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Daily Market Update

Market Update

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S&P forecasts weak earnings for GCC banks

According to Standard & Poor’s (S&P), the knock-on effects of lower oil prices on the growth and asset quality could weaken the earnings of GCC banks

over the next several quarters. The S&P’s findings are based on a sample of 26 rated banks in the GCC, which comprises Qatar, Bahrain, Kuwait, Oman,

Saudi Arabia and the UAE. Suha Urgan, credit analyst at S&P, said banks seem to have adopted a more conservative stance in terms of asset growth, given

the drop in oil prices and its effects on the region’s economic outlook. The deleveraging of government-related entities (GREs) in Qatar, tighter mortgage

regulation in Saudi Arabia, and a drop in real estate transactions in the UAE also held back asset growth. According to the S&P report, customer deposits

too lost momentum in 1H2015. The GCC banks in S&P sample increased customer deposits 6% YoY in 1Q2015 and 2Q2015 as compared to over 10% YoY

in all of the previous eight quarters. Out of the 26 banks, 10 posted a YoY contraction in non-interest income in 1H2015. Other areas of weakness were a

contraction in fees for loan origination, brokerage, and capital market activities. Earnings growth was more resilient thanks to declining provisions, which

helped offset slower growth in operating income. Provisions declined 9% YoY in 1H2015 for 26 banks. Net income growth declined 4% YoY in 2Q2015 as

compared to 7% in 1Q2015 and over 10% in the previous three quarters. (Peninsula Qatar)

Dubai Holding main unit's profit up 24%

The main trading arm of Dubai Holding, Dubai Holding Commercial Operations Group, or DHCOG, on Saturday posted a 24% jump in net profit to AED2.6

billion for the first half of 2015 compared to AED2.1 billion in the same period in 2014. Mohammed Abdullah Al Gergawi, Chairman of Dubai Holding and

UAE Minister of Cabinet Affairs, said DHCOG continued to see good operational progress with all businesses performing well and contributing to the group's

profitability. He expected the group's net profit to exceed AED5.5 billion for 2015, up from AED4.68 billion in 2014. Dubai Holding, a global investment

holding company, has operations in 24 countries and its subsidiaries employ 22,000 people around the world. The group manages a portfolio of assets

valued at AED130 billion, and is currently developing the iconic USD6.8 billion Mall of the World project. (Khaleej Times)

DIB to raise its stake in Bank Panin to 40%

Dubai Islamic Bank (DIB) has received formal approval from the Financial Services Authority, Indonesia (OJK) to hike its stake in PT Bank Panin Syariah Tbk

(Bank Panin Syariah) to 40%. DIB had acquired around 25% shares of Bank Panin Syariah in May 2014. In the first phase of acquisition, DIB bought shares

of Bank Panin Syariah from the market. In the second phase of its acquisition strategy, DIB recently received a formal regulatory approval to obtain

controlling shareholder status from the Financial Services Authority. DIB is now in a position to initiate and complete phase two of its share purchase plan,

which seeks to increase its shareholding to 40%. DIB intends to cooperate with Bank Panin Syariah in order to promote the growth of Shari’ah banking in

Indonesia. (Bloomberg)

Sunday, October 04, 2015

UAE GDP set to grow over 3.5%, hit AED1.6 trillion

The UAE economy is on target to grow more than 3.5% to exceed AED1.6 trillion in 2015 on the back of a vibrant non-oil sector, UAE Minister of Economy

Sultan bin Saeed Al Mansouri said on Saturday. Despite the plunge in oil prices, the Arab world's second-largest economy is able to maintain such steadfast

growth rate because of its successful diversification policy that is increasingly reliant on non-oil sectors to propel expansion. Currently, hydrocarbon

revenues account for 25% of GDP and 20% of total export revenues. Al Mansouri's upbeat projection for the economy comes amid IMF’s forecast that the

UAE's growth is expected to moderate amid lower oil prices. The IMF said the country's non-oil growth, which remained robust at 4.8% in 2014, would slow

down to 3.4% in 2015 and would pick up steam from 2016 and post a 4.6% growth by 2020. Al Mansouri said he expects the size of industrial investments

in the UAE would double in five years in tandem with the growth of the industrial sector share in the country's GDP, which now stands between 10-14%.

(Khaleej Times)

PwC believes essential items likely to be exempted from proposed GCC VAT

Jeanine Daou, tax partner from PricewaterhouseCoopers (PwC), has said that essential items, notably food and medicines, are traditionally exempt under

the VAT (value added tax) system, which could be contemplated under any future VAT system in the GCC. She said VAT seems to be high on the agenda of

the governments in the GCC. There are talks at the GCC level to have a common framework, which could be agreed upon by 2015-end. Individual states

still need to issue their own legislation based on the common framework. In her view, VAT is not expected to be introduced before 2017-2018.

(GulfBase.com)


Daily Market Update

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CBO: Omani rial-dollar peg to stay despite oil price rout

Central Bank of Oman (CBO) Executive President Hamoud Bin Sangour Al Zadjali said that Oman is prepared to take any action to protect its currency peg

even as the oil rout strains the finances of the Middle East’s largest producer outside of OPEC. He said the fixed peg provided the country with a stable

exchange rate, which helps in promoting investment, growth and diversification of the economy. The rial has been pegged to the dollar since 1973 and

there is no proposal to change the rate, held at USD2.6008 per riyal since 1986. (Gulf-Times.com)

Russia launches new wave of air raids in Syria

Russian warplanes have attacked the Islamic State group and other insurgents in central and northern Syria with a wave of new airstrikes, Syrian and

Russian military officials said Saturday as an activist group said Russia's air raids have killed 39 civilians over the three past days.

The new airstrikes came as residents of Syria's central regions fear the Russians are paving the way for a ground offensive by the government on several

towns in the central province of Hama and the northwestern region of Idlib — where the Syrian army suffered major setbacks over the past months,

activists said. Russian military spokesman Maj.-Gen. Igor Konashenkov said the warplanes flew 20 missions in Syria over the past day, hitting nine IS

targets. He said an IS command post and a weapons storage bunker were destroyed in the area of Raqqa, the extremists' de facto capital. Col.-Gen. Andrei

Kartapolov, a top official in the Russian military's general staff, said Russian pilots had flown more than 60 sorties since September 30, targeting IS

command posts, ammunition storehouses and weapons-production factories. (Bloomberg)

Renaissance divests Abu Dhabi Marine Engineering unit for USD18.5 million

Renaissance Services entered into agreement to divest Topaz Engineering and its subsidiaries, which provides marine engineering and ship building services

in Middle East, according to statement posted on Muscat stock exchange. Chalmers Holdings acquired the business for USD18.5 million. Topaz Engineering

divestment will result in loss of USD5.5 million. (Bloomberg)

