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mashreq Fixed Income Trading

Daily Market Update Sunday, January 17, 2015

Quote of the Day

"Wealth consists not in having great possessions, but in having few wants." (Epictetus)

Market Update

Iran sanctions lifted after IAEA confirms compliance with the nuclear deal, US firms set to miss out as US sanctions remain International sanctions on Iran have been lifted after IAEA, the UN nuclear watchdog confirmed the country had complied with a deal designed to prevent it

developing nuclear weapons. The International Atomic Energy Agency concluded that the Islamic Republic had curbed its ability to develop an atomic

weapon as required under an accord with world powers. The US and five other nations agreed in July ’s accord to lift sanctions on Iran “simultaneously with

the IAEA-verified implementation” of the deal. “Iran has undertaken significant steps that many people doubted would ever come to pass,” clearing the way

for sanctions to end, US Secretary of State John Kerry said in Vienna late on Saturday after Iran ’s compliance with the agreement was certified. Still, he

said the accord “doesn’t wipe away all of the concerns” of the international community, and “verification remains, as it always has been, the backbone of

this agreement." The EU foreign policy chief, Federica Mogherini, said the deal would contribute to improved regional and international peace and security.

“Relations between Iran and the IAEA now enter a new phase. It is an important day for the international community,” Yukiya Amano, director general of

the agency, said in a statement. “This paves the way for the IAEA to begin verifying and monitoring Iran’s nuclear-related commitments.” Ahead of the

announcement Iran freed four Iranian-Americans as part of a prisoner exchange with the US that had been negotiated in secret for more than a year.

Lifting the sanctions will unfreeze billions of dollars of assets and allow Iran's oil to be sold internationally. The sanctions have cost Iran more than more

than USD160 billion (£102bn) in oil revenue since 2012 alone. Once they are lifted, the country will be able to resume selling oil on international markets

and using the global financial system for trade. Iran has the fourth largest oil reserves in the world and the energy industry is braced for lower prices. Iran

will also be able to access more than USD100 billion in assets frozen overseas. Lifting of sanctions also opens the door to foreign investors who are keen to

enter a relatively untapped market of 77 million people. Most US companies will be on the sidelines because the deal lifts only those sanctions imposed on

Iran to punish it for its nuclear program. It doesn’t touch the sweeping ban on US trade and investment with Iran put in place by the Clinton administration

in 1995. The Obama administration has pledged to continue enforcing sanctions against Iran related to its ballistic-missile program, support for terrorism

and human-rights violations. Republicans and some Democrats in the US Congress opposed the nuclear agreement and have vowed to press for fresh

sanctions. European oil majors such as BP Plc, Royal Dutch Shell Plc, Total SA and Eni SpA have all said they are ready to pounce on opportunities on offer

in the country. New exports could yield about USD5 billion a year. US-based heavyweights including Exxon Mobil Corp. and Halliburton Co. probably will

have to wait and may miss out completely because of unilateral sanctions imposed by Washington to punish Iran for its involvement in terrorism and missile development. Those bans will stay in place despite the nuclear deal. (Bloomberg/BBC News)

Terrorist attack on a hotel in Burkina Faso leaves 26 dead

An attack by al-Qaeda militants at a hotel in the West African nation of Burkina Faso left at least 26 people dead and highlighted the militants’ shift to

striking capital cities in the region. Burkina Faso’s military rescued at least 156 hostages from Ouagadougou’s Splendid Hotel, which is popular with

foreigners, on Saturday, while 56 people were injured, Prime Minister Paul Kaba Thieba told reporters. It was the second attack claimed by al-Qaeda since

gunmen took more than 100 people hostage in November at the Radisson Blu hotel in the capital of neighboring Mali, killing dozens. French special forces

helped Burkina Faso’s army in the operation, Interior Minister Simon Compaore said by phone, as did the US military, according to the Department of

Defense’s Africa Command. Among the victims were people from 18 nations. Al-Qaeda in the Islamic Maghreb, led by the one- eyed former Algerian soldier

Mokhtar Belmokhtar, said it carried out the siege that began in the evening on Friday. The latest attack came a day after al-Qaeda-linked militants in

Somalia claimed to have killed 63 Kenyan soldiers in the southwest of the Horn of Africa country and two days after Islamic State said it carried out a gun-

and-suicide bomb assault in central Jakarta, Indonesia. (Bloomberg)

Indonesian police arrests suspects of Jakarta attacks, whereas a suicide bomber is arrested in Malaysia

Indonesian police have arrested 12 suspected terrorists since the deadly attack in Jakarta on Thursday, one of whom had received fund transfers from

Islamic State, said the country’s top police officer. The money was sent via Bahrun Na’im, an Indonesian militant who is believed to be heading an IS

brigade of Indonesians in Syria, National Police Chief Badrodin Haiti said at a press conference in Jakarta. Indonesians returning from the Middle East who

are suspected to have joined IS will be denied entry, Haiti said. Two civilians and five attackers were killed in the assault on a Starbucks cafe and a police

post in the Indonesian capital. While unsophisticated, it was the first in Southeast Asia to be directed or inspired by IS and followed months of warnings by

security officials that its members posed a threat to the region.

