mashreq · 2017-04-04 · mashreq Fixed Income Trading Daily Bond Market Update Market Update • • • • • • Tuesday, January 27, 2015 UAE plans to keep investing in energy

mashreqFixed Income Trading

Daily Bond Market Update

Market Update

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Tuesday, January 27, 2015

UAE plans to keep investing in energy despite volatile oil prices, 2014 growth estimated at 4.5%

The UAE will continue building and upgrading its oil facilities to maintain its role as a major producer amid the decline and volatility in prices, Energy

Minister Suhail Al Mazrouei said. “Many are saying because of what’s happening around us in terms of the commodity prices, companies should rethink

what they invest in their infrastructure. I disagree with that,” Al Mazrouei said at a conference in Abu Dhabi. “I think the investment in the infrastructure

and the upgrade of infrastructure has to continue.” He also said that “Our investments are on track to make sure our standing as a major oil producer

stays in the future.”

The U.A.E. pumped 2.7 million barrels a day of oil in December, making it the fifth-biggest supplier in the OPEC, according to data compiled by Bloomberg.

The Arabian Gulf nation can produce 3 million barrels a day, the data show, and it plans to boost capacity to 3.5 million barrels a day in 2017.

Sultan Bin Saeed Al Mansoori, the U.A.E. economy minister, said the country has sufficient financial reserves to weather the current slump in oil prices for

as long as two years. “If it extends beyond two to three years, it becomes an issue that challenges all of us,” Al Mansoori told reporters after opening the

two day 9th GCC Regulators Summit, in the capital. “By the middle of this year, we should see some positive turn in the prices of oil due to the expected

positive turn in the economies of the major blocs,” such as the European Union, the U.S. and China, he said. Furthermore he stated that the real

economic growth rate for the year 2014 would be ascertained after oil prices dropped over 52% in the past six months. The UAE economy was estimated

to grow 4.5% in 2014. The minister of economy said the government reviews economic growth at the end of every quarter keeping in view the

performance of various economic sectors. He also said that the UAE economy has underwent a huge diversification into non-oil sectors, so this factor would

also be looked in while reviewing the economic growth rate for the year 2014. (Bloomberg and Khaleej Times)

Dubai may face housing shortfall by 2020, price drop in short term

Dubai residential property prices are stabilising compared to the growth that the emirate witnessed in previous years, but the market will face price

pressure post completion of new off-plan projects, says a real estate analyst with Standard & Poor’s (S&P).

“We are all seeing prices stabilising, thanks to the new regulations introduced. However, there is a softening of sentiment that is likely to have an impact

on the market. We expect supply remaining steady, but off-plan developments that may appear in next two years will put pressure on price growth going

forward,” Franck Delage, EMEA Real Estate Analyst, S&P, said on Monday during a panel discussion at Destination Dubai 2020 conference.

“In short term, the market will face challenges and supply could outpace the demand,” he said, adding, falling oil prices could have an impact on the

market, as it may stall the expansion process of corporates, soften investor sentiment, weaken leasing activity and impact purchasing power. Delage,

however, believes that property developers and the property market here has learned from the past with more regulations in place such as escrow, that

will help reduce risks.

“Developers are better equipped to face the softening price and this is why we have a ‘stable’ outlook for all real estate corporates in Dubai. We don’t see a

change in ratings over the next 12 months.” (Emirates 24|7)

Kuwait pares spending for next fiscal year on drop in oil prices

Kuwait has cut spending in its 2015/16 budget by almost a fifth to account for the plunge in oil prices. The country’s development program won’t be

affected, Finance Minister Anas Al-Saleh told reporters in Kuwait City. The budget deficit for the fiscal year starting April 1 will be 7.02 billion dinars (USD

23.8 billion), on projected outlays of 19.1 billion dinars, Al-Saleh said. A reduction in subsidies will help to bring spending down from the 23.2 billion dinars

forecast for the current fiscal year, figures that were distributed showed. Actual spending over the last three fiscal years has been about 19 billion dinars,

Al-Saleh said.

According to him, revenue is forecast at 12.052 billion dinars, with projected oil income of 10.6 billion dinars, accounting for 88% of total revenue.

The new budget is based on an oil price of USD 45/bbl at a production of 2.7 million barrels a day. The break-even price required to balance the budget is

USD 77. (Bloomberg)

Emaar Properties said to target Q2 for USD 270m Egypt unit float

Dubai's Emaar Properties will submit plans to float its Egyptian unit to the North African country's regulator "within days" ahead of an initial share sale

earmarked for the second quarter, two sources aware of the matter told Reuters. The initial public offering (IPO) of a portion of Emaar Misr is expected to

be worth in excess of 2 billion pounds (USD 270.3 million), making it the largest flotation on the Cairo bourse since 2007. (Gulf Business News)

Etisalat completes sale of West Africa operations for euro 474 million

Etisalat has sold its operations in Benin, Central African Republic, Gabon, Ivory Coast, Niger and Togo to Maroc Telecom, according to statement posted on

Abu Dhabi stock market. The sale consideration is euro 474 million. (Bloomberg)

