mashreq€¦ · dragon oil approached by emirates national oil co. (enoc) for a possible buyout...

mashreqFixed Income Trading

Daily Market Update

Market Update

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RAK Ceramics sees profit boost as it sells non-core assets

Ras Al Khaimah Ceramics, the world’s biggest maker of ceramics, expects profits to increase this year after it closed its manufacturing operations in China

and is set to complete the sale of its loss-making business in Sudan this month. The company based in Ras Al Khaimah, the northernmost sheikhdom in the

United Arab Emirates, has reduced production at its Iran plant to a minimum as it contributes less than 5% to revenue, Chief Executive Officer Abdallah

Massaad said in a phone interview. It also shut production at its China facility, which posted a 46 million-dirham ($12.5 million) loss last year. “We are

concentrating on the U.A.E., India and Bangladesh as the main industrial hubs,” Massaad said yesterday. The company announced plans last year to sell non-

core businesses such as construction, property development and pharmaceuticals as it focuses on ceramics production. The company signed preliminary

agreements to exit RAK Sudan and adhesives company RAK Laticrete, while the sale of RAK Pharmaceuticals in Bangladesh was concluded in 2014, it said in

a statement this week. RAK Ceramics booked a loss of 56.5 million dirhams last year due to hyperinflation and currency fluctuations in Sudan and Iran, which

probably won’t be repeated this year, he said. Still, the company reported a 3.5% rise in 2014 profits to 282 million dirhams and said it’s aiming for a

dividend payout of at least 60% of net income in the future, subject to funding needs. (Bloomberg)

Wednesday, March 18, 2015

Bond drought benefits Emaar sukuk as property slump saps shares

The slowest start to any year since 2010 for sales of Shariah-compliant bonds from Gulf countries is working out just fine for holders of debt from Dubai’s

Emaar Properties PJSC. The company’s Islamic bonds are clinging to gains even as its shares slide. Its Shariah-compliant notes due July 2019 have risen

0.4% this year, to 113.268 ; about a percentage point short of a record high. The shares, meanwhile, have declined 9.1 % to the lowest in more than two

months. The resilience of the bonds underlines the lack of options for investors seeking Shariah-compliant assets in the six-nation Gulf Cooperation Council,

after sales of new sukuk dropped by 47 % from a year ago. Emaar’s shares have fallen after the company this month announced a lower-than-anticipated

2014 dividend. Dubai real estate prices dropped the most in the world in the second half of last year, according to Frank Knight LLP. (Bloomberg)

Dragon Oil approached by Emirates National Oil Co. (ENOC) for a possible buyout

Dragon Oil Plc, a Dubai-based explorer active in Turkmenistan, said its largest investor has made an offer to buy the shares it doesn’t already own. Emirates

National Oil Co., owner of 53 % of Dragon, has offered to buy the remaining shares “for a premium” to its 509.5 pence closing price on March 13, the state-

owned refining company said in a statement Tuesday. Dragon shares soared after this news and gained 13% to close at 602 pence in London, giving it a

market value of 2.96 billion pounds ($4.36 billion). “There can be no certainty that any firm offer for the company will be made nor as to the terms on which

any firm offer might be made,” Dragon said in a separate statement. Emirates National has been seeking new oil supplies. Dragon produced an average of

78,790 barrels of oil a day last year with sales of $1.09 billion. The company, which is exploring in Iraq, Algeria and Egypt, is seeking to increase that to

100,000 barrels a day by 2016. (Bloomberg)

Deutsche Bank says Dubai will be hub for African operations

Deutsche Bank AG is merging its African business into its Middle Eastern operations as it seeks greater access to the region’s fastest-growing economies.

Ashok Aram, who heads Deutsche Bank in the Middle East, made the announcement today at the Bloomberg Future Cities Forum in Dubai. Aram will expand

his responsibilities to take charge of Africa, including South Africa and Nigeria, and said the move has been approved by Deutsche Bank’s board. Dubai will be

the hub for the newly-created Middle East and Africa region. A city of 2.1 million people, Dubai became a regional banking center after opening the Dubai

International Financial Centre in 2004 to attract international banks, asset managers and insurers with promises of zero taxes for 50 years. Rivals such as

Standard Chartered Plc and Barclays Plc relocated their African businesses to Johannesburg from Dubai in recent years. (Bloomberg)

