mashreq · 2016-04-04 · mashreq Fixed Income Trading Daily Market Update Wednesday, January 27, 2016 Page 1 Quote of the Day "It's not the load that breaks you down, it's the way

mashreq Fixed Income Trading

Daily Market Update Wednesday, January 27, 2016

Page 1

Quote of the Day

"It's not the load that breaks you down, it's the way you carry it." (Lou Holtz)

Market Update

Saudi Arabia economy grows 5%, despite oil slump Saudi Arabia reported 5% growth in its economy, despite the drop in the price of oil, its main source of federal revenue, according toa report by Arab

News. “Despite the fall in oil prices, the Kingdom’s economy has reported 5% growth and will continue to grow over the next 50 years,” Khalid Al-Falih,

chairman of energy conglomerate Saudi Aramco said during a panel discussion at the 9th Global Competitiveness Forum in Riyadh on Monday. Despite Al Falih’s claims the Saudi government was seeking to diversify its economy away from oil, the chairman said Saudi Aramco is not reducing its new

investment in oil and gas production capacity, despite cost-cutting due to low oil prices. Authorities have not yet decided whether the government's

planned sale of a stake in Saudi Aramco will involve only a stake in its downstream ventures, or a percentage of the whole company including its upstream

oil and gas business, Falih said. (Arabian Business)

Kuwait Petroleum may issue bonds amid USD100 billion oil-investment push

Kuwait Petroleum Corp. is considering selling bonds to help pay for a planned investment of USD100 billion over the next five years to boost oil output,

echoing plans by Saudi Arabia to maintain spending on energy projects amid a global battle for market share. State-run KPC is looking at issuing bonds and

sukuk, the company’s chief executive officer Nizar Al- Adsani said at a conference in Kuwait City. KPC had announced plans earlier this month to arrange a

USD10 billion loan to expand refineries to make cleaner-burning fuels. Kuwait, OPEC’s fourth- biggest producer, plans to expand its crude-production

capacity to 4 million barrels a day by 2020, he said Tuesday. Al-Adsani’s remarks came a day after Khalid Al-Falih, chairman of state-owned Saudi Arabian

Oil Co., said his company, the world’s biggest producer, has formulated a new strategy in response to cheaper crude and is keeping up its investments.

Together, the comments of both officials suggest that at least two of OPEC’s core Arab producers are doubling down in long-term bets on their energy

assets. Kuwait, with fellow Arab producers in the Persian Gulf including Saudi Arabia, led the Organization of Petroleum Exporting Countries to abandon

output limits on December 4 amid efforts to squeeze higher-cost producers such as Russia and US shale drillers from the market. Kuwait will study other

means of financing its oil- investment push, including bonds, sukuk, and project bonds, KPC’s Al-Adsani said. “This will open up the possibility for KPC to be

rated by international credit agencies,” he said. “KPC will continue in its role in the market as set in its strategy to 2030 which requires launching many

mega-projects and investments in refining and petrochemicals outside of Kuwait, beside raising the daily crude production capacity,” Al-Adsani said.

(Bloomberg)

FOMC meeting – China will once again be on the “agenda” as markets start pricing negative US rates in 2017

The Fed members are meeting for the first time this year after announcing a historic rate hike in December. Markets have already “guessed” the interest

rate decision to be announced in the evening – there is a 96% probability that the FOMC will stick to the current range of 0.25%-0.5%. Interestingly, as

per the Fed Fund futures contracts, 4% of the participants think that the Fed will cut rates and move back to the level prevailing before the December hike.

As per the December FOMC projections, the Fed was planning to raise rates four times in 2016 and 2017. Options markets show some investors are taking

out protection in case rates instead go negative. The implied probability of US interest rates sinking below zero next year has risen above 10%, data

compiled by Bloomberg show. The move has been driven by a surge in purchases of contracts that pay out if rates are cut below zero by the end of 2017

and may be linked to investors finding a cheaper way to hedge the opposite bet -- that rates will actually rise as the Federal Reserve expects. The 10-year

US Treasury yield has once again declined to under 2% after closing 2015 at 2.26% against a backdrop of increasing concerns over global growth. Pricing

in interest-rate futures contracts now suggests investors only see one more rate increase this year. Fed officials have not taken negative rates entirely off

the table. "We’re not in a position today that we are thinking at all seriously of moving to negative interest rates,” New York Fed President William Dudley

said on January 15. “But I suppose if the economy were to unexpectedly weaken dramatically, and we decided that we needed to use a full array of

monetary policy tools to provide stimulus, it’s something that we would contemplate as a potential action."

Developments in China since the start of the year will also be highlighted. The Shanghai Composite Index has tumbled to a 13-month low as a rout that

started in the middle of 2015 shows no signs of easing up. Capital is leaving at a record pace. Readings on the economy remain mixed, with expansion last

quarter at the slowest pace since 2009, the yuan is down about 5% over the past year against the dollar, and concerns of a steeper devaluation are

persisting. A period of relative calm in China’s markets toward the end of 2015 helped the Fed to raise rates for the first time in almost a decade. That was

after Yellen in September said China’s market turmoil had been among reasons to stay on hold. The panic seen on China’s markets is viewed as out of step

with the underlying economy, which is expected to undergo another modest slowdown this year. Gross domestic product will expand 6.5% in 2016,

compared with last year’s 6.9%, according to the latest survey of economists by Bloomberg News.

