mashreq...2015/08/16 · Kuwait plans to generate 15% of its energy needs via renewable sources by 2030, with the first of up to 100 solar-powered fuelling stations operating by 2017,

mashreqFixed Income Trading

Daily Market Update

Market Update

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Sunday, August 16, 2015

Iran gives UN watchdog information about past nuclear activities

Iran has given the UN nuclear watchdog information regarding its atomic past, a milestone in potentially meeting a condition for sanctions relief under an

accord reached with world powers last month. Alongside the July 14 agreement to curb its nuclear programme in exchange for easing sanctions, Iran signed

a deal with the International Atomic Energy Agency (IAEA) to resolve outstanding questions about the possible military dimensions (PMD) of its past nuclear

activities. "Iran today provided the IAEA with its explanation in writing and related documents as agreed in the road-map for the clarification of past and

present outstanding issues regarding Iran's nuclear programme," the IAEA said on Saturday, confirming Iran had met a deadline. For months, Iran had

been stalling an IAEA investigation into the possible military aspects of its past nuclear activities, relating mostly to the period before 2003, saying the

agency's data for its investigation was fabricated. The IAEA says it takes no information at face value. Under the road-map, the IAEA could ask Tehran to

provide more clarification by 15th October so that the watchdog can write a final PMD report by the end of the year. Full sanctions relief can only go ahead

once the IAEA says Iran has complied not only with requests about its nuclear past but also with a range of measures to shrink its current atomic

programme. The agency has come under fire by US politicians for not disclosing its road-map agreement with Iran, which the UN body says is in line with its

normal nuclear safeguards proceedings. Republican US Senator Lindsey Graham, who chairs a committee overseeing his country's financial contribution to

the IAEA, has said he would push to stop such money if the agency does not publish its arrangements with Iran. Republican senator Jeff Flake from Arizona,

said yesterday that he opposed President Barack Obama’s nuclear agreement with Iran, dimming hopes that the deal could acquire a bipartisan flavor. “I

cannot vote in support of this deal,” Flake said in a statement on his website. “As written, this agreement gives Iran leverage it currently doesn’t have.”

Flake, who sits on the Senate Foreign Relations Committee, is seen as a maverick on foreign policy within his party and the Republican most likely to side

with the administration on Iran. In Iran, a prominent hard-liner in Iran says Supreme Leader Ayatollah Ali Khamenei is opposed to a landmark nuclear deal

reached with world powers. Hossein Shariatmadari, the editor of the daily newspaper Kayhan and a representative of Khamenei, made the comments in an

editorial on Saturday. It marks the first time someone publicly has claimed where Khamenei, who has final say on all state matters, stands on the deal.

Khamenei has not publicly approved or disapproved the deal. However, he repeatedly has offered words of support for his country's nuclear negotiators.

Moderates also believe the deal would have never been reached without Khamenei's private approval throughout the negotiations. Iran's parliament and the

Supreme National Security Council, the country's highest security decision-making body, will consider the agreement in the coming days.

(Bloomberg/Reuters)

Kuwait approves USD10 billion infrastructure projects

Kuwait has approved the construction of a series of power plants, desalination facilities and other infrastructure projects worth a total of around 3 billion

Kuwaiti dinars (USD9.9 billion), the finance ministry said on Saturday. Like neighbouring Gulf countries, Kuwait is struggling to meet soaring demand for

electricity and the planned projects will add around 3,580 megawatts of capacity, as well as waste treatment and developments for the education ministry.

The ministry did not set a timescale for most of the initiatives, except for a sewage plant which will start by 2020. It also did not say how they will be funded

beyond saying 50% of the finance will be raised through stock market offerings. Among the projects, Kuwait plans a second phase of the gas-fired Az-Zour

North power and desalinated water plant that has an initial capacity of 1,800 megawatts. It will also build the first phase of the Khairan power plant with

1500 MW of capacity, which will use different types of fuel, and the Al Abdaliyah power plant with a capacity of 280 MW, of which 60 MW will be from solar

energy while the rest will be fed by gas. Kuwait plans to generate 15% of its energy needs via renewable sources by 2030, with the first of up to 100 solar-

powered fuelling stations operating by 2017, oil minister Ali Saleh al-Omair said in June. A pilot 70 megawatt project in the Shagaya desert zone west of

Kuwait City was expected to be completed by next year. (Reuters)

Abu Dhabi Financial Group targets additional acquisitions and overseas expansion

The Abu Dhabi Financial Group, an alternative investment company with USD3 billion in assets, plans to make more acquisitions in financial services and

expand its debt portfolio by two-thirds, its chief executive said. The group will make at least one acquisition this year, after concluding in March a 45% stake

in the Abu Dhabi brokerage firm First Gulf Financial Services from FGB for an undisclosed sum. The group’s debt portfolio, which is only 18 months old, will

swell to AED5 billion by the end of this year from AED3 billion today. “We do well when there is a slowdown globally and locally,” said Mr Alseddiqi. “We are

not very active at times where there is a boom, because we are experienced in special situations.” These special situations include taking on debt of various

forms: asset-backed financing, distressed finance, structured finance and high-yield debt. The group extends funds to a slew of investors that may not be

able to get loans from banks. The group has also invested in luxury property developments in central London worth about £1.8bn. The company is also

eyeing projects in Miami, New York and Los Angeles and is waiting for a downturn in the US property market. Miami is particularly attractive due to its

combination of leisure and business travel. The group is also spending €500m (AED2.04 bilion) on investments in Eastern Europe over the next four years,

including the development of 5 million square feet of land in Bulgaria and projects in Montenegro. China is on the group’s radar screen, as well. “We might

be interested in looking at China and we are waiting on the sidelines to see what happens,” said Mr Alseddiqi. “We think there is going to be a weakness

over the next few months or years and we are positioning ourselves to enter the Chinese market in financial services or real estate.” (Bloomberg)

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Daily Market Update

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Mubadala seeks better terms for USD 1 billion university loan

According to sources, Abu Dhabi state investment fund Mubadala is planning to refinance a $1bn loan that helped the construction of a campus at the

Emirate's Zayed University. The refinancing will result in a much reduced interest rate for the facility which was originally signed at the end of 2009 and was

used to build a campus catering to 6,000 students. Reportedly, the pricing on the deal has been set at around 130 basis points (bps) over the benchmark

interest rates. National Bank of Abu Dhabi and Abu Dhabi Commercial Bank are leading the refinancing process. (Reuters)

PBOC Chief Economist Ma expects Yuan to move in both directions

China’s central bank is fully capable of stabilizing the yuan’s exchange rate and recent market fluctuations are controllable, Ma Jun, the chief economist at

the People’s Bank of China was cited as saying. “I believe the yuan’s fluctuations of the last two days were within a manageable scope,” he said in an

interview with the Financial News, a newspaper backed by the central bank. “But more importantly, the People’s Bank of China is fully capable of intervening

directly in the foreign exchange market when necessary to stabilize the exchange rate…,” he said. The central bank has been closely monitoring the market

situation since the change in the parity system, or reference rate, for the nation’s currency, he said. That move on Tuesday effectively devalued the

currency by nearly 2% and shook financial markets around the world. Mr. Ma also said China has no intention of setting off a round of competitive

devaluations, adding that the yuan’s exchange rate is near equilibrium and there is no need for a large depreciation. He also said that although the nation’s

exports fell 8% in July, there was no reason to overanalyze the statistics for a single month and the decline reflected a number of factors. He added the

Chinese economy should be able to reach the government’s growth target of about 7% this year. (WSJ)


Logistics firm Agility plans to borrow to fund USD1 billion of projects

The logistics company Agility may tap the debt market this year to help finance USD1 billion of projects and investments planned over the next four years.

