mashreq · 2018-10-31 · mashreq fixed income trading daily market update sunday, january 10, 2015...

mashreq Fixed Income Trading

Daily Market Update Sunday, January 10, 2015

Market Update

UAE remains resilient to headwinds

The UAE’s economy has been resilient despite headwinds posed by a worldwide slowdown, although a tightening of liquidity across the GCC is expected to

have its repercussions this year, according to analysts. They argue that while the banking sector's fundamentals remain strong, the impact of lower oil

prices and subsequent decline in government revenues will have its impact on liquidity. There are also indications of a deceleration in financing growth,

pressure on spreads and a deterioration in credit quality, banking analysts said. However, like some of the major oil and gas exporters in the region,

despite the price plunge, the UAE is better prepared to weather the lean times. In fact, most GCC economies can face the cycle of two to three years of low oil prices through strategic spending plans and structural reforms, including deep subsidy cuts and new initiatives to generate state revenues like the

introduction of taxes and fees. While some projects, including investments in oil-related sectors, will be delayed in 2016, most of the strategic projects will

go ahead as planned. Economic indicators released by the Ministry of Economy and reports from the Federal Competitiveness and Statistics Authority show

that the UAE non-oil sectors contribute to more than two third of the country's gross domestic product (GDP). The UAE is also aiming to scale down the

share of hydrocarbon revenues in its economy by 20% by 2025. Dubai's GDP has been growing steadily over the years. The sustained growth was also

reflected in the latest Dubai budget which showed a surplus at a time when many other economies around the region are witnessing deficit due to lower

fuel prices. Dubai's budget allocation for 2016 is 12% more than the previous year and seeks to provide more than 3,000 job opportunities. The budget will

stimulate economic growth and has total expenditure of AED46.1 billion, with an operating surplus of AED3.4 billion. For Dubai, the trade sector has been

its backbone since its inception and has grown substantially over the last 10 years. From AED480 billion in total trade value in 2005, the non-oil trade has grown to AED966 billion during the first nine months of 2015, registering a growth of more than 100% in the last decade.

Rashed Al Zaabi, acting executive director of planning and statistics at the Abu Dhabi Department of Economic Development, expects Abu Dhabi emirate's

average growth rate to be around 4.2% between 2015 and 2019. He expects Abu Dhabi's non-oil sector to grow 4.6% in 2015 and 5.3% in 2016. Abu

Dhabi's GDP reached AED960.1 billion in 2014, marking a 3% increase from the AED931.8 billion recorded in 2013. Oil GDP dropped in 2014, however, to

reach AED489.7 billion - down from AED511.9 billion in 2013. (Khaleej Times)

Dubai realty posts robust growth Dubai real estate market has reached a stage of wise maturity and it is expected to maintain sustainable growth for years to come, according to a top

government official. Dubai property market continued to attract more investors in 2015 compared to 2014 despite lower oil prices, global economic

slowdown and political situation in the Middle East. Since the beginning of the 2015 there were reports that Dubai real estate market was witnessing

slowdown because of low oil prices and other regional conflicts, but the Dubai Land Department (DLD) data showed that 2015 recorded a significant growth

compared to the previous year. The emirate's real estate transactions jumped by 22.5% to AED267 billion in 2015 compared to AED218 billion in 2014,

according to the data available at DLD website. Dubai real estate market witnessed AED236 billion transactions in 2013 and AED154 billion transactions in

2012, the data showed. The second half of the year was better than the first half in terms of transactions and its values in the emirate. First six months of

2015 witnessed 23,000 transactions worth AED129 billion compared to 40,719 transactions worth AED138 billion during July to December. "DLD experts' reports assured that the Dubai market has reached a stage of wise maturity and rational dealing with the requirements by the various sides in the real

estate market," DLD director-general Sultan Butti bin Merjen said in a statement. "If we look at the moves that have been recorded over the past year

details, we can see clearly the optimal policies followed by senior developers to diversify their products and put forward their proposals to acquire full

confidence on the part of customers and investors," Bin Merjen said. (Khaleej Times)

UAE private sector growth slows to 40-month low in December The UAE’s non-oil private sector ended 2015 on a low note, with business conditions improving at the slowest rate in 40 months, according to a new report.

Data from the Emirates NBD UAE Purchasing Managers’ Index survey showed that a key factor weighing on the sector as a whole was relatively muted

growth of new work – the pace of expansion was the weakest since August 2011. The survey, sponsored by Emirates NBD and produced by Markit, also

revealed that output, employment and input buying rose more slowly, while charges decreased as firms competed to secure new clients. After adjusting for

seasonality, the headline Emirates NBD UAE PMI pointed to a loss of growth momentum in December. Falling from 54.5 in November to 53.3, the latest

reading was the lowest since August 2012. Despite still signalling a solid improvement in business conditions, it meant that the fourth quarter was the

weakest on average (53.9) since Q3 2012. (Arabian Business)

Al Habtoor Group to establish USD8.5 billion project in Egypt UAE-based Al Habtoor Group is planning to launch a large project worth USD8.5 billion in Egypt, Chairamn Khalaf Ahmad Al-Habtoor said on Wednesday.

