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Daily Market Update Sunday, December 13, 2015

Market Update

Retail Sales in U.S. Increase by the Most in Four Months

Retail sales climbed in November by the most in four months as American consumers put to work some of the money saved from the cheapest gasoline since early 2009. The 0.2 percent increase in November, less than forecast, followed a 0.1 percent gain in the previous month, Commerce Department

figures showed Friday. Excluding purchases of autos and gasoline, retail purchases climbed 0.5 percent, also the biggest advance since July. A labor market

that’s put millions back to work this year and propelled disposable income has also given households a little more to spend, a development that should help

retailers during the holidays. Faster wage growth would provide an even bigger boost for consumers and encourage broad-based spending beyond big-ticket items such as autos and appliances. "Consumers started the holiday season on a pretty solid note,” said Stuart Hoffman, chief economist

at PNC Financial Services Group Inc. in Pittsburgh, who is among the best forecasters of retail sales. "It’s a pretty solid across-the-board increase from

electronics to apparel to restaurants to online buying.” The median forecast of 80 economists in a Bloomberg survey called for a 0.3 percent increase in

sales. Estimates ranged from a 0.3 percent decline to a 0.5 percent pickup. While October data were unrevised, September purchases were revised to a 0.1

percent decrease. Compared with the same time last year, retail sales in November were up 1.4 percent, the data show. (Bloomberg)

U.S. Wholesale Prices Rose in November by Most in Five Months

Wholesale prices in the U.S. rose in November by the most since June, as a pickup in profit margins at service providers more than offset cheaper costs of goods. The producer-price index gained 0.3 percent after a 0.4 percent decrease the prior month, Labor Department figures showed Friday. The median

forecast in a Bloomberg survey called for no change. Costs dropped 1.1 percent over the past 12 months after a 1.6 percent decline that was the biggest

drop in comparable records back to 2010. Goods prices declined for a fifth straight month, the report showed, reflecting waning global demand and a

stronger dollar. Federal Reserve policy makers, who are projected to raise interest rates next week for the first time since 2006, have said low energy

prices and a robust greenback are transitory influences on inflation. (Bloomberg)

Rajan Sees Fed Raising Rate as Much as 25 Basis Points This Week Indian central bank Governor Raghuram Rajan expects Federal Reserve policy makers to increase interest rates by as much as a quarter point in the Fed

meeting this week. The Reserve Bank of India is looking at a 70 percent to 75 percent probability of a rate hike based on an assessment of market

movements, Rajan told reporters on Friday after a central bank board meeting in Kolkata. India is ready for any eventuality and the central bank will

determine how much liquidity to supply, he said. “The Fed has prepared the way very carefully for an increase, so likely at this point they will go ahead --

at least that is our betting," Rajan said. “I don’t know how much it would be. My guess is not more than 25 basis points, but it could be anywhere between

0 and 25 basis points, probably between 1 and 25." Rajan, a former chief economist at the International Monetary Fund, left the highest borrowing costs in

major Asian economies unchanged earlier this month as risks to his inflation target increase. Goldman Sachs Group Inc., Australia & New Zealand Banking Group Ltd. and Mizuho Bank Ltd. expect him to keep India’s repurchase rate at 6.75 percent throughout 2016. (Bloomberg)

ECB Gives Banks 18 Billion Euros in Loans Aimed at Real Economy The European Central Bank handed 18.3 billion euros (USD20 billion) to euro-area lenders in the sixth round of its long-term loan program aimed at

channeling money into the real economy. The take-up compares with the 15.5 billion euros the ECB lent in asimilar operation in September and the 74

billion euros handed out in June. Banks have now taken a total of 419 billion euros since the first offer was made in September 2014. ECB President Mario

Draghi announced the Targeted Longer-Term Refinancing Operations as part of a package aimed at boosting euro-area inflation and supporting lending to

fuel the recovery. While the TLTROs are now dwarfed by a bond-buying program that will see the ECB and national central banks spend at least 1.5 trillion

euros, they give a signal of banks’ willingness to bet on the region’s economic upswing. (Bloomberg)

S&P warns Britain’s AAA rating threatened by EU exit risk

Ratings agency Standard & Poor’s warned Friday that the risk of Britain leaving the European Union could affect its triple-A ranking. S&P, the only major

ratings agency to rate Britain as AAA, maintained the ranking with a negative outlook due to uncertainties over a coming referendum on Britain’s EU

membership. It came shortly after the International Monetary Fund warned that uncertainty over a so-called “Brexit” could hurt its economy. “In our

opinion, the possibility that the UK could leave the European Union (EU) as a consequence of a planned ‘leave or remain’ referendum ... represents a risk to

the UK economy,” S&P said in a statement. British Prime Minister David Cameron has promised to hold a referendum before the end of 2017, while

renegotiating the terms of Britain’s membership in the meantime. Most opinion polls show greater support for remaining within the 28-member bloc among

the British public, though the pro-EU lead has been narrowing. (Gulf News)

Top U.K. Banks Face $39 Billion Shortfall Under BOE Failure Rule The U.K.’s biggest banks will need to issue 26 billion pounds ($39 billion) of new loss-absorbing securities to comply with rules intended to ensure they can

be wound down without resorting to a taxpayer-funded bailout or halting services crucial to the economy. The Bank of England estimated that in all, firms

subject to bail-in as a part of resolution will need 221 billion pounds of debt to meet new bank-specific requirements for liabilities that can bear losses. The

net figure, which takes account of banks’ normal rate of issuance, corresponds to about 0.4 percent of the total assets of the lenders concerned. Under

European Union law, the Bank of England must set the requirements for own funds and eligible liabilities, known as MREL, starting on Jan. 1 for all U.K.

banks, building societies and investment firms supervised by the PRA. The goal is to prevent the costly public rescues of banks seen during the financial

crisis. The requirement can be met with regulatory capital and long-term unsecured debt. (Bloomberg)

BOE keeps rate at 0.5% as oil, wages weigh on price pressures Bank of England officials said low oil prices and subdued wage growth will keep a lid on inflation as they left their key rate at a record low. In the minutes

of its December meeting, the Monetary Policy Committee weighed “robust growth” in domestic spending against weak overseas demand, and said eight of

the nine-member panel voted to leave the benchmark at 0.5% this month. Ian McCafferty maintained his call for a 25 basis-point increase.“There would

need to be a sustained firming in domestic cost pressures, compared with current rates,” to push inflation back to the 2% target, officials said. “The price of

oil had fallen markedly again, increasing the likelihood that headline inflation rates would remain subdued, and nominal-wage growth had leveled off.”