A Malaysian man was detained just hours before planning to blow himself up at an entertainment venue in Kuala Lumpur, a government official said today, after authorities raised the alert level following bombings in neighboring Indonesia. The 28-year-old Malaysian was detained on Friday at a monorail station

in Kuala Lumpur, said national police chief Khalid Abu Bakar. He said the man confessed he planned to blow himself up in an attack after receiving orders

from members of the Islamic State group in Syria. The official told The Associated Press he was detained just hours before his planned suicide attack at an

entertainment outlet, either a karaoke bar or a pub. Khalid said in a statement that the man also had been hanging Islamic State flags in several Malaysian

states to oppose the government's crackdown on the militant group within the country. Khalid tweeted that "weapons and IS documents" were seized when

the man was detained. Police have raised the security alert to the highest level following the deadly attacks in Jakarta last week. Security has been

increased at public places such as shopping malls and tourist spots, with extra precautions taken at border areas to prevent any infiltration by militants,

Khalid said. (Bloomberg)

UAE's new economy is more than oil The UAE has done well to diversify its economy and lessen its reliance on oil, but more needs to be done. His Highness Shaikh Mohammed bin Rashid Al

Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is keen to increase the pace of reforms to tide over uncertain times as markets

take a nosedive and oil prices hit new lows. Revenues from oil currently contribute to 30% to the UAE's GDP. It was 90% in the 1970s. The plan is to

further cut dependence on oil to a mere 5% per cent by 2021. The country is seen as a safe haven, a sound investment destination, which has limited the

impact of low oil prices on the economy. The IMF says the country's non-oil growth remained strong at 4.8%. This has been driven by real estate projects

in Abu Dhabi and Dubai's growth as a global trade, transportation, tourist and hospitality centre. Economic storms may have skipped from the UAE after the downturn in 2008, but Shaikh Mohammed is in a hurry to wean the country off oil. "We decided to convene a ministerial retreat in the coming weeks in

presence of local governments and economists to discuss UAE's economy beyond oil," he said. (Khaleej Times)

Saudi Arabia plans new sovereign wealth fund

Saudi Arabia plans to create a new sovereign fund to manage part of its oil wealth and diversify its investments, and has asked investment banks and consultancies to submit proposals for the project, according to people familiar with the matter. Plunging oil prices have strained Saudi Arabia's finances.

The kingdom's state budget deficit is at a record high and net foreign assets dived more than USD100 billion in 15 months. The new fund could change the

way tens of billions of dollars are invested and affect some of the world's leading asset managers, particularly in the United States, where the bulk of Saudi

Arabia's foreign assets are managed. A source said the Saudi government sent out a "request for proposal" to banks and consultants late last year, seeking



ideas on how to structure a new fund. The sources asked not to be identified because the plans are confidential. One source said the fund would focus on

investing in businesses outside the energy industry, such industrials, chemicals, maritime and transportation. The sources stressed that no final decisions

had been made, and a range of options were being studied. The sources said managers of the planned fund may be able to invest directly in companies

rather than channelling investments through foreign asset managers. The second source said he understood the new fund would ideally be up and running

within 12 to 24 months, with an office in New York. (Reuters)

Qatar raises local gasoline price by 30% Qatar has raised domestic prices of gasoline by 30% from midnight on Thursday, the official Qatar News Agency (QNA) reported, as low oil and gas prices

put the squeeze on the national budget. The government said last month that it expected a budget deficit of QAR46.5 billion (USD12.8 billion) in 2016, its

first deficit in 15 years. Like other Gulf states, it has been looking at cutting lavish consumer subsidies for fuel and other products and services. Memos

from state fuel company Woqod, posted at gasoline stations across the capital Doha on Thursday, gave a few hours' notice of the increase to QAR1.30

(USD0.357) per litre from QAR1.0 for Super 97-Octane. The new price will still be one of the lowest in the world. QNA did not say how much money the

government expected to save with the reform. The United Arab Emirates hiked gasoline prices in August, while Saudi Arabia did so last month and Oman and Bahrain followed suit last week. Kuwait is also expected to take similar action in the coming months. (Reuters)

GCC states put final touches to agreement to impose VAT in 2018

The GCC countries are putting the final touches to an agreement that would introduce a unified value-added tax (VAT) of up to 5% starting in 2018,

according to media reports on Friday. According to the agreement, all six Gulf countries will have their own VAT laws, and if any two members state their

willingness, then work on the unified VAT system will begin, with implementation likely in 2018, said Younes Al-Khouri, the United Arab Emirates' deputy minister of finance. "There will be no exemptions, and all consumers will pay the VAT upon its application," he said. "Initially there will be a single rate for

all goods." He did not provide details, but reports have indicated it would be about 5%. (Reuters)