US job growth stumbles, triggers concerns about economy

The NFP figures released on Friday showed that the US labor market had slowed in September after a long stretch of job creation, fanning worries that

global turmoil is weighing on the domestic economy. The Labor Department reported employers added a modest 142,000 jobs in September, versus a

median estimate of 201,000. Gains in July and August were also revised down by a combined 59,000 positions. The job creation was enough to keep

unemployment at a seven-year low of 5.1%. But more people moved out of the labor force, pushing the share of Americans working or looking for work

down to the lowest in almost four decades. Among the positive signs in the report was a figure showing fewer people were forced into jobs offering less

than a full workday. The number of Americans working part time who would prefer a full-time position decreased to 6.04 million, the least since August

2008, from 6.48 million. The underemployment rate-- which includes part-time workers who’d prefer a full-time position and people who want to work but

have given up looking -- dropped to 10%, the lowest since May 2008, from 10.3%. The wage picture was also dim. Average hourly earnings for all

employees fell by a penny in September from the prior month to USD25.09, the report showed. Wages increased 2.2% over the past 12 months, the same

year-over-year change as in August. Wages have posted a 2% gain on average since the current expansion began in mid-2009. The payrolls report

knocked down the prospect of a Fed rate increase, at least at the next meeting of policy makers’ on 28th October 2015. It diminishes but doesn’t entirely

eliminate the chance of a Federal Reserve interest-rate increase at its December 15-16 policy meeting, economists said. While the data all but rule out a

move this month, a December rate hike remains a live, albeit less- likely, option, they said. Policy makers will get a lot more information about the

economy, including two more payrolls reports, before the December meeting. With 13 of 17 Fed officials predicting 2015 liftoff in their latest forecasts, they

will be loath to abandon their plans for their first rate increase since 2006 just yet. (WSJ/Bloomberg)


Fitch: Oman, Bahrain, KSA set to record huge budget deficits

According to rating agency Fitch, fiscal policy responses by the Gulf Cooperation Council (GCC) sovereigns to lower oil prices are likely to be inadequate as

compared to the loss of revenues over 2015 and 2016. The rating agency expects Bahrain, Oman and Saudi Arabia to record double-digit deficits in 2015,

although all three would benefit from some narrowing next year (notably Saudi Arabia, where Fitch projects the deficit to drop back to 8.7% of GDP from

16.7%, reflecting some one-off spending in 2015) as capital expenditure (capex) is scaled back and oil prices start to recover. However, general

government debt levels for these three sovereigns would continue to rise in 2016, as borrowing resumes or increases to help finance deficits. Kuwait and

Qatar may have more tolerance for maintaining capex in the face of lower oil prices, as they have the lowest fiscal breakeven oil prices among GCC

sovereigns (USD57 per barrel and USD55 per barrel, respectively). (GulfBase.com)

KSA to continue energy investments despite oil price drop

Saudi Arabian Minister of Petroleum & Mineral Resource Ali bin Ibrahim Al-Naimi has said that Saudi Arabia is continuing with its investments in the oil and

gas industry as well as solar energy despite the current drop in oil prices. International Energy Agency Head Fatih Birol said global oil investments in 2015

are expected to drop by 20% marking their biggest decline in history. (Reuters, Gulf Times)


Daily Market Update

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Gulf widens between Fed forecasts and signal from futures market

The bond market’s doubts about the Federal Reserve’s projections for interest rates are growing daily. After Friday’s weaker-than-forecast US September

jobs report, traders are betting the Fed will wait until at least March before lifting its benchmark rate from near zero. What’s more, they don’t fully price in

another hike until early 2017. That contrasts with the central bank’s forecast, published just over two weeks ago, that the target would reach 1.375% by

the end of 2016. Treasury yields plunged across all maturities on Friday after the Labor Department said the economy added 142,000 positions in

September, short of the median forecast of 201,000 in a Bloomberg News survey. The data add to the challenges in the US and abroad that confront Fed

officials as they try to normalize interest rates. Investors are speculating that economic headwinds in Europe and Asia, as well as falling commodity prices,

will push the Fed to hold back even longer. (Bloomberg)

Ukraine kept waiting by IMF for next USD1.7 billion loan payment

Ukraine’s government will have to wait a bit longer for the third installment of a USD17.5 billion bailout from the International Monetary Fund.

“Understandings were reached on most issues,” Nikolay Gueorguiev, the IMF mission chief for Ukraine, said Saturday in an e-mailed statement after several

days of discussions with the country’s officials. “However, as the authorities still need more time to fully flesh out their policy proposals for 2016 in some

areas, discussions will continue in the coming weeks.” Ukrainian President Petro Poroshenko said last month he expects the country will receive the USD1.7

billion installment by November to replenish the central bank’s reserves. (Bloomberg)

Argentina hands 135% return to bondholders who braved crises

Investors who bought Argentina’s bonds in the aftermath of its 2001 default and had the stomach to hold on for the next decade are about to be rewarded

with a 135% return when the securities pay out next week, according to Bank of America Corp. The USD5.7 billion of 10-year notes will be paid off Monday,

according to Economy Minister Axel Kicillof, handing investors more than the average 93% gain for emerging markets, after years of turmoil generated by

lawsuits with creditors, a plummeting currency, soaring inflation and a government that allied itself with Hugo Chavez. The bonds traded at 103 cents on

the dollar Friday, from a low of 18 cents in 2008 and 69 cents just three years ago, when investors grew concerned the country was running out of dollars

and would opt to repay its local debt with pesos. Falling reserves kept prices on the notes below par until 2015, and holders suffered another scare this year

when speculation mounted that payments would be curtailed by a legal dispute involving investors seeking repayment on defaulted bonds from 2001.

(Bloomberg)


Fed members speak about interest rate policy/asset bubbles

Three members of the Fed spoke last week about the US monetary policy and asset bubbles. Reserve Bank of Minneapolis President Narayana Kocherlakota

said the US central bank would have been “totally justified” if it had increased policy stimulus to combat low inflation when it met last month, adding that

negative interest rates could be a useful policy tool. Speaking in an interview on September 29, the Fed’s most outspoken policy dove declined to say if he

had recommended negative interest rates in projections submitted for the September 16-17 meeting of the Federal Open Market Committee. He did say,

however, that more aggressive Fed policy was warranted than the current setting of near-zero rates. “Given the inflation outlook, given how low inflation is

expected to be, to ensure the credibility of our inflation target, taking a more accommodative stance in September would have been totally justified,”

Kocherlakota said in the interview. He steps down from the Fed on December 31 and is not a voting member of the FOMC this year.

Federal Reserve Vice Chairman Stanley Fischer said he doesn’t see immediate risks of financial bubbles in the US, while raising concerns that the central

bank’s policy tool kit to deal with such occurrences is limited and untested. “Banks are well capitalized and have sizable liquidity buffers, the housing market

is not overheated and borrowing by households and businesses has only begun to pick up after years of decline or very slow growth,” the Fed’s No. 2 policy

maker said in a speech on Friday in Boston. Still, he warned that “potential shifts of activity away from more regulated to less regulated institutions could

lead to new risks.” Fisher did not address the economic or interest rate outlook in his remarks to a two-day Federal Reserve Bank of Boston conference on

“macroprudential monetary policy.”