Oman’s new investment law to attract more foreign capital, create jobs

Amendments to new Oman’s Foreign Investment Capital Law are set to see the light soon, with more incentives lined up for investors, a senior government

official has said. The new law is expected to provide a conducive business environment to both local and foreign investors, in addition to creating new jobs,

Hamad Al Mahrouqi, director-general of Planning and Follow Up at the Ministry of Commerce and Industry, said. Al Mahrouqi was quoted by Oman News

Agency as saying that the Ministry of Commerce and Industry had involved all supportive public and private sector organisations, such as advocacy and

audit firms, in the consultation process. His announcement comes on the heels of a seminar held on Monday by the Ministry of Commerce and Industry, in

collaboration with the World Bank Group, to discuss the third draft of the Foreign Investment Capital Law in Oman. Among the amendments is a clause dissolving the need for a minimum capital investment of 150,000 Omani riyals (USD388,289 or Dh1.42 million). According to the National Centre for

Statistics and Information, foreign investment in Oman stood at 14 billion riyals in 2014. (Gulf News)

Egypt raises cap on forex deposits for imports of essential goods

Egypt's central bank said on Tuesday it would raise its cap on foreign currency deposits to USD250,000 a month specifically for imports of food, capital

machinery, manufacturing components and medicines to help them settle their bills. In February the central bank imposed capital controls and limited dollar-denominated deposits to USD50,000 a month to crack down on a black market for dollars. (Reuters)

Consumer confidence in the US increases to a three-month high

Consumer confidence improved in January to a three-month high as Americans grew more upbeat about the prospects for the economy, labor market and

their incomes. The Conference Board’s index of sentiment advanced to 98.1 in January from a revised 96.3 a month earlier, the New York-based private

research group said Tuesday. The median forecast of economists in a Bloomberg survey called for the measure to hold at the previously reported

December reading of 96.5. While a plunge in stock prices may have tempered views about current conditions, a resilient labor market, falling gas prices

and low inflation overall are buoying views of the economic outlook. The pickup in sentiment extended to buying plans as a greater share of households

said they intend to buy cars and appliances. Sentiment improved among those Americans younger than 35, with that index rising to a four-month high,

and consumers older than 55. Confidence deteriorated among households with incomes exceeding USD75,000 a year. (Bloomberg)



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PBOC said to ask Chinese banks to suspend offshore yuan lending

China’s central bank gave guidance to some Chinese banks in Hong Kong to suspend offshore yuan lending to curb short selling and tighten liquidity, said

the people with knowledge of the matter. The People’s Bank of China told banks including BOC Hong Kong (Holdings) Ltd. and Industrial & Commercial

Bank of China (Asia) on January 11 to curb lending unless necessary, said the people who asked not to be identified as the instructions weren’t public.

PBOC also asked some Chinese banks and companies to collect information about short-selling orders in the offshore yuan market from January 1, after noticing volatility at the end of last year, said two of the people. The central bank hasn ’t issued new guidance since, the people said. The Chinese

government has been seeking to bolster the yuan as capital outflows rose and bets increased that the yuan will depreciate with weakening economic

growth. Yuan speculators entering short positions are expected to “suffer huge losses” as policy makers will take measures to stabilize the currency, the

official Xinhua News Agency said in a commentary on Saturday. (Bloomberg)

Brazil current account gap narrows as downturn sinks imports Brazil’s current account deficit narrowed by almost half last year, as the nation’s worst recession in decades and a falling currency sapped demand for

imports. The deficit in the current account, the broadest measure of trade in goods and services, was USD58.9 billion in 2015, compared to USD104 billion

the previous year, the central bank said Tuesday. The gap in December shrank to USD2.5 billion from USD2.9 billion a month earlier, which was in line with the median forecast of analysts in a Bloomberg survey. Brazil’s deteriorating economy is weighing on foreign investor sentiment as well, with direct

investment from abroad shrinking to USD75.1 billion last year from USD96.9 billion in 2014, the central bank said. Foreign investment in Brazil last month

increased to USD15.2 billion from USD4.9 billion in November, compared with the median forecast for USD6.1 billion. The unexpected surge reflects

increases throughout numerous industries, and is expected to fall back this month to USD4.6 billion, said Tulio Maciel, head of the central bank’s economic

research department. (Bloomberg)

Brazil said to announce USD12.3 billion in credit to boost economy Brazil’s Finance Minister Nelson Barbosa is expected to announce as much as 50 billion reais (USD12.3 billion) in loans as the government seeks to revive

growth amid the worst economic downturn in over a century. Barbosa will make the announcement on Thursday with President Dilma Rousseff as she

presides over a meeting of the Council for Economic Development, said a person familiar with the discussions. Even as he unveils the credit plan, Barbosa

will also reaffirm a commitment to fiscal adjustment, the person added, asking not to be named because the speech is not public yet. Brazil is fighting a

two-front battle against double-digit inflation and what economists forecast will be the worst recession since 1901. Fiscal consolidation efforts initiated by

Barbosa’s predecessor, Joaquim Levy, to address a record budget gap led the government last year to scale back on credit subsidies. In 2016, as Brazil’s

recession deepens and Rousseff braces for impeachment proceedings in congress, the government may be more willing to reverse some of Levy’s austerity

measures. (Bloomberg)

Nigeria holds rates but clouds gather over economy Nigeria’s central bank has decided to keep interest rates at 11%, which although high by normal standards, is the lowest level since the end of 2011. Rates

were lowered to 11% from 13% in November last year and were not expected to move at this month ’s meeting of the central bank, despite growing

concerns over the state of the Nigerian economy, which has been hit hard by low oil prices, its main export. The Nigerian government last year introduced capital controls and fixed the exchange rate at 198 naira per dollar to stop its currency from tumbling further against the greenback, but speculation has

been mounting that it may be forced into devaluation as its finances come under increasing pressure. Nigeria’s foreign reserves dropped to an 11-month

low of USD29.1 billion at the start of the month. (Financial Times)