Iran planning to buy 114 Airbus aircraft

Iran has agreed to buy 114 Airbus Group SE aircraft for state carrier Iran Air, Transport Minister Abbas Akhoundi said before the long-awaited lifting of

international sanctions on the Islamic Republic. The deal includes a mix of new and used jets from the A320 and A340 families, an Iranian official said, declining to be named as the details are private. The purchases are expected to be completed after the sanctions lift, with the first deliveries due as early

as July, he said. Lifting of sanctions will pave the way for Iran to purchase sorely needed aircraft to renew an aging fleet, feed domestic demand at its 50

airports in a nation of 80 million people and expand international flying. Iran also is interested in Airbus wide-body planes including A350s and the A380

double-decker as it seeks to add destinations in the US, Canada, Australia and Europe to directly serve the Iranian population scattered there rather than

connecting through Dubai or Istanbul hubs, the official said. Iran is also considering the Boeing Co. 737 narrow-body jet to serve the domestic market and

twin-aisle 777s for long-haul routes, the official said. It’s also looking at smaller planes from Bombardier Inc. and Embraer SA. A Bombardier spokeswoman

couldn’t be reached immediately for comment. Iran raised its requirement for aircraft to at least 581 planes over the next decade, up from an earlier

estimate of 400, according to the state-run Mehr news agency, citing Maqsoud As’adi-Samani, secretary of the Association of Iranian Airlines. (Bloomberg)

Treasuries surge as investors seek refuge A dimming outlook for inflation and global economic growth pulled Treasury yields lower for a second week amid a stock-market rout and plunging oil

prices, as traders push back the anticipated timing for Federal Reserve interest-rate increases. Benchmark 10-year yields dipped below 2% on Friday for

the first time since October while yields on 30-year bonds, the maturity most sensitive to inflation, closed at the lowest since August. The yield on the two-

year note, which is most influenced by Fed policy expectations, fell for a 12th straight trading day. The benchmark Treasury 10-year note yield declined

eight basis points in the week to close at 2.035% after touching a low of 1.98%. The yield on the two-year note dropped eight basis points this week to

0.85%, the lowest since November 13 and down 20 basis points since the start of the year. The markets have also lowered their expectations for the Fed

rate hikes this year - futures traders assign about a 28% chance that the Fed will boost borrowing costs in March. The implied probability was as high as

53% on December 30, two weeks following the Fed’s decision to boost borrowing costs for the first time in nearly a decade. The Fed expects to raise rates

four times this year, which would bring the effective rate to 1.375%, according to the median forecast among Federal Open Market Committee members.

Derivatives traders expect the effective fed funds rate will rise to about 0.7% in a year’s time, implying one increase this year, according to data compiled

by Bloomberg. (Bloomberg)

Fed’s Williams believes international issues could impact US economy

Federal Reserve Bank of San Francisco President John Williams said international risks pose the greatest threat to the US economic expansion, and China in

particular is a concern. “If you were to ask me what keeps me up at night, or what are the shocks that could cause a recession, I would say almost all of

them are outside the US borders,” Williams said on Friday on a panel discussion in San Francisco. “I’m actually feeling a little bit more positive around

Europe,” he said, but “China’s the wild card.” The Fed is assessing when the economy will be strong enough to withstand another interest-rate increase

after the central bank made its first hike since 2006 last month. Policy makers have said that the path forward will be gradual and data- dependent, and

are keeping an eye on economic indicators, markets and the outlook overseas. Their discussion comes against a backdrop of modest expansion in Europe and uncertainty in China. “We are very connected to the rest of the world,” Williams said. “The reason the Fed is keeping interest rates still so low, the

reason the economy, in my mind, is still growing only 2 percent even with very low interest rates, even though a lot of things are getting better, most of it

is because of weakness abroad and the strength of the dollar.” Williams, who does not vote on policy this year, reiterated that the big question for the Fed

domestically is how inflation will shape up. Price pressures have remained below the Fed’s 2% target since 2012, and their preferred index stood at only

0.4% in November, weighed down by cheap oil and a strong dollar. “Things look like they’re doing well, but that was in the context of basically the Fed

having the pedal to the metal,” Williams said. "We still need to give the economy a bit of a nudge,” to keep growth within the range of 2 to 2.25% he

thinks is appropriate, he said. Market participants do not expect a rate increase at the Federal Open Market Committee meeting this month, based on

federal funds futures pricing assuming that the rate will settle between 0.5 percent and 0.75 percent after the increase. Almost 30 percent expect an

increase in March. Williams told reporters that he is aware that expectations for a January increase are low, but declined to comment on the prospect for a

move this month. (Bloomberg)

BOE keeps rates at record low on growth and inflation outlook

Bank of England officials said the near-term outlook for both UK economic growth and inflation has weakened and that recent market volatility highlights

the downside risks to the world economy. After a tumultuous start to 2016 in global markets and a continued drop in oil prices, eight of the nine members

of the Monetary Policy Committee said keeping the key interest rate at a record-low 0.5% for now would “best balance the risks” to the economy and

inflation. On member, Ian McCafferty kept up his dissent, voting for a 25 basis-point increase. In the minutes of their January meeting, published in London

on Thursday, the MPC said the expected pickup in inflation would be “a little more modest than previously assumed,” while business surveys point to a

slower pace of growth. Staff cut their estimates for expansion last quarter and this quarter to 0.5%. For UK policy makers, inflation is far below their 2%

target and domestic cost growth remains weaker than they would like. The BOE said pay growth remains “restrained” and that it’s dipped in recent months.