One of the biggest companies listed in Kuwait, Agility had made commitments of about USD1 billion for projects, mainly in emerging markets, to improve

profit growth, which has been flat because of weak global economic growth. “We expect a third of those commitments to be funded by equity and the rest

will be potentially debt,” said Tarek Sultan, Agility’s chief executive. “There will be a potential issue this year.” “It is a challenging business environment,

but we are confident because of our strategy to focus on emerging markets as well as on the infrastructure sectors,” said Mr Sultan. “So we should

experience fairly reasonable growth this year.” He declined to give a profit figure. Agility’s net profit last year rose 10% despite a 1% fall in revenue. Its first-

quarter net earnings this year rose 5% as revenue increased 1%. On Thursday, Agility reported a 5.5% rise in second-quarter net profit to 13.5 million

Kuwaiti dinars (AED163.6 million) from 12.8m dinars a year earlier, while revenue fell 3.9% to 328.4m dinars. Presently, Agility’s logistics business in about

100 countries makes up 80% of its earnings. The remaining 20% comprises of infrastructure and related businesses, including warehousing, distribution of

fuel products, ground handling, and other services. (The National)

Oman’s daily oil output tops 1 million barrels for first time

Oman, the biggest oil producer in the Middle East outside OPEC, said its crude and condensate production in July exceeded 1 million barrels a day for the

first time. “In July 2015 the Sultanate broke a new record,” the Oil and Gas Ministry said in a monthly report published on its website. Production rose 0.5%

from June because of efficiency achieved through maintenance work. Daily crude output was 894,000 barrels and condensate -- a light oil extracted from

gas -- accounted for 107,000 barrels, it said. Exports dropped 13% from a month earlier to 797,000 barrels a day as local refiner Orpic increased its intake

of crude, according to the report. All shipments were to Asia, with China and Japan keeping first and second place among Oman’s customers, accounting for

about 69% and 15% of sales respectively. The rest was sold to Taiwan, Singapore and Thailand. Oman started reversing an oil output decline in 2008 by

making new discoveries and using technology to improve recovery of oil from aging fields, according to the US Energy Information Administration.

Production rose from 710,000 barrels a day in 2007 to 960,000 barrels a day in 2014, according to the International Energy Agency. (Bloomberg)

RBS to sell loans of USD 1.1 billion to NBAD

According to sources, Royal Bank of Scotland (RBS) is poised to sell loans worth USD 1.1 billion given to Indian companies such as Reliance Industries and

Vedanta to the National Bank of Abu Dhabi (NBAD) as it retreats from international banking to focus on the UK retail business. Negotiations between the

two banks are underway and valuation of the portfolio is still being worked out. The loans denominated in dollars were given to Indian companies by

overseas lenders as external commercial borrowings (ECBs) and are not part of the local portfolio. The debt will be bought by the overseas branches of

NBAD, which has been beefing up its operations in the country. (ET)

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Daily Market Update

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IMF welcomes China’s move towards a more flexible currency regime

The International Monetary Fund said China’s move to link the yuan’s value to market forces is an encouraging step toward what may become a freely

floated currency within the next few years. The changes by China will help it gradually transition “from a tightly managed system linked to the US dollar to

one that is more open and more flexible and more responsive to market conditions,” Markus Rodlauer, the IMF’s mission chief to China, said on a

conference call on Friday. The currency ought to move to “free float” within two to three years, he said. Rodlauer reiterated the IMF’s assessment that the

yuan is no longer undervalued, even after the currency dropped nearly 3% this week. (Bloomberg)

ECB could reinstate Greek banks waiver before October

The ECB could restore normal funding lines for Greek banks by October, Executive Board member Benoit Coeure said. Greek lenders have relied on

Emergency Liquidity Assistance from their own central bank since February, when the new government’s rejection of bailout terms prompted the ECB to

remove a waiver allowing low-quality sovereign debt to be used as collateral. After a six-month standoff with its creditors, Greece is now on the verge of a

new bailout deal tied to reforms, which is scheduled to be reviewed in October. “We could potentially act earlier,” Coeure said in an interview with

Germany’s Boersen-Zeitung published on the ECB’s website on Friday. “Greece’s new program contains a large number of ‘prior actions.’ The question for

the Governing Council will be whether these preliminary measures are sufficient to meet our criteria.” Coeure, who has represented the ECB in international

negotiations on Greece’s debt crisis, said the decision-making Governing Council has not yet discussed the waiver. The council’s next scheduled policy

meeting is for September 3rd in Frankfurt. Coeure also said Greek banks should be recapitalized as soon as possible under the new aid program, which

includes as much as EUR25 billion (USD28 billion) for the purpose, though only after the financial institutions are checked. The ECB’s bank supervisors have

started a new asset quality review and stress test for Greece’s four major banks. (Bloomberg)

Eurozone growth cools in 2Q2015 as Germany, France fall short

Eurozone economic growth unexpectedly slowed in 2Q2015 as the region’s three largest economies fell short of estimates, highlighting the fragility of the

recovery amid uncertainty surrounding the global outlook. The European Union’s statistics office said that the GDP in the 19-nation region rose 0.3%. That

fell short of the median prediction by economists that the 0.4% pace of 1Q2015 would be maintained. While German growth accelerated, the improvement

was less than anticipated, and France’s economy stagnated. Germany’s economy grew 0.4% in 2Q2015 and Italy expanded 0.2%. In France, where the

economy failed to register growth for the first time in a year, the expectation was that the GDP would rise 0.2%. (Bloomberg)

German lawmakers to hold Greek vote on August 19

German lawmakers will vote on August 19 on a new aid package for Greece, which needs approval to meet a debt payment deadline a day later. The vote

will follow euro area finance ministers’ decision on August 14 to endorse the EUR 86 billion loan program. The new Greek program will see funds disbursed

over three years as the government enacts economic reforms, though Prime Minister Alexis Tsipras will get a portion immediately to cover looming bills. One

of those, a €3.2bn payment to the European Central Bank, is due on August 20, 2015. The euro region finance ministers said EUR 26 billion will be made

available in the first disbursement, including EUR 10 billion for a fund to recapitalize Greek banks. As Tsipras awaits the new cash injection for his ailing

economy and crippled banks, he is facing political pressure at home. The prime minister has suffered multiple defections from his Syriza-led coalition over

the new bailout terms, and only won parliament approval for the reforms by relying on the opposition. (Bloomberg)

Arab Bank settles Hamas terror case before damage trials

Arab Bank Plc has settled a US lawsuit with hundreds of terror victims who accused the bank of financing a wave of violence that killed or wounded

Americans in Israel in the early 2000s. The agreement avoids the damages phase of a trial that would have been a painful exercise to calculate the human

cost of terrorism. “The parties have reached an agreement to settle the litigation,” plaintiffs lawyer Michael Elsner, of the law firm Motley Rice LLC said in a

statement. “The framework will be finalized over the next few months.” (Bloomberg)

Disney to build ‘Star Wars’ themed lands in two parks

Walt Disney Co. will build “Star Wars”-themed lands at its original Disneyland theme park in Anaheim, California, and its Disney Hollywood Studios in

Orlando, Florida, in one of the largest expansions in the company’s history. The projects will include a replica of the famous cantina patronized by outer-

space creatures in the 1977 “Star Wars” film, and a ride based on the fictional spacecraft Millennium Falcon, Chief Executive Officer Bob Iger said Saturday

at Disney’s D23 Expo fan convention in Anaheim. (Blomberg)

Brazilians take to the streets Sunday as Rousseff regains allies

Brazilians will take to the streets Sunday in anti-government protests as President Dilma Rousseff tries to rebuild her coalition to survive the political crisis.

