WEEKLY BRIEFING Issue 47 | Sunday, August 25, 2013

FEATURE

A third Islamic bank, another step forward for Tunisia By Blake Goud / IFG

PORTLAND | Sat, Aug 24

`

INSIDE THIS ISSUE Smart tech and citizen vigilance to root out fake halal labels ....... 3

A third Islamic bank, another step forward for Tunisia ................. 4

Meezan plans Pakistan‘s first airtime sukuk in Q4 ....................... 6

EXCLUSIVE-SocGen plans $300 mln sukuk programme in

Malaysia-sources ......................................................................... 7

Oman Development Bank considers Islamic window ................... 9

STOCKS NEWS MIDEAST-Individual speculators to dominate

Gulf ........................................................................................... 10

FOREX-Dollar slides after disappointing U.S. housing data ...... 11

Dutch lender Rabobank tots up likely costs of Libor scandal ..... 12

Source: Thomson Reuters EIKON - Indices Guide <Indices>

The Arab Spring has had a potentially lasting impact through the development of Islamic finance in North Africa. In Egypt, the sukuk law passed under the Morsi government is set to be implemented, even if the timeline is unclear. In Tunisia Islamic banking market development seems to have more support as detailed in a Thomson Reuters Zawya report. Since that report was released (in June), the market acceptance for Islamic banking was further demonstrated with the recent application and proposed capital increase of El

Wifack Leasing to become the country‘s third fully Islamic bank.

The application of El Wifack to undergo a conversion to an Islamic bank demonstrates a different strategy for Islamic finance in Tunisia compared with neighboring Libya and Oman, which opened to Islamic banks this year.

In Libya, there is significant interest from Gulf-based Islamic banks

who are considering entering the market through acquisition.

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6 Month USD IIBR 6 Month USD LIBOR

In Oman, the development is through new standalone Islamic

banks as well as Islamic windows of conventional banks, a

strategy that is further supported with the decision by the Oman

Development Bank to open an Islamic window rather than

convert fully into an Islamic bank.

- Continued on Page 4-

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Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13

Global Sukuk and Bond Indices

DJ Sukuk Index

Thomson Reuters Global Sukuk Index

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING

2

UPDATE 3-Arabtec eyes merger to create Gulf's biggest

builder-RTRS

Is Indonesia trying to plug the currency hole with debt? -

RTRS

India central bank allows non-bank Islamic finance firm -

RTRS

Analysis - Egypt's rulers can count on Gulf aid despite

bloodshed - RTRS

MANDATE: Malaysia Airports hires 4 for MYR500m sukuk -

IFR

UPDATE: Expectations rise on Turkey sukuk* - RTRS

Islamic Development Bank, Saudi Fund provides finances

amounting to $ 21.7 billion for 90 projects-WAM-Zawya

Analysis: Sovereign funds' fortunes turn as emerging assets

sour - RTRS

Turkish lira hits record low on capital outflow fears - RTRS

Bank Muamalat Malaysia Courts Merger, Bank Rakyat And

MIDF Among Possible Candidates On Its List Malaysian

Digest

Islamic countries to inject fresh capital into Bosnian bank -

Dalje

Research forecasts mixed outlook for GCC markets – Gulf

News - Zawya

Analysis: With Gulf aid, Egypt economy can limp through

crisis - RTRS

WRAPUP 1-Emerging markets' selloff deepens on fear of

Fed fallout - RTRS

Bahrain's Arcapita sells 3PD Holding to XPO Logistics -

RTRS

Qatar government spending growth slows sharply in

2012/13 - RTRS

Update-Moody's: Oman's robust growth outlook and sound

fiscal metrics support creditworthiness – RTRS*

Abu Dhabi's Mubadala unit to develop oil field in Thailand -

RTRS

Meethaq Shari'a Board reviews new Islamic products -

Zawya

GCC insurance industry on growth path - Gulf News

UAE banks lending at their fastest rate in two years – The

National

UAE investors: ‗Compensate us for cancelled projects‘ - Gulf

News

Changes ahead for the Dubai property market – Hadef &

Partners - Zawya

WATCH LIST

RPT-Fitch Rates Indonesia's Proposed PPSI-III Sukuk 'BBB-

(EXP)'-RTRS

RPT-Malaysia Maybank's Q2 net profit rises 9 pct-RTRS

Alizz Islamic Bank geared up to unveil financial products –

Times of Oman

MOVES-Dubai's Arabtec hires former Aldar chief executive -

RTRS

*This service is only available to EIKON users, click here to

register

Arabtec logos are seen on buildings under construction in the Marina area of Dubai in

this picture taken November 28, 2009. CEO says considering merger with Saudi,

Kuwait contractors. Merger would create region's largest construction company.

Arabtec shares rise 3.9 pct in Dubai REUTERS/Steve Crisp

NEWS WRAP UP

CALENDAR OF EVENTS

MONDAY, AUGUST 26 - 27

MALAYSIA - IFSB-INCEIF Executive Forum

MONDAY, AUGUST 26 - 29

MALAYSIA - Islamic Markets Programme: Widening Market

Connectivity in Islamic Finance

TUESDAY, AUGUST 27

MALAYSIA - Malaysia In–House Legal Summit 2013

TUESDAY, AUGUST 27

PAKISTAN - IFN Roadshow 2013 Pakistan

THURSDAY, AUGUST 29

SRI LANKA - IFN Roadshow 2013 Sri Lanka

Affin confident of 15% return – Malaysian Reserve

CORRECTED-UPDATE 1-RLPC-Bahrain Investcorp sells Skrill

to CVC Capital for 600 mln euros

Text-MARC withdraws its rating on Putrajaya Holdings Sdn Bhd

– RTRS*

UPDATE 1-Saudi Electricity to replace CEO with Aramco

executive - RTRS - Zawya

RPT-Indonesia posts wider current a/c deficit in Q2, 4.4 pct of

GDP - RTRS

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING

3

Contact details

IFG Briefing Analyst Team

Ameena Al Haddad

Ammar Radhi

Karim Arafa

Redha Al Ansari

Shaima Hasan

Yusuf Radhi

Emmy Abdul Alim (Editor)

Community Specialist Team Blake Goud (Community Leader)

Duaa Al Masqati Noor Khamdan

Telephone

+973 1750 2020

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IFG Analyst Team

For most consumers seeking halal products, they have to trust the retailer to sell only food with bona

fide halal certificates to guarantee their halal-ness. But not all retailers do that; in Indonesia, data

released by the Food and Drug Monitoring Agency in 2011 showed that only a third of the halal

products in the overwhelmingly Muslim-dominant country were backed by official halal certificates.