Inflation stayed below zero for a second month in October and recent economic data has been mixed, giving the BOE room to leave the key rate unchanged for now. While the central bank said there was “no mechanical link” between its policy and that of other central banks, it is caught between a

European Central Bank that’s adding stimulus and a U.S. Federal Reserve that may be just a week away from the first increase in its key rate since 2006.

The BOE said the prospects for international and domestic activity hadn’t changed that much since its November meeting and noted that “the more

material news on the month had been in costs.” (Bloomberg)

SNB leaves rate unchanged as economy forecast to pick up The Swiss National Bank left interest rates at a record low and maintained its pledge to intervene if needed to push back against pressure on the

“significantly overvalued” franc. Announcing its decision on Thursday, the SNB said its measures continue to help weaken the currency, which has been a

weight on the economy, holding back growth and pushing down inflation. It maintained the rate on sight deposits at minus 0.75%, as forecast by 15 of 19

economists in a Bloomberg survey, and kept its target range for three-month Libor unchanged. Credit Suisse responded by saying SNB President Thomas



Jordan is being too optimistic on the outlook and should have cut rates to weaken the franc and boost demand. The SNB sees growth accelerating to 1.5%

next year from just under 1% this year and said that headline Swiss data showing a third-quarter stagnation don’t tell the full story. In its analysis, the

central bank also said the global backdrop had deteriorated, but it’s “cautiously optimistic.” On its key Swiss inflation outlook, it expects consumer prices to

fall 0.5% next year before rising in 2017, though by less than forecast in September. (Bloomberg)

OPEC says crude production rose to three-year high in November OPEC raised crude output to the highest in more than three years as it pressed on with a strategy to protect market share and pressure competing

producers. Output from the Organization of Petroleum Exporting Countries rose by 230,100 barrels a day in November to 31.695 million a day, the highest

since April 2012, as surging Iraqi volumes more than offset a slight pullback in Saudi Arabia. The organization is pumping about 900,000 barrels a day

more than it anticipates will be needed next year. Benchmark Brent crude dropped to a six-year low in London this week after OPEC effectively scrapped its

output ceiling at a Dec. 4 meeting as de facto leader Saudi Arabia stuck to a policy of squeezing out rival producers. Members can pump as much as they

please, despite a global surplus, Iran’s Oil Minister Bijan Namdar Zanganeh said after the conference. Brent futures traded near USD40 a barrel in London

on Thursday. Non-OPEC supply will fall by 380,000 barrels a day next year, averaging 57.14 million a day, with an expected contraction in the U.S.

accounting for roughly half the drop, the organization said Thursday in its monthly report. It increased estimates for non-OPEC supply in 2015 by 280,000

barrels a day. The group maintained projections for the amount of crude it will need to pump next year at 30.8 million barrels a day. (Bloomberg)

Oil Falls to Lowest Since 2008 as OPEC Seen Fueling Supply Glut Oil declined to the lowest level since 2008 in London amid estimates that OPEC’s decision to scrap production limits will keep the market oversupplied.

Brent futures capped the biggest weekly decline in more than a year. The global surplus will persist at least until late 2016 as demand growth slows and

the Organization of Petroleum Exporting Countries shows “renewed determination” to maximize production, the International Energy Agency said Friday.

The group chose not to curb output at its Dec. 4 meeting. Oil prices have slumped to levels not seen since the global financial crisis as a result of OPEC’s

strategy to defend market share against higher-cost producers. The group’s production rose to a three-year high in November, it said in a report Thursday,

as surging Iraqi volumes more than offset a slight pullback by Saudi Arabia. Brent for January settlement declined $1.80, or 4.5 percent, to $37.93 a barrel

on the London-based ICE Futures Europe exchange. It was the lowest close since Dec. 24, 2008. The contract decreased 12 percent this week. The volume

of all futures traded was 36 percent above the 100-day average at 3:05 p.m. in New York. West Texas Intermediate for January delivery slipped $1.14, or

3.1 percent, to close at $35.62 a barrel on the New York Mercantile Exchange. The contract dropped 11 percent this week, the biggest weekly decline in a

year. It was the lowest settlement since Feb. 18, 2009. (Bloomberg)

Saudi Aramco Said to Seek $4.7 Billion for Refinery Refinancing Saudi Aramco, the world’s largest oil exporter, is seeking a $4.7 billion loan for an oil refinery on the west coast of Saudi Arabia that it developed with

China Petroleum & Chemical Corp, according to four people with knowledge of the matter. The company approached international, local and Chinese banks

this week, said the people, asking not to be identified as the information is private. The loan for the Yanbu Aramco Sinopec Refining Company Ltd., or

Yasref, as the joint venture company is known, will be for seven years, they said. Aramco and its Chinese partner funded the development of the Yasref

refinery from their own resources after ConocoPhillips dropped out of the project in 2010. The plant began operating at full capacity of 400,000 barrels a

day in July, two people told Bloomberg in June. The deal is the second time this year that Aramco has sought funding from banks after the Saudi state-

owned oil company borrowed $10 billion that could be used to fund acquisitions and investments, four people told Bloomberg in February. Saudi Aramco

referred questions to Yasref, which declined to comment. (Bloomberg)

Fitch: Oil takes its toll on GCC banks, outlook negative In a report released on Thursday, Fitch Ratings says the 2016 outlook for Gulf Cooperation Council (GCC) banks is negative due to the weakness in oil price

which is slowing economic growth and is taking its toll on bank liquidity and earnings. The rating agency stated that around 70% of the GCC's GDP is

driven, direct or indirectly, by oil. Fitch’s 2016 forecast oil price is USD55 per barrel (Brent) and it forecasts slower economic growth for most GCC member

countries in 2016. The rating agency believes Kuwait is an exception where growth of 3.5% will be supported by strong public spending. The report stated