Rajan seen buying extra USD4 billion of India bonds after outflows Reserve Bank of India Governor Raghuram Rajan is seen ramping up bond purchases as foreigners dumping emerging-market assets push short-term

money rates to the highest since May. The central bank began buying debt last month after a gap of almost two years and has injected a total of INR200

billion (USD2.9 billion) via open market operations on December 8 and January 21. The RBI will purchase an additional USD4 billion of rupee-denominated

notes this quarter, according to the median estimate of seven analysts surveyed by Bloomberg News. Bank of America Merrill Lynch expects as much as

USD12 billion to be injected in the fiscal year ending March. The cash squeeze is worsening as global investors pulled USD1.8 billion from Indian stocks this month and as Prime Minister Narendra Modi curbs spending to meet budget goals. The benchmark 10-year yield climbed toward the highest since August,

the government missed its target at an auction of bills on January 6 and underwriters rescued bond sales three times in two months. The yield on three-

month commercial paper has climbed 117 basis points since September 30 to 8.68% as of Wednesday, the highest since May, according to data compiled

by Bloomberg. The benchmark 10-year yield has increased by 25 basis points in the period to 7.79%. (Bloomberg)

Vodafone Qatar to review costs after loss widens Vodafone Qatar plans to review its costs in an effort to maintain margins, it said after reporting widening losses for a fifth straight quarter on Tuesday. The

telecoms operator has yet to make a quarterly profit, more than six years since ending state-controlled Ooredoo's monopoly in 2009. The Vodafoneaffiliate

had been moving steadily towards breaking even, but its performance has worsened over the past 18 months as rival Ooredoo has cut prices. "We shall

need to review our cost base further to ensure we sustain our margins," Vodafone QatarChairman Sheikh Dr Khalid Bin Thani al-Thani said in a statement

to accompany its third-quarter results. (Reuters)

Azerbaijan shut 4 banks in a week after imposing capital controls Azerbaijan shuttered almost a tenth of the nation’s lenders in the past week as authorities struggle to restore trust in the national currency after imposing

capital controls and devaluing the manat twice last year. The regulator in the capital, Baku, said there’ll be more closures to come after revoking the

licenses of privately owned United Credit Bank and NBC Bank for failing to comply with a minimum capital requirement of 50 million manat (USD30.7

million). The lenders couldn’t meet their obligations to creditors and their management wasn’t “reliable or prudential,” the central bank said Tuesday in an

e-mailed statement. The cleanup has left Azerbaijan with 39 banks. “Banks that don’t meet requirements and have major shortcomings can’t operate in

Azerbaijan,” President Ilham Aliyev was cited as saying by the news service APA. He urged banks to invest in the real economy to help create new jobs and

develop the non-oil industry. Azerbaijan, the largest oil exporter in the former Soviet Union after Russia and Kazakhstan, saw its currency plunge to the

weakest on record after relinquishing control of its exchange rate last month. Authorities imposed some restrictions on the movement of capital last week

to contain the fallout from the currency crisis, with Governor Elman Rustamov saying that five to seven banks may be merged to consolidate the industry. (Bloomberg)

Kaisa bonds jump after company aims to resume Shenzhen sales

Kaisa Group Holdings Ltd.’s bonds jumped the most in two months after the Chinese developer said it aims to resume sales of four projects in Shenzhen

that courts have blocked it from selling. Its USD800 million 8.875% notes due 2018 rose to 66 cents on the dollar according to data compiled by

Bloomberg. Local courts have been preventing Kaisa from selling a total of 320 units at the projects in the southern city after creditors filed to preserve

assets. The builder is “in active discussion with the creditors, with an aim to resume sales of these four property projects in Shenzhen as soon as possible,”

it said in a filing Tuesday. Kaisa, which last year became the first Chinese developer to default on dollar notes, is facing challenges from foreign funds as it

aims to restructure its debt. Its proposal giving creditors a recovery of about 75% has clashed with plans from San Francisco-based hedge fund Farallon

Capital Management LLC and BFAM Partners that offered about 87% recovery. Kaisa also said in a separate filing on Tuesday that approximately 53% of



Page 3

total outstanding bonds and loans have been submitted as supporting notes by its creditors for its own restructuring proposal as of January 26. The

deadline for such submission is February 7. The builder had onshore liabilities of 33.3 billion yuan (USD5.1 billion) as of January 25 and China Citic Bank

Corp. will continue to provide financing to the firm, it said. (Bloomberg)

Swiss watch exports decline amid smartwatch encroachment Swiss watch exports posted their first annual drop in six years, hurt by slumping demand for less-expensive timepieces that are competing for buyers with

Apple Inc. and other smartwatch makers. December exports declined 3.8%, pushing shipments down 3.3% on the year to 21.5 billion Swiss francs

(USD21.2 billion), the Federation of the Swiss Watch Industry said on Tuesday. That compares with a 1.9% rise the previous year. Timepieces costing 200

francs to 500 francs - which comprise about 15% of volumes - suffered the most last month, slumping 15%. The Swiss watch industry is grappling with a

raft of problems: tumbling stock markets, fewer wealthy Asian tourists shopping in Europe and the arrival of the Apple Watch, which has weighed on sales

of lower-priced timepieces and prompted brands such as Montblanc and TAG Heuer to introduce electronic functions of their own. (Bloomberg)

Earnings Update

Apple announces strong quarterly results despite slowing growth and expects fall in revenues going forward