The project will comprise a 1,476-roomed hotel over a 3 million square meters area, in addition to 274 apartments and villas, a golf club and an equestrian

club, the Chairman told Alarabiya TV satellite channel. Al-Habtoor also stressed the details of the project will be defined as per the vision of officials in

Egypt. He called upon Gulf Cooperation Council (GCC) businessmen to team up with the group in this project as well as other investments in Egypt. As for

the financing method for the project, the chairman said his group would rely on its owned cash flows in phase one, while bank loans may be sought in

other phases. (Reuters)

Fitch: Saudi budget looks positive but deficit will stay large Saudi Arabia's 2016 budget contains significant reforms and follows notable expenditure restraint during the second half of 2015, but the fall in oil prices

means that the deficit/GDP ratio will again be in double-digits, Fitch Ratings says. The 2016 budget outlines measures to rationalise expenditure, increase

non-oil revenues, and improve the fiscal policy framework. Petrol and utility price hikes were announced, and subsidy reform will proceed "gradually over

the next five years." The authorities aim to slow the growth of recurring expenditure, especially wages, salaries and allowances. Privatisations are planned.

Adopting a medium-term expenditure framework with a budget ceiling and creating a debt management office should strengthen management of the public

finances. The commitment to reform was shown on 28 December with a hike in petrol prices of 66% (91 octane) and 50% (95 octane). Water prices for industrial, government and large corporate users more than doubled and electricity, and gas and diesel prices were raised. The direct cost of subsidies to

the budget is less than 2% of GDP, but indirect subsidies (i.e. foregone revenue from oil that could be sold on international markets) are large. Taxes on

tobacco and soft drinks will be raised, and support for a GCC-wide value-added tax appears firmer. The full impact on the deficit will depend on the pace

and extent of implementation and the size of offsetting measures to allay the effect on low-and middle-income families. (Bloomberg)

US economy added 292,000 jobs in December with unemployment rate stable at 5% The US employers added 292,000 new jobs in December, as hiring sped up toward the end of the year. Economists polled by MarketWatch had expected a

gain of 215,000 nonfarm jobs, whereas Bloomberg consensus was for 200,000 additions. The unemployment rate remained at 5%, largely because almost

a half-million people joined the labor force. Employment gains for November and October, meanwhile, were revised up by a combined 50,000, the Labor

Department said on Friday. The government said 252,000 new jobs were created in November instead of 211,000. October's gain was raised to 307,000

from 298,000, marking the biggest increase of 2015. In a surprise, average hourly wages paid to American workers fell a penny to USD 25.24 (0% change

MoM). Still, hourly pay has risen 2.5% in the past 12 months, matching a six-and-a-half-year high. The amount of time people worked each week was

unchanged at 34.5 hours. The labor-force participation rate rose a tick to 62.6%. (Market Watch/Bloomberg)



US stocks sink in worst week since 2011 as China revives angst

Volatility erupted anew in financial markets as a fresh year brought jarring swings, anxiety about global growth and the worst start on record for equities

both in the U.S. and in the world. The Standard & Poor’s 500 Index tumbled 6% in the week, the biggest drop since September 2011 and the steepest slide

over five days to begin a year on record. Even a blockbuster jobs report that bolstered optimism in the world ’s largest economy wasn’t enough to arrest the

freefall, with an end-of-week rally stalling as investors shunned U.S. equities heading into the weekend. It was the same story everywhere. China’s

Shanghai Composite Index slid 10% for the week, while Europe’s Stoxx 600 Index lost 6.7% for its biggest drop in four years. A gauge of emerging-market

equities compiled by MSCI fell 6.8%, while its all-world index dropped 6.2% in its worst week since 2011. While the primary culprit was China, where a

surprise weakening of the nation’s currency fueled concern that a slowdown there is worse than thought, a host of factors contributed to the rout. Crude

prices plunged to a 12-year low, reviving fears that indebted energy producers won’t be able to remain solvent. North Korea tested a nuclear weapon,

heightening geopolitical worries, and Middle East tensions mounted. (Bloomberg)

China's stabilizing consumer prices leave more room for stimulus

China’s consumer inflation remains muted at about half the government’s target for 2015, leaving policy makers more room to add to their record stimulus

to help boost flagging growth. The consumer price index rose 1.6% in December from a year earlier, the National Bureau of Statistics said Saturday. That

rise, which matched economist forecasts, followed a gain of 1.5% in November. The producer price index fell 5.9% for the fifth straight month, extending

declines to a record 46 months. Economists had projected a 5.8% decline. While the nation ’s top leaders have vowed to support the real-estate market and

reduce overcapacity this year, a protracted slowdown will make those tasks difficult to achieve. Food prices helped drive the CPI gain, climbing 2.7% from

a year earlier, while non-food prices rose 1.1%. Prices of consumer goods gained 1.5% and those for services advanced 2.1%, NBS said. (Bloomberg)

Credit market's fear gauge jumps to 3-year high on China, oil The cost to protect against defaults by North American investment-grade companies rose to the highest level in three years amid a new year’s equities rout

triggered by the latest cracks in China’s financial market. The end cost for high-yield debt approached a three-year high as concern grew that the selloff in

Chinese capital markets will weigh on a global economy already reeling from an extended commodities slump. The risk premium on the Markit CDX North