“16% of ratings assigned to GCC banks are on a negative outlook, with the bulk of these concentrated in Saudi Arabia. GCC bank ratings are largely driven

by sovereign support because enactment of resolution legislation is a long way off and, these countries still have strong ability and propensity to support

their banking systems. Banking sector assets represent 70% of GDP, which is low and we think the sector's standalone ability is high. But as the sovereign

draws down foreign assets to finance its deficit, state ability to support banks may come under pressure. Liquidity positions across the banks are adequate

but these are coming under pressure because public sector deposits are falling, in line with oil price weakness” (Bloomberg)

Trump’s Face Pulled From Dubai Luxury Golf Course Project

An image of Donald Trump was taken down from a billboard advertising a golf course and luxury-housing development on the outskirts of Dubai as

international backlash grows against the presidential candidate’s proposal to bar Muslims from entering the U.S. Developer Damac Properties Dubai Co.,

which is building two Trump-branded golf courses along with 104 mansions, said on Dec. 8 it wouldn’t comment on the “personal or political agenda” of the

leading Republican candidate. By Friday morning, images of the U.S. business mogul and his daughter, Ivanka, had disappeared from outside the Akoya real estate development. A spokesman for Damac couldn’t be reached for comment outside business hours. Dubai’s Landmark Group, one of the region’s

largest retailers, said on Dec. 9 that it’s suspending sale of all products from the Trump Home decor collection. Trump proposed banning Muslims from

entering the U.S. following a mass shooting in California that officials say was an act of terrorism by a radicalized Muslim couple. (Bloomberg)

Egypt said to plan talks with gulf arab allies for more aid Egyptian authorities plan to hold talks with Saudi Arabia, Kuwait and the United Arab Emirates to secure more aid and investments, a government official

said, as the country seeks to ease a dollar crunch threatening to derail its nascent economic recovery. The planned talks will focus on “areas of

cooperation” including investments, development aid and foreign-exchange deposits at the central bank, as well the supply of oil and non- oil products,

according to the official. A government official earlier said Egypt also plans to seek oil and non-oil products, development aid, as well as foreign-exchange

deposits at the central bank to bolster its foreign reserves. Authorities said Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman will visit Cairo

within days as the two governments prepare to discuss aid and major investments to support a struggling Egyptian economy. Egyptian officials will present

to Saudi Arabia “major” investment opportunities in areas including housing, education and energy, the cabinet said in a statement. The three Gulf Arab

monarchies have provided tens of billions of dollars to support the Egyptian economy since the 2013 army-led dismissal of President Mohammad Mursi

after mass protests against his one-year rule. While officials in the three countries regularly hail ties with Egypt, it ’s not clear how much more aid they can

extend at a time when the plunge in oil prices and the war in Yemen strain their public finances. Egypt faces a foreign-currency squeeze that caused private- sector business activity to contract the most in more than two years in November, according to the Emirates NBD Purchasing Managers Index.

Egypt’s benchmark EGX 30 Index for stocks has dropped 26% this year, making it the fifth-worst performer among global equity measures tracked by

Bloomberg. Egyptian authorities have burnt through billions in foreign currency reserves since 2011 to prop up the pound and maintain spending. Reserves

stood at USD16.4 billion (Dh60 billion) at the end of November, enough to cover about three months of imports. The government is expected to receive USD1.5 billion this month after signing loan agreements with the World Bank and the African Development Bank. (Gulf News/Bloomberg)



Emerging markets extend losses as domestic conflicts worsen risk

Emerging-market stocks posted their worst week since September and currencies plunged as a missing Chinese billionaire, a fired South African finance

minister and a Turkish president losing trade pacts to geopolitical conflicts highlighted idiosyncratic risks in developing nations. Equities dropped to a five-week low in Shanghai as the disappearance of Guo Guangchang drew attention to the government ’s practice of holding people as targets of investigations.

South African equities declined to the lowest level since August as a selloff accelerated after the government replaced the f inance minister. The rand

extended losses into a seventh day. Equities fell to the lowest since March 2014 in Istanbul as Iraq joined Russia in scaling down trade relations with

Turkey, which refused to withdraw troops from the Kurdish region. Brazil’s real weakened as a dispute among ministers fueled uncertainty over the

direction of fiscal policy. Investors remain on the sidelines as the holiday season approaches, commodity prices trade at a 16-year low, growth in China

cools and the Federal Reserve’s potential increase in borrowing costs sap the appeal of riskier assets. The MSCI Emerging Markets Index is headed for a

third annual loss, while a measure of 20 emerging-market currencies is deepening its decline to record lows. (Bloomberg)

Turkish economy grows most since 2014 on household spending while S&P remains cautious on external profile Turkey’s economy expanded at its fastest pace since early 2014 in the third quarter, as household demand and public consumption shook off the political

uncertainty of an election and a resurgence of violence with Kurdish militants. Gross domestic product grew 4% in the three months to September,

compared with 3.8% in the second quarter, Turkey’s statistics agency said Thursday. The median estimate of 15 analysts in a Bloomberg survey was 2.7%.

Seasonally- adjusted output rose 1.3% from the previous quarter. Household demand, which makes up about two-thirds of the economy, expanded 3.4%

from year earlier. Thursday’s report shows consumption held up even after the ruling AK Party lost its parliamentary majority in June and violence flared

between the army and autonomy-seeking Kurds in the southeast, said Bora Tamer Yilmaz, an economist at Ziraat Yatirim in Istanbul whose forecast for

4.4% growth proved most accurate in the survey. The lira advanced as much as 0.4% after the data was published, and was trading 0.1% higher at

2.9133 per dollar at 12:15 p.m. in Istanbul. The yield on Turkey’s two-year government notes rose five basis points to 10.88%, according to data compiled

by Bloomberg. Despite the positive economic data, S&P stated “Turkey has one of the weakest external profiles among the EM sovereigns we rate, and it is

very susceptible to shifts in investor sentiment and global liquidity,” in a report on emerging market sovereigns published on Thursday. S&P estimates that