The central bank also noted the turmoil in financial markets. While the MPC said this “underlined the downside risks to global growth,” it didn’t draw any

conclusions about the potential impact to the economy. (Bloomberg)



Turkey unemployment rises to 10.5% in October from 10.3% in September

Unemployment rate was expected to remain at 10.3%, according to Bloomberg survey of economists. (Bloomberg)

Junk bond ETFs fall to lowest level since 2009 as oil drops Exchange-traded funds that hold US junk bonds dropped to their lowest levels since 2009 as the global growth fears that clobbered stock markets also

raised doubts about whether companies’ would continue to generate as much cash to pay their debt obligations. Energy companies’ bonds were hit hardest

as oil prices fell to USD29.73 a barrel, a 12-year low. Risk premiums on bonds in the sector widened by 0.12 percentage point for investment grade credit,

and 0.58 percentage point for junk bonds. (Bloomberg)

Morocco trade deficit falls 18.7% in 2015 Morocco's trade deficit fell 18.7% to 152.27 billion dirhams (USD15.43 billion) in 2015 compared with a year earlier, thanks to lower import costs and

higher exports, the foreign exchange regulator said on Friday. (Reuters)

Five companies in Oman to offer shares

Five Omani companies including Mining Development Oman (MDO), Falcon Insurance and three other state-owned firms are planning to offer shares to the public. This was stated by Abdullah bin Salem al Salmi, executive president of Capital Market Authority (CMA), in an interview to 'Times of Oman'. He said

the minister responsible for financial affairs had recently mentioned about plans to divest stakes in three government companies. This is part of a major

privatization programme, which was planned few years ago, in a move to raise resources for the government. Four state-owned agencies -- the State

General Reserve Fund (SGRF), the Oman Investment Fund (OIF), the Oman Oil Company and Oman National Investments Development Company

(Tanmia) -- have jointly promoted the Mining Development Oman, which will have a capital of OMR100 million. Of this, OMR60 million will be contributed

by the promoters and the remaining OMR40 million will be raised from investing public through an initial public offering in the second quarter of this year.

Also, Falcon Insurance, a subsidiary of Al Anwar Holding, last year said that it plans to float an initial public offering on the Muscat Securities Market (MSM).

(Times of Oman)

Taiwan’s opposition leader leader Tsai Ing-wen wins presidential election

Taiwan opposition leader Tsai Ing-wen rode a tide of discontent over everything from China ties to economic growth to become the island’s first female

president and secure a historic legislative majority for her Democratic Progressive Party. Tsai, 59, a former law professor, won 56% of the vote to 31% for

the ruling Kuomintang’s Eric Chu. Her victory margin was the biggest since Taiwan’s first democratic presidential election two decades ago. The DPP won

68 seats in the 113-seat legislature, gaining its first ever majority and locking the KMT out of power for the first time since Chiang Kai-shek fled with his

government across the Taiwan Strait in 1949. The landslide was propelled by anxiety over stagnant wages, high home price and dissatisfaction with

President Ma Ying- jeou’s polices of rapprochement with Taiwan’s one-time civil war foes on mainland China. The result poses new challenges to

Communist Party leaders in Beijing, who enjoyed warm ties under Ma even after his cross-strait trade policy sparked a student-led protest movement.

While Tsai has pledged to maintain ties with Beijing, the DPP’s charter supports independence. She told reporters that both sides had a responsibility to

maintain peace and that any suppression would damage relations. (Bloomberg)

China's economy grew by around 7% in 2015, services made up half of GDP - Premier

China's gross domestic product (GDP) totaled more than USD10 trillion in 2015 and the economy grew by around 7%, with the services sector accounting for half of GDP, Premier Li Keqiang said on Saturday. The premier also said that employment had expanded more than expected with 900 million people

making up the country's total workforce, including 150 million skilled professionals. Consumption contributed nearly 60% of growth, Li said, at the opening

ceremony for the China-backed Asian Infrastructure Investment Bank (AIIB) in Beijing. (Reuters)

Xi Jinping says AIIB to boost Asia infrastructure investment

The USD100-billion Asian Infrastructure Investment Bank will boost infrastructure investment in Asia and improve integration, China ’s President Xi Jinping

said on Saturday at the opening ceremony for the China-backed lender. The AIIB will provide impetus for economic growth in Asia and the rest of world, Xi

said Saturday at the event in Beijing to mark the emergence of the world’s first major multilateral development bank in a generation. The Beijing-based

AIIB will compete and cooperate with both the Washington-based World Bank and the Japan-led Asian Development Bank. The new lender is pivotal to Xi’s

vision for China to achieve the same great-power status as the US, which opposed the creation of the AIIB. China will need to meet its pledge for a high

standard of governance at the AIIB amid a slowdown in the country’s economy and a plunge in stocks. The founding of the new multilateral lender "is a

landmark event in the reform of the global economic governance system," said Premier Li Keqiang in a speech. China will contr ibute USD50 million to a special preparatory fund to be established soon for infrastructure projects in less developed member states, Xi said at the opening ceremony. (Bloomberg)

Noble default risk rises most in Asia on debt payment challenge

Singapore-listed commodity trader Noble Group Ltd.’s default risk rose the most in Asia this year as a deepening resources slump threatens to worsen the

imbalance between the company’s cash flows and liabilities. The cost to protect the company’s notes against non-payment for one year is 2,593 basis

points, the highest in Asia, according to data provider CMA. The company is preparing to refinance USD2.1 billion of loans due in April and May. Noble

reported short-term debt of USD3 billion on September 30 and USD1.9 billion of unused committed bank facilities plus cash and equivalents. The climb in

credit-default swaps came after Standard & Poor’s and Moody’s Investors Service both cut Noble’s rating to junk in the past month citing liquidity issues,

while Fitch Ratings affirmed its score at the lowest investment-grade ranking on Thursday as asset sales improved finances. Noble said it has been successful in raising cash and still has support from its creditors. Noble agreed in December to sell the remaining 49% of its agricultural unit to China’s