Demonstrators, many of them donning the familiar yellow jerseys of the national soccer team, are expected to gather in in Rio de Janeiro, Sao Paulo and

most state capitals, according to social media event pages. This is the third mass protest this year. With unemployment rising and a widening corruption

scandal, Rousseff’s popularity has fallen to the lowest on record for any president. Congressmen and governors who have wavered between outright

rebellion and tepid support for the government will be watching the turnout to gauge support for impeachment proceedings and the level of discontent in

their

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Indian Prime Minister Narendra Modi arrives in the UAE today

Indian PM Narendra Modi will arrive in the UAE today to seek cash from the world’s second-richest sovereign wealth fund for everything from trains to

toilets. Mr. Modi will be the first Indian prime minister in more than 30 years to visit the UAE, India’s third-biggest trade partner. The two-day visit will

feature discussions that will probably refer to the sovereign wealth fund, according to Indian Foreign Ministry spokesman Vikas Swarup. “I seek to enhance

cooperation in energy, trade and will talk to investors on why India is an attractive destination,” Modi wrote on Facebook on Thursday. The Abu Dhabi

Investment Authority’s USD773 billion in assets is second only to those of Norway. Modi is scheduled to meet His Highness Sheikh Mohamed bin Zayed Al

Nahyan, Abu Dhabi’s Crown Prince who chairs the Abu Dhabi Investment Council, an offshoot of the sovereign wealth fund. A meeting with Dubai ruler

Sheikh Mohammed bin Rashid Al Maktoum is also on the agenda. Modi said he looked forward to meeting some of the more than 2 million Indians who live

in the UAE, many as migrant workers. About 40,000 of them are expected to pour into Dubai’s cricket stadium to hear him speak on Monday, Aug. 17. The

Indian community abroad sends home more money than any other group overseas. Their reliable billions provide a cushion for Modi as he struggles to push

through economic proposals that may attract more capital inflows. Rallying overseas Indians long neglected by previous leaders has become a staple of

Modi’s foreign trips since he swept to power in May 2014. He’s been greeted like a rock star at splashy events from New York to Sydney, where he’s sought

funding for various initiatives including pet projects like building more toilets and cleaning up India. Dubai may top those in significance because of the sheer

flow of money from the Gulf region. Indians working overseas remitted USD70.4 billion in 2014, double what India attracted through direct foreign

investment. Workers in the Gulf accounted for more than half of those flows, and workers in the UAE sent the single biggest chunk of USD12.6 billion.

(Bloomberg)

Over 100 died in a blast at Tianjin in China

The death toll from Wednesday’s blasts at a chemical warehouse in China’s port city of Tianjin has risen to 112, while 95 people are still missing, Xinhua

reported. Among the missing are 85 firefighters, Xinhua said, citing local officials. A total of 46 people have been rescued from the site, the latest a man in

his 50s found 50 meters (164 feet) away from a “burst point,” Xinhua reported. Earlier Saturday people were evacuated from a 2-mile zone around the

industrial site on contamination fears as the investigators try to confirm media reports that chemicals stored in the warehouse may include as much as 700

tonnes of sodium cyanide. China sent a team of nuclear and biochemical emergency military workers to the area east of Beijing to search for survivors, the

Ministry of National Defense said. The deadly explosions at a storage site for hazardous materials exposed weaknesses in how chemicals are transported

and stored in China, prompting the State Council Work Safety Commission to order nationwide inspections. Tianjin, the world’s 10th busiest port, has

become a gateway to northern China for shipments of metal ore, coal, autos and crude oil. President Xi Jinping on Saturday urged authorities to learn from

the “extremely profound’ lessons in the latest incident. (Bloomberg)

Arabtec Posts Third Consecutive Quarterly Loss as Costs Rise

Arabtec Holding Co. posted a third consecutive loss as costs rose amid a restructuring program and project reviews. The United Arab Emirates’ biggest

publicly-traded construction company reported a second-quarter loss of AEd718.4 million (USD196 million) in the second quarters, it said in a statement to

the Dubai stock market. The company made a profit of AED102.4 million dirhams a year earlier. Costs rose 31% to AED2.2 billion from a year earlier, while

revenue fell 8.2% to AED1.8 billion. Arabtec is seeking to increase efficiency and is taking action to improve poorly performing projects after reviewing all its

contracts, it said. The company has a backlog of AED20.2 billion, it said. (Bloomberg)

Turkey likely to see an early election as political parties fail to form a coalition government

Turkey is headed for early elections after coalition negotiations with the opposition CHP party failed, Prime Minister Ahmet Davutoglu said on Thursday.

Davutoglu, who’s also head of the governing AK Party, told a televised news conference in Ankara that there were deep divisions on education and foreign

policy with the opposition party. The AK Party offered to establish a coalition government that would have a short-duration until new elections are held, a

proposal that the CHP rejected, Davutoglu said. The AK Party, co-founded by President Recep Tayyip Erdogan, lost its parliamentary majority in June’s

inconclusive election for the first time in more than a decade. Coalition talks with the nationalist MHP party broke down partly due to disagreements over

Erdogan’s role in governing the country. “An early election is the only option ahead,” he said after meeting with CHP leader Kemal Kilicdaroglu in Ankara. “It

would be better if the parliament decides on early

US economic data shows further improvement

US retail sales and factory production data released last week point to further strengthening of the economy. Sales at US retailers rose in July on growing

demand for everything from cars to clothing, and a decline the previous month was wiped away, signaling consumers are propelling growth in the world’s

largest economy. The 0.6% advance matched the median forecast of economists surveyed by Bloomberg and followed little change in June that was

previously reported as a 0.3% percent drop, a Commerce Department report showed on Thursday. Eleven of 13 major categories showed gains. Rising

employment, stronger finances and still-cheap fuel is helping draw consumers into stores and auto dealerships. Growth in household spending, which

accounts for about 70% of the economy, is bolstering the expansion as Federal Reserve policy makers move toward lifting interest rates this year for the

first time since 2006. A report from the Labor Department showed applications for unemployment benefits last week hovered close to a four-decade low, a

sign firings remain muted as the job market firms. While jobless claims climbed by 5,000 to 274,000 in the period ended 8th August, they remain close to

the 255,000 reached a month ago that was the lowest since 1973. Factory production rose more than economists forecast in July as automobile assembly

jumped to the highest since 1978, indicating American manufacturing is regaining its footing after a slowdown. The 0.8% increase was the biggest since

November and followed a revised 0.3% decline in the prior month, the Federal Reserve reported on Friday. Total industrial output, which includes mines and

utilities, climbed 0.6% as oil drilling rose for the first time since September. Rising purchases of automobiles and a broad-based increase in retail sales in

July signal assembly lines may remain busy in the second half of 2015. Improving US demand will help cushion factories from weakening global markets, the

stronger dollar and the slump in oil prices. (Bloomberg)

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Daily Market Update

Change Change USD EUR AED

bps Spread Day YTD Last 1d Chg Last 1d Chg Last 1d Chg

iTraxx Europe 67.804 -0.867 4.941 2-Year 0.967 0.014 0.086 0.003 1.625 0.020

iTraxx Europe Crossover 313.071 -4.068 -32.543 5-Year 1.721 0.018 0.402 0.018 2.545 0.000

CDX North America IG 76.417 0.408 10.296 10-Year 2.274 0.011 1.009 0.030 3.700 -0.010

CDX North America HY 380.503 0.279 23.549 30-Year 2.653 -0.007 1.527 0.020 N/A N/A

iTraxx SovX Western Europe 22.375 0.585 -3.591 Source: Bloomberg

iTraxx SovX CEEMEA 307.755 1.160 -7.665

iTraxx Europe Senior Financial 76.382 -2.522 8.946

iTraxx Europe Sub Financial 157.692 -4.023 8.826

Source: Bloomberg

Change Change Last Change Change

bps Spread Day YTD Day YTD (%)

Emirate of Abu Dhabi 5Y 55.500 0.000 -6.500 S&P 500 2,091.54 1.59

Emirate of Dubai 5Y 185.000 0.000 -45.000 Dow Jones Industrial Avg 17,477.40 -1.94

Kingdom of Bahrain 5Y 285.000 5.000 30.000 DFM General Index 3,940.29 4.41

State of Qatar CDS 5Y 57.168 0.574 -9.060 ADX General Index 4,696.80 3.71

Kingdom of Saudi Arabia 5Y 67.500 0.000 2.500 Qatar Exchange Index 11,882.61 -3.28

Lebanese Republic 5Y 360.000 -20.000 -35.000 TASI 8,692.57 4.31

Republic of Turkey 5Y 259.500 10.000 79.500 Spot Gold 1,115.07 -5.85

Arab Republic of Egypt 5Y 330.000 -20.000 50.000 Spot Silver 15.26 -2.90

Source: Bloomberg WTI Crude 42.50 -20.22

Brent Crude 49.19 -14.20

Source: Bloomberg

Last (NAV) Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.60262 0.30% 4.01%

Mashreq Al-Islami Arab Tigers 18.58660 -2.45% -11.60%

Makaseb Income Fund 13.08988 0.29% 3.47%

Source: Bloomberg

-0.03

-0.19

0.27

-0.44

MUTUAL FUNDS

8.83

CDS MISCELLANEOUS

8.15

69.15

-45.11

-33.47

24.60


CREDIT MARKETS SWAPS

Page 5

Fixed Income Trading

August 16, 2015

Security Name ISIN Code MaturityOutst.