Turkey’s gross external financing needs (current account payments plus external debt repayments) as a share of current account receipts and usable

receipts were 2.5x that of Brazil and 1.7x that of South Africa. S&P also estimates that Turkey’s narrow net external debt was 5x that of Brazil and South

Africa. The rating agency stated that Turkey would need to enact “long-delayed reforms” to rebalance the economy in order for the outlook to be raised to

stable from negative. Such measures include stimulating household savings and reducing dependence on external energy (Bloomberg)

Fitch Says Turkish Banks May Need to Raise New Capital In an emailed statement on Friday, Fitch stated that Turkish banks may need to raise new capital, either through equity or Tier 2 issuance, to support

solvency ratios over the near to medium term. The rating agency said “Higher minimum capital requirements, increased risk-weights, loan growth that’s

still outpacing internal capital generation and further lira depreciation could erode capital ratios. We understand that other banks are also considering Tier 2

issues”. Fitch expects Turkish banks to retain external market access for new capital issues and to roll over outstanding senior borrowings. From 2016

Turkish banks will have to meet additional Basel III capital buffers. (Bloomberg)

Abengoa default swaps triggered by failure-to-pay credit event

Abengoa SA caused a failure-to-pay credit event that will trigger payouts on derivatives insuring its debt, according to the International Swaps &

Derivatives Association. ISDA’s determinations committee, a group of 15 dealers and money managers that govern the market, said that credit-default

swaps will be settled at auction, according to a statement on its website. There were 2,467 trades covering a net USD676 mill ion of Abengoa’s debt

outstanding as of Dec. 4, according to Depository Trust & Clearing Corp. The committee was asked for a ruling after the Spanish renewable energy provider

said it failed to pay the equivalent USD15 million of commercial paper. Abengoa said it didn’t make payments on six notes denominated in euros and

dollars issued under its 750 million-euro (USD820 million) commercial paper program, according to a statement. Abengoa, which has 8.9 billion euros of

gross debt, filed for preliminary creditor protection last month. While the company has as long as four months to reach an agreement with creditors under

Spanish bankruptcy law, failure to obtain funding may force it into insolvency proceedings before then. Before the ruling, it cost 9.3 million euros in

advance to insure 10 million euros of Abengoa bonds for five years, according to S&P Capital IQ ’s CMA. That’s in addition to 500,000 euros annually, and it

implied a 96% likelihood of default. (Bloomberg)

Rajan Sees Fed Raising Rate as Much as 25 Basis Points This Week

Indian central bank Governor Raghuram Rajan expects Federal Reserve policy makers to increase interest rates by as much as a quarter point in the Fed

meeting this week. The Reserve Bank of India is looking at a 70 percent to 75 percent probability of a rate hike based on an assessment of market

movements, Rajan told reporters on Friday after a central bank board meeting in Kolkata. India is ready for any eventuality and the central bank will determine how much liquidity to supply, he said. “The Fed has prepared the way very carefully for an increase, so likely at this point they will go ahead --

at least that is our betting," Rajan said. “I don’t know how much it would be. My guess is not more than 25 basis points, but it could be anywhere between

0 and 25 basis points, probably between 1 and 25." Rajan, a former chief economist at the International Monetary Fund, left the highest borrowing costs in

major Asian economies unchanged earlier this month as risks to his inflation target increase. Goldman Sachs Group Inc., Australia & New Zealand Banking

Group Ltd. and Mizuho Bank Ltd. expect him to keep India’s repurchase rate at 6.75 percent throughout 2016. (Bloomberg)

South Africa Faces Watershed as Investors Despair of Zuma

Investors are giving up on South African President Jacob Zuma and his ruling African National Congress. Less than 24 hours after Zuma sent markets into

chaos by abruptly firing his finance minister and replacing him with an untested unknown on Wednesday, fund managers and analysts warned that the ANC’s reputation for prudent financial management was practically in tatters. “This is a self-induced crisis,” Malcolm Charles, an Investec Asset

Management fund manager who oversees about $462 million in assets, said by phone from Cape Town. “Investors are absolutely distraught and they’re

voting with their feet. All these guys are selling at a loss and they continue to sell. They ’d rather take money to a place where they know what the

macroeconomic policies are going to be.” The announcement that David van Rooyen would replace Nhlanhla Nene comes as the country’s credit rating

teeters on junk and the economy reels from power shortages and tumbling commodity prices. The rand fell to a record low, benchmark bond yields jumped

the most ever and banking stocks had their biggest slump since 2001. The loss in confidence in the government and its ability to manage Africa ’s second-

largest economy is almost unprecedented in post-apartheid South Africa. With municipal elections looming next year, the unexplained cabinet shakeup

could come back to haunt Zuma and the ANC. Van Rooyen has no experience in provincial or national government. He served as the mayor of Merafong

municipality in the central Gauteng province before being appointed to parliament, where he was a member of the finance committee. Nene was deputy

finance minister for nearly six years before being named to the top post in May last year. (Bloomberg)

Nations Approve Landmark Climate Accord in Paris

With the sudden bang of a gavel Saturday night, representatives of 195 nations reached a landmark accord that will, for the first time, commit nearly every

country to lowering planet-warming greenhouse gas emissions to help stave off the most drastic effects ofclimate change. Traditionally, such pacts have

required developed economies like the United States to take action to lower greenhouse gas emissions, but they have exempted developing countries like

China and India from such obligations. The accord, which United Nations diplomats have been working toward for nine years, changes that dynamic by



requiring action in some form from every country, rich or poor. “This is truly a historic moment,” the United Nations secretary general, Ban Ki-moon, said

in an interview. “For the first time, we have a truly universal agreement on climate change, one of the most crucial problems on earth.” (The New York

Times)

Ratings update

Moody’s cuts Anglo American to Baa3 and leaves on review for further downgrade

Moody’s on Friday cut Anglo American’s rating by one notch to Baa3 and, in a move that leaves the company teetering on the edge of investment grade,

has left the new rating on review for downgrade. The main reason for the one notch downgrade comes from the company ’s weak leverage position (as per