Federal Reserve Bank of New York President William Dudley said US policy makers are “a long way” from being able to identify developing risks to financial

stability and act in time to prevent future crises. “My own view is that while the use of macroprudential tools holds promise, we are a long way from being

able to successfully use such tools in the United States,” Dudley said. Dudley, who also serves as vice chairman of the Federal Open Market Committee, the

Fed’s monetary policy panel, didn’t comment on current interest-rate policy or the economic outlook. Dudley said the US regulatory structure is

fragmented, preventing any single regulator from being able to implement risk-reducing tools in a broad enough fashion. “As a result, imposing

macroprudential tools in the United States would almost certainly leave significant gaps in coverage,” he said, adding “it would be difficult to get all the

relevant regulators on board in a timely way to implement macroprudential tools successfully.” (Bloomberg)


Daily Market Update

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Japan household spending advances in August, eases concerns about economy

Japan’s household spending rose in August for the first time in three months and the availability of jobs improved to its best in over two decades, which

could temper concerns that the economy has fallen into a recession. The 2.9% annual increase in household spending in August amply exceeded the

median estimate for a 0.4% YoY rise and followed a 0.2% annual decline in July as more consumers bought cars. A separate survey from the Bank of Japan

showed corporate inflation expectations weakened slightly last quarter, which could bolster the argument that the central bank would ease monetary policy

at the end of October 2015, when it updates its long-term economic forecasts. (Reuters)

Brazil industrial output decline slows in August

Brazil’s industrial output in August had fallen less than the analysts’ forecast, as production of parts and components rebounded. The national statistics

agency said output in August fell 1.2% MoM after a 1.5% decline in July. The third straight monthly decline was smaller than the median forecast of 1.6%

drop by 39 economists surveyed by Bloomberg. Industrial output fell 9% on a YoY basis. Industrial confidence and capacity utilization in Latin America’s

largest nation have plunged to new lows as Brazil slides into its deepest recession in a quarter century. President Dilma Rousseff is yet to present a plan to

persuade investors that the economy would rebound, further discouraging investments. (Bloomberg)

S&P: Gas price cut won't affect ONGC, Reliance Industries ratings

Standard & Poor's Ratings Services has said that the Indian government's decision to cut natural gas prices by 16% will discourage oil exploration and

production (E&P) companies from committing new capital expenditure (capex). It will also add economic uncertainty to their ongoing investments. However,

the impact on the cash flows of Oil and Natural Gas Corp. Ltd. (ONGC; BBB-/Stable/--) and Reliance Industries Ltd. (BBB+/Stable/--) will be minimal. The

ratings on the companies are therefore not affected. According to the government's formula-driven gas pricing, the price for domestically produced natural

gas on a net calorific value basis is set at USD4.24 per million metric British thermal unit (mmBtu) for the six months starting October 1, 2015, down from

USD5.18 a unit earlier. S&P believes the government's plan to stimulate private sector participation and bring in transparency in gas pricing by introducing

formula-driven gas pricing is well intended. However falling hydrocarbon prices over the past one year have brought in uncertainty over the viability of

exploration projects. (Bloomberg)

Moody's: Turkish banks' high reliance on foreign-currency funding likely to constrain credit growth

Turkish banks may slow their lending growth in 2015-16, as foreign currency funding will likely become more expensive, Moody's Investors Service said in a

report published last week. "Turkish banks' rapid rise in lending over the past five years has been largely funded by foreign currency funding inflows, as

domestic deposits have not kept in step with credit growth," says Irakli Pipia, a VP-Senior Credit Officer at Moody's. "However, reduced foreign investor

sentiment is making banks' access to funding harder and resulting in higher risk premiums at a time when profitability is already facing downward

pressure." Going forward Turkish banks could decide to scale back their lending to the rate of, or below, customer deposit growth, at 11% in the first half of

2015, says the rating agency. This compares with an average credit growth rate of 25% since 2010, which outpaced domestic savings growth averaging

16% of GDP in 2014. Moody's data shows that Turkish banks' capital market borrowing more than doubled to USD152 billion at H1 2015 from USD66 billion

at end 2010. Total lending by Turkish banks increased to USD540 billion from USD356 billion over the same period. Most of the foreign-currency funding is

short-term, which could result in higher costs of refinancing, says Moody's, although banks have sufficient liquid assets to cover almost 100% of FX

wholesale liabilities maturing until end-2016. (Bloomberg)


Portuguese voters head to polls to give verdict on bailout years

Portuguese voters will cast their ballots Sunday in the first general election since 2011, with polls signaling the government that led the nation out of an

international bailout may be re-elected. A total of 9.7 million citizens are eligible to cast ballots. Under Premier Pedro Passos Coelho, who leads the first

coalition government to survive a full term in office since a four-decade-long dictatorship ended in 1974, Portugal exited the rescue program it entered four

years ago and returned to economic growth. While austerity fueled the rise of parties such as Podemos in Spain and Syriza in Greece, Portugal’s voters

have continued to back the two parties that have taken turns to rule the country since 1981. The Social Democrat and CDS coalition led the opposition

Socialists by at least 4 percentage points in surveys released over the past week, with a recent survey by the Catholic University put the gap at 38% to

32%. While that won’t be enough for a majority, it puts Coelho on track to form a minority government. (Bloomberg)

European bonds rally as falling consumer prices raise QE bets

Consumer prices in the euro area unexpectedly fell in September, six months after the European Central Bank introduced a quantitative-easing program to

stave off deflation. That has bond investors looking toward an account of the latest ECB meeting and retail sales data next week for signs on whether policy

makers will plan more stimulus. Germany’s 10-year bund yields dropped to the lowest level in four months on Friday after a disappointing report showed

that the US payrolls rose less than projected in September and wages stagnated. European bonds gained last week as consumer prices in the 19-nation

currency bloc fell 0.1% from a year earlier, according to a preliminary report published on September 30. Germany’s 10-year bund yield dropped 14 bps

from to 0.51%, the most since December 2014. (Bloomberg)


Daily Market Update

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New Issue Update

• Bahrain seeks arrangers for potential sovereign bond

According to sources, Bahrain is in talks with banks over issuing an international bond in 2015 to raise funds to cover a budget deficit created by cheap oil.