The situation is not dissimilar in Malaysia, where the Consumer Protection and Welfare Board recently

asked the country‘s Islamic Development Department (JAKIM) to increase monitoring of the products

being sold as halal in supermarkets. The Consumer Protection Board found that certain foods with

the halal label were not actually approved by JAKIM. The suggestion for greater monitoring by a

government body is a seemingly common sense response to failures of a government-sponsored

certification program, but with finite resources, it is not always possible to accomplish and sustain.

One of the important developments of the past few years is the rapid proliferation of smart phones that

has led to ‗crowdsourcing‘ where a vast number of consumers replaces or supplements a specialist

organization that used to be responsible on its own. Think of the impact of citizen journalists working

on Twitter to deliver news faster and with more details than from the newspapers and TV stations that

previously dominated.

It doesn‘t mean that newspapers—or in the case of halal monitoring, regulatory organizations—are

destined to be replaced by the ‗crowd‘, but it does mean they should adapt and more aggressively use

the tools at their disposal to accomplish their mission. For an organization like JAKIM, it should recruit

Muslim consumers who value being able to trust that products on the shelf at their supermarkets

labeled as halal are certified as such.

During the manufacturing process, the products and their supply chain and logistics that get them

from the suppliers to the distributors to the consumers will not allow for contamination and this

information is collected by the certification organization. In some cases, it is organized together in a

form that can be read through a matrix barcode such as the Quick Response (QR) code on the

packaging by anyone with a smart phone, like a solution that was developed by the Halal Science

Center at Chulalongkorn University in Thailand (pdf). Similar mobile technology for verifying the

certification of halal products is used by a Swedish company and is under development by JAKIM

itself (the MyHalalTrace system).

Certification and monitoring by supervisory bodies is important, but it should be supplemented

wherever possible to expand its reach by using consumers and the technology whose reach is

spreading to identify the most significant areas for organizations like JAKIM to focus their limited

resources to ensure that only halal certified products can be sold as being halal.

(Issues such as this one will be tackled at the Global Islamic Economy Summit, organized by

Thomson Reuters and the Dubai Chamber of Commerce, to be held in Dubai November 25-26, 2013.

For more information on the summit and to connect on social media, please visit the Summit website:

http://www.globalislamiceconomy.com/)

COMMUNITY Smart tech and citizen vigilance to root out fake halal labels By Blake Goud / IFG PORTLAND | Sat, Aug 24

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ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING

4

FEATURE A third Islamic bank, another step forward for Tunisia

By Blake Goud / IFG

PORTLAND | Sat, Aug 24

- Continued from Page 1 –

State of Islamic banking in Tunisia

In Tunisia, the longest standing Islamic bank is Al Baraka Bank,

which holds an offshore banking license while Zitouna Bank is

currently the only domestic Islamic bank, having been founded in

October 2009 and currently owned by the central bank with the

Islamic Development Bank (IDB) recently acquiring a 25% stake. In

addition, UAE‘s Noor Islamic Bank opened a representative office in

the country in 2008 but has not expanded further. The most recent

development by El Wifack provides forward looking information about

the potential of the market relative to the conventional market, which

contrasts with the historical trend.

Al Baraka Tunisia‘s financial statements between 2005 and 2011 (the

most recently available), shows annualized growth in total assets of

16%. The growth in receivables from Islamic finance was 15%

annually while on the liability side, deposits grew at a slightly quicker

17%. The financing mix was similar to other Islamic banks—

dominated by murabaha, ijara and tawarruq. When the assets of

Zitouna Bank are added, the two banks represent 2.5% of the total

banking sector.

During the pre-financial crisis period, despite limitations as a result of

its offshore banking license, Al Baraka kept pace with the rest of the

banking sector with market share holding at 1% to 2% of the banking

system. With the post-revolution transition where the government is

now more supportive of Islamic banking, there is potential for further

growth and it is likely to be driven in large part by the new entrants

who will likely see their growth driven first by their ability to attract

deposits. The survey conducted by Thomson Reuters Zawya found

that a large proportion of consumers are unhappy with their current

financial institution and nearly half of those not currently using an

Islamic bank would consider switching.

Development of sukuk market and liquidity management

There are two areas where the government, which recently passed a

law permitting sukuk, can provide the most assistance: sukuk, and

liquidity management. They are likely to get assistance on both from

international organizations. On the sukuk front, the growth in Islamic

banks is likely to be driven first by a shift into deposits as the

economy remains constrained by political instability and a slow

recovery in Europe, which accounts for the country‘s largest export

market. The sukuk would allow the government to raise funds, but

also provide a safe asset for the Islamic banks to invest deposits in

excess of that used to provide customer financing.

The Tunisian prime minister‘s office has said that the IDB‘s Islamic

Corporation for the Insurance of Investment and Export Credit

(ICIEC) will provide up to $600 million in insurance for a sukuk

offering through its sukuk insurance program. This should provide

encouragement for the government but may also lead to greater

international investor demand at the expense of domestic Islamic

banks (for whom the insurance would be not as valuable because

should the government default they will have greater problems than

losses on sovereign sukuk). When the government is considering its

sukuk, it should consider an ICIEC guaranteed hard currency issue

for international investors and a local currency sukuk targeted at

domestic Islamic banks.

The other area is liquidity management, which will be less of a

problem with one additional Islamic bank provided El Wifack‘s

application is accepted. It will also be less of a challenge than in

Oman where tawarruq is prohibited, which deprives Islamic banks

the opportunity to participate in money market transactions with

conventional banks. The International Islamic Liquidity Management

Corporation‘s (IILM) sukuk programme would be of assistance to

Tunisia‘s Islamic banks, but a local currency money market will still

be required and Islamic banks in Tunisia are likely to have to

compete for allocations.