Amnt (Mn)

Min Piece/

Incr. (000)

Value at

MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer

Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Abu Dhabi Govt Int'L XS0422754258 08-Apr-19 1500 100/1 100 USD Fixed 6.750 116.75 118.75 1.44 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 103.88 105.38 4.47 B- /B3 /B

Arab Republic Of Egypt XS1245432742 11-Jun-25 1500 200/1 100 USD Fixed 5.875 97.75 99.25 5.98 B- /B3 /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 96.50 98.00 7.05 B- /B3 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 110.63 112.13 2.38 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 107.63 109.63 4.37 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 105.38 106.38 1.11 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 118.88 119.88 3.14 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 102.88 103.88 3.28 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 100.75 101.25 -2.77 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 121.25 123.25 2.85 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 112.25 113.25 3.09 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 103.00 104.00 4.60 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 90.25 92.25 5.82 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 94.38 96.38 7.16 B /B1 /B

Emirate of Ras Al Khaimah (S) XS1210507650 31-Mar-25 1000 200/1 100 USD Fixed 3.094 97.25 98.25 3.31 - /- /A

Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.200 104.13 106.13 5.35 B+ /- /B+

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 89.75 91.75 7.74 B+ /- /B+

Gabonese Republic XS1245960684 16-Jun-25 500 200/1 100 USD Fixed 6.950 92.63 94.63 7.74 B+ /Ba3 /B+

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 103.63 105.63 4.06 A+ /A1 /WD

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.00 103.00 2.17 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 102.88 104.88 4.01 B- /B3 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 102.88 104.88 5.75 B- /B3 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 101.25 103.25 5.88 B- /B3 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 105.50 107.50 7.07 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 94.50 96.50 8.23 B- /B3 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 89.50 91.50 6.65 - /B1 /B

Ivory Coast XS1196517434 03-Mar-28 1000 200/1 100 USD Fixed 6.375 92.38 94.38 7.10 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 88.75 90.75 7.09 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 108.13 109.63 3.24 BBB- /NR /BBB-

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 110.00 111.50 4.18 BBB- /- /BBB-

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 110.00 111.50 4.40 BBB- /- /BBB-

Sovereign

Page 6


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 89.88 91.38 6.67 BBB- /- /BBB-

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.13 101.13 -0.95 BB- /B1 /-

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 106.50 108.50 0.75 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 109.13 111.13 2.18 BBB- /- /BBB-

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 100.00 102.00 3.93 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 101.50 103.50 3.04 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 99.50 102.50 5.32 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 103.25 105.25 5.07 B- /NR /B

Lebanese Republic XS1196417569 26-Feb-25 800 1/1 100 USD Fixed 6.200 100.25 102.25 5.89 B- /- /B

Lebanese Republic XS1196419854 26-Feb-30 1400 1/1 100 USD Fixed 6.650 101.50 103.50 6.28 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 100.88 101.88 0.84 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 108.88 110.38 2.72 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAA99 22-Apr-25 1000 200/1 100 USD Fixed 3.043 97.38 98.88 3.18 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAB72 22-Apr-45 500 200/1 100 USD Fixed 4.236 96.25 97.75 4.37 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 91.75 94.25 6.78 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 82.25 84.75 7.91 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 676 100/1 100 USD Fixed 11.750 99.13 101.63 -0.69 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 101.50 102.50 -0.38 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 102.50 104.50 1.83 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 96.50 98.50 7.79 B+ /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 96.25 97.75 5.08 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 409 1/1 100 USD Step Cpn 4.000 87.88 89.38 7.34 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 102.75 104.75 6.08 B- /B3 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 89.00 91.00 9.51 B- /B3 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 89.13 91.13 9.58 B- /B3 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 102.75 104.75 2.47 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 110.13 111.63 2.69 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 93.38 94.88 4.12 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 93.75 95.25 4.10 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 109.75 111.25 4.27 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 97.50 99.00 4.49 (P)BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BG36 15-Jan-25 2000 200/1 100 USD Fixed 4.125 97.38 98.88 4.27 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAC39 05-May-25 1100 200/1 100 USD Fixed 4.250 91.75 93.25 5.14 BB+ /Baa3 /BBB-

Page 7


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic of Indonesia (S) US71567RAD89 28-May-25 2000 200/1 100 USD Fixed 4.325 96.63 98.13 4.56 - /Baa3 /BBB-

Republic Of Indonesia XS1268430201 30-Jul-25 1250 100/1 100 EUR Fixed 3.375 97.75 99.25 3.47 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 96.25 97.75 5.41 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 88.88 90.38 5.29 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 114.75 116.25 5.60 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.125 94.63 96.13 5.39 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAB55 05-May-45 500 200/1 100 USD Fixed 5.375 84.75 86.25 6.42 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 90.50 92.00 4.97 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1263054519 21-Jul-25 2500 200/1 100 USD Fixed 5.125 96.38 97.88 5.40 - /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 79.63 81.13 6.30 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1263139856 21-Jul-45 1500 200/1 100 USD Fixed 6.500 96.50 98.00 6.65 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 98.63 100.13 5.83 B+ /- /B+

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 95.63 97.13 7.32 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 88.50 90.50 10.81 - /B2 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 106.63 108.13 4.01 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 97.63 99.63 5.26 B+ /- /BB-

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 98.38 100.38 6.66 B+ /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 94.13 96.13 7.02 B+ /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 101.13 103.13 6.11 B+ /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 108.38 110.38 6.55 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 92.75 94.75 7.05 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 95.75 98.75 7.82 - /- /BB-

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 104.75 106.25 2.26 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 110.25 111.75 3.63 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 101.50 103.00 -0.24 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 111.88 113.38 1.15 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 112.75 114.25 2.86 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 107.25 108.75 3.41 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 100.75 102.25 3.40 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 108.88 110.38 4.10 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 100.75 102.25 4.34 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 107.13 110.13 4.61 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 99.50 102.50 3.47 BBB- /Baa2 /BBB

Page 8


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 111.25 114.25 5.23 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 97.38 100.38 5.35 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 101.63 103.13 4.99 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 98.75 100.25 5.05 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAC24 03-Jun-25 650 200/1 100 USD Fixed 6.125 97.25 98.75 6.30 - /B1 /BB-e

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 101.50 103.50 5.46 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 99.50 102.50 5.75 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 96.50 99.50 5.96 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.00 105.00 2.88 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 111.75 113.25 3.94 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 111.13 112.63 2.29 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 90.50 92.00 4.51 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 105.38 106.88 3.10 - /Baa3 /BBB-

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 105.63 107.13 4.73 - /Baa3 /BBB-

Republic Of Turkey US900123CJ75 14-Apr-26 1500 200/1 100 USD Fixed 4.250 92.75 94.25 4.95 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 96.38 97.88 4.77 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 109.88 112.88 5.77 NR /Baa3 /BBB-

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 85.75 88.75 5.69 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.63 100.13 2.75 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 61.38 67.38 31.17 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 98.25 100.25 4.77 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 81.50 84.00 8.42 B /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 93.88 96.38 9.11 B /- /B

Republic Of Zambia XS1267081575 30-Jul-27 1250 200/1 100 USD Fixed 8.970 94.13 96.63 9.47 B /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 103.75 105.25 3.10 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 102.88 103.88 0.39 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 116.38 117.88 1.49 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 162.88 165.38 3.90 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.38 102.38 1.10 AA /Aa2 /-

Page 9


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 103.25 104.75 2.53 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 99.00 101.00 1.42 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 101.75 103.75 3.64 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 115.13 117.13 6.21 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.397 98.38 100.88 6.14 Not Rated

Mumtalakat Sukuk Holding (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 99.75 101.25 3.77 BBB- /- /BBB-

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 101.63 103.13 3.73 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 99.75 100.75 -0.89 AA /Aa2 /AA

IPIC XS0558268628 15-Nov-15 1000 250/1 100 USD Fixed 3.125 100.00 101.00 -0.99 AA /Aa2 /AA

IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 103.00 104.00 -0.52 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 103.38 104.38 0.87 AA /Aa2 /AA

IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.375 104.63 105.63 0.34 AA /Aa2 /AA