Apple has reported the slowest growth in iPhone sales since the product's 2007 launch and warned sales will fall for the first time later this year. The US

tech giant sold 74.8 million iPhones in its fiscal first quarter, compared with 74.5 million a year ago. Apple said revenue for the next quarter would be

between USD50 billion (£34bn; €46bn) and USD53 billion, below the USD58 billion it reported for the same period a year ago. This would mark Apple's first

fall in revenues since it launched the iPhone. Despite first-quarter iPhone sales being below the 75 million expected by analysts, the company still had a

record quarter. Apple revenue in the three months to 26 December was USD75.9 billion and net profit was USD18.4 billon, both of which were the highest

ever recorded by the company. Sales of iPhones accounted for 68% of the company's revenue in the period. Apple boss Tim Cook credited "all-time record

sales of iPhone, Apple Watch and Apple TV" for the performance. But the firm's chief financial officer, Luca Maestri, said the company was operating in "a very difficult macroeconomic environment". He added that "iPhone units will decline in the quarter" and that the company was not projecting beyond those

three months. Mr Maestri partly blamed the strong US dollar for Apple's flat sales, estimating it had knocked $5bn off the company's revenues. Apple's

sales in Greater China - defined by the company as China, Hong Kong and Taiwan - rose 14%, but that was much slower than the 70% increase a year

ago. China accounts for almost a quarter of Apple's sales, more than all of Europe combined. On a conference call with analysts after its Tuesday earnings

report, Tim Cook said the company is beginning to see "economic softness" in the region, particularly in Hong Kong. China is no longer able to offset

sluggishness elsewhere or counter the broader slowdown in the global smartphone market. Even with the Chinese New Year shopping season approaching,

Apple is projecting its first quarterly sales decline since 2003. “You need to take into account the business opportunities that we have but also the realities

of an economic environment that is not ideal right now,” said Luca Maestri, Apple's chief financial officer, noting that sales in Brazil, Canada, Japan, and

Russia also are being affected by global economic malaise. Cook remains optimistic about China and vowed that Apple will invest through any downturn.

And given the company's resources (there's still a whopping USD216 billion on its balance sheet), he has the luxury of playing the long game. It has 26

stores in China now and will have 40 by this summer. "We believe that this, too, shall pass," Cook said. "We aren't retrenching. We don’t believe in that.

We are fortunately strong enough to continue investing, and we think it's in Apple's long-term interest to do so." The profitability of Apple's business improved, with gross margin - or how much the company makes per product - increasing to 40.1%. (BBC News/Bloomberg)

Dubai Islamic Bank Q4 net profit rises 62 per cent

Dubai Islamic Bank (DIB) posted a 62.8 per cent increase in fourth-quarter net profit on Wednesday, according to Reuters calculations. The bank made

1.15 billion dirhams (USD313 Million) in the three months to December 31. This compares with a profit of 706.3 million dirhams in the corresponding

period of 2014. The bank said in a bourse filing its 2015 net profit rose to 3.84 billion dirhams, up 37 per cent from the previous year. The bank’s board

proposed a 0.45 dirhams cash dividend for 2015, subject to central bank approval, it added. This is up from 0.4 dirhams for the previous year. (The

National)

NBB announces financial results for 2015 National Bank of Bahrain achieved a net profit of 55.26 million dinars (USD146.97 million) in 2015, compared to 53.44 million dinars in 2014, an increase

of 3.4%. For the fourth quarter of 2015, the Bank recorded a Net Profit of 11.90 million dinars compared to 11.28 million dinars for the corresponding

period of the previous year, an increase of 5.5%. (Zawya)

New Issue Update

Indonesia hires banks for a sukuk issue Indonesia has reportedly mandated five banks for a USD2 billion sukuk issue. The sovereign plans to start marketing as much as USD2 billion sukuk from

middle of next month. (Bloomberg)

Qatar National Bank closes USD600 million one-yer bond Qatar National Bank (QNB ), the largest lender in the Gulf Arab region, closed a USD600 million one-year bond issue on Tuesday, a spokesman for its sole

arranger confirmed. The transaction paid a coupon of 1.22% and was solely arranged by Morgan Stanley, the spokesman for the US bank said. (Reuters)

Ratings Update

Moody's confirms Bahrain Islamic Bank's Ba3 issuer ratings and upgrades BCA to b3 from caa1 with positive outlook Moody's Investors Service has today confirmed Bahrain Islamic Bank's (BIsB) Ba3 issuer ratings and upgraded the standalone baseline credit assessment

(BCA) to b3 from caa1. At the same time the bank's counterparty risk assessment of Ba2(cr)/NP(cr) were confirmed and the Not-Prime short term issuer

ratings were affirmed. The outlook on the long term deposits is positive. Moody's confirmation of the Ba3 long-term issuer rating reflects our assessment of

a very high likelihood of support from the Government of Bahrain (Baa3/negative) if needed. Moody's assumption of government support now results in a

high three notches of uplift from the b3 BCA. (Bloomberg)

S&P revises Ras Laffan LNG II And 3 outlooks to negative S&P has revised the outlook on Ras Laffan LNG II to negative. In view of their forecast of lower crude oil and natural gas prices from 2016 onward, S&P

believes Ras Laffan's financial profile will likely weaken, but stay robust. The project continues to generate strong operational cash flow despite falling

hydrocarbon prices. Outlooks on the senior secured debt issued by Ras Laffan II and Ras Laffan 3 has been revised to negative from stable and affirming

the previous 'A' ratings. The negative outlooks indicate the possibility that S&P may lower the ratings if hydrocarbon prices deteriorate further, given the

reduced headroom for the ratings. (Bloomberg)

Moody's upgrades German banks' deposit ratings and downgrades senior debt ratings

Moody's Investors Service has today taken a number of ratings actions for 35 German banks, including several rated subsidiaries in Luxembourg and

Ireland, as well as their supported entities. In particular, the rating agency upgraded the deposit ratings of 22 banks by up to two notches and downgraded



Page 4

the senior unsecured debt ratings of seven banks by a maximum of one notch. In addition, the bank deposit ratings for nine banks, and senior debt ratings

for 18 banks were affirmed and the senior debt ratings for two banks were upgraded by one notch. The outlooks on the ratings have mostly been revised to

stable. Today's action reflects the changes in protection offered to depositors and senior creditors, as captured by Moody's Advanced Loss Given Failure