Bahrain sent an invitation to a group of local and international banks a few days ago. Banks are waiting for a decision from the Kingdom, on which lenders

will handle the sale. Reportedly, the Kingdom could raise as much as USD2 billion from the issue, and was considering bonds in 10-year tranches and 30

years duration. (Reuters)


Pimco Total Return Fund suffers 29th month of redemptions

PIMCO’s flagship fund had its 29th straight month of client redemptions in September from what was once the world’s largest mutual fund. Investors pulled

USD2.3 billion from the Pimco Total Return Fund, according to statements by the firm, which oversees USD1.52 trillion in total assets. Last month’s

redemption follows outflows of USD1.8 billion in August, USD2.5 billion in July, and USD3 billion in June. Assets in the fund have plunged to USD95.5 billion

from a high of USD293 billion in April 2013. Customers have yanked record amounts of money from the fund over concerns about rising interest rates,

fluctuating performance and last year’s sudden departure of Bill Gross, the Pimco co-founder who had managed Total Return for decades. Outflows in

August reduced the fund to less than USD100 billion for the first time since January 2007, before strong returns during the financial crisis spurred an influx

of cash from investors seeking the relative safety of bonds. The fund returned 0.6% this year, outperforming only 47% of peers as of October 1, according

to data compiled by Bloomberg. The Pimco Income Fund has gathered USD10.3 billion in net new client money this year, and assets reached about USD50

billion, according to the statement. The income fund, which at the end of August had USD49.2 billion, has returned 2.2% this year, beating 97% of peers,

according to Bloomberg data. It has ranked in the top percentile against its rivals over the past three and five years. (Bloomberg)


Daily Market Update

Libor Euribor Eibor

Price Yield Price % Yield Net Last 1d Chg Last 1d Chg Last 1d Chg

Last Last 1d Chg 1d Chg (bp) 1-Month 0.195 0.001 -0.113 0.000 0.560 0.000

2 Year 100.090 0.581 0.133 -6.530 3-Month 0.327 0.003 -0.044 -0.001 0.824 0.000

5- Year 100.383 1.296 0.340 -6.979 6-Month 0.535 0.004 0.026 -0.001 0.954 0.000

10-Year 100.063 1.994 0.400 -4.389 12-Month 0.852 0.005 0.139 -0.001 1.173 0.000

30-Year 100.953 2.828 0.459 -2.212 Source: Bloomberg

2 Year #REF! #REF! #REF! #REF!

5- Year 101.530 -0.054 0.052 -1.059 USD EUR AED

10-Year 104.708 0.509 0.242 -2.581 Last 1d Chg Last 1d Chg Last 1d Chg

30-Year 132.323 1.234 1.001 -4.358 2-Year 0.706 -0.070 0.037 -0.002 1.521 -0.055

5-Year 1.349 -0.067 0.319 -0.006 2.350 -0.050

10-Year 1.981 -0.043 0.898 -0.031 3.580 -0.040

2 Year 100.885 0.537 0.040 -2.269 30-Year 2.508 -0.030 1.448 -0.049 N/A N/A

5- Year 104.075 1.125 0.231 -6.979 Source: Bloomberg

10-Year 102.723 1.701 0.364 -4.389

30-Year 122.588 2.419 0.338 -2.212

Source: Bloomberg

Last Change

YTD (%)

S&P 500 1,951.36 -5.22

Change Change Dow Jones Industrial Avg 16,472.37 -7.58

Spread Day YTD Nasdaq 4,707.78 -0.60

iTraxx Europe 91.931 0.957 29.069 Nikkei 17,725.13 1.57

iTraxx Europe Crossover 377.684 1.122 32.070 Shanghai 3,052.78 -5.62

CDX North America IG 93.874 0.542 27.754 Indian BSE 26,220.95 -5.98

CDX North America HY 496.477 -7.740 139.523 Eurostoxx 3,088.18 -1.63

iTraxx SovX Western Europe 21.205 -0.270 -6.075 DFM General Index 3,626.42 -3.91

iTraxx SovX CEEMEA 277.910 0.280 -37.510 ADX General Index 4,527.45 -0.03

iTraxx Europe Senior Financial 96.192 0.176 28.756 Qatar Exchange Index 11,508.11 -6.33

iTraxx Europe Sub Financial 193.316 -2.038 44.450 TASI 7,341.94 -11.90

Source: Bloomberg Source: Bloomberg

Change Change Last Change Change

bps Spread Day YTD Day YTD (%)

Emirate of Abu Dhabi 5Y 77.000 1.000 15.000 Spot Gold 1,138.60 -3.86

Emirate of Dubai 5Y 200.000 2.500 -30.000 Spot Silver 15.26 -2.89

Kingdom of Bahrain 5Y 320.000 -15.000 65.000 WTI Crude 45.54 -14.51

State of Qatar CDS 5Y 64.438 0.400 -1.790 Brent Crude 48.13 -16.05

Kingdom of Saudi Arabia 5Y 120.000 2.500 55.000 Nymex Nat Gas 2.45 -15.16

Lebanese Republic 5Y 410.000 0.000 15.000 LME Copper 5,100.00 -19.05

Republic of Turkey 5Y 310.500 6.000 130.500 Source: Bloomberg

Arab Republic of Egypt 5Y 340.000 0.000 60.000

Source: Bloomberg

Last (NAV) Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.51138 0.12% 2.46%

Makaseb Income Fund 12.96644 -0.01% 1.69%

Makaseb Arab Tigers Fund 13.67781 0.24% -20.04%

Source: Bloomberg

0.02

5.00

MUTUAL FUNDS

CDS COMMODITIES

24.99

0.72

0.80

0.44

66.12

19.13

6.98

7.49

54.98

-62.20

200.36

bps 80.69

2.71

14.64

UK GILTS

EQUITY

Change

KEY CDS INDICES Day

27.54


KEY GOVERNMENT BONDS INTERBANK RATES

US TREASURIES

GERMAN BUNDS SWAPS

Fixed Income Trading

October 4, 2015 USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer Yield

%

Credit Rating

S&P/Moody/FitchCountry Payment Rank

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 98.14 98.14 3.20 A/Baa1/- UNITED STATES Sr Unsecured

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 99.23 99.23 3.70 A/Baa1/- UNITED STATES Sr Unsecured

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 99.25 99.25 2.81 A/A2/A- FRANCE Sr Unsecured

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 97.57 97.57 2.88 AA-/Baa1/- UNITED STATES Sr Unsecured

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 98.03 98.03 2.96 BBB+/A3/A+ UNITED STATES Sr Unsecured

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 87.01 87.01 7.00 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 82.00 82.00 7.49 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured

APPLE INC US037833BG48 13-May-2025 2000 FIXED 3.20 101.41 101.41 3.03 AA+/Aa1/- UNITED STATES Sr Unsecured

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 99.24 99.24 3.13 BBB+/Baa1/A- UNITED STATES Sr Unsecured

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 97.64 97.64 3.69 BBB+/Baa1/A- UNITED STATES Sr Unsecured

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 101.91 101.91 3.00 A-/Baa1/A UNITED STATES Sr Unsecured

BANK OF AMERICA CORP US06051GFP90 21-Apr-2025 2500 FIXED 3.95 97.87 97.87 4.22 BBB+/Baa3/A- UNITED STATES Subordinated

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 95.48 95.48 4.24 BBB/Baa3/A UNITED KINGDOM Sr Unsecured

BARCLAYS PLC US06738EAC93 11-Sep-2024 1250 FIXED 4.38 97.19 97.19 4.76 BB+/Baa3/A- UNITED KINGDOM Subordinated

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 88.55 88.55 6.00 BBB-/Baa3/- CANADA Sr Unsecured

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 97.53 98.61 3.12 A+/A1/A+ AUSTRALIA Sr Unsecured

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 98.57 98.57 3.33 A-/Baa2/BBB+ UNITED STATES Sr Unsecured

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 96.71 96.71 3.24 A/A2/- UNITED KINGDOM Sr Unsecured

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 100.69 100.69 3.42 A/A2/- UNITED KINGDOM Sr Unsecured