IPIC XS0558268891 15-Nov-20 1500 250/1 100 USD Fixed 5.000 111.63 112.63 2.42 AA /Aa2 /AA

IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 123.38 124.88 1.23 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 114.13 115.13 2.94 AA /Aa2 /AA

IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.625 113.63 114.63 1.61 AA /Aa2 /AA

IPIC XS0701227075 01-Nov-41 750 200/1 100 USD Fixed 6.875 133.63 135.63 4.54 AA /Aa2 /AA

Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 106.88 108.38 1.58 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 104.75 106.25 2.89 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 124.25 127.25 3.31 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 101.38 102.38 0.20 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 119.25 120.25 1.95 AA /Aa2 /AA



Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 104.13 106.63 7.03 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 94.63 96.13 7.76 B /Ba2 /-

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 102.88 103.88 0.97 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.38 101.88 1.74 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.38 102.88 2.15 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 100.25 101.75 2.30 A /NR /A+

Adcb Finance Cayman Ltd XS1199968998 10-Mar-20 750 200/1 100 USD Fixed 2.625 99.38 100.88 2.42 A /- /A+

Diversified

Financial Institutions

Page 10


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 101.88 103.38 3.98 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 101.75 103.25 3.82 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 99.50 101.00 -0.97 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 102.13 103.63 0.93 - /A2 /A+

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 96.38 98.38 8.17 B+ /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 90.50 92.50 11.72 B- /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 104.50 106.00 4.32 Not Rated

Africa Finance Corp XS1225008538 29-Apr-20 750 200/1 100 USD Fixed 4.375 100.38 102.38 3.82 - /A3 /-

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 56.38 76.38 44.88 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 57.38 77.38 31.44 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 102.13 104.13 1.32 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 99.50 101.50 3.31 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 101.25 103.25 3.85 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 98.25 100.25 4.02 - /- /BBB-

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 100.25 102.25 2.80 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 105.88 107.88 3.26 - /Baa3 /BBB-

Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.000 96.13 98.13 4.47 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 97.25 99.25 5.12 - /Baa3 /BBB-

Akbank XS1210422074 31-Mar-25 500 200/1 100 USD Fixed 5.125 93.75 95.25 5.77 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 100.00 102.00 5.66 BB /- /-

Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.70 B /- /-

Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 102.13 104.13 1.90 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.13 103.13 4.61 Not Rated

Ahli United Bank XS1133289832 Perpetual 400 200/1 100 USD Variable 6.875 102.75 104.75 5.71 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 98.75 100.75 2.92 - /- /A+

Astra Sedaya Finance Pt XS1210971682 01-Apr-18 300 200/1 100 USD Fixed 2.875 98.75 100.25 2.77 - /Baa3 /BBB-

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 98.75 100.75 -1.15 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 100.38 102.38 1.33 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 104.50 106.00 2.11 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 98.75 100.75 3.08 BBB- /Baa3 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 102.25 104.75 4.43 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 99.63 101.63 5.24 BB+ /Baa3 /BBB-

Bank Dhofar XS1233710380 Perpetual 300 200/1 100 USD Variable 6.850 99.50 101.50 6.48 Not Rated

Page 11


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Banco Do Brasil XS0955552178 25-Jul-18 1000 100/1 100 EUR Fixed 3.750 98.63 100.63 3.52 BBB- /Baa3 /BBB

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 98.75 100.75 1.19 - /Baa3 /-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 73.00 80.00 17.33 - /C /-

Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 96.38 101.38 0.82 - /B1 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.25 101.25 2.00 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 99.63 101.13 -1.28 - /Baa3 /BBB-

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 99.25 100.75 -0.74 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 102.00 103.50 1.52 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 105.75 107.25 2.91 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 102.13 104.63 3.89 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 101.88 104.38 4.18 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 98.88 101.38 4.76 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 101.88 103.38 4.55 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 105.00 107.00 4.85 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 99.13 100.63 -0.63 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 100.75 102.75 2.69 BBB- /Baa3 /-

Bank Of India/Jersey XS1227592703 06-May-20 750 200/1 100 USD Fixed 3.125 97.63 99.63 3.21 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 111.25 113.25 3.57 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 102.00 104.00 4.41 B+ /B3 /-

Bank Of Sharjah XS1117297272 08-Jun-20 500 200/1 100 USD Fixed 3.374 98.00 99.50 3.49 - /- /BBB+

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.25 103.25 1.08 A /- /A

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 124.38 125.38 4.37 - /Ba1 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 104.63 105.63 4.38 - /Ba1 /-

Bbk XS1207170736 24-Mar-20 400 200/1 100 USD Fixed 3.500 98.25 99.25 3.68 - /Baa3 /BBB-

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 112.38 114.38 4.68 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 99.13 101.13 6.93 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 100.75 103.75 1.54 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 102.00 103.00 2.06 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 98.50 100.50 3.62 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 99.38 101.38 2.92 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 98.88 100.38 3.40 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.63 103.13 2.20 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.00 104.00 0.92 A- /A1 /-

Page 12


August 16, 2015


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%

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S&P /Moody /Fitch

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 118.25 120.25 2.45 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 86.63 89.63 12.69 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 97.38 100.38 7.52 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 91.75 94.25 10.64 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.00 103.50 1.24 A- /A2 /A+

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 103.63 105.63 1.54 - /Baa1 /A

Dib Sukuk Ltd (S) XS1241110300 03-Jun-20 750 200/1 100 USD Fixed 2.921 98.88 100.38 2.84 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 103.25 105.25 4.64 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 105.25 107.25 5.20 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 103.13 105.13 4.68 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 88.38 90.38 11.84 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.497 93.75 98.75 2.57 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 103.25 104.75 1.63 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 103.13 104.63 1.40 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.13 104.63 2.15 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.50 102.00 2.75 - /Baa1 /A+

Emirates Nbd Pjsc XS1227814883 06-May-20 350 200/1 100 USD Fixed 3.000 99.25 100.75 2.83 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 103.88 105.38 2.73 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 100.50 102.50 5.01 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 101.50 103.50 5.57 Not Rated

Emirates Nbd Pjsc XS1207079499 23-Mar-22 550 100/1 100 EUR Fixed 1.750 95.13 96.63 2.31 - /Baa1 /A+

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 104.00 106.00 4.00 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 98.63 100.63 4.88 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.00 104.00 1.92 BBB- /Baa3 /-

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 102.25 104.25 2.78 BBB- /Baa3 /-

Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.750 97.38 99.38 2.88 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 100.75 102.25 3.65 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 87.25 90.25 12.26 B- /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 84.75 87.25 12.17 B- /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 85.13 87.63 12.35 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 99.50 102.50 3.95 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.25 102.25 2.36 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 100.50 103.50 5.20 - /Ba2 /BBB-

Page 13


August 16, 2015


Amnt (Mn)

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Incr. (000)

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Offer Yield

%

Credit Rating

S&P /Moody /Fitch

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 101.88 102.88 1.49 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 101.50 103.00 0.64 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 102.88 104.38 0.93 - /A2 /A+

First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.625 99.38 100.88 2.42 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 101.75 103.25 0.34 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 97.00 101.00 6.93 BB- /B2 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 91.25 95.25 6.31 BB+ /- /BB+

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 83.38 88.38 11.77 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 79.50 82.50 16.14 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.25 102.75 2.01 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 99.50 101.00 -1.30 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 100.25 102.25 4.41 B+ /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 93.25 95.25 7.69 B+ /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.25 101.25 1.82 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 98.75 100.75 3.79 BBB /- /-

Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.200 98.88 100.88 4.00 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 99.75 101.75 2.29 BBB- /Baa3 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 99.75 101.25 2.33 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 100.38 101.88 3.48 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 98.63 100.63 3.36 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 98.38 100.38 4.57 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 104.13 105.63 2.37 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 105.63 107.13 2.79 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 100.88 102.38 2.94 BBB- /Baa3 /BBB-

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.00 103.50 2.97 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 100.00 101.50 3.28 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 104.13 105.63 3.51 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 100.88 102.38 3.57 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 102.50 103.50 1.96 BB+ /(P)Ba1 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.50 104.00 2.96 BB+ /Ba1 /-