An alternative would be to follow a possibility covered in Nigeria‘s

Islamic banking laws that would use IILM sukuk as collateral for

domestic sukuk. This could be done with a local currency sukuk-

backed sukuk that uses IILM sukuk as collateral which would be

issued by the central bank who could either retain the currency risk

(which would see their local currency sukuk liabilities decline in value

relative to the USD-denominated collateral) or could hedge away

using sharia-compliant currency hedging.

With the potential growth in Islamic banking in Tunisia—the Thomson

Reuters Zawya report suggests potential growth to reach 25-40% of

total banking assets in the next 5 years—the government should

provide assistance to facilitate the strengthening of the industry today

to be in a position to benefit when the political risk declines and the

export markets in Europe see further economic growth following the

continent‘s recent exit from recession driven by France and Germany

who together account for 40% of Tunisia‘s exports.

Zitouna Bank AlBaraka Bank

Number of Branches 32 8

Commenced Operations 28-May-10 1983

Capital $50 million 70 million TND ($45 million)

Ownership Zitouna Bank was placed under the supervision and control

of the Central Bank of Tunisia (BCT) 87% owned by the government, the rest owned by

private companies

2011 Results

Total Assets, Thousand USD 325,946 592,331

Total Liabilities, Thousand USD 289,564 497,874

Operating Income, Thousand USD

15,497 27,125

Net Income (Loss) (511) 8,699

Source: Tunisia 2013 Islamic Finance Country Report

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 5

SUKUK REVIEW Sukuk Market Overview State-owned Syarikat Prasarana Negara

Bhd has sold Islamic bonds or sukuk worth

1 billion ringgit ($303 million) to fund

extending the country's public transport

network. The sukuk consists of a 10-year

tranche with a semi-annual yield of 4.26

percent and a 15-year tranche at 4.58

percent annually. The tranches were

oversubscribed 3.27 times and 3.1 times

respectively. Prasarana said in a statement

on Thursday that bookbuilding and sale of

the sukuk were "well-executed" despite a

challenging market and working within a

short time frame. The government-

guaranteed sukuk is arranged by

AmInvestment Bank Bhd and CIMB

Investment Bank Bhd, while HSBC Amanah

Bhd and RHB Investment Bank Bhd are

lead managers and joint bookrunners.

Malaysia's outstanding sukuk stood at $41.5

billion as of July 2013, accounting for

around 68 percent of the global market. -

RTRS Thu, 22 Aug

The Republic of Indonesia

(Baa3/BB+/BBB-) will meet investors with

Citigroup, Deutsche Bank, and Standard

Chartered Bank for investor meetings in

relation with a 144 A/Reg S sukuk bonds.

Investor meetings will start on Friday in

London. The republic had priced a USD1bn

global back in June with a tenor of 10.25

years. The issue paid a coupon of 5.375%

and priced at 99.391 for a yield of 5.45% - a

full 100bp more than the 3.375% coupon it

had paid on a US$1.5bn 10-year bond as

recently as April, its lowest print of all time

on a conventional bond at that tenor. RTRS*

Wed, 21 Aug

RAM Ratings has assigned a preliminary

long-term rating of AA2, with a stable

outlook, to Bright Focus Berhad’s (―Bright

Focus‖ or ―the Group‖) proposed Islamic

Securities of up to RM1.35 billion (―proposed

Sukuk‖). Bright Focus owns 96.8% of Maju

Expressway Sdn Bhd (―MESB‖ or ―the

Company‖) - the concessionaire of the 26-

km Maju Expressway (―MEX‖ or ―the

Highway‖). As the repayment of the

proposed Sukuk relies solely on cashflow

from MESB, the preliminary rating reflects

the strong project economics and robust

financial profile of the Company, supported

by the covenants under the transaction

structure. The Highway offers a direct link

between the commercial centre of Kuala

Lumpur and Putrajaya and Cyberjaya. Since

tolling commenced in 2008, the Highway‘s

traffic volume has notched up a

compounded annual growth rate of 20%,

with average daily traffic at its 2 toll plazas

reaching 100,000 vehicles in 2012. RAM

Tue, 20 Aug

The Turkish Treasury said on Tuesday it

had issued 1.817 billion lira ($930 million)

worth of lira-denominated lease certificates,

or sukuk, to diversify borrowing instruments,

broaden the investor base and increase

domestic savings.

It met total demand from investors for the

sukuk which has a maturity of August 19,

2015, the treasury said on its web site.

RTRS* Tue, 20 Aug

Indonesia raised 1.54 trillion rupiah

($146.81 million) in sharia bonds at an

auction on Tuesday, slightly above an

indicative target of 1.5 trillion rupiah despite

market turnmoil, the finance ministry's debt

office said. Yields for 6-month sharia T-bills

and 30-year project-based sukuk were

higher than the previous auction on July 23.

The G20 economy sold 900 billion rupiah of

6-month sharia T-bills and 640 billion rupiah

of 30-year project-based sukuk. Total bids

were 11.145 trillion rupiah and the highest

bid-to-cover ratio was 11.06 for 6-month T-

bills. Foreign holdings in sukuk were 7.12

percent as of Aug. 16, down from 7.36

percent at end-June as the market suffered

from a heavy sell-off. RTRS* Tue, 20 Aug

Moody's Investors Service, has assigned a

long-term (P)Baa3 rating to the proposed

US dollar trust certificates to be issued by

Perusahaan Penerbit SBSN Indonesia III

("PPSI III"). The payment obligations

associated with these certificates are direct

obligations of the Government of Indonesia.

The outlook is stable. In Moody's opinion,

the payment obligations represented by the

securities to be issued by PPSI III are

ranked pari passu with other senior,

unsecured debt issuances of the

Government of Indonesia. As such, Moody's

(P)Baa3 rating to the proposed sukuk

issuance is in line with the Government of

Indonesia's Baa3 issuer rating and stable

outlook given that any direct government

obligation whose repayment is handled by

the Government of Indonesia receives a

rating equivalent to that of the government..

Moody‘s Wed, 21 Aug

Source: Thomson Reuters EIKON CDS <REUTERSCDS>

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Credit Default Swaps

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Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13

Bahrain Egypt Dubai Indonesia

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Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13

Saudi Qatar Malaysia Abu Dhabi

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING

6

Pakistan's Meezan Bank plans to arrange the country's first airtime-

based sukuk (Islamic bond), a format favoured by

telecommunications operators wishing to tap liquidity in the Islamic

capital markets.