Emirates targets U.S. freight routes as subsidy debate stews

Leading Gulf airline Emirates said it may add North American freighter routes beyond the six it already serves, just as U.S. carriers seek to block the

expansion of Middle Eastern rivals saying they benefit from illegal subsidies. There is an “absolute possibility” that Emirates, already the world’s No. 1

international cargo carrier, will add more destinations in the region using its freighter fleet, said Henrik Ambak, senior vice president for global cargo

operations. The Dubai-based company has 12 Boeing Co. 777Fs that can each carry 103 metric tons and two 747-400ERFs able to haul 117 tons. While

Emirates has built itself into a top cargo player using belly space in a fleet of almost 220 passenger jets that serve 127 cities, the carrier’s SkyCargo arm

offers freighter flights to 50 locations from a hub at Dubai’s new Al Maktoum International Airport. North America, along with Africa, is the unit’s main growth

target, Ambak said in an interview. (Bloomberg)

QNB closes USD3 billion loan syndication

QNB has closed a syndicated USD3 billion term loan facility which has a tenor of 3 years and is priced at Libor + 60 bps. The facility was oversubscribed with

participation of 20 banks. Proceeds from the facility will be used for general corporate purpose. QNB has prepaid in full existing loan of USD1.8 billion prior to

the closing of this new facility.

Saudi Aramco wants to be the leader in refining/chemicals by 2020

Aramco is spending 60-70% of investment research in developing oil/gas exploration, production technologies, Ahmad Al Khowaiter, chief technology officer,

said at a conference in Dubai. “We want to emerge as a leading global integrated refining and chemicals co by end of this decade”. Aramco is investing in Red

Sea exploration methods, simulation, mapping to find new pools of oil, gas. In refining, chemicals, they are working on projects such as making chemicals

directly from crude. (Bloomberg)


Daily Market Update

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Rating Update

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Energy junk-bond revival cut short as $7 Billion Lost in 10 days

Investors lured back into junk-rated energy bonds by their juicy yields are getting burned. Oil prices have fallen more than 15% since March 4th to a six-

year low of USD43.5 hence wiping out $7 billion of market value of high-yield debt issued by energy companies. Prices on USD1.45 billion of notes sold less

than two weeks ago by Energy XXI Ltd., an oil producer that was being squeezed by its lenders, have fallen by as much as 10%. Comstock Resources Inc.’s

$700 million of securities have declined by more than 7% since March 6th. The latest slump in crude is rekindling concern that oil companies will struggle to

service the USD120 billion of high- yield, high-risk debt they took on in the past three years amid the U.S. shale boom. That’s a sharp reversal from February

when yield-starved bond investors were loading up on the debt again, pushing down borrowing costs to a two-month low. Junk-rated energy borrowers have

sold about USD9.4 billion in bonds this year, doubling the amount issued during the last three months of 2014, according to data compiled by Bloomberg.

The companies raised more than USD17 billion during the third quarter of last year. Oil prices are plunging as U.S. output climbs to the highest in three

decades even as explorers idle drilling rigs.The drop to less than USD44 a barrel follows a month of relative stability, when prices hovered around USD50

after sliding from as high as USD107 in June. (Bloomberg)


Fitch sees more than 50% chance that Malaysia will be downgraded on 1MDB

Malaysia’s credit rating is “more than 50% likely” to be downgraded as its trade balance worsens and a state investment company struggles to meets its

debt obligations, Fitch Ratings said. The Southeast Asian nation would “sit more naturally in the BBB range,” Andrew Colquhoun, head of Asia Pacific

sovereign ratings, said in an interview in Singapore Wednesday. Malaysia is rated A- by Fitch, the fourth-lowest investment grade and two steps above BBB.