(LGF) analysis. The changes in protection result from the subordination of certain senior unsecured debt obligations relative to other senior liabilities,

including deposits, in Germany's insolvency legislation which will take effect from January 2017. The changed rank ordering in bank resolutions implies a

higher severity of loss in resolution for senior unsecured debt instruments because these will no longer benefit from their current pari passu status with

junior deposits. Conversely, for junior deposits, the new law implies a lower severity of loss as these will benefit from the subordination of long-term debt

instruments. (Moody’s)

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

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

Risk

Rating

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 97.87 97.87 3.25 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 99.54 99.54 3.66 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ADOBE SYSTEMS INC US00724FAC59 1-Feb-2025 1000 FIXED 3.25 100.18 100.18 3.23 A-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 97.00 97.00 3.17 A/A2/A- FRANCE Sr Unsecured 1,000 P2

ALCOA INC US013817AV33 15-Apr-2021 1250 FIXED 5.40 89.22 89.22 7.97 BBB-/Ba1 /*-/BB+ /*+ UNITED STATES Sr Unsecured 2,000 P2

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 98.59 98.59 2.73 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.29 97.29 3.09 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

AMERICAN INTL GROUP US026874DD67 10-Jul-2025 1250 FIXED 3.75 96.21 96.21 4.24 A-/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 98.49 98.49 3.26 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 95.94 95.94 3.93 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 99.26 99.26 3.42 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P2

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 95.19 95.19 4.29 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P2

BARRICK GOLD CORP US067901AQ17 1-May-2023 730 FIXED 4.10 85.49 85.49 6.66 BBB-/Baa3 /*-/- CANADA Sr Unsecured 2,000 P4

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 91.46 92.11 4.37 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BHP BILLITON FIN USA LTD US055451AU28 30-Sep-2023 1500 FIXED 3.85 92.38 94.07 4.78 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 98.83 98.83 3.30 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 93.41 93.41 3.80 A/A2 /*-/- UNITED KINGDOM Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 96.15 96.15 4.01 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 1,000 P2

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 84.99 84.99 5.01 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 85.86 85.86 5.39 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 115 FIXED 3.75 97.63 97.63 4.06 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P2

DAIMLER FINANCE NA LLC USU2339CBX57 19-May-2025 650 FIXED 3.30 97.42 97.42 3.63 A-/A3/A- GERMANY Sr Unsecured 150,000 P2

DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 98.15 98.15 3.96 BBB+/Baa1/A- GERMANY Sr Unsecured 1,000 P2

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 96.69 96.69 3.95 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

ELECTRICITE DE FRANCE SA USF2893TAS53 13-Oct-2025 1250 FIXED 3.63 99.99 99.99 3.63 A+/A1/A FRANCE Sr Unsecured 2,000 P2

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 96.93 96.93 3.80 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 96.01 96.01 4.22 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 94.86 94.86 4.41 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 92.54 92.54 5.05 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 69.55 69.55 10.71 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 66.50 66.50 10.87 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 66.05 66.05 10.99 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 90.47 90.47 5.32 BBB+/Baa2 /*-/BBB CANADA Sr Unsecured 2,000 P2

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 98.16 98.16 3.74 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P2

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 96.25 96.25 3.62 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

KINDER MORGAN INC/DELAWA US49456BAF85 1-Jun-2025 1500 FIXED 4.30 86.30 86.30 6.26 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P4

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 100.96 100.96 3.38 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

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


USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 98.32 98.32 3.11 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 68.84 68.84 9.07 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 72.43 72.43 8.12 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 89.58 89.58 5.14 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P3

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 100.44 100.44 3.32 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 98.30 98.30 2.97 AA/A1/A UNITED STATES Sr Unsecured 2,000 P2

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 95.87 95.87 3.95 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 93.75 93.75 4.92 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P2

MYLAN INC USU62472AF96 15-Jan-2023 750 FIXED 3.13 93.48 93.48 4.22 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P2

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 96.67 96.67 3.93 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 79.12 79.12 8.00 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P4

QUALCOMM INC US747525AF05 20-May-2025 2000 FIXED 3.45 97.06 97.06 3.83 A+/A1/- UNITED STATES Sr Unsecured 2,000 P2

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 100.27 100.27 3.34 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000 P2

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 88.13 89.08 5.24 A-/A3 /*-/A- UNITED KINGDOM Sr Unsecured 2,000 P2

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 89.32 89.32 4.79 A-/A3 /*-/A- UNITED KINGDOM Sr Unsecured 2,000 P2

ROLLS-ROYCE PLC USG76237AB53 14-Oct-2025 1000 FIXED 3.63 99.86 99.86 3.64 A/A3/A UNITED KINGDOM Sr Unsecured 200,000 P2

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 96.40 96.40 3.71 AA-/Aa1 /*-/AA /*- NETHERLANDS Sr Unsecured 1,000 P2

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 101.75 101.75 3.03 A+/A1/A GERMANY Sr Unsecured 250,000 P2

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 94.62 94.62 3.90 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 92.72 92.72 3.64 AA-/Aa2 /*-/- NORWAY Sr Unsecured 1,000 P2

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 98.90 98.90 3.74 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 94.47 94.47 3.60 AA-/Aa1 /*-/AA- FRANCE Sr Unsecured 2,000 P2

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 92.98 92.98 4.60 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 99.55 99.55 3.56 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 97.75 97.75 4.60 BBB-/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 94.02 94.02 3.52 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

VODAFONE GROUP PLC US92857WBC38 19-Feb-2023 1600 FIXED 2.95 95.84 95.84 3.62 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

WALGREENS BOOTS ALLIANCE US931427AF53 18-Nov-2021 1250 FIXED 3.30 100.18 100.18 3.26 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P2

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 98.34 98.34 3.21 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P2



USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 100.26 100.26 2.31 A/A1/A UNITED KINGDOM Sr Unsecured 1,000 P1