The local-currency issuance would have a tenor of between five and

10 years and an approximate size of 7 billion rupees ($68.5 million),

said Suleman Muhammad Ali, vice president of product

development and sharia compliance at Meezan. The sukuk would

be issued in the fourth quarter of this year.

Ali did not name the issuer. Sukuk that use intangible assets such

as minutes of mobile telephone use have been tested elsewhere,

allowing firms with limited physical assets to raise cash via Islamic

finance, which follows religious principles such as bans on interest

and gambling.

"The structure is based on ijara and sub-ijara of services. Assets are

airtime (minutes) represented by prepaid calling cards and identified

by the serial number of each card," Ali said.

In an Islamic ijara deal, one party leases an asset to a client for an

agreed price; unlike a conventional lease, the structure does not

allow a lessor to charge interest on defaulted or delayed payments.

PIPELINE ISSUE

Meezan plans Pakistan's first airtime sukuk in Q4

By Bernardo Vizcaino / REUTERS DUBAI | Wed, Aug 21

INTERNATIONAL SUKUK WEEK TOP GAINERS*

INTERNATIONAL SUKUK WEEK TOP LOSERS*

NAME CURRENCY BID ASK MATURITY

DATE

YIELD TO

MATURITY

LAST WEEK

YIELD YTM

WOW%

CBB INTL SUKUK USD 103.94 104.31 6/17/2014 1.53 1.648 -21

RAK CAPITAL USD 105.75 106.75 7/22/2014 1.81 1.67 -8

ADIB SUKUK USD 104.10 104.49 11/4/2015 1.96 1.913 -5

ISLAMIC DEV BANK USD 102.95 103.02 5/25/2016 1.25 1.314 -5

ADCB CAYMAN USD 105.62 106.12 11/22/2016 2.26 2.368 -5

NAME CURRENCY BID ASK MATURITY

DATE

YIELD TO

MATURITY

LAST WEEK

YIELD YTM

WOW%

DUBAI DOF AED 102.25 104.25 11/3/2014 2.47 1.354 82

IDB TRUST SERVIC USD 102.17 103.19 9/16/2014 0.78 0.819 33

INDONESIA SY USD 104.00 104.50 4/23/2014 2.76 2.019 27

ISLAMIC DEV BANK USD 101.62 101.63 10/27/2015 0.79 0.848 20

INDONESIA SY USD 94.50 94.88 11/21/2018 5.52 4.376 19

*The top gainers and losers price ranking is driven by the yield to maturity movement on week to week basis

Source: Thomson Reuters EIKON – Sukuk Speed Guide - International Sukuk <0#INTLSUKUK>

This service is only available to EIKON users, click here to register

The airtime sukuk was approved in November by the sharia board of

Meezan, the country's first and largest Islamic bank. The sharia

board is led by well-known scholar Muhammad Taqi Usmani.

"In terms of innovative sukuk structures, I believe that the local

industry is way ahead compared to other global markets, partly due

to the strict stance on tawarruq and commodity murabaha of the

local sharia scholars," Ali said.

Tawarruq or commodity murabaha is a common cost-plus-profit

arrangement in Islamic finance, but the practice is criticised by some

scholars as not sufficiently based on real economic activity, a key

sharia principle.

AIRTIME

In recent years, telecommunications operators across the Gulf and

southeast Asia have tested different structures for their sukuk,

helping them offset a lack of tangible or unencumbered assets for

use in their financing plans.

Malaysian mobile phone operator Axiata Group issued a two-year, 1

billion yuan ($163 million) sukuk in September last year using

airtime vouchers through a wakala structure, a common agency

agreement in Islamic finance.

Last August, its subsidiary Celcom Axiata raised 5 billion ringgit

($1.52 billion) through a murabaha, an Islamic contract that

stipulates an agreed mark-up between parties.

The public tranche of that deal raised 3 billion ringgit from an order

book of more than 10 billion ringgit, while the remaining 2 billion

ringgit was placed with strategic investors.

In 2007, Saudi Arabia's Etihad Etisalat 7020.SE (Mobily) used

airtime in a $2.85 billion sharia-compliant project financing deal,

which it refinanced in 2010 with same format.

The United Arab Emirates' Etisalat ETEL.AD set up an airtime-

based sukuk programme in November 2010 but did not tap the

market.

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING

7

PIPELINE ISSUE

EXCLUSIVE-SocGen plans $300 mln sukuk programme in Malaysia-sources

By Al-Zaquan Amer Hamzah / REUTERS KUALA LUMPUR | Sat, Aug 24

Societe Generale will launch a 1 billion ringgit ($300 million) Islamic

bond programme in Malaysia, two sources familiar with the deal told

Reuters, becoming the second major European bank to issue sukuk

and the first to do so in Asia.

SocGen, France's second-largest listed bank, is planning to issue

the first tranche of the sukuk by the year-end, said one of the

sources, who declined to be identified as he was not authorised to

speak on the matter.

Western banks looking to raise capital are increasingly drawn to the

Islamic bond market as the cost of credit is lower than in

conventional markets. The Middle East unit of HSBC Holdings

HSBA.L tapped the market in 2011 with a five-year $500 million

issuance.

The growing popularity of Islamic debt as a choice of investment

among Muslim banks and funds is also buoying the outlook for

sukuk, as Islamic bonds are known.

Issuers of sukuk do not pay interest, a practice forbidden in Islam.

Instead, buyers of sukuk become co-owners of the debt and receive

annual profits from the issuer.

Global sukuk issuance grew 54 percent to $131.2 billion last year,

with Malaysia accounting for 74 percent of primary market

issuances.

Saudi Arabia followed with a 8 percent market share, and the United

Arab Emirates with 4.7 percent and Indonesia with 4.6 percent,

according to KFH Research, an Islamic investment research firm.

Malaysia has emerged as the world's No.1 market for primary sukuk

issuances, with its strong regulatory framework, low taxes and

geographical proximity to expanding Asian wealth.