Petrobras readies results to avert debt breach

Petroleo Brasileiro SA is set to release its long-delayed earnings report this week. Petrobras, the state-run oil producer embroiled in an alleged kickback

scheme involving USD 23 billion of contracts, plans to post unaudited third-quarter results following a board meeting today. The company, which has

posted negative free cash flow in every quarter since 2010, has twice delayed the release as it tries to calculate how big of a writedown it needs to account

for losses from corruption. It’s the first step to regaining credibility lost while allegations of mismanagement and inflated contracts wiped out USD 68 billion

in market value since 1st September. Petrobras has until 31st January to report the earnings to avoid violating terms of some of its debt. Further delays

could prompt creditors holding some of the USD 54 billion of outstanding bonds -- the most of any corporate issuer worldwide -- to demand their money

back. (Bloomberg)

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Earnings Update

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Rating Update

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Mongolia’s bonds slump on fall in copper prices and dispute with Rio Tinto

Mongolia’s dollar denominated sovereign bonds and currency sank to record lows this month as a slide in commodity prices and a dispute with Rio Tinto

Group over developing one of the world’s largest copper and gold mines kept foreign investors away. The yield on sovereign notes due January 2018

surged 190 bps from 31st December to an unprecedented 9.79% last week, before falling down to 8.78% percent today, as per data compiled by

Bloomberg. The local currency tugrik has weakened 2.8% to 1,942 a dollar in January and reached an all-time low of 1,944 last week. The drop in

commodity prices is adding to the woes of the resource-dependent economy, where growth has slowed to about 7% from 17.5% in 2011 and overseas

investment plunged 71% in the first 11 months of 2014. The lack of progress in talks between the government and Rio, Mongolia’s top investor, has held

up funding for the Oyu Tolgoi mine’s underground phase, holding most of the copper and gold reserves. (Bloomberg)


Fed seen raising rates midyear even with low inflation

Federal Reserve officials will look past low inflation and stay focused on raising interest rates around mid-year as they meet this week, according to a

narrow majority of economists surveyed by Bloomberg News. Some 45% of 53 economists in the survey said the central bank will raise the benchmark

lending rate in June. Six percent said July, while 30% said the Fed will wait until September for the first increase since 2006. Fed officials last month said

they expect to raise the rate this year. (Bloomberg)

China money rate drops as PBOC injects funds via reverse repos

China’s benchmark money-market rate fell as the central bank added funds to the financial system, ensuring cash supply as demand spikes before the

Lunar New Year holidays. The PBOC conducted 60 billion yuan (USD9.6 billion) of reverse-repurchase operations today for seven and 28 days, keeping

rates close to market levels. The monetary authority offered 30 billion yuan of 28-day contracts at 4.8% and a similar amount in seven-day reverse repos

at 3.85%. (Bloomberg)

China’s private bond market faces stress as LGFV says no pledge

China’s private bond market is facing increased scrutiny after a local-government financing vehicle (LGFV) in the eastern province of Jiangsu said it has no

guarantee obligation on notes sold by a manufacturer. Dongfei Mazuoli Textile Machinery Co., based in the city of Dongtai, can’t pay principal and interest

on the securities as of 25th January. The LGFV had signed a contract with the manufacturer in 2012 to guarantee its bond credit ratings, but doesn’t

guarantee the note payments themselves, according to a statement from the financing unit. (Bloomberg)

Rakbank’s net income grew 1.7% in 2014

Rakbank said its net income grew 1.7% last year as money put aside for bad debts almost doubled. Net income increased to Dh1.45 billion in 2014 from

Dh1.43bn in 2013, bucking the trend of many of the nation’s lenders that reported double- digit profit growth in 2014. Rakbank’s provisions for impairment

almost doubled to Dh595 million in 2014 from Dh341m in 2013, it said. Before provisions, the bank’s operating profits gained 15.7% last year. Gross loan

and advances increased 15.4% to Dh25.8bn in 2014 compared to 2013, while deposits advanced 6.9% to Dh24.6bn in the same time frame. (The

National).

Russia rating cut to junk by S&P as Ukraine, oil weigh on growth

Russia’s foreign-currency credit rating was cut to junk by Standard & Poor’s, putting it below investment grade for the first time in a decade, as policy

makers struggle to boost growth amid international sanctions and a drop in oil prices.

S&P, which last downgraded Russia in April 2014, cut the sovereign one step to BB+, according to a statement released on Monday, the same level as

countries including Bulgaria and Indonesia. The ratings firm said the outlook is “negative.” (Bloomberg)

S&P places CITIC Group and CITIC Ltd. ratings on watch positive

Standard & Poor's Ratings Services today placed the following ratings on Chinese state-owned conglomerate CITIC Group Corp. and its Hong Kong-listed

subsidiary CITIC Ltd. on CreditWatch with positive implications:

- The 'BBB+' long-term foreign currency issuer credit rating and 'cnA+' Greater China regional scale rating on CITIC Group;

- The 'BBB+' long-term issuer credit rating and 'cnA+' Greater China regional scale rating on CITIC Ltd.; and

- The 'BBB+' long-term issue rating and 'cnA+' Greater China regional rating on senior unsecured debts of both companies.