Ind & Comm Bk Chn/Dubai XS1237348070 26-May-20 500 200/1 100 USD Fixed 2.625 97.75 99.25 2.79 - /A1 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 93.50 95.50 6.99 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 106.13 108.63 4.11 - /Ba2 /BB

Page 14


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Amnt (Mn)

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Incr. (000)

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Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 101.00 103.00 2.28 - /Baa2 /BBB-

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 98.88 100.38 5.67 - /Ba1 /BBB-

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 101.38 103.38 3.81 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 103.75 105.25 1.44 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 103.75 105.25 3.69 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.420 94.88 98.88 2.23 BBB /Ba2 /A-

Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.000 98.38 100.38 2.90 - /Baa2 /A

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 102.75 103.75 0.90 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.38 104.38 3.20 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.25 104.25 3.48 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.75 103.75 2.02 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.250 99.75 100.75 2.07 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1243334668 Perpetual 750 200/1 100 USD Variable 5.250 101.75 103.25 4.49 BBB- /Baa3 /-

National Bank of Kuwait Tier 1 XS1206972348 Perpetual 700 200/1 100 USD Variable 5.750 102.75 104.25 4.88 - /Baa3 /-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 107.00 109.00 5.65 B+ /- /BB-

National Savings Bank USY62526AB72 10-Sep-19 250 200/1 100 USD Fixed 5.150 96.25 98.25 5.64 B+ /- /BB-

Noor Sukuk Co Ltd (S) XS1224417847 28-Apr-20 500 200/1 100 USD Fixed 2.788 98.00 99.50 2.90 - /- /A-

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 99.88 100.88 -2.55 - /- /A+

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.00 102.50 1.31 - /- /A+

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 100.00 101.00 -0.95 A+ /Aa3 /AA-

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.00 103.50 1.03 A+ /Aa3 /AA-

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.63 101.13 1.66 A+ /Aa3 /AA-

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.63 102.63 1.45 - /A2 /A+

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.250 100.13 101.63 2.80 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 97.75 99.75 5.41 - /Ba2 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 95.13 97.63 5.99 - /Ba2 /BB+

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 100.00 101.00 -1.26 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 97.88 99.88 5.21 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 84.38 86.38 13.94 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 84.25 86.25 7.64 - /Ba2 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 80.63 82.63 8.33 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 81.63 83.63 11.26 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 102.25 103.25 0.48 BBB+ /- /BBB+

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Incr. (000)

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S&P /Moody /Fitch

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.25 102.25 2.08 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 102.63 104.13 1.96 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 100.88 102.38 2.32 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 101.63 103.13 2.72 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 106.00 107.50 3.85 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 101.63 104.63 3.67 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 103.00 106.00 3.76 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 100.63 103.63 1.72 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.38 103.88 2.60 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 103.00 105.00 1.57 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 98.38 100.38 4.14 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 99.00 101.00 3.56 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 102.75 104.75 3.97 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 99.88 101.88 3.05 - /Baa3 /BBB

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 99.75 101.75 4.29 - /Baa3 /BBB

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 99.13 101.13 5.06 - /Baa3 /BBB

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 99.75 101.75 4.80 - /Baa3 /BBB

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.25 103.25 3.12 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 99.38 101.38 4.35 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 94.38 96.38 4.78 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 96.50 98.50 5.07 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.25 101.75 3.05 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 101.88 104.38 4.20 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 98.25 100.25 4.95 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 96.38 98.88 6.19 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 98.63 99.63 3.87 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 100.38 102.38 4.74 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1219733752 22-Apr-20 350 200/1 100 USD Fixed 5.125 98.38 100.38 5.03 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 97.38 99.38 4.00 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 100.63 102.63 4.11 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 98.88 100.88 3.25 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 95.63 97.63 6.41 - /Ba2 /BB+

Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6.875 95.88 97.88 7.44 - /Ba3 /BB+

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Min Piece/

Incr. (000)

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%

Credit Rating

S&P /Moody /Fitch

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.13 104.63 2.26 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.25 102.75 2.72 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 104.25 105.75 3.03 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 95.38 98.38 7.30 BB+ /- /BBB-

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 99.38 102.38 5.29 BB+ /Ba1 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 99.38 102.38 4.48 - /Ba1 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 87.25 90.25 8.81 BB- /Ba3 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 102.13 103.63 4.06 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 100.38 101.88 4.62 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 95.75 97.25 4.69 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 94.75 96.25 6.14 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 92.25 94.25 8.08 B+ /- /B+

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.63 106.13 2.40 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 101.88 103.38 4.06 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 104.38 105.88 2.77 - /Baa3 /BBB

Country Garden Hldg Co USG24524AJ24 27-May-19 550 200/1 100 USD Fixed 7.875 105.50 107.50 5.51 BB+ /Ba1 /BB+

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 100.88 103.38 6.30 BB+ /Ba1 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 100.50 102.50 6.93 BB+ /Ba1 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 93.25 94.75 6.61 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 100.88 102.88 3.41 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 100.50 102.50 4.77 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 102.50 104.50 5.17 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 100.38 102.38 5.68 BB /Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 99.50 101.00 4.19 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 102.00 104.00 3.08 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 74.75 77.75 21.29 CCC- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 75.13 78.13 21.06 CCC- /Caa1 /-

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 75.25 78.25 20.98 CCC- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-22 3 100/1 100 EUR Pay-In-Kind 5.000 27.50 32.50 27.21 C /Ca /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 105.25 107.25 0.89 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 111.38 113.38 2.77 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 103.00 104.50 3.95 BBB- /Baa2 /-

Real Estate / Tourism

Page 17


August 16, 2015


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Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 101.75 103.25 2.96 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 104.25 106.25 3.87 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 97.88 99.88 3.56 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 94.13 96.63 11.26 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 113.00 115.00 2.84 - /Ba1 /BBB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 100.50 102.50 3.23 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 104.25 106.25 4.78 BBB /Baa3 /-

Lodha Developers Intl Lt XS1148395582 13-Mar-20 200 200/1 100 USD Fixed 12.000 99.00 101.00 11.71 - /Ba3 /B+

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 107.38 109.38 2.69 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 104.63 106.63 1.28 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 103.25 104.75 4.10 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 107.50 109.50 3.93 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 100.13 102.63 10.44 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 105.63 107.63 2.38 Not Rated

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 111.38 112.88 2.22 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 100.63 102.63 5.76 BB /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 104.38 106.38 6.44 BB /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 1100 200/1 100 USD Fixed 8.375 103.38 105.38 7.17 BB /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 100.63 102.63 3.90 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 101.38 103.38 5.52 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 102.50 104.00 7.66 B /B2 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 85.38 87.38 13.48 B /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 88.13 91.13 16.19 B- /- /B

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 99.88 101.38 3.92 BB+ /- /BBB-

Bharti Airtel Ltd USY0889VAA80 10-Jun-25 1000 200/1 100 USD Fixed 4.375 100.38 101.88 4.14 BBB- /Baa3 /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 102.13 104.13 7.33 BB- /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 105.13 106.63 2.14 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 105.75 107.25 4.00 BBB- /Baa3 /BBB-

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 107.25 108.75 4.15 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 900 200/1 100 USD Fixed 2.375 99.88 100.88 2.13 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 102.13 103.13 3.09 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 102.13 103.13 1.19 AA- /Aa3 /A+

Telecommunications / IT

Page 18


August 16, 2015


Amnt (Mn)

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Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 107.13 108.13 1.91 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 81.63 84.13 13.75 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 100.25 102.25 4.45 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 87.38 90.38 6.60 BB+ /Ba1 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.00 103.00 0.76 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 120.75 122.25 1.81 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 108.13 110.13 2.75 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 95.88 98.38 3.50 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 106.88 109.38 3.87 A- /A2 /A+

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 94.88 97.38 4.15 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 98.38 100.88 4.44 A- /A2 /A+

Millicom Intl Cellular XS1204091588 15-Mar-25 500 200/1 100 USD Fixed 6.000 96.38 98.38 6.23 - /Ba2 /BB+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 105.13 107.13 2.59 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 106.63 108.63 4.04 - /Baa3 /BB+

Naspers USN5946FAC16 21-Jul-25 1200 200/1 100 USD Fixed 5.500 99.88 101.88 5.25 BBB- /Baa3 /BB+