America Investment Grade Index, which is composed of 125 equally weighted credit-default swaps on investment grade entities, soared 10.4 basis points

this week to 98.65 basis points in New York. That’s the highest level since December 2012. A similar benchmark for junk debt jumped 52.36 basis points

this week to 522.27 basis points, compared with 522.76 basis points on Dec. 11 that was the most since December 2012. (Bloomberg)

Argentina to resume debt talks with holdout creditors next week Argentina will restart negotiations with disgruntled creditors headed by Elliott Management on Wednesday in New York, a month after President Mauricio

Macri took office, with court-appointed debt mediator Daniel Pollack overseeing the talks. Argentine Finance Secretary Luis Caputo will travel to New York

on Monday, a Finance Ministry press official told reporters in Buenos Aires. The last time an Argentine government official sat down with the holdout

creditors was in July 2014 when former Economy Minister Axel Kicillof failed to reach a deal, triggering the nation’s second default in 13 years. US District

Judge Thomas Griesa is blocking payments on about USD30 billion of Argentina’s restructured debt until a settlement is reached with holdouts. Caputo, a

former Deutsche Bank AG and JPMorgan Chase & Co. banker, has met with Pollack at his office in New York twice since Macri won the November 22nd runoff election. Caputo was in New York last week meeting with attorneys as Argentina plans to hire an additional law firm to work with Cleary Gottlieb

Steen & Hamilton LLP, the official said. (Bloomberg)

Franc key to Swiss economy in 2016, central banker says

The Swiss central bank expects the “overvalued” franc to stay at its current level or slightly weaken in 2016, its chairmanThomas Jordan said on Saturday.

In fact, a big drop in the currency would be welcome, Mr. Jordan said. The Alpine country’s economy came under pressure last year after the Swiss

National Bank decided to scrap a long-standing cap on the franc of 1.20 to the euro. The decision sent the franc soaring in value against the euro, the

currency of Switzerland’s main export market. That hurt exports, which were suddenly more expensive for foreign buyers. The franc gave back ground

during 2015, providing some relief. The currency’s value will have a major effect on the Swiss economy this year, Mr. Jordan said. “If the franc weakens a

lot, that would be very good for the economy: Exports would be much better and growth would be more,” Mr. Jordan said in a radio interview with state

broadcaster SRF. “If the franc rises, it will go the other way.” (The Wall Street Journal)

Bill Gross says tough time for bonds if Fed relies on jobs

Bill Gross says bonds will have a tough period ahead if theFederal Reserve relies on job growth as a critical measure for raising interest rates. After a Labor

Department report on Friday showed that payroll growth surged in December to 292,000, Gross said it appears that the Fed is on track to raise rates three

or four times this year, based on statements from policy makers. "If the Fed continues to believe jobs are a critical element as opposed to aggregate

demand and global growth, bonds have a sad period ahead of them," Gross, the lead manager of the USD1.3 billion Janus Global Unconstrained Bond Fund, said in a Bloomberg Radio interview. The Federal Reserve raised interest rates in December for the first time in almost a decade after a strong year

of job growth. Payrolls increased by 2.65 million last year compared with 3.1 million in 2014 -- the best back-to-back years for hiring since 1998-99. The

central bank is counting on job growth leading to increases in worker pay and inflation. "The Fed does believe that jobs and the unemployment rate is

critical to future inflation over the medium term," Gross said. "So the three or four Fed steps that Stan Fischer and Janet Yellen seem to confirm are

probably on track, at least in their verbiage." Gross said he doesn’t think it’s possible to raise interest rates by 100 basis points in today’s levered global

economy, in which the dollar is rising and hurting companies in emerging markets. Bonds will be stable if the Fed only raises interest rates one or two

times over next 12 months, said Gross. In Gross’s monthly investment outlook Thursday, Gross warned that demographics, including the aging of the Baby

Boom generation, will lead to slower US growth over the next few decades. "Long-term then, as opposed to currently, think about increasing your asset allocation to the developing world," he wrote. Gross’s Janus Global Unconstrained Bond Fund rose 0.2% in the last 12 months, beating 80% of its peers,

according to data compiled by Bloomberg. (Bloomberg)

George Soros sees crisis in global markets that echoes 2008 Global markets are facing a crisis and investors need to be very cautious, billionaire George Soros told an economic forum in Sri Lanka on Thursday. China

is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, Soros said in Colombo. A return to

positive interest rates is a challenge for the developing world, he said, adding that the current environment has similarities to 2008. Global currency, stock

and commodity markets are under fire in the first week of the new year, with a sinking yuan adding to concern about the strength of China’s economy as it

shifts away from investment and manufacturing toward consumption and services. Almost USD2.5 trillion was wiped from the value of global equities this

year through Wednesday. “China has a major adjustment problem,” Soros said. “I would say it amounts to a crisis. When I look at the financial markets

there is a serious challenge which reminds me of the crisis we had in 2008.” (Bloomberg)

Fitch: Leverage, capital outflows limit policy space in EM Asia Fitch Ratings says Emerging Asia's (EM Asia) private consumption has remained resilient in the face of weaker external demand. However investment has

slowed down more substantially, particularly in the private sector. The slowdown may not only reflect cyclical factors, but also lower potential growth for

countries most economically linked to China. High leverage and risk of capital outflows constrain the use of monetary policy as a countercyclical tool in

some EM Asia economies. Fiscal policy could be a substitute where monetary policy is inflexible. Lower government deficits and debt levels could increase



fiscal space, but politics and policy rules could also prove to be a barrier in practice. (Bloomberg)