S&P also affirmed the 'A-2' short-term ratings on CITIC Group. It has placed the ratings on CreditWatch because it believes the CITIC group's cash position

and financial leverage could improve substantially if CT Bright's proposed acquisition of a stake in CITIC Ltd. materializes. (Standard and Poor’s)

Page 2



Change Change USD EUR AED

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

iTraxx Europe 52.002 -1.866 -10.998 2-Year 0.771 0.000 0.127 -0.002 1.155 -0.007

iTraxx Europe Crossover 289.927 -8.402 -55.659 5-Year 1.499 -0.004 0.312 -0.004 2.090 -0.010

CDX North America IG 65.752 -2.056 -0.369 10-Year 1.958 -0.011 0.741 0.002 3.080 0.030

CDX North America HY 353.587 -3.773 -3.367 30-Year 2.313 -0.012 1.290 -0.001 N/A N/A

iTraxx SovX Western Europe 23.575 0.360 -4.290 Source: Bloomberg

iTraxx SovX CEEMEA 342.220 12.060 26.800

iTraxx Europe Senior Financial 57.465 -0.403 -9.971

iTraxx Europe Sub Financial 124.893 -0.689 -23.974

Source: Bloomberg

Change Change Last Change

bps Spread Day YTD YTD (%)

Emirate of Abu Dhabi 5Y 67.285 0.140 3.745 S&P 500 2,057.09 -0.09

Emirate of Dubai 5Y 222.970 2.940 -3.925 Dow Jones Industrial Avg 17,678.70 -0.81

Kingdom of Bahrain 5Y 277.775 0.660 36.035 DFM General Index 3,643.76 -3.45

State of Qatar CDS 5Y 76.870 2.490 0.000 ADX General Index 4,480.24 -1.08

Kingdom of Saudi Arabia 5Y 75.010 4.980 8.300 Qatar Exchange Index 11,814.58 -3.84

Lebanese Republic 5Y 389.325 -2.725 -5.750 TASI 8,480.10 1.76

Republic of Turkey 5Y 181.195 3.804 -3.198 Spot Gold 1,282.28 8.27

Arab Republic of Egypt 5Y 284.955 -0.025 3.175 Spot Silver 17.95 14.24

Source: Bloomberg WTI Crude 44.94 -16.31

Source: Bloomberg

Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.33440 0.90% 6.65%

Mashreq Al-Islami Arab Tigers 18.60650 -0.07% 4.00%

Makaseb Income Fund 12.70131 0.27% 3.64%

Source: Bloomberg

Day


CREDIT MARKETS SWAPS

bps

CDS MISCELLANEOUS

Change

5.27

6.10

-79.45

-54.27

-21.49

58.37

0.88

0.03

-0.21

MUTUAL FUNDS

Last (NAV)

Page 3

Fixed Income Trading

January 27, 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 6.750 119.25 121.25 1.50 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 104.25 108.25 3.99 B- /Caa1 /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 100.50 104.50 6.51 B- /Caa1 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 113.25 114.75 2.22 BBB /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 106.25 108.25 4.62 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 107.25 108.25 1.19 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 120.25 121.25 3.15 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 103.25 104.25 3.27 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 104.00 104.50 0.11 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 123.50 125.50 2.86 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 113.50 114.50 3.08 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 103.50 104.50 4.57 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 94.63 96.63 5.49 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 97.88 99.88 6.64 B /B1 /B

Gabonese Republic XS0333225000 12-Dec-17 185 100/1 100 USD Fixed 8.200 103.88 105.88 5.94 BB- /- /BB-

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 93.88 95.88 6.96 BB- /- /BB-

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 104.00 106.00 4.05 AA- /A1 /A+

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.38 103.38 4.12 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 101.38 103.38 5.31 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 101.13 103.13 6.39 B- /Caa1 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 99.13 101.13 6.47 B- /Caa1e /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 102.50 104.50 7.56 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 91.75 93.75 8.52 B- /Caa1 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 94.75 96.75 5.83 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 94.75 96.75 6.18 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 108.38 109.88 3.40 BBB /NR /BBB

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 112.50 114.00 3.93 BBB /- /BBB

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 112.38 113.88 4.17 BBB /- /BBB

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 95.38 96.88 6.23 BBB /- /BBB

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.13 101.13 2.41 BB- /B1 /-

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 108.00 110.00 1.14 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 111.13 113.13 2.03 BBB- /- /BBB-

Sovereign

Page 4


January 27, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 104.00 106.00 3.37 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 105.13 107.13 2.63 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 108.63 111.63 4.74 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 102.50 105.50 5.14 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 102.00 103.00 0.88 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 110.13 111.63 2.67 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 88.00 90.50 7.81 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 80.63 83.13 8.07 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 1050 100/1 100 USD Fixed 11.750 97.88 100.38 11.10 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 104.13 105.13 0.09 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 103.25 105.25 1.83 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 97.00 99.00 7.26 BB- /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 97.88 99.38 4.83 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 418 0.874/0.874 100 USD Step Cpn 3.500 87.00 88.50 6.76 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 98.63 100.63 8.22 B- /B2 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 88.50 90.50 9.53 B- /B2 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 88.25 90.25 9.58 B- /B2 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 103.25 105.25 2.54 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 111.63 113.13 2.74 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 95.75 97.25 3.71 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 96.63 98.13 3.64 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 114.88 116.38 3.71 BB+ /Baa3 /BBB-

Republic of Indonesia / Perusah (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 101.00 102.50 4.03 - /Baa3 /BBB-

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 104.88 106.38 4.82 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 96.63 98.13 4.75 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 128.00 129.50 4.84 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 90.63 92.13 4.90 BBB+ /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 88.63 90.13 5.56 BBB+ /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 100.38 101.88 5.39 B+ /- /B+