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.34 99.34 2.66 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P1

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.81 100.16 2.41 A/A2/A NETHERLANDS Sr Unsecured 200,000 P1

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 100.79 100.79 2.18 A-/A2/A+ UNITED STATES Sr Unsecured 2,000 P1

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 66.00 66.00 14.57 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.58 100.58 1.86 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.68 99.68 2.04 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000 P1

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 99.51 99.51 2.57 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 97.35 97.35 2.92 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.48 99.48 1.98 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000 P1

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.98 99.98 2.16 A/A1/AA- UNITED STATES Sr Unsecured 1,000 P1

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 99.48 99.48 3.00 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P1

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 100.04 100.04 2.36 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000 P1

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 98.53 98.53 2.70 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 1,000 P1

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.18 100.18 2.20 A/A2/A FRANCE Sr Unsecured 250,000 P1

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 100.66 100.66 1.83 A/A2/A UNITED STATES Sr Unsecured 1,000 P1

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.44 98.44 2.36 AA/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.21 99.21 2.06 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P1

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 92.81 92.81 4.04 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P1

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 12 FIXED 2.75 99.60 99.60 2.85 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P1

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.56 99.56 1.90 A/A2/A SWITZERLAND Sr Unsecured 250,000 P1

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.70 99.70 2.12 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 99.76 99.76 2.32 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 98.00 98.00 2.95 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 98.95 98.95 2.41 BBB+/Baa1/A- GERMANY Sr Unsecured 1,000 P1

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 99.62 99.62 2.01 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000 P1

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.01 99.01 2.67 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.41 98.41 3.05 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 65.00 65.00 24.51 BBB-/B1/BBB- UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 48.60 48.60 23.09 BBB-/B1/BBB- UNITED STATES Sr Unsecured 2,000 P3

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.82 99.82 2.48 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 97.82 97.82 3.74 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1471 FIXED 2.50 76.80 76.80 12.06 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3




USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 97.81 97.81 3.20 BBB+/Baa2 /*-/BBB CANADA Sr Unsecured 2,000 P1

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.33 99.33 2.77 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P1

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.25 100.25 2.17 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 98.63 98.63 2.71 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.54 98.54 1.98 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 100.10 100.10 2.01 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 101.00 101.00 2.71 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.29 99.29 2.40 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 100.09 100.09 2.23 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.15 100.15 2.36 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.44 99.88 2.43 A/A2/A AUSTRALIA Sr Unsecured 2,000 P1

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 78.04 78.04 8.92 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 100.33 100.33 2.12 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P1

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.57 100.57 1.70 AA/A1/A UNITED STATES Sr Unsecured 2,000 P1

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 100.14 100.14 2.08 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P1

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.79 98.79 2.57 A/A3/A UNITED STATES Sr Unsecured 2,000 P1

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 99.98 99.98 2.26 A+/A2/A UNITED STATES Sr Unsecured 250,000 P1

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.93 99.93 1.87 A/A1/A UNITED STATES Sr Unsecured 2,000 P1

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.58 100.58 2.10 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000 P1

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.46 99.46 2.02 -/Aaa/AAA CANADA Secured 1,000 P1

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.60 99.60 2.21 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000 P1

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.33 98.33 3.08 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000 P1

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 98.17 98.17 2.58 AA-/Aa1 /*-/AA /*- NETHERLANDS Sr Unsecured 1,000 P1

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 99.17 100.07 1.63 A+/A1/A GERMANY Sr Unsecured 250,000 P1

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.72 99.72 2.22 A+/A1/A GERMANY Sr Unsecured 250,000 P1

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 99.08 99.08 2.48 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.11 100.11 2.32 A/A1/A SWITZERLAND Sr Unsecured 250,000 P1

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 98.68 98.68 2.16 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P1

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 94.50 94.50 3.80 BBB+/A3/- GERMANY Sr Unsecured 200,000 P1

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.41 100.41 1.99 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 101.38 101.38 1.79 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 98.88 99.54 2.74 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 93.24 94.08 4.63 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 93.35 94.21 4.73 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.01 99.64 2.68 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.11 99.73 3.09 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 97.91 98.60 3.16 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.50 98.16 3.11 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 98.02 98.94 4.68 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 97.37 98.39 3.85 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.26 97.12 3.04 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.45 99.29 2.84 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000 P2

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.02 94.73 4.73 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBD CAYMAN XS1321976950 17-Nov-2020 400 FIXED 4.00 100.26 100.91 3.79 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.45 100.15 2.83 A-/A1/- QATAR Sr Unsecured 200,000 P2

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.02 100.72 3.05 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 100.48 101.15 2.44 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.62 97.33 3.59 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 98.40 99.27 4.43 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 96.38 97.25 3.95 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.16 98.08 4.84 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 98.73 99.71 4.57 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 102.00 102.58 2.35 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 97.13 99.24 2.45 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 98.91 99.70 3.33 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 98.17 98.94 3.27 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.24 99.99 2.38 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 99.89 100.77 3.39 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.51 101.18 2.15 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 100.64 101.30 2.79 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.65 98.33 3.06 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.75 100.50 2.61 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

IBQ FINANCE LTD XS1325770722 25-Nov-2020 500 FIXED 3.50 99.16 99.92 3.52 -/A2/A+ QATAR Sr Unsecured 200,000 P2

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.94 100.00 4.62 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.87 99.83 3.55 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS0498952679 31-Mar-2020 1250 FIXED 5.50 101.03 101.81 5.01 BBB-/NR/BBB- BAHRAIN Sr Unsecured 100,000 P2