Fitch: Noble able to manage increased collateral requirements

Fitch Ratings says that Noble Group Limited's (Noble, BBB-/Stable) increased collateral requirements following a series of credit events in 2015 is manageable given its improved liquidity following asset sales. A trading company like Noble could face increased collateral and/or security requirements

from counterparties if the latter view that its credit profile has weakened. This could result in weakening of the company's liquidity position as the company

will have to use more letters of credit (LCs) as forms of payment. In addition, some derivative contracts might require the posting of additional margins in

the event of a credit rating downgrade. Lastly, the company's cost of finance from its bank lines could rise, or its available bank facilities may even shrink.

According to Noble's management, it estimated in 2015 that the additional margin requirements from a credit rating downgrade would be in the range of

USD100 million-200 million. Management has informed Fitch that the company has not breached this range, even with the recent downgrade of its ratings

to sub-investment grade by one of the credit rating agencies. Fitch believes that the additional collateral requirements can be adequately covered by the

company following its disposal of Noble Agri Limited. Fitch will continue to monitor the potential impact on Noble of the factors mentioned above, and any

significant increase in collateral needs or funding costs could result in negative rating action. (Bloomberg)

Ratings Update

Moody's assigns (P)A3 rating to Sharjah's second sovereign sukuk

Moody's Investors Service has assigned a provisional rating of (P)A3 to the proposed US dollar Trust Certificates to be issued by Sharjah Sukuk (2) Limited

("the Issuer"), a special purpose vehicle established in the Cayman Islands by the Government of Sharjah. The payment obligations associated with these certificates are direct obligations of the Government of Sharjah. "The Government of Sharjah's second sukuk offering reflects the Sharjah government's

increased focus on market funding, and a re-profiling of the government's debt burden that has resulted in lower financing costs" commented Mathias

Angonin, a Moody's sovereign analyst. "Moody's A3 government bond rating on Sharjah is primarily supported by the emirate's very strong fiscal and

government debt position, which is offset to some degree by the emirate's small scale and volatile growth track record, while the Sharjah government

benefits from the emirate's membership in the United Arab Emirates" notes Angonin. According to Moody’s, the payment obligations represented by the

securities to be issued by Sharjah Sukuk (2) Limited are ranked pari passu with other senior, unsecured debt issuances of the Government of Sharjah.

Moody's (P)A3 rating to the proposed sukuk issuance is in line with the Government of Sharjah's A3 issuer rating given sukuk certificate holders will

effectively be exposed to Sharjah's senior credit risk and will not be exposed to the risk of performance of the land and building assets relating to the

certificates. Moody's is expected to remove the provisional status of the rating upon the closing of the proposed issuance and a review of its final terms.

Furthermore the sukuk rating does not express the agency’s opinion on the structure's compliance with Shari'ah law.

The credit strength of the emirate is primarily supported by its very strong fiscal and government debt position. Aided by a competitive manufacturing

sector, Sharjah's credit strength is also supported by the relatively higher degree of economic diversification -- compared to the rest of the United Arab

Emirates (UAE, Aa2 stable) and countries in the Gulf Cooperation Council (GCC). There are benefits conferred by Sharjah's membership in the UAE

federation. However, given the small size of the emirate's economy and its economic linkages with the rest of the UAE, Sharjah is exposed to

macroeconomic volatility. Institutional weaknesses are also manifested in a low degree of transparency from a statistical system that has limited coverage

of economic data. (Bloomberg)

Noble Group downgraded to junk status by Standard & Poor’s

Standard & Poor’s on Thursday downgraded Noble, saying the Hong Kong-based trader could face difficulty raising funds as lenders grow wary of

companies exposed to the commodities rout. The cut followed a similar move by Moody’s last month. Noble’s accounting practices have been under

scrutiny since a research firm claimed early last year that the company inflated asset values and booked profits on deals long before receiving any cash

from the transactions. Noble has robustly denied the accusations, but its Singapore-listed shares have since fallen more than 70%, to their lowest level

since the financial crisis, while the yield on the company’s benchmark bond has soared to more than 20% — effectively shutting the trader out of the long-

term debt market. “In our view, the company’s credit standing in the capital markets and with lenders has weakened, reflected in its depressed securities

prices,” said Cindy Huang, an S&P analyst. Lowering Noble’s credit rating to BB+, one notch below investment grade, S&P warned further downgrades

could follow within three months if the company did not raise capital. “The current depressed commodity markets and heightened risk aversion by lenders

could complicate the company’s fundraising plans for the next few months,” said Ms Huang. Noble said it was confident the S&P downgrade would not have

a “material impact” on its business, despite many traders saying an investment grade rating is essential in a fiercely competitive industry that operates on

razor-thin margins. (Financial Times)

Fixed Income Trading

January 9, 2016 USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

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

Risk

Rating

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 97.22 97.74 3.27 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 99.10 99.80 3.62 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ADOBE SYSTEMS INC US00724FAC59 1-Feb-2025 1000 FIXED 3.25 97.96 99.93 3.26 A-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 96.71 97.75 3.05 A/A2/A- FRANCE Sr Unsecured 1,000 P2