The Malaysian central bank last month implemented new laws to

stress compliance with Islamic laws, introducing higher penalties

and making sharia advisors legally liable for the first time.

Hong Leong Islamic Bank is advising the SocGen deal, according to

the source.

SocGen will soon seek approval for its issuance plans from

Malaysia's Securities Commission, having already received the

green light to become a bond issuer from the central bank, the

source said.

The central bank did not immediately respond to a request for

comment, while a Hong Kong-based spokesperson for SocGen

declined to comment.

The funds raised will go towards buying assets in Dubai, where

SocGen's Middle East private banking operations are

headquartered, said the source.

"Everything is in place," the source said.

EYE ON MALAYSIA

The issuance will help SocGen diversify its funding sources while

benefiting from attractive premiums.

In the past year, three-year AAA-rated sukuk have offered yields of

3.65 to 3.72 percent, while conventional bonds with a comparable

tenor and rating have yielded 3.69 to 3.76 percent. The lower yield

range for sukuk translates into higher savings for issuers.

SocGen's sukuk in Malaysia will carry tenors of up to 15 years,

according to the second source.

"For European countries that have yet to develop a regulatory

framework for Islamic finance, Malaysia is an attractive destination,"

said Baljeet Kaur Grewal, managing director and vice chairman of

KFH Research.

The large number of industry players in Malaysia, including foreign

institutions mandated to invest in Islamic instruments, creates a

ready market with significant demand for sukuk, said Kaur.

"There are a number of corporations planning to raise funds in the

Malaysian Islamic capital market, from Australia to the Middle East,

and this trend looks set to continue."

Other foreign companies such as the National Bank of Abu Dhabi

NBAD.AD and Singapore-based palm oil producer Golden Agri-

Resources Ltd GAGR.SI have in the past year tapped Malaysia's

sukuk market.

In the first seven months of this year, issuers in Malaysia raised 19.8

billion ringgit through 47 sukuk, according to Thomson Reuters data.

That was a decline of nearly a third from a year earlier due to

uncertainties surrounding a May election in Malaysia and a dip in

external demand.

However, demand from Malaysia's public institutional funds such as

the Employees Provident Fund and Lembaga Tabung Haji has

remained resilient.

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING

8

INTERNATIONAL SUKUK LEAD ARRANGERS LEAGUE TABLE 2013 BOOK RUNNER AMOUNT ISSUED ($MILLION) MARKET SHARE NUMBER OF ISSUES

HSBC 1,987.5 16.6 7

Deutsche Bank 1,574.6 13.2 3

Standard Chartered 1,182.0 9.9 8

Emirates NBD PJSC 886.0 7.4 7

Citi 782.2 6.5 4

National Bank of Abu Dhabi 704.2 5.9 5

Dubai Islamic Bank Ltd 682.2 5.7 4

Riyadh Bank Ltd 500.0 4.2 1

Bank Al Bilad 500.0 4.2 1

Alinma Bank 500.0 4.2 1

RHB 434.4 3.6 3

RBS 291.7 2.4 2

Malayan Banking Bhd 200.0 1.7 1

Abu Dhabi Commercial Bank Ltd 165.6 1.4 1

Abu Dhabi Islamic Bank (ADIB) 165.6 1.4 1

Natl Comml Bank Saudi Arabia 125.0 1.0 1

Kuwait Finance House 125.0 1.0 1

Natixis 125.0 1.0 1

Al Hilal Islamic Bank 125.0 1.0 1

CIMB Group Sdn Bhd 125.0 1.0 1

Credit Agricole CIB 125.0 1.0 1

Barwa Bank QSC 125.0 1.0 1

Masraf Al Rayan 74.6 .6 1

QInvest LLC 74.6 .6 1

Alkhair Capital Saudi Arabia 74.6 .6 1

Goldman Sachs 74.6 .6 1

11,974.9 17

Source: Thomson Reute

Source: Thomson Reuters

SUKUK PIPELINE 2013

Issuer Name Sukuk

Structure Country Status

Subsc. Date

Issue Size ($M)

Tenor Arranger/Advisor

Inverfin Sukuk Berhad Unknown Malaysia Announced - 56.471 - -

Al Madina Financial &

Investment Services

Company

Unknown Oman Announced - 129.88 - -

Riyad Bank Unknown Saudi

Arabia

Announced - - - -

Bahrain

Telecommunications

Company

Unknown Bahrain Rumoured - - - BNP Paribas

Citigroup

Ministry of Finance -

Egypt

Musharaka Egypt Announced 2014 2,000 3 Years

to 5

Years

National Bank of

Egypt WOM Finance Ijarah Indonesia Announced 2013 28.841 - -

Inverfin Sukuk Berhad Unknown Malaysia Announced - 56.471 - -

Source: Zawya. For complete list of pipeline click here

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING

9

BANKING NEWS

Oman Development Bank considers Islamic window By Fatma Alarimi and Bernardo Vizcaino / REUTERS MUSCAT/ Thu, Aug 22

Oman Development Bank (ODB) is considering the launch of an

Islamic window to offer sharia-compliant products to small and

medium-sized firms, an executive said.

In December, Oman became the last country in the six-member Gulf

Cooperation Council to adopt Islamic finance, issuing regulations for

the sector. Developing Islamic finance and smaller firms are two

policies which the government hopes will cut unemployment.

Government-owned ODB, founded in 1977, considered a full-

fledged conversion to become an Islamic bank but is likely instead

to opt for an Islamic window, said Hamed bin Salim Al Harthy,

assistant general manager for branches at ODB.

"The bank will not move toward becoming a full Islamic bank but we

have to keep up with the trend in the market, and the trend is for

Islamic products," he told Reuters.

Al Harthy said he did not expect the Islamic window to start

operating before the end of this year since the bank was currently

restructuring its operations.

ODB, which had a net loan portfolio of 100 million rials ($260 million)

as of August 2012, already offers interest-free loans of up to 5,000

rials but they are technically not sharia-compliant.

.

In March, the bank held a training course for its senior staff on

Islamic banking products, which follow religious principles such as a

ban on interest payments.

Although ODB is small, it could add competition to Oman's fledgling

Islamic finance sector. Central bank chief Hamood Sangour al-

Zadjali said last week that the central bank had no intention of

granting more permits for new Islamic banks or windows, but ODB is

believed to already have permission in principle for a window.