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 104.38 105.88 6.04 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 92.63 94.63 7.49 - /B1 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 107.25 108.75 4.01 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 96.25 98.25 5.69 BB- /- /BB-

Page 5


January 27, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 96.75 98.75 7.01 BB- /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 92.25 94.25 7.30 BB- /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 101.25 103.25 6.12 B /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 112.25 114.25 5.99 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 98.00 100.00 6.25 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 96.25 99.25 7.75 - /- /B+

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 105.63 107.13 2.27 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 114.75 116.25 3.17 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 103.75 105.25 0.05 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 113.63 115.13 2.00 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 114.13 115.63 2.99 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 109.38 110.88 3.18 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 101.38 102.88 3.31 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 114.25 115.75 3.43 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 106.13 107.63 3.66 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 113.75 116.75 3.93 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 107.00 110.00 2.72 BBB- /Baa2 /BBB

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 121.38 124.38 4.63 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 108.13 111.13 4.68 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY2029SAE47 22-Jan-15 0 100/1 100 USD Fixed 7.400 98.88 100.38 -- NR /- /NR

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 103.63 105.13 4.57 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 100.88 102.38 4.49 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 104.50 106.50 4.92 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 103.63 106.63 5.04 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 101.88 104.88 5.08 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 105.63 106.63 2.66 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 116.75 118.25 3.25 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 113.88 115.38 2.03 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 96.38 97.88 3.55 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 110.00 111.50 2.55 - /Baa3 /BBB-

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 113.75 115.25 3.76 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 102.88 104.38 3.95 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 126.88 129.88 4.72 NR /Baa3 /BBB-

Page 6


January 27, 2015


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Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 101.75 104.75 4.57 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 99.50 101.00 2.47 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 43.00 50.00 41.91 CCC+ /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 103.50 105.50 4.11 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 88.38 90.88 6.93 B+ /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 104.25 106.75 7.47 B+ /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 106.25 107.75 2.84 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 104.00 105.00 0.58 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 118.50 120.00 1.60 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 166.75 169.25 3.77 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.63 102.63 1.19 AA /Aa2 /-

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 103.75 105.25 2.51 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 99.25 101.25 1.40 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 102.63 104.63 3.54 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 115.50 117.50 6.23 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.329 101.13 103.63 5.54 Not Rated

Aabar Investments Pjsc (C) XS0632138961 27-May-16 1250 100/100 100 EUR Fixed 4.000 130.63 133.63 -17.42 Not Rated

Bahrain Mumtalakat Hold (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 101.75 103.25 3.46 BBB /- /BBB

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 100.25 101.75 5.06 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 100.25 101.25 0.25 AA /Aa2 /AA


IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 105.25 106.25 0.02 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 104.63 105.63 1.02 AA /Aa2 /AA



IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 127.38 128.88 0.99 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 117.13 118.13 2.67 AA /Aa2 /AA


Diversified

Page 7


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Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 109.75 111.25 2.16 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 105.25 106.75 3.00 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 124.38 127.38 3.78 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 102.88 103.88 0.57 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 122.88 123.88 1.79 AA /Aa2 /AA



Mumtalakat XS0521476118 30-Jun-15 750 100/1 100 USD Fixed 5.000 100.63 102.13 -0.08 BBB /- /BBB

Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 102.88 105.38 7.51 - /B2 /B

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 104.50 105.50 1.00 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.25 101.75 1.92 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.50 103.00 2.23 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 100.38 101.88 2.32 A /NR /A+

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 102.75 104.25 3.88 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 101.88 103.38 3.89 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 101.25 102.75 0.14 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 103.50 105.00 1.02 - /A2 /A+

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 91.25 93.25 10.40 BB- /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 85.75 87.75 12.98 B /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 103.00 104.50 5.03 Not Rated

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 54.63 74.63 30.57 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 55.50 75.50 26.55 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 102.75 104.75 2.49 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 97.00 99.00 4.20 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 98.13 100.13 4.72 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 99.13 101.13 3.75 - /- /BBB-

Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 100.00 102.00 0.92 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 106.88 109.88 3.14 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 100.88 103.88 4.40 - /Baa3 /BBB-

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 100.50 102.50 2.92 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 99.38 101.38 5.89 BB /- /-

Financial Institutions

Page 8


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Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.71 B /- /-

Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 102.75 104.75 1.93 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 100.25 102.25 4.93 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 98.63 100.63 2.97 - /- /A

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 100.75 102.75 1.11 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 101.88 103.88 1.61 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 105.63 107.13 2.28 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 500 200/1 100 USD Fixed 3.250 99.25 101.25 2.99 BBB- /Baa2 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 101.88 104.38 5.17 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 98.88 100.88 5.51 BB+ /Baa3 /BBB-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 51.75 58.75 27.95 - /C /-

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.63 101.63 1.96 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 101.25 102.75 0.80 - /Baa2 /BBB

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 101.13 102.63 0.91 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 103.50 105.00 1.76 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 106.75 108.25 2.90 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 102.50 105.00 4.33 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 102.13 104.63 4.69 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 98.13 100.63 5.11 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 104.75 106.25 4.21 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 104.88 106.88 5.07 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 101.00 102.50 0.99 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 100.88 103.38 2.64 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 112.75 114.75 3.52 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 99.13 101.13 6.42 BB /B2 /-