ALCOA INC US013817AV33 15-Apr-2021 1250 FIXED 5.40 96.03 96.03 6.30 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000 P2

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 97.49 98.07 2.81 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.10 97.89 2.99 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

AMERICAN INTL GROUP US026874DD67 10-Jul-2025 1250 FIXED 3.75 99.20 100.11 3.74 A-/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 97.63 98.20 3.31 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 95.95 96.58 3.84 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 98.56 98.56 3.53 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GFP90 21-Apr-2025 2500 FIXED 3.95 97.33 97.33 4.30 BBB/Baa3/A- UNITED STATES Subordinated 2,000 P3

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 95.83 96.59 4.10 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P2

BARRICK GOLD CORP US067901AQ17 1-May-2023 730 FIXED 4.10 85.68 86.40 6.46 BBB-/Baa3/- CANADA Sr Unsecured 2,000 P4

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 92.38 93.07 4.17 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BHP BILLITON FIN USA LTD US055451AU28 30-Sep-2023 1500 FIXED 3.85 95.10 95.95 4.48 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 97.89 97.89 3.44 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 94.09 94.87 3.55 A/A2/- UNITED KINGDOM Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 97.31 98.28 3.73 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P2

BPCE SA US05578UAD63 15-Mar-2025 1250 FIXED 4.50 96.31 97.10 4.90 -/Baa3/A- FRANCE Subordinated 200,000 P3

CITIGROUP INC US172967GT25 15-May-2023 1250 FIXED 3.50 97.76 98.49 3.74 BBB/Baa3/A- UNITED STATES Subordinated 1,000 P3

CITIGROUP INC US172967JL61 26-Mar-2025 1000 FIXED 3.88 97.17 97.78 4.17 BBB/Baa3/A- UNITED STATES Subordinated 1,000 P3

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 91.53 92.95 3.56 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 92.48 93.78 4.20 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 2500 FIXED 3.75 97.06 97.69 4.05 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000 P2

CREDIT AGRICOLE SA USF2R125AC99 17-Mar-2025 1500 FIXED 4.38 97.07 97.86 4.66 BBB/Baa3/A- FRANCE Subordinated 200,000 P3

DAIMLER FINANCE NA LLC USU2339CBX57 19-May-2025 650 FIXED 3.30 97.68 98.44 3.50 A-/A3/A- GERMANY Sr Unsecured 150,000 P2

DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 100.03 100.75 3.60 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P2

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 97.82 97.82 3.80 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

ELECTRICITE DE FRANCE SA USF2893TAS53 13-Oct-2025 1250 FIXED 3.63 98.38 99.04 3.74 A+/A1/A FRANCE Sr Unsecured 2,000 P2

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 97.82 98.82 3.44 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 97.08 98.12 3.92 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 94.81 94.81 4.41 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 94.85 94.85 4.71 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 75.06 76.59 8.92 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 72.82 74.31 8.95 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 71.37 73.58 9.25 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

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


January 9, 2016 USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 90.46 91.71 5.09 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P2

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 98.65 99.42 3.58 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P2

JPMORGAN CHASE & CO US46625HJY71 10-Sep-2024 3000 FIXED 3.88 99.54 100.27 3.84 BBB+/Baa1/A UNITED STATES Subordinated 2,000 P3

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 97.13 97.83 3.41 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

KINDER MORGAN INC/DELAWA US49456BAF85 1-Jun-2025 1500 FIXED 4.30 87.66 87.66 6.04 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P4

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 100.58 101.33 3.33 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 96.11 96.11 3.40 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 81.95 81.95 6.08 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 81.66 81.66 6.49 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 94.01 95.42 4.26 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P3

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 98.49 98.49 3.57 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 97.79 98.50 2.94 AA/A1/A UNITED STATES Sr Unsecured 2,000 P2

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 95.59 96.96 3.80 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 92.71 95.03 4.66 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P2

MYLAN INC USU62472AF96 15-Jan-2023 750 FIXED 3.13 91.89 92.61 4.36 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P2

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 97.90 99.13 3.61 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

QUALCOMM INC US747525AF05 20-May-2025 2000 FIXED 3.45 96.04 96.67 3.88 A+/A1/- UNITED STATES Sr Unsecured 2,000 P2

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 99.58 99.58 3.43 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000 P2

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 91.11 91.96 4.82 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 90.88 91.51 4.37 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

ROLLS-ROYCE PLC USG76237AB53 14-Oct-2025 1000 FIXED 3.63 98.21 99.20 3.72 A/A3/A UNITED KINGDOM Sr Unsecured 200,000 P2

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 97.57 98.64 3.42 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P2

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 100.40 101.25 3.09 A+/A1/A GERMANY Sr Unsecured 250,000 P2

SOCIETE GENERALE USF8586CH211 14-Apr-2025 1500 FIXED 4.25 94.89 95.68 4.83 BBB/Baa3/A- FRANCE Subordinated 200,000 P3

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 93.78 94.59 3.90 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 95.02 95.97 3.09 AA-/Aa2/- NORWAY Sr Unsecured 1,000 P2

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 97.94 98.56 3.78 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 95.94 96.71 3.25 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000 P2