Cofco Corp. for at least USD750 million to reduce debt. Cofco already owned the other 51%. (Bloomberg)

Venezuelan President Maduro declares economic emergency President Nicolás Maduro’s government declared a 60-day nationwide economic emergency Friday as his embattled administration tries to tackle a

deepening economic crisis and undermine the opposition’s new majority in the National Assembly. The announcement was made hours before Mr. Maduro

delivered a much-anticipated state of the union address, where he promised to continue his statist economic model in the face of hardships that he blamed

on lower oil revenues and capitalist speculation. But Mr. Maduro acknowledged the need for some changes, including raising domestic fuel prices for the first time in two decades. The oil-rich nation’s crunch became even more apparent Friday as the central bank released key data for the first time since

December 2014. It reported the economy contracted 7.1% and annual inflation hit 141.5% through September, the world ’s highest. The decree didn’t

detail specific measures, but it gave the executive branch sweeping control over the national budget to finance and implement policies to stimulate the

economy as Mr. Maduro sees fit. The order, which can be extended for another 60 days, also calls for businesses to increase domestic production of basic

goods and seeks greater control of distribution networks, although it offers no details on how businesses starved of dollars to buy much-needed imports

will be able to do so. The International Monetary Fund estimates Venezuela’s economy shrank by as much as 10% in 2015 with inflation near 200%. (The

Wall Street Journal)



New Issue Update

Saudi's Almarai Q4 profit rises 13%, meets forecasts

Saudi Arabia's Almarai, the Gulf's largest dairy company, reported a 13% increase in fourth-quarter net profit on Sunday, in line with analyst estimates as sales grew faster than costs. Almarai made a profit of SAR483.7 million (USD129.06 million) in the three months to December 31, up from SAR428 million

in the year-earlier period, it said in a bourse statement. Almarai said its fourth-quarter sales were SAR3.58 billion, versus SAR3.33 billion in the same

period of 2014. "(The) cost of sales increased at a lower rate due to improving in-put costs and better cost management," Almarai's statement said. In

December, the company decided to hike its dividend for 2015 and increase its share capital by 33% through the issuance of bonus shares to help support

its growth plans. (Reuters)

Ratings Update

S&P cuts rating on Poland's foreign currency rating to 'BBB +' Standard and Poor's cut its long-term foreign currency sovereign credit rating on the Republic of Poland to 'BBB +' from 'A -', citing the legislative

measures taken by the new government since October 2015. The outlook on Poland is negative, the ratings agency said. "Since winning the election in

October 2015, Poland's new government has initiated various legislative measures that we consider weaken the independence and effectiveness of key

institutions, as reflected in our institutional assessment," S&P said. (CNBC)

Fitch places Finansbank on rating watch positive Fitch Ratings has placed Finansbank A.S.'s (Finansbank) and its domestic subsidiary Finans Finansal Kiralama A.S.'s, Issuer Default Ratings (IDRs) of 'BBB-'

on Rating Watch Positive (RWP). This follows an announcement made by Qatar National Bank (QNB; AA-/ Stable) on 22 December 2015 that it has agreed

to buy National Bank of Greece's 99.81% stake in Finansbank. The acquisition is subject to regulatory approvals. The RWP on Finansbank's ratings reflects

Fitch's view that once the acquisition is complete, Finansbank will benefit from support from QNB, should this be required. QNB's own support-driven Long-

term IDR of 'AA-'/Stable reflects Fitch's opinion of an extremely high probability that the Qatari authorities would support the bank if needed. The

government has demonstrated strong commitment to its banks and key public-sector companies and we expect this to continue despite the effects of lower oil prices. Support for QNB, in particular, benefits from its status as the flagship bank in Qatar, its role in the Qatari banking sector and close business links

with the state. In addition, the government owns a 50% stake in QNB through the Qatar Investment Authority. (Bloomberg)

Moody's affirms Mongolia's B2 sovereign rating with a negative outlook

Moody's Investors Service has today affirmed Mongolia's government bond rating at B2. The outlook on the rating remains negative. Concurrently, Moody's

has affirmed the government's B2 issuer rating, its senior unsecured MTN rating at (P)B2 and the short-term Not Prime issuer rating. The affirmation of the rating signifies Moody's view that Mongolia's credit profile will remain in line with B2 peers over the medium term, with current credit-negative trends

dissipating over the coming one to two years. Key credit supports include strong potential growth and abundant mineral resource wealth. The decision to

maintain a negative outlook reflects Moody's view that while some of the credit pressures that drove our assignment of the outlook in July 2014 have

diminished, others have emerged. The external environment has worsened, particularly in relation to Mongolia's major commodities exports. Until such

time as a ramp-up in production and exports from large mining projects occurs, risks stemming from the country's external position will remain elevated.