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 77.25 79.25 10.21 BB+ /Ba2 /BB

Ottawa Holdings Pte Ltd USY6589AAA44 16-May-18 365 200/1 100 USD Fixed 5.875 71.50 73.50 18.64 B+ /B2 /-

Reliance Communication XS1216623022 06-Nov-20 300 200/1 100 USD Fixed 6.500 101.50 103.50 5.72 - /Ba3 /BB-

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 84.88 88.38 16.14 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 75.63 77.00 17.15 BB- /- /BB-

Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.250 94.88 96.88 5.84 BB /- /BB

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 108.75 110.25 3.48 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 80.75 82.75 9.83 BB+ /Ba1 /BB

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 98.25 100.25 3.68 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 96.88 98.88 5.03 BBB- /- /BBB-

Vimpelcom Holdings XS0889401054 13-Feb-19 571 200/1 100 USD Fixed 5.200 96.75 98.75 5.60 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 983 200/1 100 USD Fixed 5.950 89.25 91.25 7.50 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 73.63 75.63 11.85 BB- /- /BB

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Defaulted 11.500 43.88 46.38 256.91 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Defaulted 10.250 29.88 32.38 53.50 D /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Defaulted 6.625 3.88 6.38 100.52 D /- /C

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 100.88 102.88 7.64 BB+ /Baa3 /-

Industrials / Energy

Page 19


August 16, 2015


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Incr. (000)

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%

Credit Rating

S&P /Moody /Fitch

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 90.13 92.13 7.40 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 83.00 85.00 7.98 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 77.13 79.13 8.54 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 102.38 104.38 3.92 - /Baa3 /BBB-

Bharat Petroleum Corp XS1227064430 08-May-25 500 200/1 100 USD Fixed 4.000 97.13 99.13 4.11 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 72 200/1 100 USD Fixed 7.750 98.75 100.75 6.57 B+ /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 99.88 101.88 3.74 - /Baa2 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 98.13 100.13 7.54 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 96.00 98.00 7.70 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 100.38 101.88 3.15 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 97.13 99.13 5.60 BB /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 93.13 95.13 6.20 BB /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.177 98.38 100.38 1.05 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 98.25 100.25 1.84 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.700 98.13 100.13 2.67 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Defaulted 9.750 42.00 45.00 45.73 D /- /C

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 73.50 75.50 9.96 BB- /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 108.00 110.00 2.59 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 110.38 112.38 3.46 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 327 2/1 100 USD Fixed 5.900 30.00 35.00 35.78 B /B3 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.209 98.38 100.38 1.01 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.38 100.38 2.64 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 98.88 100.88 4.38 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 81.75 88.75 12.96 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 418 45/0.01 100 USD Fixed 9.000 85.38 89.38 14.74 Not Rated

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 104.38 106.38 0.90 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 119.88 121.88 2.80 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 101.00 103.00 1.79 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 657 100/1 100 USD Fixed 5.888 107.88 109.38 1.65 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 113.25 114.75 2.93 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 365 200/1 100 USD Fixed 5.125 104.50 106.00 3.56 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 111.00 112.50 0.31 - /Baa3 /BBB-

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 110.38 111.88 5.88 NR /Baa3 /BBB-

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S&P /Moody /Fitch

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 106.75 108.25 1.75 NR /Baa3 /BBB-

Dp World Ltd XS1234270921 18-May-20 500 200/1 100 USD Fixed 3.250 99.38 100.88 3.05 - /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 101.75 103.25 1.06 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 758 200/1 100 USD Fixed 3.875 101.25 102.75 3.09 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 679 200/1 100 USD Fixed 4.500 100.63 102.13 4.01 Not Rated

Emirates Airlines (S) XS1203164782 31-Mar-25 898 200/1 100 USD Fixed 2.471 99.00 100.50 2.36 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 95.00 97.00 6.41 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 97.38 99.38 6.85 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.125 98.13 100.13 7.11 BB+ /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.13 101.13 2.53 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 98.63 100.63 5.16 BBB- /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.136 101.75 103.25 3.00 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 88.13 91.13 6.56 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 89.50 94.50 6.62 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 90.25 93.25 5.02 BB+ /Ba1 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 115.88 117.88 5.88 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 97.75 99.75 4.64 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 87.00 89.50 10.45 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 98.88 101.38 6.58 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 84.75 87.25 7.94 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 101.00 103.50 6.97 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 108.00 111.00 3.56 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 109.50 111.50 4.04 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 99.88 101.88 1.33 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 99.75 102.75 2.10 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 87.25 89.25 7.78 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 95.00 97.00 5.68 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 96.50 98.50 9.96 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 95.75 98.75 8.52 BB- /B1 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 98.50 101.50 9.01 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 5.94 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 104.50 106.50 5.29 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 267 100/1 100 USD Fixed 6.267 114.63 117.63 4.18 A+ /A1 /A

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S&P /Moody /Fitch

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 95.75 97.75 8.45 B+ /- /BB-

Noble Group Ltd XS0906440333 20-Mar-18 400 200/1 100 USD Fixed 3.625 87.50 89.50 8.21 BBB- /Baa3 /BBB-

Noble Group Ltd USG6542TAE13 29-Jan-20 1209 100/1 100 USD Fixed 6.750 91.63 93.63 8.50 BBB- /Baa3 /BBB-

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 98.50 100.50 4.18 BBB- /Ba1 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 98.00 100.50 5.44 BBB- /Ba1 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 96.38 98.38 5.15 BB+ /Ba1 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 95.25 97.75 5.57 BB+ /Ba1 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 100.50 102.50 1.21 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 109.25 111.25 3.50 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 104.25 106.25 3.74 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 100.75 102.75 4.02 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 104.25 105.75 4.81 BBB- /- /BBB-

Office Cherifien Des Pho XS1221677120 22-Oct-25 1000 200/1 100 USD Fixed 4.500 95.38 96.88 4.89 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 104.75 106.25 6.40 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 101.50 103.50 2.86 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 107.63 109.63 4.05 - /Baa2 /BBB-

Oman Electricity XS1117297355 07-May-25 1000 200/1 100 USD Fixed 3.958 95.88 97.38 4.29 BBB+ /A3 /-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.63 100.13 2.45 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 99.75 101.25 2.91 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 97.38 98.88 3.92 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 103.00 104.50 4.02 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.643 95.50 97.50 4.31 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.163 87.25 89.25 5.87 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 98.25 102.25 4.06 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 95.00 97.00 5.25 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 87.25 89.25 6.57 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 89.13 91.13 7.18 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 88.50 91.50 7.30 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 80.50 82.50 7.38 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 89.75 91.75 7.57 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 84.25 86.25 8.54 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAN93 5-Jun-2115 2500 2/1 100 USD Fixed 6.850 76.00 78.00 8.78 BBB- /Ba2 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 62.88 65.38 56.86 CCC /- /CCC

Page 22


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 103.25 105.75 4.44 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 97.63 100.13 3.85 BBB- /- /BBB-

Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.250 94.25 96.25 7.24 BB- /- /BB-

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 100.63 102.63 5.90 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 226 250/1 100 USD Fixed 5.832 101.88 103.88 -0.14 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 802 250/1 100 USD Fixed 5.298 106.88 108.88 1.88 A /Aa3 /A+

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 105.00 107.00 3.03 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 107.88 109.88 3.67 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 98.88 100.38 4.08 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 113.25 115.25 5.16 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 99.88 101.38 1.07 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 99.38 100.88 -1.26 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 100.38 101.88 2.00 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 106.38 107.88 1.19 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 91.75 93.25 6.36 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 99.63 101.13 4.32 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 101.63 102.63 1.03 AA- /A1 /AA-



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 104.50 105.50 3.26 AA- /A1 /AA-


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 105.00 106.00 5.10 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 652 200/10 100 USD Fixed 5.875 30.00 38.00 36.85 CC /Ca /CC

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 99.00 101.00 2.73 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 93.88 98.88 5.62 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 101.00 103.00 3.12 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 104.38 105.88 0.90 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 102.75 104.25 1.38 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 99.75 101.25 1.96 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 113.38 114.88 2.03 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 113.63 115.13 2.34 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 114.50 116.00 3.07 A- /A3 /-