BPCE SA US05578UAD63 15-Mar-2025 1250 FIXED 4.50 96.19 96.19 5.01 -/Baa3/A- FRANCE Subordinated

CITIGROUP INC US172967GT25 15-May-2023 1250 FIXED 3.50 97.91 97.91 3.82 BBB+/Baa3/A- UNITED STATES Subordinated

CITIGROUP INC US172967JP75 27-Apr-2025 1500 FIXED 3.30 98.18 98.18 3.53 A-/Baa1/A UNITED STATES Sr Unsecured

CITIGROUP INC US172967JL61 26-Mar-2025 1000 FIXED 3.88 98.15 98.15 4.11 BBB+/Baa3/A- UNITED STATES Subordinated

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 95.54 95.54 3.10 A/A2/A UNITED STATES Sr Unsecured

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 98.51 98.51 3.54 A/A2/A UNITED STATES Sr Unsecured

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 2500 FIXED 3.75 97.49 97.49 4.07 BBB+/Baa2/A SWITZERLAND Sr Unsecured

CREDIT AGRICOLE SA USF2R125AC99 17-Mar-2025 1500 FIXED 4.38 95.91 95.91 4.92 BBB/Baa3/A- FRANCE Subordinated

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 96.45 96.45 3.97 BBB/Baa2/BBB UNITED STATES Sr Unsecured

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 98.84 98.84 3.43 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 97.62 97.62 3.98 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 74.10 74.10 8.95 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 88.06 88.06 9.14 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 95.89 95.89 4.18 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 94.80 94.80 4.70 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 80.50 80.50 7.91 BBB/Baa2/- SWITZERLAND Sr Unsecured

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 18


October 4, 2015 USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 80.70 80.70 7.75 BBB/Baa2/- SWITZERLAND Sr Unsecured

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 81.37 81.37 7.35 BBB/Baa2/- SWITZERLAND Sr Unsecured


GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 93.44 93.44 4.76 BBB+/Baa2/BBB CANADA Sr Unsecured

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 100.26 100.26 3.47 A-/A3/A UNITED STATES Sr Unsecured

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 97.07 97.07 3.50 A/A3/A+ UNITED STATES Sr Unsecured

JPMORGAN CHASE & CO US46625HJY71 10-Sep-2024 3000 FIXED 3.88 99.27 99.27 3.97 A-/Baa1/A UNITED STATES Subordinated

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 100.35 100.35 3.46 A/A1/A+ UNITED KINGDOM Sr Unsecured

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 97.69 97.69 3.19 A- /*-/Baa1/A- /*- UNITED STATES Sr Unsecured

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 91.23 91.23 4.25 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 88.50 88.50 5.39 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 97.01 97.01 4.03 BBB/Baa2/BBB UNITED STATES Sr Unsecured

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 100.20 100.20 3.35 A-/A3/BBB+ UNITED STATES Sr Unsecured

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 99.46 99.46 2.82 AA/A2/A UNITED STATES Sr Unsecured

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 97.91 97.91 3.66 BBB+/A3/A- UNITED STATES Sr Unsecured

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 93.88 93.88 4.84 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 100.54 100.54 3.43 A/A2/A UNITED STATES Sr Unsecured

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 95.26 95.26 5.31 BBB/Baa2/- UNITED STATES Sr Unsecured

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 99.09 99.09 3.49 A+/Aa2/AA- NETHERLANDS Sr Unsecured

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 97.28 98.44 3.95 A-/A3/- UNITED KINGDOM Sr Unsecured

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 95.72 95.72 3.58 A-/A3/A- UNITED KINGDOM Sr Unsecured

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 99.60 99.60 3.30 AA-/Aa1/- NETHERLANDS Sr Unsecured

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 99.70 99.70 3.29 A+/A1/A GERMANY Sr Unsecured

SOCIETE GENERALE USF8586CH211 14-Apr-2025 1500 FIXED 4.25 97.60 97.60 4.56 BBB/Baa3/A- FRANCE Subordinated

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 92.95 92.95 4.10 A-/Aa3/AA- UNITED KINGDOM Sr Unsecured

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 96.69 96.69 2.96 AA-/Aa2/- NORWAY Sr Unsecured

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 100.98 100.98 3.48 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 97.01 97.01 3.19 AA-/Aa1/AA- FRANCE Sr Unsecured

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 96.23 96.23 4.14 BBB/Baa2/BBB UNITED STATES Sr Unsecured

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 99.06 99.06 3.62 BBB+/Baa1/A- UNITED STATES Sr Unsecured

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 98.79 98.79 4.43 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.48 93.48 3.56 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 97.16 97.16 3.36 A+/A2/AA- UNITED STATES Sr Unsecured



October 4, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 100.76 100.76 2.19 A/A1/A UNITED KINGDOM Sr Unsecured

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.49 99.49 2.62 A/Baa1/- UNITED STATES Sr Unsecured

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 100.98 101.46 2.12 A/A2/A NETHERLANDS Sr Unsecured

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 100.50 100.50 2.26 A-/A2/A+ UNITED STATES Sr Unsecured

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 89.00 89.00 6.42 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.77 100.77 1.83 AA+/Aa1/- UNITED STATES Sr Unsecured

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 100.90 100.90 1.71 A+/A2/A+ UNITED KINGDOM Sr Unsecured

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.94 98.94 2.69 BBB+/Baa1/A- UNITED STATES Sr Unsecured

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 99.98 99.98 2.25 A-/Baa1/A UNITED STATES Sr Unsecured

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 100.21 100.21 1.67 A/A1/A+ UNITED STATES Sr Unsecured

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 100.57 100.57 2.01 A+/A1/AA- UNITED STATES Sr Unsecured

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.66 100.66 2.72 BBB/Baa3/A UNITED KINGDOM Sr Unsecured

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 100.89 100.89 2.17 A+/A1/A+ FRANCE Sr Unsecured

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 100.86 100.86 2.11 A/A2/- UNITED KINGDOM Sr Unsecured

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.18 100.18 2.20 A/A2/A FRANCE Sr Unsecured

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.37 99.37 2.15 A/A2/A UNITED STATES Sr Unsecured

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 100.12 100.12 1.93 AA/Aa1/- UNITED STATES Sr Unsecured

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.72 99.72 1.81 A-/Baa1/A UNITED STATES Sr Unsecured

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 100.50 100.50 2.08 A/A2/A UNITED STATES Sr Unsecured

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.65 99.65 2.83 BBB+/Baa2/A SWITZERLAND Sr Unsecured

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.97 99.97 1.71 A/A1/A SWITZERLAND Sr Unsecured

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 98.68 98.68 2.49 A-/A3/A- GERMANY Sr Unsecured

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 98.62 98.62 2.63 A-/A3/A- GERMANY Sr Unsecured

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 98.00 98.00 2.92 A-/A3/A- GERMANY Sr Unsecured

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 100.05 100.05 1.85 BBB+/A3/A GERMANY Sr Unsecured

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 101.38 101.38 1.58 AAA/Aaa/- UNITED STATES Sr Unsecured