At the same time, the government's debt burden has not fallen and fiscal space is limited. (Bloomberg)

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

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

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 99.33 99.33 2.55 A/A1/A UNITED KINGDOM Sr Unsecured 1,000

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.58 99.58 2.60 A/Baa1/- UNITED STATES Sr Unsecured 2,000

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 100.22 100.55 2.32 A/A2/A NETHERLANDS Sr Unsecured 200,000

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.95 99.95 2.39 A-/A2/A+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 65.00 65.00 14.91 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.58 100.58 1.86 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 101.00 101.00 1.67 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 99.24 99.24 2.63 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.94 98.94 2.51 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.72 99.72 1.87 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.94 99.94 2.17 A/A1/AA- UNITED STATES Sr Unsecured 1,000

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.21 100.21 2.82 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 100.16 100.16 2.34 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 99.57 99.57 2.43 A/A2/A UNITED KINGDOM Sr Unsecured 1,000

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.30 100.30 2.17 A/A2/A FRANCE Sr Unsecured 250,000

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.72 99.72 2.07 A/A2/A UNITED STATES Sr Unsecured 1,000

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.87 98.87 2.25 AA/Aa1/- UNITED STATES Sr Unsecured 2,000

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.38 99.38 1.98 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 95.07 95.07 3.44 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.60 99.60 2.85 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.66 99.66 1.85 A/A2/A SWITZERLAND Sr Unsecured 250,000

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.80 99.80 2.08 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 100.05 100.05 2.23 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 99.34 99.34 2.61 A-/A3/A- GERMANY Sr Unsecured 150,000

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.30 99.30 2.22 BBB+/A3/A- GERMANY Sr Unsecured 1,000

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 100.44 100.44 1.80 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.36 99.36 2.52 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 100.19 100.19 2.54 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 64.00 64.00 25.02 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 48.69 48.69 22.89 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.24 99.24 2.76 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 98.57 98.57 3.55 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218431705 16-Apr-2018 500 FIXED 2.13 83.88 83.88 10.38 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 75.60 75.60 12.55 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 76.00 76.00 9.95 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 1


USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 98.34 98.34 2.93 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.60 99.60 2.70 BBB+/A3/A UNITED STATES Sr Unsecured 2,000

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.11 100.11 2.22 A/A2/AA- UNITED STATES Sr Unsecured 100,000

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.57 99.57 2.46 A/A2/AA- UNITED STATES Sr Unsecured 100,000

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.66 98.66 1.95 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.83 99.83 2.12 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.60 100.60 2.81 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.96 99.96 2.21 A-/A3/A+ UNITED STATES Sr Unsecured 2,000

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.96 99.96 2.26 A-/A3/A+ UNITED STATES Sr Unsecured 2,000

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.60 100.60 2.25 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.48 99.89 2.43 A/A2/A AUSTRALIA Sr Unsecured 2,000

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 82.50 82.50 7.47 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 100.75 100.75 2.01 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.61 100.61 1.69 AA/A1/A UNITED STATES Sr Unsecured 2,000

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 100.51 100.51 1.97 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 99.49 99.49 2.38 A/A3/A UNITED STATES Sr Unsecured 2,000

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.40 100.40 2.12 A+/A2/A UNITED STATES Sr Unsecured 250,000

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.36 99.36 2.01 A/A1/A UNITED STATES Sr Unsecured 2,000

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.51 100.51 2.12 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.31 99.31 2.05 -/Aaa/AAA CANADA Secured 1,000

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.54 99.54 2.24 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 99.35 99.35 2.81 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000

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

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.89 99.63 1.76 A+/A1/A GERMANY Sr Unsecured 250,000

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.83 99.83 2.19 A+/A1/A GERMANY Sr Unsecured 250,000

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.74 98.74 2.57 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.82 100.82 2.14 A/A1/A SWITZERLAND Sr Unsecured 250,000

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.34 99.34 1.82 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 95.19 95.19 3.61 BBB+/A3/- GERMANY Sr Unsecured 200,000

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.22 100.22 2.05 A/A2/AA- UNITED STATES Sr Unsecured 1,000

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.99 99.99 2.15 A/A2/AA- UNITED STATES Sr Unsecured 1,000



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 98.31 99.12 2.96 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 91.58 92.30 4.94 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 92.00 92.75 4.95 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.16 99.78 2.60 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.50 100.13 2.96 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.27 98.80 3.10 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.84 98.09 3.12 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 98.47 99.18 4.64 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 97.46 98.06 3.99 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.28 99.06 2.95 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 93.71 95.54 5.43 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.21 95.11 4.62 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.00 101.50 2.13 A-/A1/- QATAR Sr Unsecured 200,000

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.03 99.80 2.94 A-/A1/- QATAR Sr Unsecured 200,000

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 99.72 100.51 3.14 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 100.21 100.96 2.53 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.65 97.47 3.55 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 97.68 98.75 4.50 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 95.46 96.06 4.25 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.88 98.68 4.76 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 98.78 99.66 4.59 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.51 102.18 2.75 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 97.02 99.13 2.49 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 98.67 99.33 3.44 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 97.93 98.66 3.34 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 98.19 98.69 2.78 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 99.32 100.39 3.45 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.56 102.10 1.90 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.53 101.06 2.23 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 100.67 101.21 2.82 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.34 98.13 3.12 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.21 100.04 2.74 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.50 99.50 4.70 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.92 99.75 3.57 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 71.12 72.59 8.58 BBB-/-/BBB- BAHRAIN Unsecured 200,000



