sep-2021 500 FIXED 5.13 84.00 84.00 8.72 BBB-/Ba1/BBB- CANADA Sr Unsecured 2,000


MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 97.31 97.31 3.35 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 89.43 89.43 4.60 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.57 101.40 5.22 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 96.92 96.92 3.80 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

NEWMONT MINING CORP US651639AN69 15-Mar-2022 1500 FIXED 3.50 89.15 89.15 5.57 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 100.79 100.79 3.40 A/A2/A UNITED STATES Sr Unsecured 2,000

PETROLEOS MEXICANOS US71656MBC29 23-Jul-2020 1500 FIXED 3.50 98.21 98.78 3.79 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 91.18 91.89 4.85 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETRONAS CAPITAL LTD USY68856AM84 18-Mar-2022 750 FIXED 3.13 98.87 99.35 3.24 A-/A1/- MALAYSIA Sr Unsecured 200,000

PETRONAS CAPITAL LTD USY68856AN67 18-Mar-2025 1500 FIXED 3.50 97.69 97.98 3.76 A-/A1/- MALAYSIA Sr Unsecured 200,000

POTASH CORP-SASKATCHEWAN US73755LAL18 15-Mar-2024 750 FIXED 3.63 99.13 99.13 3.75 A-/A3/- CANADA Sr Unsecured 2,000

POTASH CORP-SASKATCHEWAN US73755LAM90 1-Apr-2025 500 FIXED 3.00 94.08 94.08 3.76 A-/A3/- CANADA Sr Unsecured 2,000

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 96.03 96.91 4.15 A-/A3/- UNITED KINGDOM Sr Unsecured 2,000

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 95.87 95.87 3.57 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000

SCHLUMBERGER INVESTMENT USL81445AD75 1-Aug-2022 1000 FIXED 2.40 96.12 96.12 3.05 AA-/Aa3/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 99.62 99.62 3.30 AA-/Aa1/- NETHERLANDS Sr Unsecured 1,000

SINOPEC CAPITAL 2013 LTD USG81877AA34 24-Apr-2023 1250 FIXED 3.13 96.03 96.44 3.68 AA-/Aa3/- CHINA Sr Unsecured 200,000

SINOPEC GRP OVERSEA 2015 USG8201JAC56 28-Apr-2025 1500 FIXED 3.25 95.74 96.06 3.75 AA-/Aa3/- CHINA Sr Unsecured 200,000

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 95.37 95.37 3.18 AA-/Aa2/- NORWAY Sr Unsecured 1,000

STATOIL ASA US85771PAK84 15-Jan-2024 900 FIXED 2.65 96.04 96.04 3.21 AA-/Aa2/- NORWAY Sr Unsecured 1,000

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 98.16 98.16 3.02 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAL70 15-Sep-2020 1000 FIXED 4.63 93.37 93.80 6.14 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 86.39 87.12 7.00 BBB/Baa2/BBB+ BRAZIL Sr Unsecured 2,000

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 98.46 98.46 3.85 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000



November 29, 2015 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 96.30 96.76 1.37 A/A2/A NETHERLANDS Sr Unsecured 1,000

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 80.40 81.44 6.70 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured 100,000

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 98.44 98.93 1.45 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 97.41 97.88 1.62 A- /*-/Baa1/A UNITED STATES Sr Unsecured 100,000

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 95.09 95.85 1.46 A+/A1u/A- SPAIN Secured 100,000

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.84 100.19 1.47 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 97.56 98.02 1.03 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 96.33 97.04 1.20 A+/A1/A+ AUSTRALIA Sr Unsecured 100,000

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.96 97.76 1.51 AA-/A1/- UNITED STATES Sr Unsecured 100,000

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 96.20 96.80 1.38 A+/A2/- GERMANY Sr Unsecured 1,000

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 98.82 99.28 2.46 BBB/Baa2/A FRANCE Subordinated 100,000

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 99.24 99.78 1.14 A/A2/- UNITED KINGDOM Sr Unsecured 100,000

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 95.11 95.50 2.81 BBB/Baa3/A- FRANCE Subordinated 100,000

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 97.86 98.42 1.18 A+/A2/A- UNITED STATES Sr Unsecured 100,000

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 98.22 98.79 1.39 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 100.47 100.89 1.64 A- /*-/Baa1/A UNITED STATES Sr Unsecured 100,000

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 98.45 98.88 0.91 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.63 97.93 1.59 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 100,000

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 99.09 99.43 0.97 A/A2/A FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 98.62 98.92 1.07 A/A2/- FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 99.95 100.26 1.12 A/A2/- FRANCE Sr Unsecured 100,000

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 98.14 98.66 1.28 A-/Baa1/- FRANCE Sr Unsecured 100,000

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 95.50 96.00 3.26 BB+/Ba1/A- GERMANY Subordinated 1,000

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 94.39 94.87 1.73 BBB+/A3/A GERMANY Sr Unsecured 100,000

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 93.97 94.59 2.66 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000

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

COUPON0.00 94.87 95.13 0.91 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.50 99.86 0.82 AA+/A1/- UNITED STATES Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 74.32 75.35 6.98 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 73.03 74.02 6.98 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 67.41 68.43 6.35 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 100.88 101.24 1.18 A- /*-/A3/A UNITED STATES Sr Unsecured 1,000

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 99.53 100.03 1.12 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 98.74 99.11 1.27 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 100.22 100.71 1.42 A /*-/A3/A+ UNITED STATES Sr Unsecured 100,000

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 99.57 100.05 1.24 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000



November 29, 2015 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.79 98.26 1.42 A/A2/A AUSTRALIA Sr Unsecured 100,000

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 100.43 100.82 0.99 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.76 96.41 1.93 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 100.42 100.91 1.64 A- /*-/A3/A UNITED STATES Sr Unsecured 100,000

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 98.68 99.27 0.96 AA/A1/- SWITZERLAND Sr Unsecured 1,000

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 96.18 96.70 2.91 BBB/Baa2/BBB+ SPAIN Subordinated 100,000

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 98.11 98.67 1.15 A/A2/- GERMANY Sr Unsecured 1,000

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 98.67 99.16 2.73 -/Baa3/A- FRANCE Subordinated 100,000

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 97.21 98.08 3.38 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 98.51 99.03 1.02 AA-/Aa2/- NORWAY Sr Unsecured 100,000

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 100.45 101.08 1.25 AA-/Aa1/- FRANCE Sr Unsecured 100,000

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 92.16 92.92 1.95 A- /*-/A3/- GERMANY Sr Unsecured 1,000


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