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 100.00 100.00 2.24 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 94.77 94.77 4.00 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 88.14 88.14 7.81 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 82.00 82.00 8.00 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.69 99.69 2.53 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 100.00 100.00 3.20 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 83.00 83.00 8.56 BBB/Baa2/- SWITZERLAND Sr Unsecured




October 4, 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 98.66 98.66 2.69 BBB+/Baa2/BBB CANADA Sr Unsecured

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 100.74 100.74 2.42 A-/A3/A UNITED STATES Sr Unsecured

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.34 99.34 2.44 A/A2/AA- UNITED STATES Sr Unsecured

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 98.85 98.85 2.63 A/A2/AA- UNITED STATES Sr Unsecured

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 99.45 99.45 1.75 AA-/Aa3/A+ UNITED STATES Sr Unsecured

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.88 99.88 2.10 BBB/Baa3/- UNITED KINGDOM Sr Unsecured

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.36 100.36 2.87 BBB/Baa3/- UNITED KINGDOM Sr Unsecured

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 100.56 100.56 2.06 A/A3/A+ UNITED STATES Sr Unsecured

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.75 99.75 2.31 A/A3/A+ UNITED STATES Sr Unsecured

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.36 100.36 2.32 A/A1/A+ UNITED KINGDOM Sr Unsecured

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.74 100.11 2.37 A/A2/A AUSTRALIA Sr Unsecured

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 97.21 97.21 3.35 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.79 99.79 2.25 A-/A3/BBB+ UNITED STATES Sr Unsecured

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.39 100.39 1.76 AA/A2/A UNITED STATES Sr Unsecured

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 100.48 100.48 1.99 BBB+/A3/A- UNITED STATES Sr Unsecured

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 99.93 99.93 2.27 A/A3/A UNITED STATES Sr Unsecured

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.44 100.44 2.12 A+/A2/A UNITED STATES Sr Unsecured

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 100.43 100.43 1.75 A/A1/A UNITED STATES Sr Unsecured

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.03 100.03 2.24 A+/Aa2/- NETHERLANDS Sr Unsecured

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 100.37 100.37 1.79 -/Aaa/AAA CANADA Secured

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.48 99.48 2.24 BBB/Baa2/- UNITED STATES Sr Unsecured

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.30 98.30 3.06 BBB/Baa2/- UNITED STATES Sr Unsecured

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 100.63 100.63 1.98 AA-/Aa1/- NETHERLANDS Sr Unsecured

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.83 99.51 1.78 A+/A1/A GERMANY Sr Unsecured

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 100.22 100.22 2.10 A+/A1/A GERMANY Sr Unsecured

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 97.34 97.34 2.88 A-/Aa3/AA- UNITED KINGDOM Sr Unsecured

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

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.33 99.33 1.79 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 93.70 93.70 3.90 A /*-/A2/- GERMANY Sr Unsecured

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 101.15 101.15 1.79 A+/A2/AA- UNITED STATES Sr Unsecured

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 100.24 100.24 2.09 A+/A2/AA- UNITED STATES Sr Unsecured



October 4, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 100.19 100.69 2.18 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 98.52 99.09 3.77 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 98.61 99.27 3.98 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 100.73 101.30 1.95 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 101.52 102.16 2.34 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 100.54 101.11 2.45 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 99.75 100.55 2.49 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 101.18 101.82 4.21 A-/NR/A UNITED ARAB EMIRATES Subordinated

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 99.44 100.23 3.03 A-/NR/A UNITED ARAB EMIRATES Subordinated

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 99.74 100.24 2.40 A-/A1/BBB+ OMAN Sr Unsecured

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 96.28 97.22 4.94 BB+/-/BBB- BAHRAIN Sr Unsecured

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 97.26 97.89 3.87 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 102.52 102.93 1.41 A-/A1/- QATAR Sr Unsecured

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 101.76 102.33 2.22 A-/A1/- QATAR Sr Unsecured

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 101.19 101.92 2.61 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 102.33 102.83 1.80 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 99.83 100.50 2.81 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 100.21 100.83 4.21 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 99.88 100.54 3.12 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 103.25 103.92 4.03 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 101.66 102.19 3.98 -/-/- UNITED ARAB EMIRATES Sr Unsecured

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 103.54 103.99 1.87 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.83 99.52 100.64 1.59 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 101.22 101.76 2.79 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 100.13 100.76 2.82 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 100.14 100.64 2.19 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 102.16 102.73 3.14 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 102.79 103.21 1.51 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 101.75 102.25 1.72 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 102.79 103.25 2.21 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 100.13 100.50 2.50 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 100.92 101.58 2.33 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.13 99.88 4.64 -/-/- UNITED ARAB EMIRATES Sr Unsecured

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.39 99.84 3.54 -/-/- UNITED ARAB EMIRATES Sr Unsecured

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 84.97 86.16 7.14 BBB-/-/BBB- BAHRAIN Unsecured



October 4, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 102.29 102.86 4.35 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.42 97.05 98.47 2.63 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 101.95 102.53 2.82 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 500 FIXED 3.00 99.25 99.95 3.01 -/Baa2/A UNITED ARAB EMIRATES Sr Unsecured

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 98.60 99.36 4.12 BBB-/-/BBB- BAHRAIN Sr Unsecured

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 101.48 102.30 2.52 -/A3/- OMAN Sr Unsecured

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 102.32 102.76 1.35 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 102.57 103.09 2.16 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 99.85 100.53 2.12 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.72 98.22 3.53 A-/A2/A+ QATAR Sr Unsecured

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 95.76 96.60 4.23 A-/A2/A+ QATAR Sr Unsecured

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 98.75 99.85 4.51 A-/A2/A+ QATAR Sr Unsecured

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 102.72 103.22 1.98 A-/A2/A+ QATAR Sr Unsecured

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 102.24 102.76 1.35 A+/Aa3/AA- QATAR Sr Unsecured

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 100.36 100.81 1.77 A+/Aa3/AA- QATAR Sr Unsecured

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 101.65 102.15 2.02 A+/Aa3/AA- QATAR Sr Unsecured

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 101.97 102.45 2.31 -/Aa3/AA- QATAR Sr Unsecured

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 103.27 103.94 1.96 A/-/A UNITED ARAB EMIRATES Sr Unsecured

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 100.21 100.79 3.02 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.77 101.27 2.18 A+/A1/A+ SAUDI ARABIA Sr Unsecured

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 101.57 102.06 1.27 AA-/A1/AA- SAUDI ARABIA Sr Unsecured



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 104.13 104.80 3.14 A/A3/- UNITED ARAB EMIRATES Sr Unsecured

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 101.26 101.72 2.25 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 100.10 100.49 2.73 -/A3/- UNITED ARAB EMIRATES Sr Unsecured

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 102.08 102.43 1.02 AA/Aa2/- QATAR Sr Unsecured


TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 102.98 103.50 1.65 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured



October 4, 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 97.80 98.41 3.39 A-/A2/A MEXICO Sr Unsecured

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 88.98 90.21 5.04 A-/A2/A MEXICO Sr Unsecured

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 79.69 81.90 9.21 -/Baa3/BBB- BRAZIL Sr Unsecured