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 94.53 97.31 4.00 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 98.78 99.42 3.58 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 97.34 98.03 4.56 BBB-/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.12 93.82 3.54 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

VODAFONE GROUP PLC US92857WBC38 19-Feb-2023 1600 FIXED 2.95 93.99 94.89 3.78 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

WALGREENS BOOTS ALLIANCE US931427AF53 18-Nov-2021 1250 FIXED 3.30 98.48 99.13 3.46 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P2

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 96.96 97.74 3.29 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P2



January 9, 2016 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 99.94 100.29 2.30 A/A1/A UNITED KINGDOM Sr Unsecured 1,000 P1

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.00 99.44 2.64 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P1

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.54 99.89 2.48 A/A2/A NETHERLANDS Sr Unsecured 200,000 P1

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 100.26 100.26 2.31 A-/A2/A+ UNITED STATES Sr Unsecured 2,000 P1

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 69.08 72.30 11.99 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.01 100.36 1.91 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.52 99.97 1.96 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000 P1

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.75 99.18 2.65 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 97.99 97.99 2.75 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.63 99.63 1.91 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000 P1

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.60 99.60 2.25 A/A1/AA- UNITED STATES Sr Unsecured 1,000 P1

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 99.78 100.20 2.83 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P1

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.47 99.47 2.50 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000 P1

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 98.91 99.29 2.50 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 99.34 99.34 2.17 A/A2/A UNITED STATES Sr Unsecured 1,000 P1

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.77 99.20 2.16 AA/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.08 99.36 1.99 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P1

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 96.80 97.51 2.81 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P1

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.29 99.70 2.83 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000 P1

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.39 99.39 1.97 A/A1 /*-/A SWITZERLAND Sr Unsecured 250,000 P1

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.34 99.72 2.11 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 98.88 99.38 2.43 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 98.37 98.93 2.71 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.36 99.59 2.08 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P1

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 99.53 100.08 1.89 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000 P1

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 98.99 99.45 2.48 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.16 98.77 2.94 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 78.07 80.07 13.20 BBB-/Baa3 /*-/BBB UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 63.92 66.11 14.11 BBB-/Baa3 /*-/BBB UNITED STATES Sr Unsecured 2,000 P3

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.46 99.46 2.65 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 99.74 99.74 3.26 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 82.18 84.12 8.58 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3




January 9, 2016 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 96.90 98.02 3.07 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P1

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.68 100.12 2.57 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P1

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.45 99.82 2.31 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.04 99.43 2.50 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 97.90 98.38 2.02 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.44 99.72 2.16 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.34 100.97 2.72 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.47 99.47 2.35 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 98.89 99.30 2.43 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 99.57 100.00 2.40 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.17 99.55 2.52 A/A2/A AUSTRALIA Sr Unsecured 2,000 P1

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 90.02 90.02 5.28 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.35 99.35 2.36 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P1

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.71 100.46 1.73 AA/A1/A UNITED STATES Sr Unsecured 2,000 P1

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 99.90 100.59 1.95 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P1

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.52 98.93 2.53 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 98.91 99.19 2.05 A/A1/A UNITED STATES Sr Unsecured 2,000 P1

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 99.71 99.71 2.33 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000 P1

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 98.64 98.64 2.23 -/Aaa/AAA CANADA Secured 1,000 P1

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.30 99.50 2.26 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000 P1

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.34 98.91 2.92 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000 P1

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 98.50 98.89 2.40 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P1

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.15 99.07 1.92 A+/A1/A GERMANY Sr Unsecured 250,000 P1

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.22 99.76 2.21 A+/A1/A GERMANY Sr Unsecured 250,000 P1

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 97.93 98.43 2.64 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 99.89 100.25 2.29 A/A2 /*+/A SWITZERLAND Sr Unsecured 250,000 P1

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 98.99 99.35 1.82 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P1

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 94.27 95.37 3.55 BBB+/A3/- GERMANY Sr Unsecured 200,000 P1

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.05 100.42 1.99 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.45 99.45 2.29 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1



January 9, 2016 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.25 99.86 2.57 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 95.52 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 95.70 96.41 4.39 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.42 100.06 2.47 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.89 100.52 2.82 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.80 99.47 2.90 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 98.05 98.70 2.96 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 99.77 100.58 4.40 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 98.61 99.60 3.30 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 97.27 98.16 2.80 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.70 99.46 2.75 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000 P2

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 94.61 96.17 5.25 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000 P5

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 95.00 95.68 4.46 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBD CAYMAN XS1321976950 17-Nov-2020 400 FIXED 4.00 100.09 100.71 3.84 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.54 102.13 1.66 A-/A1/- QATAR Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 100.01 100.57 2.70 A-/A1/- QATAR Sr Unsecured 200,000 P2

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.39 101.13 2.88 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.24 101.96 2.07 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.67 98.46 3.30 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.35 100.09 4.31 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 98.94 99.63 3.34 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.92 101.70 4.32 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 100.37 101.35 4.16 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 102.11 102.68 2.38 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.12 99.87 2.16 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 99.75 100.41 3.14 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.06 99.77 3.06 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.49 100.04 2.36 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.11 101.90 3.24 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.81 102.39 1.69 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.75 101.37 2.06 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.04 101.61 2.69 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 98.12 98.75 2.95 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.78 100.53 2.60 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