Moody’s, debt/EBITDA was 3.3x at 15H1 compared to ca. 3x that the agency saw as commensurate with the previous Baa2 rating), and “increased

potential for further earnings deterioration as a result of commodity price pressures”. According to the agency, Anglo American is set to unveil new

leverage targets in early 2016. Moody’s has also flagged that its review will focus on the impact on Anglo American’s business profile following the

significant downsizing exercise that the company outlined at this week’s investor day. The combination of expected FCF burn of USD1 billion in 2016 and

EBITDA of only USD3.5 billion at current spot prices relative to USD13-13.5 billion of net debt makes it seem unlikely that the company will be able to

achieve 2016 credit metrics commensurate with an Investment Grade rating. (Bloomberg/DB)

Moody’s affirms Nigeria’s Ba3 government issuer rating with stable outlook

Moody’s says it has affirmed the Nigerian government’s Ba3 issuer rating with a stable outlook. According to Moody’s the rating is based on three factors:

the strength of the federal government balance sheet, despite budgetary pressures stemming from the current low oil price environment; Nigeria’s robust

medium-term real GDP growth prospects, despite the current economic slowdown; and the fact that the successful democratic presidential elections

provide an opportunity for the country to improve institutional strength and governance. (Ghana businessnews)

Fixed Income Trading

December 15, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

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

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

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.09 99.09 2.72 A/Baa1/- UNITED STATES Sr Unsecured 2,000

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.56 99.92 2.47 A/A2/A NETHERLANDS Sr Unsecured 200,000

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.56 99.56 2.48 A-/A2/A+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 70.00 70.00 12.73 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 99.99 99.99 2.00 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.77 99.77 2.02 A/A2/A+ UNITED KINGDOM Sr Unsecured 2,000

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 99.29 99.29 2.62 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 97.26 97.26 2.93 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.88 99.88 1.80 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.32 99.32 2.32 A/A1/AA- UNITED STATES Sr Unsecured 1,000

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.24 100.24 2.82 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.19 99.19 2.57 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 100.05 100.05 2.30 A/A2/A UNITED KINGDOM Sr Unsecured 1,000

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 99.47 99.93 2.27 A/A2/A FRANCE Sr Unsecured 250,000

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.47 99.47 2.13 A/A2/A UNITED STATES Sr Unsecured 1,000

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 99.24 99.24 2.15 AA/Aa1/- UNITED STATES Sr Unsecured 2,000

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 98.95 98.95 2.16 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 97.04 97.04 2.92 A/A2/A UNITED STATES Sr Unsecured 2,000

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.51 99.51 2.87 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.46 99.46 1.94 A/A1 /*-/A SWITZERLAND Sr Unsecured 250,000

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.43 99.43 2.22 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 98.93 98.93 2.56 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 98.92 98.92 2.71 A-/A3/A- GERMANY Sr Unsecured 150,000

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.13 99.13 2.29 BBB+/A3/A- GERMANY Sr Unsecured 1,000

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 99.62 99.62 2.01 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.44 99.44 2.47 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.55 98.55 3.00 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 78.67 78.67 13.75 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 65.00 65.00 14.41 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.63 99.63 2.57 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 98.18 98.18 3.64 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218431705 16-Apr-2018 500 FIXED 2.13 86.00 86.00 8.91 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 81.45 81.45 9.60 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000


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


December 15, 2015 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 98.46 98.46 2.84 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 100.07 100.07 2.58 BBB+/A3/A UNITED STATES Sr Unsecured 2,000

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.02 100.02 2.24 A/A2/AA- UNITED STATES Sr Unsecured 100,000

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.21 99.21 2.55 A/A2/AA- UNITED STATES Sr Unsecured 100,000

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.02 98.02 2.10 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.79 99.79 2.14 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 101.22 101.22 2.67 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.56 99.56 2.32 A-/A3/A+ UNITED STATES Sr Unsecured 2,000

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 98.48 98.48 2.64 A-/A3/A+ UNITED STATES Sr Unsecured 2,000

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 99.77 99.77 2.46 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.28 99.67 2.49 A/A2/A AUSTRALIA Sr Unsecured 2,000

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 90.54 90.54 5.10 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 98.92 98.92 2.46 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.39 99.39 2.01 AA/A1/A UNITED STATES Sr Unsecured 2,000

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 99.89 99.89 2.16 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.74 98.74 2.57 A/A3/A UNITED STATES Sr Unsecured 2,000

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.24 100.24 2.17 A+/A2/A UNITED STATES Sr Unsecured 250,000

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 98.73 98.73 2.16 A/A1/A UNITED STATES Sr Unsecured 2,000

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 99.87 99.87 2.28 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.10 99.10 2.10 -/Aaa/AAA CANADA Secured 1,000

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.88 99.88 2.06 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 99.62 99.62 2.74 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 99.06 99.06 2.35 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.35 99.19 1.88 A+/A1/A GERMANY Sr Unsecured 250,000

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

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.47 98.47 2.63 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.14 100.14 2.31 A/A2 /*+/A SWITZERLAND Sr Unsecured 250,000

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.35 99.35 1.81 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 95.66 95.66 3.47 BBB+/A3/- GERMANY Sr Unsecured 200,000

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.35 100.35 2.02 A/A2/AA- UNITED STATES Sr Unsecured 1,000

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.75 99.75 2.21 A/A2/AA- UNITED STATES Sr Unsecured 1,000



December 15, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.27 99.91 2.54 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000


ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.80 96.56 4.37 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.29 99.87 2.56 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.85 100.48 2.84 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.62 99.30 2.95 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 98.17 98.73 2.95 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 99.76 100.59 4.40 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 98.65 99.52 3.33 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 99.05 99.73 2.62 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 94.26 95.91 5.31 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.66 95.29 4.55 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.63 102.26 1.63 A-/A1/- QATAR Sr Unsecured 200,000

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.93 100.53 2.71 A-/A1/- QATAR Sr Unsecured 200,000