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

KINGDOM OF BAHRAIN XS1324932273 26-Jan-2021 700 FIXED 5.88 101.44 102.26 5.35 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS0794901727 5-Jul-2022 1500 FIXED 6.13 100.19 101.03 5.93 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1324931895 26-Jan-2026 800 FIXED 7.00 99.55 100.39 6.94 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KUWAIT PROJECTS CO XS1026105806 5-Feb-2019 500 FIXED 4.80 101.67 102.75 3.83 BBB-/Baa3/- KUWAIT Sr Unsecured 200,000 P2

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 83.99 84.85 6.12 BBB/A3/- OMAN Sr Unsecured 200,000 P2

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 99.31 100.07 4.74 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 97.24 98.02 4.76 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.74 98.06 99.06 2.71 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000 P3

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 99.48 100.27 3.20 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.82 95.01 5.00 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.30 100.11 3.09 -/A3/- OMAN Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 100.67 101.33 2.60 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 97.73 98.46 2.66 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 94.58 95.39 4.01 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 90.44 91.52 4.81 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.46 101.10 2.63 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.17 97.84 3.25 -/-/A+ QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 98.78 99.42 2.42 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 99.65 100.31 2.63 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 99.52 100.07 2.86 -/Aa3/AA- QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 100.89 101.50 2.72 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAK CAPITAL XS1210507650 31-Mar-2025 1000 FIXED 3.09 92.17 93.22 3.98 -/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.71 98.45 3.74 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 99.10 99.90 2.66 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 96.75 97.69 4.34 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 100.73 101.57 3.92 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2


SHARJAH SUKUK 2 LTD XS1345635830 27-Jan-2021 500 FIXED 3.84 100.73 101.31 3.55 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 96.61 97.66 4.09 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.11 100.91 2.52 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 97.26 98.18 3.32 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.73 101.42 3.01 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.38 101.98 2.32 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.67 99.49 3.21 A-/A2/A MEXICO Sr Unsecured 200,000 P2

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 88.92 90.39 5.04 A-/A2/A MEXICO Sr Unsecured 200,000 P3

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 101.05 101.42 3.15 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 90.50 92.30 6.36 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 75.57 76.64 7.80 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P2

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 80.18 81.35 8.06 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 68.46 69.55 8.78 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 89.78 91.19 6.31 BBB/Baa3/- BRAZIL Sr Unsecured 2,000 P2

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 88.64 90.70 5.00 A-/-/A MEXICO Sr Unsecured 150,000 P3

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 77.83 79.11 11.34 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000 P3

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 66.77 68.18 11.33 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000 P3

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 83.47 85.08 6.10 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

KINGDOM OF MOROCCO XS0850020586 11-Dec-2022 1500 FIXED 4.25 99.25 100.09 4.23 BBB-/-/BBB- MOROCCO Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.77 98.45 4.15 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 102.49 103.36 6.01 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000 P2

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 89.98 90.88 6.14 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.99 100.78 5.36 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 85.00 85.85 6.01 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 86.18 86.94 6.17 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 86.28 87.02 6.27 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 75.50 76.50 7.63 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P3

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 98.66 99.81 2.78 -/Baa2/- PHILIPPINES Sr Unsecured 10,000 P2

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 89.69 90.66 6.23 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 88.15 88.15 4.59 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 94.00 94.50 4.83 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 81.75 81.75 6.38 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.69 95.47 4.51 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 99.48 100.25 5.09 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 84.35 84.35 6.03 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 97.10 97.97 6.66 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.79 98.59 3.94 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 92.40 92.86 4.43 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 95.15 95.71 4.79 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 89.51 90.18 5.58 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 92.37 94.31 4.97 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000 P3



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.26 99.04 4.05 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 93.33 94.25 5.75 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 94.92 95.80 6.33 BBB-/Baa3/BBB- TURKEY Unsecured 200,000 P2

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 97.30 98.30 3.83 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P2

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 89.00 92.95 5.23 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000 P3

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 89.13 90.13 5.26 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P3

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 58.49 59.70 9.97 BBB/Baa3 /*-/BBB /*- BRAZIL Sr Unsecured 2,000 P3

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.95 96.69 4.93 -/Baa3/BBB TURKEY Sr Unsecured 200,000 P2



USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.62 99.11 3.72 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.14 102.71 3.67 -/Baa3/- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAB48 5-Sep-2017 750 FIXED 5.13 104.29 104.50 2.23 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.43 100.85 3.04 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.92 102.28 2.72 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.43 98.79 3.43 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 96.10 97.01 4.40 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 102.92 103.49 4.03 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL INTERNATIO USN1384FAA32 11-Mar-2023 1500 FIXED 5.13 102.29 102.89 4.64 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 96.49 97.20 4.75 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.31 103.70 2.81 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.91 99.29 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.73 99.14 2.95 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1347434927 20-Jul-2021 500 FIXED 3.13 99.34 99.58 3.21 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.38 101.97 3.68 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.94 101.24 2.39 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAC05 21-Feb-2018 1000 FIXED 4.70 104.21 104.43 2.47 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.25 101.61 3.08 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.79 100.17 3.08 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.71 101.96 2.23 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.80 103.21 2.82 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.25 102.08 4.09 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 101.99 102.40 3.08 -/Baa2 /*-/BBB- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0927643030 7-May-2018 300 FIXED 2.50 99.36 99.63 2.67 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.11 100.56 3.08 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 96.27 96.94 4.24 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 100.01 100.63 4.53 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.13 99.78 3.91 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 97.37 98.06 4.39 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P2

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 89.68 90.97 5.50 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P3

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.47 101.74 2.44 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.17 102.51 2.80 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.35 102.71 2.84 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.21 102.67 3.13 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA/HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.54 101.96 2.87 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2



USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AL SHINDAGHA SUKUK LTD XS1137967409 26-Nov-2019 500 FIXED 3.78 98.89 99.81 3.83 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.26 97.12 3.04 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 101.05 101.42 3.15 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.62 97.33 3.59 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 98.40 99.27 4.43 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DUBAI DOF SUKUK LTD XS0880424337 30-Jan-2023 750 FIXED 3.88 99.10 99.87 3.90 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DUBAI DOF SUKUK LTD XS1062038143 30-Apr-2029 750 FIXED 5.00 101.81 102.72 4.72 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.16 98.08 4.84 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HAZINE MUSTESARLIGI VARL XS0975124180 10-Oct-2018 1250 FIXED 4.56 102.33 102.98 3.39 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

HAZINE MUSTESARLIGI VARL XS1141043296 25-Nov-2024 1000 FIXED 4.49 96.24 97.04 4.91 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.87 99.83 3.55 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 97.24 98.02 4.76 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 97.13 97.77 3.32 A-/A3/- MALAYSIA Unsecured 200,000 P2

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.82 95.01 5.00 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NOOR SUKUK CO LTD XS1224417847 28-Apr-2020 500 FIXED 2.79 94.85 95.76 3.88 -/-/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.46 101.10 2.63 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 96.88 96.88 4.80 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 98.96 99.28 2.89 A-/A1 /*-/- MALAYSIA Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.17 97.84 3.25 -/-/A+ QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS1210507650 31-Mar-2025 1000 FIXED 3.09 92.17 93.22 3.98 -/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 96.75 97.69 4.34 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2




SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 96.61 97.66 4.09 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SHARJAH SUKUK 2 LTD XS1345635830 27-Jan-2021 500 FIXED 3.84 100.73 101.31 3.55 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 97.26 98.18 3.32 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.73 101.42 3.01 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 102.28 103.08 3.20 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ZAR SOV CAPITAL FUND XS1113141441 24-Jun-2020 500 FIXED 3.90 96.41 97.17 4.62 BBB-/Baa2/BBB- SOUTH AFRICA Sr Unsecured 200,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABN AMRO BANK NV XS1218821756 16-Apr-2025 1450 FIXED 1.00 96.91 97.40 1.30 A/A2/A NETHERLANDS Sr Unsecured 1,000 P2

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 64.01 65.05 11.81 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000 P3

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 97.47 97.86 1.60 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000 P2

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 95.17 95.77 1.88 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.63 94.45 1.63 A+/A1u/A- SPAIN Secured 100,000 P2

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.30 99.65 1.56 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000 P2

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.61 97.07 1.18 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000 P2

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 90.62 91.37 2.14 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000 P2

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 97.05 97.83 1.50 AA-/A1/- UNITED STATES Sr Unsecured 100,000 P2

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 96.19 96.77 1.39 A+/A2/- GERMANY Sr Unsecured 1,000 P2

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 97.42 98.14 2.61 BBB+/Baa2/A FRANCE Subordinated 100,000 P3

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 96.65 97.20 1.53 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 100,000 P2

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.37 94.75 2.91 BBB/Baa3/A- FRANCE Subordinated 100,000 P3

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 98.28 98.85 1.13 A+/A2/A- UNITED STATES Sr Unsecured 100,000 P2

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.91 98.53 1.42 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000 P2

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 98.50 98.99 1.87 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 98.32 98.75 0.93 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P2

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.65 97.98 1.59 BBB+/Baa3/A SWITZERLAND Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 99.75 100.07 0.86 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 99.75 100.04 0.88 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 101.08 101.39 0.93 A/A2/A FRANCE Sr Unsecured 100,000 P2

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.75 98.30 1.33 A-/Baa1/- FRANCE Sr Unsecured 100,000 P2

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 89.95 90.70 4.00 BB+/Ba1/BBB+ GERMANY Subordinated 1,000 P5

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 92.28 92.84 1.99 BBB+/Baa1/A- GERMANY Sr Unsecured 100,000 P2

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 87.48 88.34 3.50 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000 P4

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

COUPON0.00 95.21 95.46 0.87 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000 P2

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.83 100.19 0.77 AA+/A1/- UNITED STATES Sr Unsecured 100,000 P2

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 71.76 73.03 7.84 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 71.33 72.46 7.53 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 65.86 66.96 6.71 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 99.47 99.85 1.40 BBB+/A3/A UNITED STATES Sr Unsecured 1,000 P2

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.64 99.07 1.26 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000 P2

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 97.68 98.14 1.45 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000 P2

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 98.83 99.36 1.58 A-/A3/A+ UNITED STATES Sr Unsecured 100,000 P2

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 98.59 99.04 1.37 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.09 97.49 1.57 A/A2/A AUSTRALIA Sr Unsecured 100,000 P2

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 100.13 100.52 1.04 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000 P2

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.71 96.31 1.95 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000 P2

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 98.30 98.82 1.89 BBB+/A3/A UNITED STATES Sr Unsecured 100,000 P2

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 99.91 100.53 0.81 AA/A1/- SWITZERLAND Sr Unsecured 1,000 P2

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 93.06 93.69 3.31 BBB/Baa2/BBB+ SPAIN Subordinated 100,000 P3

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 99.15 99.71 1.03 A/A2/- GERMANY Sr Unsecured 1,000 P2

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 95.73 96.43 3.08 -/Baa3/A- FRANCE Subordinated 100,000 P3

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 90.40 91.58 4.29 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000 P3

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 96.26 96.80 1.35 AA-/Aa2 /*-/- NORWAY Sr Unsecured 100,000 P2

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 98.28 98.94 1.50 AA-/Aa1 /*-/AA- FRANCE Sr Unsecured 100,000 P2

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 91.38 92.06 2.11 BBB+/A3/- GERMANY Sr Unsecured 1,000 P2


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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

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mashreq · 2016-04-04 · mashreq Fixed Income Trading Daily Market Update Wednesday, January 27, 2016 Page 1 Quote of the Day "It's not the load that breaks you down, it's the way