Oman has two full-fledged Islamic banks, Bank Nizwa and Al Izz

Islamic Bank, as well as several Islamic windows from conventional

lenders.

Under the rules for Islamic windows, ODB would only be able to

offer Islamic products through stand-alone branches, which would

require converting some of its existing 15 branches or opening new

ones.

Source: Lipper, a Thomson Reuters company

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 10

EQUITIES REVIEW MARKETS OVERVIEW

STOCKS NEWS MIDEAST-Individual speculators to dominate Gulf By Nadia Saleem / REUTERS

DUBAI | Sun, Aug 25

MARKET SNAPSHOT

MEA Value WoW MTD YTD

TASI 8190.89 0.42% 3.48% 20.43%

DFMGI 2734.52 4.08% 5.64% 68.53%

ADI 3957.95 2.17% 2.87% 50.44%

KWSE 8078.33 -0.69% 0.10% 36.13%

XU100 67932.32 -8.54% -7.42% -13.14%

EGX30 5467.30 2.49% 2.68% 0.09%

MSI 6915.15 1.00% 4.09% 20.04%

QSI 10077.32 1.69% 3.84% 20.56%

Global Value WoW MTD YTD

FTSE 100 6492.10 -0.12% -1.95% 10.08%

DAX 8416.99 0.30% 1.70% 10.57%

STOXX 50 1080.24 -0.99% 2.09% 7.21%

DJIA 15010.51 -0.47% -3.16% 14.55%

S&P 500 1663.50 0.46% -1.32% 16.64%

TOPIX 1082.07 -0.08% 0.88% 32.95%

HANG

SENG 67932.32 -8.54% -7.42% -13.14%

NIKKEI 13660.55 0.08% -0.06% 31.41%

Source: Thomson Reuters EIKON - Indices Guide <Indices>

Individual speculators are likely to continue dominating Gulf

markets because of thin local news flow.

Retail traders have led stocks in the United Arab Emirates and

Qatar in recent days, while Saudi Arabia and Kuwait are usually

directed by local individual investors even in normal times.

Dubai's Union Properties, which jumped 29.9 percent to 0.54

dirham last week, shows no sign of losing steam. Its break above

major chart resistance at 0.50-52 dirham, where it peaked in May

this year and March 2012, triggered a double bottom formed by

the 2011 and 2012 lows.

That pattern points up to the 0.75 dirham area in coming weeks

or months. The stock is up 37.5 percent year-to-date,

underperforming the Dubai benchmark .DFMGI, which has risen

66.4 percent.

Fellow property firm Deyaar also broke major technical

resistance last week; its rise to 0.50 dirham eclipsed the 2012

high of 0.46 dirham.

In Qatar, Qatar International Islamic Bank's jump to 59.60 riyals

on Thursday broke major technical resistance around 58.00

riyals, which had repeatedly capped the stock since early 2011.

It faces further resistance at 60.00 riyals, the January 2009 peak,

but any clean break (two daily closes) would trigger a double

bottom formed by the 2008 and 2009 lows and pointing up above

80 riyals in the long term.

In Egypt, the army-backed government shortened a night-time

curfew by two hours on Saturday, 10 days after imposing it

during a fierce crackdown on Muslim Brotherhood protesters in

Cairo.

This, as well as the protesters' failure to stage major

demonstrations on Friday, may support sentiment in the stock

market .EGX30, though many local and foreign investors think an

extended rally remains unlikely without clearer signs of an easing

of political tensions.

Global market cues are slightly positive; stock indexes around

the world edged higher on Friday while the dollar fell after a U.S.

government report on new single-family home sales raised

doubts about the timing and extent of cuts to the Federal

Reserve's stimulus program.

A rise in gasoline futures helped oil prices pull higher on Friday

following news of a unit shutdown at a Canadian East Coast

refinery. Brent crude rose to $111.04 per barrel.

Source: Lipper, a Thomson Reuters company

90

110

130

150

170

Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13

Thomson Reuters/ IR Islamic Indices

MENA Global AsiaPac ex Japan

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 11

FOREIGN EXCHANGE REVIEW FOREX-Dollar slides after disappointing U.S. housing data By Wanfeng Zhou / REUTERS

NEW YORK,| Fri, Aug 23

The dollar fell against a basket of currencies on Friday, retreating

from a three-week peak against the yen, as a steep drop in U.S. new

home sales dented expectations that the Federal Reserve will

reduce its asset-buying program next month.

The euro climbed above $1.34 after the data, edging back toward a

six-month high set on Tuesday. Signs of an improving euro zone

economy have buoyed the currency in recent weeks.

Sales of new U.S. homes slid 13.4 percent in July to their lowest in

nine months, hurt by the rise in U.S. mortgage rates, suggesting an

economy that may not be as robust as many people think.

"This report makes it look more likely that tapering will come later

rather than sooner, perhaps under the leadership of a new Fed

chair," said Douglas Borthwick, managing director of Chapdelaine

Foreign Exchange in New York.

The dollar slipped 0.2 percent against a basket of six major

currencies to 81.360.

Uncertainty about when the Fed will start reducing its $85-billion per

month bond buying program has pressured the dollar in recent

weeks. Minutes of the Fed's July meeting showed differences of

opinion among members of the Federal Open Market Committee as

to when the central bank should act.

Currency speculators pared their bets in favor of the U.S. dollar for a

fifth consecutive week in the week ended Aug. 20, data from the

Commodity Futures Trading Commission showed on Friday.

The value of the dollar's net long position fell to $13.54 billion, the

smallest in two months, from $17.62 billion the previous week.

Speculators were bullish on the euro for a third straight week.

The euro rose 0.2 percent to $1.3383, helped by comments from

European Central Bank policymaker Ewald Nowotny, who said he

did not see much reason for the ECB to cut interest rates. He spoke

after surveys showed euro zone economic activity quickening.

A second reading of German gross domestic product confirmed that

Europe's biggest economy grew by 0.7 percent in the second

quarter, helped by domestic demand, fueling optimism Europe's

largest economy will outperform in 2013.