The ringgit erased gains. A deteriorating current-account surplus exposes Malaysia to volatility in investor sentiment, and Fitch will review the country next

quarter, Colquhoun said. Developments surrounding 1Malaysia Development Bhd., whose advisory board is headed by Prime Minister Najib Razak, and which

has been forced to dismantle its assets amid surging debts, is a “country demonstration of what weaker governance means,” he said. (Bloomberg)

Libyan government is planning an oil export program to weaken its rival

Libya’s internationally-recognized government asked companies buying oil from ports under its control to deal with its administration, a move seen as an

effort to weaken a rival, Islamist-backed Libya Dawn. Al Mabrook Bu Seif, the chairman of National Oil Corp. appointed by the elected government, said his

management team is drafting a loading program that is separate from the one implemented so far, which was designed by another management team of the

state-run company based in the capital, Tripoli. “We will ask in a week or two the NOC clients to apply for the new loading program that covers the ports

under control of the legal government,” he said in a telephone interview late Tuesday from the eastern export terminal of Ras Lanuf. The North African

nation has been divided between two administrations since July, when the Libya Dawn coalition of Islamist militias captured Tripoli, forcing the government

and parliament that elected it to move to eastern cities of Al-Bayda and Tobruk respectively. Libya Dawn set up a rival cabinet in the capital, where NOC has

its headquarters. (Bloomberg)

India puts brakes on slowest lending since 2009 as rules tighten

Indian banks may rein in lending growth which is already near the slowest pace in five years after regulators ordered them to set aside more funds to

counter bad debt. From April 1st, lenders will have to lift capital levels to cover 15% of restructured loans in arrears, up from 5%. That’s going to increase

banks’ liabilities and reduce their reserve buffers, the three main rating companies say. Banks that are more cautious on lending are failing to pass on

interest rate cuts, holding back Prime Minister Narendra Modi’s efforts to achieve growth as high as 8.5% in the next fiscal year. Distressed loans soared to a

record 4.2 trillion rupees ($67 billion) in December, 6.2% of total advances, data from the Reserve Bank of India show. (Bloomberg)

Petro Rabigh signs USD5.2 bn financing contract with banks

Rabigh Refining & Petrochemicals, a JV between Saudi Aramco and Sumitomo Chemical, has signed a contract to receive financing for a project to expand its

existing refinery and petrochemicals complex, according to statement from Sumitomo Chemical. Amount is equivalent to more than 60% of the total project

cost of USD8.1bn. (Bloomberg)

Chinese companies shift to Yuan denominated debt

Chinese companies are increasingly tapping the home market for funds as the nation cuts rates while US monetary tightening sparks a dollar surge that’s

increasing costs of servicing debt in the currency. Chinese corporate are the world’s biggest foreign borrowers of the greenback with USD1.1 trillion of

liabilities. They have cut sales of USD denominated bonds and short-dated paper by 12% this year and boosted yuan issuance by 51%, Bloomberg-compiled

data show. The world’s two biggest economies are adjusting to shifting momentum as China’s growth cools to the slowest in more than two decades while

the US regains pre-global financial crisis levels of expansion. The PBOC cut its benchmark rates and the greenback rose 0.7% against the yuan this year. The

Federal Reserve concludes a meeting today and may drop its pledge to be “patient” on raising borrowing costs. A key factor encouraging the onshore shift is

the strengthening greenback, “which means their dollar debt could become more expensive over time,” said Rui Guo, Hong Kong-based credit analyst at

Mitsubishi UFJ Securities HK Ltd.

Fitch affirms Ooredoo rating at 'A+' with a stable outlook

Fitch Ratings has affirmed Ooredoo Q.S.C's ( Ooredoo ) long-term foreign currency Issuer Default Rating (IDR) at 'A+' with a stable outlook. Fitch has also

affirmed Ooredoo 's outstanding bonds and Sukuk issues, including Ooredoo International Finance Limited's global medium-term note programme and

Ooredoo Tamweel Limited's Sukuk programme, at 'A+'. The affirmation reflects the continued strength of Ooredoo 's links with the State of Qatar

(AA/Stable). Ooredoo 's ratings are two notches lower than the Qatar's, based on the strong operational, strategic links and moderately strong legal links (in

the absence of an explicit sovereign guarantee), in accordance with Fitch's Parent and Subsidiary Rating Linkage methodology. Qatar directly and indirectly

owns 69% of Ooredoo . Ooredoo is currently one of the highest-rated entities in the broader Fitch-rated global telecommunication peer group. (Bloomberg

and Reuters)


Daily Market Update

New Issue Update

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Change Change USD EUR AED

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

iTraxx Europe 50.407 0.575 -12.593 2-Year 0.935 -0.005 0.101 0.000 1.320 -0.008

iTraxx Europe Crossover 256.022 3.725 -89.564 5-Year 1.700 -0.010 0.285 0.001 2.371 -0.011