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 102.00 104.00 1.19 A /- /A

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 120.38 121.38 5.04 - /Ba2 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 103.63 104.63 4.91 - /Ba1 /-

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 116.50 118.50 4.17 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 97.00 99.00 7.50 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 102.38 105.38 1.72 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 101.63 102.63 2.24 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 97.75 99.75 3.81 - /Baa1 /A-

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January 27, 2015


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China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 99.00 101.00 3.09 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 98.75 100.25 3.44 BBB+ /(P)Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.75 103.25 2.35 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 103.00 105.00 1.07 A- /A1 /-

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 119.50 121.50 2.70 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 72.38 75.38 17.91 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 81.25 84.25 14.33 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 82.63 85.13 13.39 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 103.00 104.50 1.34 A- /A2 /A

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 104.38 106.38 1.94 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 99.25 101.25 5.90 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 98.63 100.63 6.62 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 100.00 102.00 5.79 - /Ba1 /BB

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 100.00 102.00 5.79 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 90.38 92.38 10.92 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.456 94.25 99.25 1.89 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 104.00 105.50 2.01 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 104.38 105.88 1.67 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 104.00 105.50 2.21 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.25 101.75 2.86 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 102.75 104.25 3.44 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 95.88 97.88 6.31 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 99.50 101.50 6.05 Not Rated

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 104.50 106.50 4.07 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 102.13 104.13 4.28 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.63 104.63 2.11 BBB- /Baa3 /-

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 103.38 105.38 2.64 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 101.50 103.00 3.56 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 84.25 87.25 12.86 B /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 81.88 84.38 12.67 B /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 85.50 88.00 11.35 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 100.50 103.50 3.80 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 100.50 103.50 2.70 - /Ba2 /BBB-

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January 27, 2015


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Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 102.38 105.38 4.83 - /Ba2 /BBB-

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 102.13 103.13 1.67 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 102.88 104.38 0.87 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 104.25 105.75 1.09 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 102.38 103.88 1.48 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 74.00 78.00 14.31 BB+ /B1 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 75.00 80.00 10.56 BBB- /- /BB+

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 82.38 85.38 6.60 BBB- /Baa3 /BBB

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 79.13 82.13 8.19 BBB- /Baa3 /BBB

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 64.38 67.38 22.59 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.75 103.25 2.06 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 101.13 102.63 -0.53 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 98.00 100.00 7.49 BB- /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 88.50 90.50 9.02 BB- /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.25 101.25 1.92 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 98.50 100.50 3.87 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 100.25 102.25 2.24 BBB- /Baa2 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 98.75 100.25 2.89 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 99.63 101.13 3.72 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 97.00 99.00 3.72 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 99.63 101.63 4.41 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 105.00 106.50 2.48 BBB- /Baa2 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 106.63 108.13 2.78 BBB- /Baa2 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 500 200/1 100 USD Fixed 3.500 101.00 102.50 2.97 BBB- /Baa2 /BBB-

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 101.88 103.38 3.24 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 99.50 101.00 3.48 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 104.38 105.88 3.62 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 100.13 101.63 3.78 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 103.50 104.50 2.32 BB+ /(P)Baa3 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.38 103.88 3.28 BB+ /Baa3 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 90.88 92.88 7.57 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 104.75 107.25 5.38 - /Ba2 /BB

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 100.25 102.25 2.93 - /Baa2 /BBB-

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Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 103.38 104.88 4.80 - /Baa3 /BBB

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 104.50 106.50 3.46 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 104.63 106.13 2.28 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 104.50 106.00 3.67 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.381 93.38 97.38 2.72 BBB /Ba2 /A-

Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.000 98.75 100.75 2.83 - /Baa2 /A

National Bank of Egypt XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 98.38 103.38 -1.25 - /Caa1 /B

National Bk Of Abu Dhabi XS0497249341 25-Mar-15 750 100/1 100 USD Fixed 4.250 99.50 101.00 -2.13 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 103.63 104.63 1.08 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.50 104.50 3.46 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.25 104.25 3.63 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 103.38 104.38 1.99 AA- /Aa3 /AA-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 109.25 111.25 5.42 B+ /- /BB-

Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 101.25 103.25 -1.01 - /Caa1 /B

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 101.75 102.75 -0.13 - /- /A

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.13 102.63 1.50 - /- /A

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 101.38 102.38 0.14 A+ /Aa3 /A+

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.75 104.25 1.28 A+ /Aa3 /A+

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.50 101.00 1.79 A+ /Aa3 /A+

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 102.00 103.00 1.56 - /A3 /A

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 500 200/1 100 USD Fixed 3.250 101.13 102.63 2.61 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 84.00 86.00 11.05 - /Ba1 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 80.75 83.25 11.01 - /Ba1 /BB+

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 101.25 102.25 0.14 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 85.00 87.00 8.80 - /Baa3 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 75.50 77.50 17.04 - /Baa3 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 73.13 75.13 9.77 - /Ba1 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 63.88 65.88 11.80 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 64.75 66.75 17.17 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 104.25 105.25 0.72 BBB+ /- /BBB+

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 102.13 103.13 1.94 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 103.38 104.88 2.11 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 101.00 102.50 2.44 BBB- /Baa3 /BBB-