IBQ FINANCE LTD XS1325770722 25-Nov-2020 500 FIXED 3.50 99.47 100.08 3.48 -/A2/A+ QATAR Sr Unsecured 200,000 P2



January 9, 2016 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.32 100.29 4.58 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.50 100.36 3.42 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 74.89 75.97 8.18 BBB-/-/BBB- BAHRAIN Unsecured 200,000 P3

KINGDOM OF BAHRAIN XS1324932273 26-Jan-2021 700 FIXED 5.88 101.19 101.98 5.42 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1324931895 26-Jan-2026 800 FIXED 7.00 99.77 100.56 6.92 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P3

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 88.39 89.38 5.42 BBB/A3/- OMAN Sr Unsecured 200,000 P2

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 101.51 102.26 4.42 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 99.48 100.14 4.48 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.29 98.56 3.12 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000 P3

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 99.89 100.62 3.14 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/WD UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.06 95.18 4.95 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.88 100.72 2.92 -/A3/- OMAN Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.41 102.08 2.39 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.15 98.77 2.57 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.08 97.80 3.60 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 94.58 95.43 4.37 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 96.19 97.49 4.66 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.32 101.91 2.36 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.95 98.61 3.07 -/-/A+ QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.50 102.07 1.51 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.40 99.96 2.15 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.46 101.02 2.37 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.44 100.96 2.64 -/Aa3/AA- QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 102.10 102.74 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 99.05 3.54 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 99.10 99.91 2.66 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.42 101.02 1.83 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.02 100.83 3.65 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.59 101.29 2.36 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 98.03 98.75 3.16 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 102.85 103.46 2.70 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.60 102.18 2.24 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



January 9, 2016 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.77 99.37 3.23 A-/A2/A MEXICO Sr Unsecured 200,000 P2

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.12 91.56 4.95 A-/A2/A MEXICO Sr Unsecured 200,000 P3

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 100.37 100.67 3.31 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 89.59 90.30 6.53 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 79.64 80.50 7.09 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P2

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 84.86 85.69 7.36 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P3

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 71.17 72.07 8.47 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P3

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 90.96 92.33 6.13 BBB/Baa3/- BRAZIL Sr Unsecured 2,000 P2

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 90.81 94.96 4.70 A-/-/A MEXICO Sr Unsecured 150,000 P3

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 79.77 81.00 10.71 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000 P3

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 70.17 71.38 10.47 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000 P3

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 86.20 87.46 5.90 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.15 97.86 4.40 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 102.32 103.16 6.05 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000 P2

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 89.27 90.12 6.27 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.85 100.57 5.41 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 87.35 88.09 5.56 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 88.04 88.88 5.86 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 88.75 89.33 5.93 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 77.60 78.49 7.42 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.78 99.01 2.90 -/Baa2/- PHILIPPINES Sr Unsecured 10,000 P2

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 94.04 94.97 5.52 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 87.50 88.00 4.61 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 94.80 95.30 4.70 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 84.00 84.75 6.12 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.11 94.86 4.59 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 98.87 99.42 5.20 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 98.74 99.54 6.54 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 98.14 98.87 3.90 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 90.87 91.33 4.68 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 92.80 93.38 5.09 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 86.17 86.84 5.85 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 93.20 94.67 4.92 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000 P3

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.70 99.49 3.91 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2



January 9, 2016 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 94.14 94.96 5.63 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 95.79 96.57 6.22 BBB-/Baa3/BBB- TURKEY Unsecured 200,000 P2

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 97.85 98.85 3.75 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P2

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 92.00 92.75 5.25 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000 P3

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 90.10 90.85 5.21 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P3

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 76.95 78.60 9.08 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 70.64 72.20 10.09 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 70.59 72.06 9.96 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 67.66 68.89 8.62 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.79 96.50 4.97 -/Baa3/BBB TURKEY Sr Unsecured 200,000 P2



January 9, 2016 USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 99.01 99.40 3.64 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.72 103.35 3.41 -/Baa3/- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.73 101.14 2.97 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.84 102.20 2.77 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.39 98.72 3.45 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.78 98.62 4.18 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.39 103.99 3.95 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.10 98.66 4.55 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.61 102.85 2.16 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.19 103.59 2.85 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.89 99.27 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.79 99.23 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.79 102.35 3.62 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.85 101.13 2.46 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.52 101.91 3.01 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 100.10 100.51 3.01 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.57 101.84 2.34 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.81 103.14 2.86 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.45 102.16 4.08 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.37 102.77 2.98 -/Baa2/BBB- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0927643030 7-May-2018 300 FIXED 2.50 99.34 99.60 2.68 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.56 100.88 2.98 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.96 98.52 3.98 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 101.83 102.40 4.29 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.69 100.35 3.82 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 98.63 99.18 4.24 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P2

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 91.16 92.36 5.40 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P3

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 102.82 103.02 2.14 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.51 101.78 2.44 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.26 102.58 2.79 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.30 102.64 2.91 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.18 102.64 3.15 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.22 103.50 2.41 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.46 101.87 2.92 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2