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.46 101.20 2.86 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.37 102.08 2.04 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.73 98.50 3.28 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.12 99.89 4.34 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 98.87 99.65 3.34 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.32 101.04 4.42 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 100.78 101.69 4.08 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.83 102.38 2.72 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.09 99.93 2.04 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 99.90 100.55 3.10 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.12 99.76 3.06 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.53 100.17 2.33 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.12 101.82 3.25 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.87 102.41 1.79 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.62 101.17 2.20 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.14 101.75 2.65 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 98.16 98.82 2.92 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.81 100.50 2.61 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.16 99.99 4.63 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.49 100.27 3.44 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 75.58 76.74 8.10 BBB-/-/BBB- BAHRAIN Unsecured 200,000



December 15, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 88.94 89.98 5.33 BBB/A3/- OMAN Sr Unsecured 200,000

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 101.60 102.34 4.41 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.34 98.71 2.80 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 99.82 100.61 3.14 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 500 FIXED 3.00 99.45 102.33 2.37 -/Baa2/A UNITED ARAB EMIRATES Sr Unsecured 200,000

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.16 95.39 4.90 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.94 100.70 2.93 -/A3/- OMAN Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 101.75 102.21 1.50 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.44 102.09 2.40 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.12 98.87 2.54 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.00 97.73 3.61 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 94.69 95.47 4.36 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 97.14 98.40 4.60 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.36 101.93 2.36 A-/A2/A+ QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.56 102.14 1.54 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.41 99.98 2.13 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.47 101.06 2.36 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.42 100.97 2.64 -/Aa3/AA- QATAR Sr Unsecured 200,000

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 101.98 102.62 2.34 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 98.17 98.97 3.56 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 99.97 100.57 2.41 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.40 101.03 1.86 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.19 100.91 3.64 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.67 101.33 2.36 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 98.02 98.77 3.15 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.02 101.49 1.37 AA/Aa2/- QATAR Sr Unsecured 200,000


TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.70 102.31 2.22 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



December 15, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 97.63 98.47 3.39 A-/A2/A MEXICO Sr Unsecured 200,000

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 89.04 90.14 5.05 A-/A2/A MEXICO Sr Unsecured 200,000

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 62.08 66.01 15.56 -/Ba2 /*-/BB- /*- BRAZIL Sr Unsecured 200,000

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

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

BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1440 FIXED 5.75 89.22 89.22 7.61 BB+/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 90.57 91.80 7.82 BB+/Baa3 /*-/BBB- BRAZIL Sr Unsecured 150,000

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 88.39 89.67 7.76 BB+/Baa3 /*-/BBB- BRAZIL Sr Unsecured 150,000

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 87.78 88.93 6.65 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 81.76 83.00 6.65 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 86.10 87.08 7.14 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 71.89 73.16 8.33 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 91.07 92.48 6.11 BBB/Baa3/- BRAZIL Sr Unsecured 2,000

FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 78.53 78.53 6.47 BB+/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 80.58 85.01 6.46 BB+/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 73.04 75.53 7.88 BB+/Baa3 /*-/BBB- BRAZIL Sr Unsecured 100,000

FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 69.00 69.00 7.68 BB+/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 90.28 95.19 4.69 A-/-/A MEXICO Sr Unsecured 150,000

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 76.95 78.64 11.37 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 69.99 71.83 10.32 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 85.51 86.74 5.96 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.01 97.60 4.50 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 101.70 102.45 6.19 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000


MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.73 100.29 5.48 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 85.38 88.32 5.51 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 87.16 88.00 5.98 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 87.53 88.24 6.07 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 74.73 75.86 7.70 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.42 98.70 2.95 -/Baa2/- PHILIPPINES Sr Unsecured 10,000

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 91.97 92.72 5.87 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 87.00 87.50 4.68 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 94.10 94.60 4.80 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 81.75 82.75 6.29 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 95.16 95.90 4.50 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000



December 15, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 91.44 92.06 4.67 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 93.14 93.67 5.00 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 88.61 89.36 6.07 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 83.69 84.53 5.75 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 87.43 88.18 5.99 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 92.98 93.76 4.75 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 97.16 97.87 5.41 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 81.68 82.61 6.17 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 96.39 97.30 6.71 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.47 98.26 3.98 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 90.55 91.05 4.72 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 92.09 92.74 5.17 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 85.07 85.57 5.95 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 93.18 94.63 4.92 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.61 99.37 3.94 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 93.84 94.65 5.68 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 95.83 96.34 6.25 BBB-/Baa3/BBB- TURKEY Unsecured 200,000

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.25 97.25 3.96 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 90.00 91.00 5.37 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 87.75 88.75 5.36 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 72.84 74.06 10.22 BBB/Baa3/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 68.36 69.60 10.49 BBB/Baa3/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 67.99 69.16 10.39 BBB/Baa3/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 64.61 65.61 9.06 BBB/Baa3/BBB+ /*- BRAZIL Sr Unsecured 2,000

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.34 96.09 5.07 -/Baa3/BBB TURKEY Sr Unsecured 200,000



December 15, 2015 USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.83 99.15 3.70 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.92 103.50 3.38 -/Baa3/- INDIA Sr Unsecured 200,000

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

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.92 102.28 2.76 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.40 98.75 3.43 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.60 98.33 4.22 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.18 103.79 3.99 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.14 98.72 4.54 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.74 102.96 2.15 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.42 103.83 2.80 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.90 99.27 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.77 99.22 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.64 102.16 3.65 BBB-/Baa3/- INDIA Sr Unsecured 200,000

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.90 101.19 2.44 BBB-/Baa3/- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.43 101.82 3.04 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.92 100.38 3.04 BBB-/Baa3/- INDIA Sr Unsecured 200,000

IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 101.94 102.27 3.33 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.66 101.92 2.33 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.96 103.26 2.84 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.31 102.09 4.09 BBB-/-/BBB- INDIA Sr Unsecured 200,000

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.51 102.87 2.96 -/Baa2/BBB- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.61 100.94 2.97 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.82 98.35 4.01 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.15 102.84 4.23 BBB-/Baa2/- INDIA Sr Unsecured 200,000

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.50 100.18 3.85 BBB-/-/BBB- INDIA Sr Unsecured 200,000

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 98.23 98.89 4.27 BBB+/Baa2/- INDIA Sr Unsecured 250,000

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 90.62 91.97 5.43 BBB+/Baa2/- INDIA Sr Unsecured 250,000