Page 12


January 27, 2015


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Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 102.13 103.63 2.70 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 107.50 109.00 3.71 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 98.38 101.38 5.78 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 99.75 102.75 5.90 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 101.75 104.75 2.00 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 101.63 103.13 3.09 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 104.25 106.25 1.91 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 99.13 101.13 3.97 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 99.63 101.63 3.42 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 103.63 105.63 3.92 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.63 102.63 2.95 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 101.50 103.50 3.93 - /Baa3 /BBB-

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 103.38 105.38 4.41 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 98.50 100.50 5.32 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.75 103.75 3.28 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 100.50 102.50 4.11 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 95.88 97.88 4.35 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.63 102.13 3.07 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 103.50 106.00 3.94 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 100.88 102.88 4.48 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 100.50 103.00 5.52 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 99.38 100.38 3.64 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 102.25 104.25 4.37 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 98.00 100.00 3.75 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 101.88 103.88 3.88 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 100.50 102.50 2.88 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 99.63 101.63 5.73 - /Ba2 /BB+

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.63 105.13 2.54 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.13 102.63 2.88 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 104.63 106.13 3.10 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 76.38 79.38 12.19 BBB- /- /BBB-

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 67.25 70.25 13.21 BB+ /Ba2 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 86.13 89.13 11.73 - /Baa3 /WD

Page 13


January 27, 2015


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Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 103.25 104.75 3.91 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 102.13 103.63 4.27 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 97.25 98.75 4.28 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 96.75 98.25 5.78 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 86.88 88.88 9.50 BB- /- /B+

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.50 106.00 2.69 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 100.88 102.38 4.47 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 105.50 107.00 2.73 - /Baa3 /BBB

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 96.00 98.00 7.66 BB+ /Ba2 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 94.00 96.00 8.19 BB+ /Ba2 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 86.75 88.25 8.34 BB /- /-

Dar Al-Arkan Internation (S) XS0485326754 18-Feb-15 450 100/1 100 USD Fixed 10.750 99.00 101.00 -7.75 B+ /WR /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 98.75 100.75 5.31 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 96.75 98.75 6.17 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 98.88 100.88 6.26 B+ /- /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 99.25 100.75 4.23 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 100.63 102.63 3.59 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 77.25 80.25 18.11 B- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 79.00 82.00 17.25 B- /Caa1 /-

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 79.38 82.38 17.06 B- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Fixed 13.375 28.75 33.75 54.01 CCC- /Caa3 /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 109.13 111.13 1.06 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 112.63 114.63 2.89 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 103.38 104.88 3.94 BBB- /Baa2 /-

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 99.00 100.50 3.66 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 103.13 105.13 4.38 BBB- /Baa3 /BBB-

Golden Eagle Retail Grou USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 84.63 86.63 6.75 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 97.00 99.00 3.89 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 90.75 93.25 12.14 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 114.00 116.00 3.07 - /Ba1 /BB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 100.50 102.50 3.30 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 104.50 106.50 4.78 BBB /Baa3 /-

Real Estate / Tourism

Page 14


January 27, 2015


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Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 108.00 110.00 2.83 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 106.88 108.88 1.38 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 103.38 104.88 4.11 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 107.63 109.63 4.31 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 103.00 105.50 9.74 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 108.88 110.88 2.87 Not Rated

Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 100.25 101.75 -0.16 AA /Aa2 /-

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 112.50 114.00 2.27 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 95.63 97.63 7.20 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 99.88 101.88 7.66 BB- /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 99.63 101.63 4.22 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 101.75 103.75 5.49 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 99.50 100.50 9.18 B+ /B1 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 99.63 101.63 10.38 B- /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 78.00 81.00 19.68 B- /- /B+

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 99.38 100.88 4.06 BB+ /- /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 97.38 99.38 8.80 B+ /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 107.50 109.00 1.85 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 108.75 110.25 3.65 BBB- /Baa3 /BBB-

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 111.00 112.50 3.75 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 500 200/1 100 USD Fixed 2.375 101.38 102.38 1.81 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 105.63 106.63 2.70 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 104.63 105.63 0.84 AA- /Aa3 /A+

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 110.00 111.00 1.68 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 90.38 92.88 10.41 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 99.63 101.63 4.55 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 79.75 82.75 7.86 BBB- /Baa3 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.75 103.75 1.15 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 122.63 124.13 2.06 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 109.25 111.25 2.72 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 98.75 101.25 3.07 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 110.13 112.63 3.57 A- /A2 /A+

Telecommunications / IT

Page 15


January 27, 2015


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Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 97.75 100.25 3.85 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 100.25 102.75 4.33 A- /A2 /A+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 108.75 110.75 1.94 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 110.38 112.38 3.49 - /Baa3 /BB+

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 94.63 97.13 11.81 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 86.63 88.63 12.24 BB- /- /BB-

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 110.50 112.00 3.39 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 90.75 92.75 7.06 BB+ /Ba1 /BB+

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 99.75 101.75 3.32 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 101.13 103.13 4.46 BBB- /- /BBB-

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 88.75 90.75 7.46 BB+ /Ba2 /BB+

Vimpelcom Holdings XS0889401054 13-Feb-19 600 200/1 100 USD Fixed 5.200 82.00 84.00 10.12 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 1000 200/1 100 USD Fixed 5.950 76.00 78.00 10.00 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 82.13 84.13 9.57 BB /- /BB+

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Fixed 11.500 48.38 50.88 99.57 CC /- /B-