The recent pickup has pushed euro zone money market rates

higher, and if sustained, is likely to challenge the effectiveness of the

ECB's pledge to keep rates low until a full-fledged recovery is in

place.

On the week, the euro was up 0.4 percent and 0.6 percent firmer

so far in August.

The dollar slipped 0.1 percent to 98.68 yen after hitting a three-

week high of 99.15 yen on the Reuters trading platform.

Despite the pullback, the dollar is still heavily favored by investors

over the yen this year. The gap between two-year U.S. Treasury

yields and their counterpart in Japanese government bonds

moved to the widest since March 2012 and should encourage

more investors in Japan to buy U.S. Treasuries, analysts said.

Sebastien Galy, currency strategist at Societe Generale in New

York, said "there has been a tick-by-tick correlation between

dollar/yen and U.S. bond yields, which has certainly supported that

pair."

On the week, the dollar rose 1.1 percent against the yen. So far

this year, the dollar has gained 13.7 percent against the yen.

The euro rose 0.1 percent to 131.97 yen, after touching a one-

month high of 132.42.

The dollar also fell against other currencies, down 0.2 percent at

0.9211 Swiss franc. The Australian dollar gained 0.3 percent to

#0.9033.

U.S. one-hundred dollar bills are seen in this photo illustration at a bank in Seoul

August 2, 2013. The dollar fell against a basket of currencies on Friday, retreating

from a three-week peak against the yen, as a steep drop in U.S. new home sales

dented expectations that the Federal Reserve will reduce its asset-buying

program next month. REUTERS/Kim Hong-Ji

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 12

INTERBANK MARKETS REVIEW

Thomson Reuters Islamic Interbank Benchmark Rate (IIBR)

The IIBR overnight rate dropped on Sunday to 0.183 from 0.200 and the one week rate to 0.240 from 0.250. The one month rate also

decreased to 0.380 from 0.383, the three months rate nudged up to 0.557 from 0.550, the six months rate to 0.706 from 0.700 and the one

year rate dipped to 1.01 from 1.0125 since last week.

Dutch lender Rabobank tots up likely costs of Libor scandal

By REUTERS FRANKFURT | Thu, Aug 15

Rabobank RABO.UL, one of several banks named by the authorities

in the international Libor interest rate rigging scandal, has made an

unspecified provision in its first-half results for settling with

regulators.

The Dutch cooperatively-owned bank expects certain regulatory

agencies and authorities to conclude their investigations this year, it

said in a statement on Thursday.

"Taking into account the uncertainties regarding the timing of (the)

conclusion of these investigations, Rabobank has made an estimate

of these settlement amounts," it said.

"The amount of the provision is not disclosed," it added.

Earlier the bank reported a 14 percent drop in its first-half net profit to

1.1 billion euros (£943.9 million), reflecting higher bad debts.

"The Dutch economy remained in recession and the prospects for

recovery continue to be poor," Piet Moerland, chief executive, said in

a statement.

The bank, which reported a full-year net profit of 2.1 billion euros in

2012, has already announced sweeping job cuts, branch closures

and reductions in remuneration packages to save about 1 billion

euros in costs.

About 8,000 domestic retail banking jobs will go by 2016 - reducing

the headcount in those operations by nearly a third to 20,000 from

28,000, while Rabobank said it will close about 300 out of the 800 or

so existing branches of its member banks.

*The Islamic Interbank Benchmark Rate (IIBR) is published at 11 am Makkah time (GMT +3) Sunday

. #

The London Interbank Offered Rate (LIBOR) is published at 11 am GMT Friday.

Source: Thomson Reuters EIKON <ISL/MONEY>

Thomson Reuters Islamic Interbank Benchmark Rate- IIBR <IIBRFIX>

0.19 0.24

0.35 0.43

0.54 0.70

0.86

0.99

0.117 0.148 0.184 0.226 0.262

0.396

0.000

0.676

0

0.5

1

1.5

2

ON SW 1M 2M 3M 6M 9M 1Y

Yield Curve: IIBR* and LIBOR

IIBR

LIBOR

0.070

0.100 0.170

0.220

0.420 0.340 0.470

0.470 0.100 0.170

0.220

0.420

0.340

0.470

0.510

0

0.5

1

1.5

2

2.5

3

ON SW 1M 2M 3M 6M 9M 1Y

Yield Curve: Murabaha and Wakala Rates

Wakala

Murabaha

ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING

A service of Thomson Reuters and Zawya Islamic Finance Gateway

The contents of this briefing are independently compiled by the Thomson Reuters and Zawya Islamic Finance Gateway Service, a business of the Global Growth and Operations Division.

While material is drawn from Reuters News and other sources, Reuters has not participated in the selection of these articles.

The production of the briefing is supported by the Bahrain Economic Development Board (EDB) and Tamkeen (Labour Fund) as part of their initiatives to promote Islamic Finance in

Bahrain.

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Thomson Reuters, 3 Times Square, New York, NY 10036, USA

13

Global Islamic Indices Last Net Chng WoW Chng MTD Chng YTD Chng Global Indices Last Net Chng WoW Chng MTD Chng YTD Chng

Thomson Reuters/IR Islamic GCC Index 143 -0.44 1.40% 2.44% 16.59%

Thomson Reuters GCC

200 -0.08 1.66% 2.78% 25.70% Thomson Reuters/IR Islamic MENA Index 128 -0.33 1.33% 2.26% 15.80%

Thomson Reuters MENA

135 -0.08 1.60% 2.60% 23.98% Thomson Reuters/IR Islamic Global Index 176 1.17 0.18% 0.23% 8.54%

Thomson Reuters Global

152 1.08 -0.39% -0.67% 8.46% DJ Islamic Market World 3292 0.00 0.22% 0.45% 9.80% DJ INDU AVERAGE 15011 46.77 -0.47% -3.16% 14.55%

DJ Islamic Sustainability 2826 0.00 0.63% 1.37% 9.07%

DJ Sustainability World 80 Price Index 1493 0.00 -0.94% 0.05% 5.32%

MSCI World Daily PR 1080 6.45 0.12% -0.29% 15.14% MSCI World Price Return 1508 10.69 -0.02% 0.04% 12.70% S&P500 Shariah 1440 6.37 0.78% -0.66% 14.85% S&P 500 1664 6.54 0.46% -1.32% 16.64% FTSE4GDB Global 6223 0.00 -0.06% 0.78% 12.10% FTSE100 6492 45.23 -0.12% -1.95% 10.08% Emerging Markets Islamic Domestic 932 3.63 -1.11% 1.10% -8.27%