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 102.98 103.19 2.11 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.56 101.80 2.45 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.42 102.77 2.75 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.41 102.77 2.88 BBB-/Baa3/- INDIA Sr Unsecured 200,000

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.37 102.85 3.11 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.40 103.72 2.35 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.54 101.99 2.89 BBB-/Baa3/- INDIA Sr Unsecured 200,000



December 15, 2015 USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 101.93 102.41 1.45 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.32 101.04 4.42 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 110.85 111.67 2.95 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.85 104.44 1.37 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 99.78 100.22 1.94 AAA/Aa1/- HONG KONG Unsecured 200,000

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 98.95 99.33 2.05 AAA/Aa1/- HONG KONG Sr Unsecured 200,000

IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 99.73 100.11 1.49 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 95.62 96.34 3.51 A-/A3/- MALAYSIA Unsecured 200,000

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 92.88 94.49 4.58 A-/A3/- MALAYSIA Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.36 101.93 2.36 A-/A2/A+ QATAR Sr Unsecured 200,000

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 100.87 101.67 6.27 B-/B3/B PAKISTAN Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.04 104.63 2.35 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 93.51 94.27 5.17 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 108.98 109.57 3.00 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 92.31 92.97 4.49 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 98.87 99.23 2.90 A-/A1/- MALAYSIA Sr Unsecured 200,000





SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 89.34 90.78 6.19 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 99.51 100.26 3.96 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.19 100.91 3.64 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 103.02 103.75 3.01 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 108.46 108.87 2.90 A-/A3/- MALAYSIA Sr Unsecured 250,000

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.73 100.93 1.28 A-/A3/- MALAYSIA Sr Unsecured 250,000



December 15, 2015 USD Commodity and Energy


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating



ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.80 96.56 4.37 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ALCOA INC US013817AW16 1-Oct-2024 1250 FIXED 5.13 88.50 88.50 6.89 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG03762CG79 27-Sep-2017 750 FIXED 2.63 95.65 95.65 5.22 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 70.00 70.00 12.73 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 64.50 64.50 13.74 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 69.00 69.00 10.66 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000

ANGLOGOLD HOLDINGS PLC US03512TAA97 15-Apr-2020 700 FIXED 5.38 89.19 89.82 8.22 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

ANGLOGOLD HOLDINGS PLC US03512TAC53 1-Aug-2022 750 FIXED 5.13 82.15 83.01 8.54 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000

BARRICK GOLD CORP US067901AL20 1-Apr-2022 814 FIXED 3.85 92.21 92.21 5.32 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 90.05 90.05 5.78 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BARRICK NA FINANCE LLC US06849RAF91 30-May-2021 1329 FIXED 4.40 93.12 93.12 5.89 BBB-/Baa3/- CANADA Sr Unsecured 2,000

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 92.30 93.13 4.15 A+/A1/A+ AUSTRALIA Sr Unsecured 2,000

BP CAPITAL MARKETS PLC US05565QCB23 6-Nov-2022 1000 FIXED 2.50 95.76 95.76 3.19 A/A2/A UNITED KINGDOM Sr Unsecured 1,000

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 95.01 95.01 3.52 A/A2/- UNITED KINGDOM Sr Unsecured 1,000

CNOOC FINANCE 2013 LTD US12625GAC87 9-May-2023 2000 FIXED 3.00 94.16 94.70 3.83 AA-/Aa3/- CHINA Sr Unsecured 200,000

CNOOC FINANCE 2015 US US12634MAB63 5-May-2025 2000 FIXED 3.50 95.01 95.47 4.09 AA-/Aa3/- CHINA Sr Unsecured 200,000

CODELCO INC USP3143NAN41 3-Nov-2021 1150 FIXED 3.88 96.17 96.91 4.48 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAP98 17-Jul-2022 1250 FIXED 3.00 89.38 90.04 4.78 AA-/A1/A+ CHILE Sr Unsecured 200,000

CODELCO INC USP3143NAW40 16-Sep-2025 2000 FIXED 4.50 93.72 94.42 5.24 AA-/A1/A+ CHILE Sr Unsecured 200,000

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 91.03 91.03 3.88 A/A2/A UNITED STATES Sr Unsecured 2,000

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 94.91 94.91 4.04 A/A2/A UNITED STATES Sr Unsecured 2,000

DOW CHEMICAL CO/THE US260543CH45 15-Nov-2022 1250 FIXED 3.00 98.38 98.38 3.26 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 96.71 96.71 3.95 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000

E.I. DU PONT DE NEMOURS US263534CK37 15-Feb-2023 1250 FIXED 2.80 94.51 94.51 3.68 A- /*-/A3/A /*- UNITED STATES Sr Unsecured 2,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 81.76 83.00 6.65 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ENCANA CORP US292505AJ36 15-Nov-2021 600 FIXED 3.90 87.89 87.89 6.39 BBB/Baa2/- CANADA Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 65.00 65.00 14.41 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 54.56 54.56 15.08 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DAZ87 15-Mar-2023 1999 FIXED 3.88 54.75 54.75 14.02 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBL82 14-Nov-2024 850 FIXED 4.55 56.25 56.25 12.98 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AN03 15-Nov-2020 617 FIXED 6.50 65.96 65.96 16.99 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 63.99 63.99 15.33 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AN76 25-Oct-2017 1750 FIXED 2.70 89.48 89.48 8.99 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FINANCE CANADA USC98874AH09 15-Nov-2021 1000 FIXED 4.95 82.95 82.95 8.70 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000



December 15, 2015 USD Commodity and Energy


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 71.28 71.28 10.17 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 81.45 81.45 9.60 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722583 15-Jan-2019 500 FLOATING 1.68 85.01 85.01 7.28 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000



GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 67.05 67.05 10.64 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000


GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 91.88 91.88 5.05 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

HALLIBURTON COMPANY US406216BD29 1-Aug-2023 1100 FIXED 3.50 102.21 102.21 3.16 A/A2 /*-/A- UNITED STATES Sr Unsecured 2,000

KINROSS GOLD CORP US496902AJ65 1-Sep-2021 500 FIXED 5.13 74.75 74.75 11.24 BBB-/Ba1/BBB- CANADA Sr Unsecured 2,000


MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 90.54 90.54 5.10 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 80.93 80.93 6.26 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.73 100.29 5.48 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 95.65 95.65 3.98 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

NEWMONT MINING CORP US651639AN69 15-Mar-2022 1500 FIXED 3.50 88.68 88.68 5.68 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 100.51 100.51 3.43 A/A2/A UNITED STATES Sr Unsecured 2,000

PETROLEOS MEXICANOS US71656MBC29 23-Jul-2020 1500 FIXED 3.50 94.72 95.71 4.54 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 85.38 88.32 5.51 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETRONAS CAPITAL LTD USY68856AM84 18-Mar-2022 750 FIXED 3.13 98.44 98.90 3.32 A-/A1/- MALAYSIA Sr Unsecured 200,000

PETRONAS CAPITAL LTD USY68856AN67 18-Mar-2025 1500 FIXED 3.50 95.92 96.49 3.96 A-/A1/- MALAYSIA Sr Unsecured 200,000

POTASH CORP-SASKATCHEWAN US73755LAL18 15-Mar-2024 750 FIXED 3.63 97.95 97.95 3.92 A-/A3/- CANADA Sr Unsecured 2,000

POTASH CORP-SASKATCHEWAN US73755LAM90 1-Apr-2025 500 FIXED 3.00 94.20 94.20 3.74 A-/A3/- CANADA Sr Unsecured 2,000

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 90.62 91.84 4.83 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 90.88 90.88 4.47 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000

SCHLUMBERGER INVESTMENT USL81445AD75 1-Aug-2022 1000 FIXED 2.40 95.64 95.64 3.13 AA-/Aa3/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 99.50 99.50 3.31 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000

SINOPEC CAPITAL 2013 LTD USG81877AA34 24-Apr-2023 1250 FIXED 3.13 95.41 95.90 3.77 AA-/Aa3/- CHINA Sr Unsecured 200,000

SINOPEC GRP OVERSEA 2015 USG8201JAC56 28-Apr-2025 1500 FIXED 3.25 94.49 94.98 3.89 AA-/Aa3/- CHINA Sr Unsecured 200,000

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 95.66 95.66 3.14 AA-/Aa2/- NORWAY Sr Unsecured 1,000

STATOIL ASA US85771PAK84 15-Jan-2024 900 FIXED 2.65 96.21 96.21 3.19 AA-/Aa2/- NORWAY Sr Unsecured 1,000

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 96.52 96.52 3.27 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAL70 15-Sep-2020 1000 FIXED 4.63 79.93 81.17 9.67 BBB/Baa3/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 72.84 74.06 10.22 BBB/Baa3/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 95.63 95.63 4.23 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000



December 15, 2015 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 95.48 95.97 1.46 A/A2/A NETHERLANDS Sr Unsecured 1,000

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 64.91 66.02 11.27 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.91 97.40 1.66 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 95.33 95.89 1.86 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 94.17 94.89 1.57 A+/A1u/A- SPAIN Secured 100,000

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.24 99.62 1.56 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.72 97.21 1.15 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 93.68 94.34 1.63 A+/A1/A+ AUSTRALIA Sr Unsecured 100,000

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 95.96 96.73 1.63 AA-/A1/- UNITED STATES Sr Unsecured 100,000

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.46 95.96 1.48 A+/A2/- GERMANY Sr Unsecured 1,000

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 96.51 97.06 2.74 BBB+/Baa2/A FRANCE Subordinated 100,000

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 97.32 97.87 1.42 A/A2/A UNITED KINGDOM Sr Unsecured 100,000

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.74 95.12 2.86 BBB/Baa3/A- FRANCE Subordinated 100,000

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 96.74 97.30 1.31 A+/A2/A- UNITED STATES Sr Unsecured 100,000

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.15 97.74 1.51 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 98.78 99.27 1.84 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.72 98.14 1.02 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.01 97.36 1.69 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 100,000

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 98.35 98.73 1.09 A/A2/A FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 98.53 98.82 1.09 A/A2/- FRANCE Sr Unsecured 100,000

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 99.80 100.11 1.14 A/A2/- FRANCE Sr Unsecured 100,000

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.15 97.64 1.40 A-/Baa1/- FRANCE Sr Unsecured 100,000

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 91.97 92.66 3.71 BB+/Ba1/BBB+ GERMANY Subordinated 1,000

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 93.25 93.77 1.86 BBB+/A3/A- GERMANY Sr Unsecured 100,000

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 91.92 92.76 2.89 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000

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

COUPON0.00 94.45 94.71 1.00 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 98.97 99.33 0.91 AA+/A1/- UNITED STATES Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 69.73 70.85 8.33 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 67.46 68.60 8.43 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 61.51 62.84 7.45 BBB/Baa2/- SWITZERLAND Sr Unsecured 100,000

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 99.79 100.13 1.35 BBB+/A3/A UNITED STATES Sr Unsecured 1,000

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.52 99.09 1.26 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 97.63 98.05 1.46 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 98.50 99.04 1.61 A-/A3/A+ UNITED STATES Sr Unsecured 100,000

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.97 98.51 1.43 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000



December 15, 2015 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.49 97.91 1.49 A/A2/A AUSTRALIA Sr Unsecured 100,000

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.61 100.01 1.12 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 94.90 95.53 2.03 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 98.53 99.04 1.87 BBB+/A3/A UNITED STATES Sr Unsecured 100,000

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 97.96 98.55 1.04 AA/A1/- SWITZERLAND Sr Unsecured 1,000

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 93.24 93.85 3.28 BBB/Baa2/BBB+ SPAIN Subordinated 100,000

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 97.12 97.69 1.27 A/A2/- GERMANY Sr Unsecured 1,000

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 95.14 95.73 3.17 -/Baa3/A- FRANCE Subordinated 100,000

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 95.12 96.00 3.66 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 96.89 97.38 1.26 AA-/Aa2/- NORWAY Sr Unsecured 100,000

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 97.23 97.78 1.64 AA-/Aa1/AA- FRANCE Sr Unsecured 100,000

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 92.14 92.84 1.97 BBB+/A3/- GERMANY Sr Unsecured 1,000


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