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Fixed 10.250 42.13 44.63 37.35 CC /- /B-

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Fixed 6.625 42.13 44.63 25.18 CC /- /B-

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 106.88 108.88 6.19 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 98.00 100.00 5.37 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 93.25 95.25 5.92 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 89.38 91.38 7.25 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 101.13 104.13 4.00 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 192 200/1 100 USD Fixed 7.750 97.25 99.25 8.39 BB- /Ba3 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.13 102.13 3.74 - /Baa1 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 96.88 98.88 8.14 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 93.38 95.38 8.52 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 99.00 100.50 3.51 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 98.00 100.00 5.25 BB+ /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 91.75 93.75 6.41 BB+ /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.128 98.00 100.00 1.15 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 97.88 99.88 1.99 AA- /Aa3 /A+

Industrials / Energy

Page 16


January 27, 2015


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Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.700 98.00 100.00 2.70 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Fixed 9.750 69.63 72.63 21.84 B- /- /B-

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 78.00 80.00 8.92 BB /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 109.13 111.13 2.94 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 110.88 112.88 3.63 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 400 2/1 100 USD Fixed 5.900 70.00 73.00 13.33 BB- /B1 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.133 98.13 100.13 1.10 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.38 100.38 2.66 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 100.88 102.88 4.12 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 82.00 89.00 11.73 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 85.63 89.63 13.58 Not Rated

DEWA XS0504040725 22-Apr-15 1000 100/1 100 USD Fixed 8.500 101.13 102.13 -0.71 - /Baa2 /WD

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 106.75 108.75 1.24 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 121.13 123.13 2.95 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 101.63 103.63 1.79 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 714 100/1 100 USD Fixed 5.888 109.50 111.00 3.17 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 114.88 116.38 2.86 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 379 200/1 100 USD Fixed 5.125 104.50 106.00 4.22 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 104.88 106.38 1.04 - /Baa3 /BBB-

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 115.88 117.38 5.49 NR /Baa3 /BBB-

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 108.38 109.88 2.05 NR /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 103.75 105.25 1.22 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 750 200/1 100 USD Fixed 4.500 100.63 102.13 4.24 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 805 200/1 100 USD Fixed 3.875 99.88 101.38 3.68 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 99.25 101.25 5.50 BBB- /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 103.00 105.00 5.99 BBB- /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.88 101.88 2.38 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 99.25 101.25 5.08 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 85.00 88.00 8.02 BBB- /Baa3 /BBB

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 67.00 72.00 17.71 - /NR /BB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 112.63 114.63 7.51 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 101.13 103.13 3.52 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 77.88 80.38 12.49 - /B1 /BB-

Page 17


January 27, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 97.50 100.00 7.49 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 86.25 88.75 7.33 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 85.38 87.88 11.53 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 108.25 111.25 3.67 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 109.50 111.50 4.13 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 101.38 103.38 1.48 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 100.13 103.13 2.21 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 95.38 97.38 5.38 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 96.88 98.88 5.40 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 89.13 91.13 12.11 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 93.00 96.00 9.72 BB /Ba3 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 93.88 96.88 10.42 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 6.83 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 106.50 108.50 5.06 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 271 100/1 100 USD Fixed 6.267 116.13 119.13 4.73 A+ /A1 /A-

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 96.50 98.50 8.22 BB- /- /BB-

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 91.75 93.75 6.54 BBB- /Baa3 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 87.00 90.00 7.74 BBB- /Baa3 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 86.00 88.00 9.03 BB+ /Baa3 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 85.00 87.00 8.37 BB+ /Baa3 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 102.63 104.63 1.58 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 110.75 112.75 3.41 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 105.13 107.13 3.67 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 101.88 103.88 3.90 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 107.88 109.38 4.38 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 112.25 113.75 5.88 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 102.25 104.25 2.80 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 108.50 110.50 4.00 - /Baa2 /BBB-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.50 100.00 2.50 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 100.13 101.63 2.86 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 97.75 99.25 3.86 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 103.75 105.25 3.95 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.603 94.00 95.50 4.83 BBB- /Baa2 /BBB

Page 18


January 27, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.123 88.50 90.00 5.35 BBB- /Baa2 /BBB

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 101.38 102.88 4.33 BBB- /Baa2 /BBB

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 94.88 96.38 5.06 BBB- /Baa2 /BBB

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 88.75 90.25 5.79 BBB- /Baa2 /BBB

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 92.00 94.00 6.26 BBB- /Baa2 /BBB

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 93.75 95.25 6.34 BBB- /Baa2 /BBB

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 87.50 89.50 6.00 BBB- /Baa2 /BBB

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 96.00 97.50 6.62 BBB- /Baa2 /BBB

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 97.00 98.50 7.37 BBB- /Baa2 /BBB

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 53.75 55.75 34.63 CCC+ /- /CCC

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 105.88 108.38 4.08 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 98.25 100.75 3.76 BBB- /- /BBB-

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 98.13 100.13 6.71 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 284 250/1 100 USD Fixed 5.832 102.88 104.88 2.81 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 867 250/1 100 USD Fixed 5.298 107.38 109.38 3.46 A /Aa3 /A+

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 104.88 106.88 3.17 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 109.00 111.00 3.62 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 117.88 119.88 4.88 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 101.00 102.50 1.69 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 100.63 102.13 0.19 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 100.88 102.38 1.95 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 109.50 111.00 0.80 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 93.13 94.63 6.12 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 99.88 101.38 4.29 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 102.50 103.50 1.04 AA- /A1 /AA-