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 85.95 86.63 5.84 BBB/A3/- OMAN Sr Unsecured 200,000

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 98.81 99.87 4.77 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 96.96 98.39 3.34 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 98.25 99.08 3.41 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000

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

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.85 95.00 5.00 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.53 100.35 3.02 -/A3/- OMAN Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 101.21 101.89 1.63 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 100.62 101.39 2.59 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 97.19 97.72 2.85 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 93.95 94.97 4.07 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 90.25 91.25 4.84 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 89.21 90.34 5.17 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.41 100.98 2.68 A-/A2/A+ QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 100.93 101.48 1.99 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 98.50 99.08 2.58 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 99.47 100.10 2.71 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 98.67 99.71 2.95 -/Aa3/AA- QATAR Sr Unsecured 200,000

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 101.08 101.62 2.68 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.28 98.12 3.84 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 98.13 98.79 3.09 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 99.88 100.65 2.12 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 97.54 98.54 3.96 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.15 101.01 2.48 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 96.93 97.93 3.38 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 100.33 100.79 1.69 AA/Aa2/- QATAR Sr Unsecured 200,000


TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.18 101.75 2.57 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



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 99.45 100.19 3.09 A-/A2/A MEXICO Sr Unsecured 200,000

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.05 91.11 4.98 A-/A2/A MEXICO Sr Unsecured 200,000

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 75.44 77.52 11.14 -/Ba2 /*-/BB- /*- BRAZIL Sr Unsecured 200,000

BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1440 FIXED 5.75 87.20 87.20 8.01 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 92.07 92.93 7.43 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 150,000

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 90.00 90.79 7.44 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 150,000

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 89.41 90.00 6.56 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 73.61 74.73 8.14 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 77.43 78.51 8.53 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 63.79 64.91 9.42 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 89.94 91.02 6.33 BBB/Baa3/- BRAZIL Sr Unsecured 2,000

FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 77.00 77.50 6.73 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 81.85 82.35 6.93 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 73.25 74.00 8.06 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 100,000

FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 66.50 67.25 7.89 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 91.26 92.72 4.86 A-/-/A MEXICO Sr Unsecured 150,000

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 78.61 79.45 11.21 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 67.90 69.25 11.03 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 85.94 86.81 5.96 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 96.25 96.99 4.83 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 98.94 99.85 6.68 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 85.50 86.40 6.98 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 98.76 99.55 5.66 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 82.38 83.33 6.49 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 82.44 83.38 6.75 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 82.66 83.40 6.82 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 68.50 69.52 8.43 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.93 99.11 2.88 -/Baa2/- PHILIPPINES Sr Unsecured 10,000

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 89.03 90.44 6.26 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 85.95 86.45 4.89 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 92.15 92.65 5.12 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 76.75 77.50 6.77 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 96.06 96.61 4.37 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 92.61 93.19 4.49 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 94.78 95.34 4.77 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 88.94 89.65 6.04 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 84.38 85.15 5.71 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 88.62 89.33 5.90 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 92.20 92.91 4.88 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 96.43 97.14 5.52 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

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

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 93.57 94.55 6.94 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.01 97.66 4.06 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 90.47 90.93 4.76 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 92.66 93.29 5.10 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 85.53 86.16 5.90 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 93.01 94.27 4.97 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.17 98.93 4.09 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 93.56 93.83 5.81 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 95.00 95.75 6.34 BBB-/Baa3/BBB- TURKEY Unsecured 200,000

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.10 97.10 3.99 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 88.40 89.40 5.49 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 86.70 87.70 5.44 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 69.66 70.99 11.16 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 61.11 62.69 11.68 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 61.33 62.56 11.50 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 58.92 60.21 9.88 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.38 96.29 5.03 -/Baa3/BBB TURKEY Sr Unsecured 200,000



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 99.63 99.97 3.51 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.20 102.88 3.61 -/Baa3/- INDIA Sr Unsecured 200,000

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.86 101.34 2.92 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 102.16 102.48 2.65 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.73 99.04 3.37 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.96 98.80 4.16 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 104.25 104.81 3.81 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.40 98.92 4.52 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.74 102.94 2.06 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.45 103.91 2.75 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 99.18 99.68 2.83 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 99.02 99.51 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.96 102.38 3.61 BBB-/Baa3/- INDIA Sr Unsecured 200,000

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 101.10 101.28 2.38 BBB-/Baa3/- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.60 101.97 2.99 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 100.21 100.65 2.97 BBB-/Baa3/- INDIA Sr Unsecured 200,000

IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 102.11 102.31 3.27 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.89 102.16 2.13 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 103.11 103.39 2.77 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 102.48 103.24 3.94 BBB-/-/BBB- INDIA Sr Unsecured 200,000

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.45 102.74 2.98 -/Baa2/BBB- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.56 101.01 2.94 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 98.40 98.76 3.95 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 101.71 102.45 4.28 BBB-/Baa2/- INDIA Sr Unsecured 200,000

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 100.37 100.68 3.76 BBB-/-/BBB- INDIA Sr Unsecured 200,000