Page 23


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 99.00 100.50 3.55 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 99.13 100.63 3.79 A- /A3 /-


Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 100.25 102.25 4.09 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 99.13 100.63 4.69 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 95.13 96.63 6.45 BB /- /BB+

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 96.50 99.50 8.80 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 100.50 102.00 0.31 BBB- /Baa2 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 94.38 95.88 4.70 BBB- /Baa2 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 78.50 80.50 11.02 B+ /B3 /-

Transocean Inc US893830AK59 15-Apr-18 246 1/1 100 USD Fixed 7.375 97.88 99.88 7.42 BB+ /Ba1 /BBB-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 77.75 79.75 10.56 B+ /B3 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 99.88 101.38 3.58 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 93.25 94.75 5.35 BBB /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 97.00 99.00 8.04 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 86.00 88.00 10.20 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 86.50 88.50 10.98 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 79.00 81.00 10.79 BB- /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 81.13 86.13 56.20 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 750 100/1 100 USD Fixed 3.925 104.13 105.63 1.76 AA /Aa2 /AA

Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.63 100.13 4.38 BB /Ba2 /BB-

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 88.13 90.63 7.53 BB /Ba2 /BB-

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 88.38 92.38 11.50 BB- /B2 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 81.25 86.25 11.21 BB- /B2 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 84.63 86.63 8.62 B+ /- /BB-

Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.000 92.75 94.75 5.86 BB+ /- /BB+

Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.875 98.13 100.13 3.85 BB+ /- /BB+

Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.125 99.63 101.63 5.71 BB+ /Ba1 /BB+

Cosco Finance 2011 XS0858461758 03-Dec-22 1000 200/1 100 USD Fixed 4.000 98.88 99.88 4.02 - /A1 /-

Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 82.38 84.38 7.30 BB /Baa3 /BB+

Hikma Pharmaceuticals Pl XS1213834978 10-Apr-20 500 200/1 100 USD Fixed 4.250 99.13 101.13 3.98 BB+ /Ba1 /-

Miscellaneous

Various Developed Market Issues

Page 24


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 110.88 112.88 4.03 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 105.25 107.25 2.63 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 127.88 128.88 3.69 BBB /Baa2 /A-

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 108.00 110.50 2.74 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 129.50 132.50 4.54 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 113.75 115.75 5.01 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 107.88 109.88 3.78 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 99.38 101.38 0.02 A- /Baa1 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 108.88 110.88 3.67 BB+ /Ba2 /BBB-

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 121.50 123.50 3.09 BB+ /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 101.50 103.50 -12.54 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 102.13 103.63 7.29 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 6.92 - /B2 /B+

Deutsche Bank Ag US251525AP63 01-Apr-25 1500 200/1 100 USD Fixed 4.500 94.00 97.00 4.89 BBB- /Ba1 /A-

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 100.63 101.63 0.24 A- /A3 /A

Jaguar Land Rover Automo USG5002FAE63 15-Mar-20 500 200/1 100 USD Fixed 3.500 96.50 98.00 3.98 BB /Ba2 /-

Jaguar Land Rover Automo USG50027AB03 15-May-21 84 150/1 100 USD Fixed 8.125 109.25 110.75 -0.84 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 109.38 110.88 3.31 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 98.50 100.50 -3.72 A /A1 /A+

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 114.25 116.25 3.02 BBB /Baa2 /A-

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 111.50 112.50 1.20 BBB /Baa2 /A-

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 111.50 114.50 3.74 BBB /Baa2 /A-

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 117.38 120.38 1.78 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 101.38 104.38 3.48 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 99.38 101.38 0.27 A- /A3 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 120.38 121.38 0.96 A- /A3 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 112.00 114.00 2.94 A- /A3 /A

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 115.25 118.25 2.91 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 111.50 113.50 3.95 BB+ /Ba2 /BBB

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 99.38 101.38 4.68 A- /Baa1 /BBB+

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 111.88 113.88 2.00 BBB+ /A3 /A

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 104.00 106.00 1.89 - /- /BBB-

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 107.50 109.50 3.11 - /- /BBB-

Page 25


August 16, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 111.38 113.38 1.71 BB+ /Ba2 /BBB

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 109.13 111.13 2.28 BB+ /NR /BBB

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 106.25 108.25 4.78 BB /Ba2 /BBB

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 99.25 101.25 0.10 A /A2 /A

Societe Generale USF8586CH211 14-Apr-25 1500 200/1 100 USD Fixed 4.250 94.00 96.00 4.77 BBB /Baa3 /A-

Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 96.63 98.63 4.17 BBB /A2 /A+

UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 100.75 102.75 3.68 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 117.75 119.75 3.77 BB /Ba1 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 104.00 106.00 4.01 BB /Ba1 /BBB

Egypt 3M T Bills N/A 20-Oct-15 2500 500/25 100 EGP Zero Cpn N/A 96.98 97.45 8.39 B/B2/B+

Egypt 6M T Bills N/A 19-Jan-16 3500 500/25 100 EGP Zero Cpn N/A 94.03 94.92 8.59 B/B2/B+

Egypt 9M T Bills N/A 12-Apr-16 3500 500/25 100 EGP Zero Cpn N/A 91.45 92.68 8.67 B/B2/B+

Egypt 1Y T Bills N/A 12-Jul-16 4000 500/25 100 EGP Zero Cpn N/A 88.80 90.37 8.71 B/B2/B+

French Discount T-Bill FR0121811709 11-Dec-14 0 100/1 100 EUR Zero Cpn N/A 99.50 100.00 0 - /- /NR

French Discount T-Bill FR0122005723 02-Apr-15 0 100/1 100 EUR Zero Cpn N/A 99.50 100.00 -- - /- /NR

German Treasury Bill DE0001119261 10-Dec-14 0 100/1 100 EUR Zero Cpn N/A 99.50 100.00 0 - /- /NR

German Treasury Bill DE0001119212 25-Mar-15 0 100/1 100 EUR Zero Cpn N/A 99.51 100.01 -- - /- /NR

Australia T-Bill AU2CLT051245 05-Dec-14 0 100/5 100 AUD Zero Cpn N/A 99.13 99.63 -- - /- /NR

(C) Denotes a Convertible bond

(S) Denotes a Sukuk

* Offer Yield adjusted for tax

Egypt T Bills

Page 26


August 16, 2015

Contact:

Mashreq Fixed Income Trading

Mohammad Ahsan / Khizer Usmani / Zeeshan Ali / Khurram Hussain / Yasmeen Rabbani / Shakoor Ahmed / Jean-Francois Bargiarelli

Sali Al Khatib

Telephone: +9714-2128822

For live prices, please visit our Bloomberg page MASH <GO>

General Disclaimer:

This note has been prepared solely for information purposes. It does not constitute an investment advice, solicitation, offer or personal recommendation by Mashreq Bank or its affiliates to

buy or sell any securities, product, service or investment or to engage in or refrain from engaging in any transaction, particularly, in any jurisdiction where such an offer or solicitation would

be illegal. Certain assumptions may have been made in the analysis that resulted in any information and results/returns detailed therein. No representation is made that any returns/results

indicated would be achieved or that all assumptions in achieving these returns/results have been considered. Past performance is not necessarily indicative of future results. Mashreq Bank

does not warrant accuracy of the information provided herein and views expressed in this research reflect personal views of the analyst(s) which does not take account of individual clients’

objectives, financial situations or needs. Investors are required to undertake their own assessment and seek appropriate financial, legal, tax and regulatory advice to determine whether this

investment is appropriate for them in light of their experience, objectives, financial resources and other relevant circumstances.

Mashreq Bank nor any of its related parties accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this memorandum and/or further

communication in relation thereto. Mashreq Bank does not accept any obligation to correct or update the information or opinions in it; however, opinions expressed are subject to change

without notice. This note is disseminated primarily electronically, and, in some cases, in printed form.

The above terms are indicative and do not constitute solicitation or an offer to sell to the public. This document is not intended to identify, represent or notify the conclusive terms and

conditions of any transaction, other material considerations and any possible risks, direct or indirect, would be involved in undertaking such a transaction. The interest of Mashreq Bank may

conflict with the interests of the investors in respect of any matter requiring its consent and Mashreq Bank will not be required to consider the interests of the investors in exercising such

rights.

Page 27

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