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 107.13 108.13 2.98 AA- /A1 /AA-


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 112.38 113.38 4.66 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 675 200/10 100 USD Fixed 5.875 64.00 68.00 12.41 BB /Baa3 /BBB-

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 100.63 102.63 2.39 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 97.75 99.75 5.36 B+ /- /-

Page 19


January 27, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 100.00 102.00 3.42 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 106.88 108.38 1.02 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 104.38 105.88 1.31 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.63 102.13 1.76 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 116.50 118.00 1.92 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 116.63 118.13 2.12 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 118.88 120.38 2.62 A- /A3 /-

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 103.63 105.13 2.90 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 104.50 106.00 3.12 A- /A3 /-


Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 102.50 104.50 3.67 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 102.13 103.63 4.04 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 101.25 102.75 5.57 BB /- /BB+

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 89.50 92.50 11.11 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 101.75 103.25 1.31 BBB- /Baa1 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 97.13 98.63 4.22 BBB- /Baa1 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 83.63 85.63 9.28 B+ /B2 /-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 83.00 85.00 9.13 B+ /B2 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 99.38 100.88 3.83 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 95.88 97.38 4.82 BBB+ /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 95.75 97.75 8.53 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 87.00 89.00 9.35 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 88.25 90.25 10.38 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 84.00 86.00 9.60 BB /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 85.00 90.00 19.62 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 900 100/1 100 USD Fixed 3.925 104.50 106.00 2.74 AA /Aa2 /AA

Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 95.88 98.38 5.22 BB+ /Ba2 /BB+

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 89.13 91.63 7.22 BB+ /Ba2 /BB+

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 82.50 85.50 13.83 BB- /B1 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 72.00 74.50 14.52 BB- /B1 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 87.25 89.25 7.99 BB /- /BB+

Page 20


January 27, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 114.00 116.00 3.71 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 107.50 109.50 2.48 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 132.88 133.88 3.32 BBB- /Baa2 /BBB+

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 109.38 111.88 3.09 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 132.75 135.75 4.74 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 110.50 112.50 5.62 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 108.38 110.38 4.24 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 101.88 103.88 0.64 A- /Baa2 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 109.88 111.88 3.75 BB /Ba2 /BBB-

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 123.25 125.25 3.15 BB /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 101.00 103.00 -5.83 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 103.63 105.13 7.10 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 7.10 - /B1 /B+

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 102.88 103.88 0.79 A- /Baa1 /A

Jaguar Land Rover Automo USG50027AB03 15-May-21 410 150/1 100 USD Fixed 8.125 108.50 112.50 1.45 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 112.00 113.50 3.23 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 100.88 102.88 0.58 A /A1 /A

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 116.50 118.50 2.91 BBB- /Baa2 /BBB+

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 115.50 116.50 1.74 BBB- /Baa3 /BBB+

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 115.25 118.25 3.33 BBB /Baa2 /A-

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 117.63 120.63 2.08 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 104.38 107.38 3.09 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 101.63 103.63 0.75 A- /Baa2 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 122.13 123.13 1.05 A- /Baa2 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 115.13 117.13 2.64 A- /Baa2 /A

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 115.88 118.88 3.77 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 114.88 116.88 3.58 BB+ /Ba2 /BBB-

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 102.25 104.25 3.81 A- /Baa1 /BBB+

Various Developed Market Issues

Page 21


January 27, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 115.63 117.63 1.64 BBB+ /A2 /A+

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 106.63 108.63 2.45 - /- /BBB

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 109.75 111.75 3.30 - /- /BBB

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 113.50 115.50 1.88 BB+ /Ba2 /BBB-

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 112.13 114.13 2.63 BB+ /NR /BBB-

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 110.50 112.50 4.24 BB /Ba3 /BBB-

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 100.75 102.75 0.73 A /A2 /A

Societe Generale XS0454569863 Perpetual 1000 2/2 100 USD Fixed 8.750 100.25 102.25 -3.01 BB+ /Ba2 /-

Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 98.13 100.13 3.93 BBB /A3 /A+

UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 102.00 104.00 3.45 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 120.63 122.63 3.56 BB /Ba2 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 104.25 106.25 4.30 BB /Ba2 /BBB

Egypt 3M T Bills N/A 28-Apr-15 2500 500/25 100 EGP Zero Cpn N/A 97.07 97.54 8.09 B/B2/B+

Egypt 6M T Bills N/A 28-Jul-15 3000 500/25 100 EGP Zero Cpn N/A 94.30 95.19 8.10 B/B2/B+

Egypt 9M T Bills N/A 27-Oct-15 3500 500/25 100 EGP Zero Cpn N/A 91.59 92.86 8.22 B/B2/B+

Egypt 1Y T Bills N/A 26-Jan-16 4000 500/25 100 EGP Zero Cpn N/A 89.13 90.74 8.18 B/B2/B+

(C) Denotes a Convertible bond

(S) Denotes a Sukuk

* Offer Yield adjusted for tax

Egypt T Bills

Page 22

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mashreq · 2017-04-04 · mashreq Fixed Income Trading Daily Bond Market Update Market Update • • • • • • Tuesday, January 27, 2015 UAE plans to keep investing in energy