BANCO DO BRASIL (CAYMAN) US05958AAJ79 10-Oct-2022 1925 FIXED 3.88 77.81 78.74 7.88 BB+/Baa3/BBB BRAZIL Sr Unsecured

BANCO NAC DE DESEN ECONO USP14486AK37 14-Apr-2019 1000 FIXED 4.00 92.22 92.22 6.51 BB+/Baa3/- BRAZIL Sr Unsecured

BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1750 FIXED 5.75 87.75 87.75 7.85 BB+/Baa3/BBB BRAZIL Sr Unsecured

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 90.86 91.61 7.70 BB+/Baa3/BBB BRAZIL Sr Unsecured

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 88.76 89.52 7.63 BB+/Baa3/BBB BRAZIL Sr Unsecured

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 93.94 95.72 6.08 BBB+/Baa1/BBB+ MEXICO Sr Unsecured

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 83.01 84.06 6.43 BBB/Baa2/BBB COLOMBIA Sr Unsecured

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 87.28 87.90 7.00 BBB/Baa2/BBB COLOMBIA Sr Unsecured

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 75.53 76.65 7.93 BBB/Baa2/BBB COLOMBIA Sr Unsecured

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 93.25 93.25 5.98 BBB/Baa3/- BRAZIL Sr Unsecured

FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 83.75 84.50 5.22 BB+/Baa3/BBB BRAZIL Sr Unsecured

FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 90.38 90.38 5.60 BB+/Baa3/BBB BRAZIL Sr Unsecured

FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 84.50 85.50 6.84 BB+/Baa3/BBB BRAZIL Sr Unsecured

FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 79.00 79.00 6.63 BB+/Baa3/BBB BRAZIL Sr Unsecured

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 91.28 92.47 4.87 A-/-/A MEXICO Sr Unsecured

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 88.04 89.15 8.31 BBB-/NR/BBB- BRAZIL Sr Unsecured

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 79.56 80.63 8.26 BBB-/Baa3/BBB- BRAZIL Sr Unsecured

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 89.18 91.22 5.61 BBB+/Baa1/BBB+ MEXICO Sr Unsecured

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 96.35 96.90 4.72 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 102.30 103.12 6.08 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 88.98 89.80 6.28 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.09 99.80 5.60 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 91.52 92.35 4.75 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 93.81 94.38 5.01 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 94.18 94.78 5.16 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 84.42 85.09 6.79 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.51 98.78 2.93 -/Baa2/- PHILIPPINES Sr Unsecured

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 94.62 95.58 5.41 -/Baa3/BBB- AZERBAIJAN Sr Unsecured

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 90.13 90.13 4.18 BBB/Baa2/BBB COLOMBIA Sr Unsecured

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

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 88.25 88.25 5.84 BBB/Baa2/BBB COLOMBIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 95.62 96.34 4.40 BB+/Baa3/BBB- INDONESIA Sr Unsecured



October 4, 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 91.76 92.40 4.58 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 95.05 95.51 4.73 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 90.61 91.43 5.89 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 84.61 85.45 5.68 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 88.62 89.22 5.90 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 90.70 91.51 5.06 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 97.20 97.93 5.40 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 80.01 81.00 6.31 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 94.84 95.81 6.83 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 98.31 99.38 3.83 BBB/Baa2/BBB PANAMA Sr Unsecured

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 89.76 90.22 4.83 -/Baa3/BBB- TURKEY Sr Unsecured

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 91.82 92.49 5.18 -/Baa3/BBB- TURKEY Sr Unsecured

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 84.46 85.05 5.99 -/Baa3/BBB- TURKEY Sr Unsecured

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 94.29 95.22 4.84 BBB+/Baa1/BBB+ PERU Sr Unsecured

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 97.38 98.04 4.33 BBB-/-/BBB- TURKEY Sr Unsecured

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 92.22 92.83 5.94 BBB-/-/BBB- TURKEY Sr Unsecured

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 100.75 100.75 3.50 BBB+/A3/BBB+ MEXICO Sr Unsecured

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 95.00 96.00 5.02 BBB+/A3/BBB+ MEXICO Sr Unsecured

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 92.50 92.50 5.09 BBB+/A3/BBB+ MEXICO Sr Unsecured

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 88.42 89.36 6.47 BBB/Baa2/BBB+ BRAZIL Sr Unsecured

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 79.47 80.19 8.98 BBB/Baa2/BBB+ BRAZIL Sr Unsecured

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 78.36 79.33 8.98 BBB/Baa2/BBB+ BRAZIL Sr Unsecured

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 69.74 70.83 8.37 BBB/Baa2/BBB+ BRAZIL Sr Unsecured

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 93.72 94.45 5.47 -/Baa3/BBB TURKEY Sr Unsecured



October 4, 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 99.89 100.34 3.42 BBB-/Baa3/BBB- INDIA Sr Unsecured

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.31 103.04 3.70 -/Baa3/- INDIA Sr Unsecured

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.71 101.18 2.98 BBB-/Baa3/BBB- INDIA Sr Unsecured

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 102.17 102.57 2.71 BBB-/Baa3/- INDIA Sr Unsecured

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 99.72 100.26 3.06 BBB-/Baa3/- INDIA Sr Unsecured

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.72 98.76 4.16 -/Baa3/BBB- INDIA Sr Unsecured

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.68 104.32 3.92 -/Baa3/BBB- INDIA Sr Unsecured

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 99.97 100.79 4.27 BBB-/Baa3/BBB- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 103.40 103.64 1.97 BBB-/Baa3/- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 104.24 104.63 2.65 BBB-/Baa3/- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 99.44 99.85 2.79 BBB-/Baa3/- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 99.26 99.71 2.81 BBB-/Baa3/- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.41 102.09 3.67 BBB-/Baa3/- INDIA Sr Unsecured

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 101.43 101.70 2.27 BBB-/Baa3/- INDIA Sr Unsecured

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.81 102.23 2.96 BBB-/Baa3/BBB- INDIA Sr Unsecured

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.82 100.40 3.03 BBB-/Baa3/- INDIA Sr Unsecured

IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 102.85 103.14 3.05 BB+/Baa3/BBB- INDIA Sr Unsecured

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 102.21 102.51 2.14 BBB-/Baa3/BBB- INDIA Sr Unsecured

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 103.74 104.09 2.65 BBB-/Baa3/BBB- INDIA Sr Unsecured

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.76 102.75 4.01 BBB-/-/BBB- INDIA Sr Unsecured

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 103.15 103.44 2.84 -/Baa2/BBB- INDIA Sr Unsecured

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 101.09 101.46 2.84 BBB-/Baa2/- INDIA Sr Unsecured

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 98.16 98.89 3.92 BBB-/Baa2/- INDIA Sr Unsecured

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 103.17 104.00 4.08 BBB-/Baa2/- INDIA Sr Unsecured

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.42 100.23 3.84 BBB-/-/BBB- INDIA Sr Unsecured

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 99.54 100.11 4.11 BBB+/Baa2/- INDIA Sr Unsecured