DJIM World Emerging Markets 1944 3.35 -1.96% -1.11% -9.57%

DJ Islamic GCC 1990 0.13 0.27% 3.32% 20.29% Dow Jones GCC 1806 0.18 0.76% 3.08% 20.13% DJ Islamic Global Finance & Takaful 1243 -0.04 0.47% 2.81% 18.38%

DJ Global Financials

199 -0.02 -1.00% -0.57% 9.98%

Thomson Reuters /IR Islamic Indices Last Net Chng WoW Chng MTD Chng YTD Chng

Thomson Reuters National Indices Last Net Chng WoW Chng MTD Chng YTD Chng

Malaysia 194.99 -0.45 -3.18% -1.95% 4.18% Malaysia 426.82 0.09 -3.96% -2.68% 6.34% UAE 155.37 3.05 4.27% 5.01% 59.32% UAE 266.99 1.74 3.01% 4.05% 56.10% Indonesia 245.48 -0.01 -9.77% -9.08% 4.56% Indonesia 416.36 0.14 -9.74% -10.82% -4.88% Kuwait 100.67 -0.42 0.49% 0.35% 6.85% Kuwait 123.35 -1.16 -0.06% -0.51% 2.41% Qatar 206.52 -1.01 2.25% 3.36% 9.32% Qatar 229.20 -0.50 1.59% 3.55% 21.40% Bahrain 56.59 -0.71 2.18% -0.98% 5.38% Bahrain 111.59 -0.37 0.54% 0.16% 17.12% Turkey 272.16 -0.75 -6.30% -4.62% 6.16% Turkey 1588.29 -10.81 -7.72% -6.15% -5.55% Oman 172.26 0.13 1.77% 4.29% 22.01% Oman 123.05 0.28 1.21% 4.39% 18.40% Egypt 120.25 0.53 1.67% 2.89% -3.04% Egypt 150.00 0.79 2.03% 1.61% -2.17%

Top Performing Sharia-based Companies Last Country Sector 5D Chng YTD Volume FIRST TAKAFUL FTIK.KW 120 Kuwait Financials 26.32% 84.62% - STAN CHARTD MD SCMD.KA 15 Pakistan Financials 1.35% 30.43% 17,500 B.R.R. GUARD MOD BRR.KA 4.62 Pakistan Financials -9.59% 50.98% 50,000

CREDIT RATING TAHS.KW 84 Kuwait Industrials -2.27% 115.00% 1,500

Bottom Performing Sharia-based Companies Last Country Sector 5D Chng YTD Volume

ISLAMIC INSUR CO TIIC.AM 1.15 Jordan Financials -5.00% -12.31% - 1ST PAK MOD PAKM.KA 1.4 Pakistan Financials -13.58% -25.13% 1,000 STAN CHARTD MD SCMD.KA 15 Pakistan Financials 1.35% 30.43% 17,500 TAKAFUL-EM/d TKFE.DU 0.64 United Arab Emirates Financials -1.64% 5.61% -

Top Performing Sharia-compliant Companies Last Country Sector 5D Chng YTD Volume

INS BIOSCIENCE INSB.KL 0.065 Malaysia Healthcare 116.67% 85.71% 35,719,900 SURE ENERGY SHR.TO 0.295 Canada Energy 78.79% -49.14% 268,557 TPC MECHATRONICS 048770.KQ 6120 South Korea Industrials 76.37% 230.81% 6,458,850 WESDOME GOLD WDO.TO 0.69 Canada Basic Materials 74.68% -18.82% 75,755

Bottom Performing Sharia-compliant Companies Last Country Sector 5D Chng YTD Volume VELTI PLC VELT.O 0.35 Ireland Technology -63.16% -92.22% 6,078,135

SPYKER SPYKR.AS 0.3 Netherlands Cyclical Consumer Goods & Services -62.50% -85.00% 128,195 DBA TELECOM/d 3335.HK 2.03 Hong Kong Industrials -49.75% -59.88% - TOBA PULP LESTAR INRU.JK 600 Indonesia Basic Materials -48.72% -57.14% 17,000

ISLAMIC MARKET INDICATORS

Commodities Last Net Chng WoW Chng MTD Chng YTD Chng CRUDE APR3 106.32 1.32 -1.06% 1.23% 15.79% NGAS APR3 3.48 -1.69 3.33% 0.99% 3.85% GOLD APR3 1396.3 1.82 1.85% 6.38% -16.80% CRUDE APR3 24.05 3.05 3.10% 22.50% -20.70% SILVER MAY3 106.32 1.32 -1.06% 1.23% 15.79% Currencies Last Bid Net Chng WoW Chng MTD Chng YTD Chng

Euro 1.338 0.00 0.38% 0.60% 1.41%

Japanese Yen 98.69 0.03 1.20% 0.85% 13.78%

GB Pound 1.5569 0.00 -0.37% 2.39% -4.20%

Swiss Franc 0.9218 -0.00 -0.49% -0.46% 0.69% Australian Dollar 0.9025 0.00 -1.69% 0.50% -13.16%

Indian Rupees 63.19 -1.36 2.50% 3.86% 14.91%

Malaysian Ringgit 3.3 -0.01 0.76% 1.69% 7.95%

Bonds (Top Benchmarks) Bid Yield Net Chng WoW Chng MTD Chng YTD Chng US5Y 1.6233 0.00 3.99% 17.12% 123.90%

US10Y 2.8183 0.00 -0.24% 8.90% 60.40%

EU5Y 0.903 0.01 11.48% 36.82% 216.84%

EU10Y 1.939 0.01 3.41% 15.69% 48.58%

ES5Y 3.459 0.05 4.12% 4.41% -14.80%

IT5Y 3.182 -0.00 4.43% -2.48% -5.16% GR10Y 10.148 0.03 4.44% 1.19% -14.88%

PT5Y 6.206 -0.09 3.97% 5.15% 19.97%