January 9, 2016 USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 101.66 102.21 1.51 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 97.27 98.16 2.80 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 100.37 100.67 3.31 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.67 98.46 3.30 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.35 100.09 4.31 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 110.81 111.55 2.93 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.59 104.18 1.11 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.92 101.70 4.32 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 99.50 99.96 2.02 AAA/Aa1/- HONG KONG Unsecured 200,000 P2

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 98.83 99.21 2.08 AAA/Aa1/- HONG KONG Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.50 100.36 3.42 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 101.76 102.45 6.03 B-/B3/B PAKISTAN Sr Unsecured 200,000 P5

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 99.48 100.14 4.48 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.31 96.95 3.43 A-/A3/- MALAYSIA Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 93.58 95.28 4.53 A-/A3/- MALAYSIA Unsecured 200,000 P4

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.32 101.91 2.36 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.03 104.62 2.32 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P3

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 96.23 96.85 4.80 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 109.03 109.59 2.94 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P3

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 93.22 93.88 4.34 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PERUSAHAAN PENERBIT SBSN US71567RAD89 28-May-2025 2000 FIXED 4.33 96.07 96.66 4.77 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 98.84 99.17 2.92 A-/A1/- MALAYSIA Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.95 98.61 3.07 -/-/A+ QATAR Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 88.09 89.28 6.32 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P3

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 98.07 98.87 4.16 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2





SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.02 100.83 3.65 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 103.07 103.68 3.01 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 108.36 108.79 2.90 A-/A3/- MALAYSIA Sr Unsecured 250,000 P2

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.69 100.82 1.29 A-/A3/- MALAYSIA Sr Unsecured 250,000 P2



January 9, 2016 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 96.28 96.78 1.37 A/A2/A NETHERLANDS Sr Unsecured 1,000 P2

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 68.84 70.02 10.06 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000 P3

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 97.18 97.66 1.63 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000 P2

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 95.85 96.36 1.81 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 94.40 95.11 1.55 A+/A1u/A- SPAIN Secured 100,000 P2

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.23 99.57 1.57 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000 P2

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.88 97.44 1.12 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000 P2

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 93.37 94.07 1.68 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000 P2

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.50 97.24 1.57 AA-/A1/- UNITED STATES Sr Unsecured 100,000 P2

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 96.13 96.63 1.40 A+/A2/- GERMANY Sr Unsecured 1,000 P2

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 98.29 98.80 2.52 BBB+/Baa2/A FRANCE Subordinated 100,000 P3

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 97.66 98.26 1.37 A/A2/A UNITED KINGDOM Sr Unsecured 100,000 P2

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.77 95.34 2.83 BBB/Baa3/A- FRANCE Subordinated 100,000 P3

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 97.36 97.91 1.24 A+/A2/A- UNITED STATES Sr Unsecured 100,000 P2

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.73 98.29 1.45 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000 P2

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 99.11 99.58 1.80 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.89 98.29 1.00 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P2

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.20 97.56 1.66 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 99.14 99.48 0.96 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 98.90 99.33 1.00 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 100.16 100.61 1.06 A/A2/A FRANCE Sr Unsecured 100,000 P2

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.63 98.11 1.35 A-/Baa1/- FRANCE Sr Unsecured 100,000 P2

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 92.93 93.55 3.59 BB+/Ba1/BBB+ GERMANY Subordinated 1,000 P5

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 93.71 94.24 1.81 BBB+/A3/A- GERMANY Sr Unsecured 100,000 P2

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 90.67 91.51 3.06 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000 P4

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

COUPON0.00 94.47 94.85 0.98 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000 P2

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.16 99.55 0.88 AA+/A1/- UNITED STATES Sr Unsecured 100,000 P2

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 71.92 72.97 7.78 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 69.40 70.38 8.01 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 62.08 63.28 7.40 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 99.86 100.22 1.34 BBB+/A3/A UNITED STATES Sr Unsecured 1,000 P2

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.67 99.18 1.25 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000 P2

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 97.56 98.00 1.47 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000 P2

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 98.95 99.46 1.56 A-/A3/A+ UNITED STATES Sr Unsecured 100,000 P2

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 98.26 98.73 1.40 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000 P2



January 9, 2016 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.52 97.94 1.49 A/A2/A AUSTRALIA Sr Unsecured 100,000 P2

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.85 100.22 1.09 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000 P2

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.38 96.01 1.98 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000 P2

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 98.84 99.32 1.83 BBB+/A3/A UNITED STATES Sr Unsecured 100,000 P2

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 98.88 99.58 0.92 AA/A1/- SWITZERLAND Sr Unsecured 1,000 P2

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 94.60 95.22 3.11 BBB/Baa2/BBB+ SPAIN Subordinated 100,000 P3

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 97.88 98.50 1.17 A/A2/- GERMANY Sr Unsecured 1,000 P2

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 96.85 97.49 2.94 -/Baa3/A- FRANCE Subordinated 100,000 P3

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 96.58 97.51 3.45 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000 P3

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 97.17 97.73 1.21 AA-/Aa2/- NORWAY Sr Unsecured 100,000 P2

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 97.62 98.29 1.58 AA-/Aa1/AA- FRANCE Sr Unsecured 100,000 P2

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 91.39 92.08 2.10 BBB+/A3/- GERMANY Sr Unsecured 1,000 P2


mashreq · 2018-10-31 · mashreq fixed income trading daily market update sunday, january 10, 2015...

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