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 99.09 99.52 4.19 BBB+/Baa2/- INDIA Sr Unsecured 250,000

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 92.03 93.29 5.33 BBB+/Baa2/- INDIA Sr Unsecured 250,000

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 102.97 103.19 2.00 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.69 101.97 2.34 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.53 102.83 2.70 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.55 102.83 2.80 BBB-/Baa3/- INDIA Sr Unsecured 200,000

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.53 102.91 3.07 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.35 103.76 2.20 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.78 102.19 2.79 BBB-/Baa3/- INDIA Sr Unsecured 200,000



USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 101.48 101.99 1.67 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.88 98.68 4.76 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 109.75 110.57 3.18 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.47 103.99 1.01 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 100.03 100.50 1.86 AAA/Aa1/- HONG KONG Sr Unsecured 200,000

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 99.70 100.11 1.87 AAA/Aa1/- HONG KONG Sr Unsecured 200,000

IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 100.07 100.53 1.31 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.88 97.53 3.36 A-/A3/- MALAYSIA Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 96.11 97.35 4.40 A-/A3/- MALAYSIA Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.41 100.98 2.68 A-/A2/A+ QATAR Sr Unsecured 200,000

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 101.36 102.08 6.14 B-/B3/B PAKISTAN Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 103.88 104.53 2.34 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 95.00 95.54 4.99 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 108.88 109.38 2.98 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 92.79 93.29 4.45 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 99.29 99.61 2.81 A-/A1/- MALAYSIA Sr Unsecured 200,000





SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 81.57 83.00 6.87 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 93.88 94.87 4.76 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 97.54 98.54 3.96 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 102.14 102.79 3.32 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 109.21 109.89 2.69 A-/A3/- MALAYSIA Sr Unsecured 250,000

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.77 100.91 1.00 A-/A3/- MALAYSIA Sr Unsecured 250,000



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABN AMRO BANK NV XS1218821756 16-Apr-2025 1450 FIXED 1.00 95.94 96.47 1.41 A/A2/A NETHERLANDS Sr Unsecured 1,000

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 59.95 61.26 13.12 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.57 97.03 1.72 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 93.81 94.36 2.05 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.46 94.32 1.64 A+/A1u/A- SPAIN Secured 100,000

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 98.73 99.10 1.65 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.12 96.53 1.26 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 91.82 92.65 1.92 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.42 97.13 1.58 AA-/A1/- UNITED STATES Sr Unsecured 100,000

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.02 95.60 1.53 A+/A2/- GERMANY Sr Unsecured 1,000

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 96.56 97.19 2.73 BBB+/Baa2/A FRANCE Subordinated 100,000

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 95.42 96.00 1.71 A/A2/A UNITED KINGDOM Sr Unsecured 100,000

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.73 95.11 2.86 BBB/Baa3/A- FRANCE Subordinated 100,000

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 97.43 97.99 1.23 A+/A2/A- UNITED STATES Sr Unsecured 100,000

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.24 97.80 1.50 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 97.57 98.09 1.98 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.57 97.98 1.05 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 96.57 96.94 1.77 BBB+/Baa3/A SWITZERLAND Sr Unsecured 100,000

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 99.27 99.63 0.94 A/A2/A FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 99.20 99.50 0.97 A/A2/A FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 100.49 100.80 1.03 A/A2/A FRANCE Sr Unsecured 100,000

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.07 97.56 1.42 A-/Baa1/- FRANCE Sr Unsecured 100,000

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 88.88 89.60 4.15 BB+/Ba1/BBB+ GERMANY Subordinated 1,000

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 92.90 93.35 1.92 BBB+/A3/A- GERMANY Sr Unsecured 100,000

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 87.97 88.71 3.44 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000

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

COUPON0.00 94.70 94.95 0.97 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.23 99.59 0.87 AA+/A1/- UNITED STATES Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 64.99 66.27 9.91 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 62.37 64.08 9.84 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 56.36 57.39 8.68 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 98.63 99.04 1.53 BBB+/A3/A UNITED STATES Sr Unsecured 1,000

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 97.95 98.50 1.35 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 96.21 96.67 1.70 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 97.72 98.27 1.71 A-/A3/A+ UNITED STATES Sr Unsecured 100,000

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.71 98.24 1.46 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.01 97.43 1.58 A/A2/A AUSTRALIA Sr Unsecured 100,000

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.60 100.00 1.13 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.13 95.77 2.01 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 97.40 97.91 2.01 BBB+/A3/A UNITED STATES Sr Unsecured 100,000

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 99.09 99.75 0.90 AA/A1/- SWITZERLAND Sr Unsecured 1,000

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 91.19 91.89 3.55 BBB/Baa2/BBB+ SPAIN Subordinated 100,000

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 98.12 98.70 1.15 A/A2/- GERMANY Sr Unsecured 1,000

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 95.71 96.38 3.09 -/Baa3/A- FRANCE Subordinated 100,000

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 90.83 91.89 4.24 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 95.27 95.83 1.50 AA-/Aa2/- NORWAY Sr Unsecured 100,000

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 95.70 96.30 1.82 AA-/Aa1/AA- FRANCE Sr Unsecured 100,000

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 90.60 91.32 2.23 BBB+/A3/- GERMANY Sr Unsecured 1,000


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