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 91.21 92.58 5.38 BBB+/Baa2/- INDIA Sr Unsecured

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 103.51 103.73 2.02 BBB-/Baa3/BBB- INDIA Sr Unsecured

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.91 102.17 2.36 BBB-/Baa3/BBB- INDIA Sr Unsecured

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.91 103.25 2.65 BBB-/Baa3/BBB- INDIA Sr Unsecured

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.98 103.35 2.74 BBB-/Baa3/- INDIA Sr Unsecured

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.24 102.64 3.19 BBB-/Baa3/- INDIA Sr Unsecured

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.87 104.17 2.34 BBB-/Baa3/- INDIA Sr Unsecured

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 102.10 102.52 2.76 BBB-/Baa3/- INDIA Sr Unsecured



October 4, 2015 USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 102.71 103.12 1.28 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 103.25 103.92 4.03 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 112.17 112.75 2.82 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 105.63 106.21 0.93 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 100.56 101.02 1.74 AAA/Aa1/- HONG KONG Unsecured

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 99.91 100.35 1.82 AAA/Aa1/- HONG KONG Secured

IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 100.53 100.95 1.17 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 95.92 96.47 3.48 A-/A3/- MALAYSIA Unsecured

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 92.01 93.65 4.63 A-/A3/- MALAYSIA Unsecured

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 102.72 103.22 1.98 A-/A2/A+ QATAR Sr Unsecured

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 102.21 103.04 5.91 B-/B3/- PAKISTAN Sr Unsecured

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 103.61 104.06 2.64 BB+/Baa3/BBB- INDONESIA Sr Unsecured

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 98.38 98.38 4.57 (P)BB+/Baa3/BBB- INDONESIA Sr Unsecured

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 109.51 110.05 3.03 BB+/Baa3/BBB- INDONESIA Sr Unsecured

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 91.86 92.57 4.53 BB+/Baa3/BBB- INDONESIA Sr Unsecured

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 100.06 100.41 2.61 A-/A1/- MALAYSIA Sr Unsecured





SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 99.86 100.86 5.44 AA-/A1/AA- SAUDI ARABIA Sr Unsecured

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 104.01 104.51 3.39 AA-/A1/AA- SAUDI ARABIA Sr Unsecured

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 104.13 104.80 3.14 A/A3/- UNITED ARAB EMIRATES Sr Unsecured



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 105.05 105.41 2.55 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 109.61 109.97 2.76 A-/A3/- MALAYSIA Sr Unsecured

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 101.31 101.48 1.00 A-/A3/- MALAYSIA Sr Unsecured



October 4, 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 93.92 94.41 1.64 A/A2/A NETHERLANDS Sr Unsecured

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 82.91 84.05 5.95 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 95.32 95.75 1.88 BBB+/Baa1/A- UNITED STATES Sr Unsecured

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 94.41 94.86 1.98 A-/Baa1/A UNITED STATES Sr Unsecured

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 95.28 95.96 1.44 A/A1u/A- SPAIN Secured

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 97.81 98.23 1.79 BBB/Baa3/A UNITED KINGDOM Sr Unsecured

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 95.08 95.52 1.39 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 93.35 94.07 1.65 A+/A1/A+ AUSTRALIA Sr Unsecured

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 94.05 94.80 1.85 AA-/A1/- UNITED STATES Sr Unsecured

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 92.79 93.41 1.78 A+/A2/- GERMANY Sr Unsecured

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 94.57 95.13 2.98 BBB/Baa2/A FRANCE Subordinated

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 96.46 96.97 1.55 A/A2/- UNITED KINGDOM Sr Unsecured

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 92.79 93.18 3.09 BBB/Baa3/A- FRANCE Subordinated

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 95.36 95.89 1.46 A+/A2/A- UNITED STATES Sr Unsecured

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 95.09 95.75 1.73 BBB+/NR/BBB+ FRANCE Sr Unsecured

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 97.67 98.10 1.98 A-/Baa1/A UNITED STATES Sr Unsecured

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 96.19 96.66 1.22 AA/Aa3/A+ UNITED STATES Sr Unsecured

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 95.80 96.22 1.87 BBB+/Baa2/A SWITZERLAND Sr Unsecured

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 96.85 97.19 1.34 A/A2/A FRANCE Sr Unsecured

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 97.25 97.55 1.29 A/A2/- FRANCE Sr Unsecured

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 98.47 98.79 1.35 A/A2/- FRANCE Sr Unsecured

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 96.10 96.70 1.51 A-/Baa1/- FRANCE Sr Unsecured

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 93.44 94.02 3.51 BBB-/Ba1/A- GERMANY Subordinated

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 91.20 91.72 2.10 BBB+/A3/A GERMANY Sr Unsecured

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 91.16 91.97 2.98 BB+/Baa3/BBB- PORTUGAL Sr Unsecured

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

COUPON0.00 93.40 93.66 1.17 -/Baa2/BBB+ AUSTRIA Sr Unsecured

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 98.05 98.40 1.06 AA+/A1/- UNITED STATES Sr Unsecured

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 74.35 75.48 6.78 BBB/Baa2/- SWITZERLAND Sr Unsecured

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 73.44 74.68 6.69 BBB/Baa2/- SWITZERLAND Sr Unsecured

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 71.41 73.20 5.45 BBB/Baa2/- SWITZERLAND Sr Unsecured

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 97.91 98.25 1.65 A-/A3/A UNITED STATES Sr Unsecured

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 96.36 96.94 1.57 BBB/Baa1/BBB+ SPAIN Sr Unsecured

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 94.84 95.23 1.92 BBB-/Baa1/BBB+ ITALY Sr Unsecured

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 97.70 98.16 1.72 A/A3/A+ UNITED STATES Sr Unsecured

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1000 FIXED 1.25 96.52 96.98 1.60 A/A1/A+ UNITED KINGDOM Sr Unsecured



October 4, 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 96.38 96.83 1.66 A/A2/A AUSTRALIA Sr Unsecured

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 98.61 99.10 1.27 A-/A3/BBB+ UNITED STATES Sr Unsecured

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 93.60 94.31 2.17 BBB-/Baa3u/BBB- GERMANY Sr Unsecured

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 97.59 98.11 1.97 A-/A3/A UNITED STATES Sr Unsecured

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 96.30 96.88 1.23 AA/A1/- SWITZERLAND Sr Unsecured

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 91.67 92.32 3.47 BBB-/Baa2/BBB+ SPAIN Subordinated

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 96.57 97.16 1.32 A/A2/- GERMANY Sr Unsecured

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 93.97 94.64 3.30 -/Baa3/A- FRANCE Subordinated

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 97.08 97.59 1.22 AA-/Aa2/- NORWAY Sr Unsecured

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 96.99 97.66 1.64 AA-/Aa1/- FRANCE Sr Unsecured

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 88.19 88.90 2.57 A /*-/A2/- GERMANY Sr Unsecured

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

mashreq · of Bank Panin Syariah from the market. In the second phase of its acquisition strategy,...

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Transcript of mashreq · of Bank Panin Syariah from the market. In the second phase of its acquisition strategy,...