CDX North America IG 65.096 -0.118 -1.024 10-Year 2.144 -0.009 0.612 -0.011 3.394 0.014

CDX North America HY 325.637 -0.410 -31.317 30-Year 2.459 -0.007 0.980 -0.011 N/A N/A

iTraxx SovX Western Europe 21.745 0.920 -6.120 Source: Bloomberg

iTraxx SovX CEEMEA 367.980 0.650 52.560

iTraxx Europe Senior Financial 56.848 1.041 -10.588

iTraxx Europe Sub Financial 124.465 3.965 -24.401

Source: Bloomberg

Change Change Last Change

bps Spread Day YTD YTD (%)

Emirate of Abu Dhabi 5Y 64.500 -2.210 0.960 S&P 500 2,074.28 0.75

Emirate of Dubai 5Y 206.015 -0.880 -20.880 Dow Jones Industrial Avg 17,849.08 0.15

Kingdom of Bahrain 5Y 270.710 -0.635 28.970 DFM General Index 3,454.17 -8.47

State of Qatar CDS 5Y 77.960 0.495 0.000 ADX General Index 4,307.76 -4.88

Kingdom of Saudi Arabia 5Y 72.015 -0.510 5.305 Qatar Exchange Index 11,658.58 -5.11

Lebanese Republic 5Y 372.575 -0.010 -22.500 TASI 9,303.13 11.64

Republic of Turkey 5Y 210.262 -4.799 25.869 Spot Gold 1,148.64 -3.02

Arab Republic of Egypt 5Y 329.975 -0.015 48.195 Spot Silver 15.53 -1.16

Source: Bloomberg WTI Crude 42.54 -20.14

Brent Crude 53.02 -7.52

Source: Bloomberg

Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.37369 -0.08% 5.29%

Mashreq Al-Islami Arab Tigers 19.40170 -0.20% 3.53%

Makaseb Income Fund 12.78306 -0.13% 3.14%

Source: Bloomberg


BBK raises USD 400 million from a 5-year bond sale

BBK B.S.C raised USD 400 million from the sale of 3.50% 5-year bond at a re-offer price of 99.09 (priced to yield 200 bps above benchmark mid-swaps).

-22.87

CREDIT MARKETS SWAPS

bps

CDS MISCELLANEOUS

Change

Day

-6.91

-128.34

-80.12

MUTUAL FUNDS

Last (NAV)

-28.59

-135.10

-0.93

-0.04

-0.92

-0.49

Fixed Income Trading

March 18, 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 6.750 117.50 119.50 1.74 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 101.63 105.63 4.50 B- /Caa1 /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 97.25 101.25 6.77 B- /Caa1 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 111.50 113.00 2.54 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 106.25 108.25 4.60 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 106.75 107.75 1.18 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 119.88 120.88 3.15 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 102.25 103.25 3.40 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 103.25 103.75 -0.21 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 123.13 125.13 2.82 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 113.00 114.00 3.11 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 102.00 103.00 4.71 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 93.25 95.25 5.59 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 94.63 96.63 7.11 B /B1 /B

Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.200 103.88 105.88 5.83 B+ /- /BB-

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 90.75 92.75 7.43 B+ /- /BB-

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 105.25 107.25 3.88 AA- /A1 /A+

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.00 103.00 4.09 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 101.13 103.13 5.34 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 101.50 103.50 6.26 B- /Caa1 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 100.63 102.63 6.10 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 103.75 105.75 7.37 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 93.50 95.50 8.33 B- /Caa1 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 90.63 92.63 6.44 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 90.63 92.63 6.77 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 107.75 109.25 3.48 BBB- /NR /BBB

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 110.75 112.25 4.16 BBB- /- /BBB

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 110.75 112.25 4.36 BBB- /- /BBB

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 94.25 95.75 6.32 BBB- /- /BBB

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.63 101.63 1.32 BB- /B1 /-

Sovereign


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 108.00 110.00 0.90 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 111.75 113.75 1.86 BBB- /- /BBB-

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 102.25 104.25 3.61 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 107.13 109.13 2.39 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 106.38 109.38 4.88 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 101.38 104.38 5.36 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 101.50 102.50 1.03 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 108.38 109.88 2.91 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 89.63 92.13 7.30 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 83.00 85.50 7.65 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 1050 100/1 100 USD Fixed 11.750 99.13 101.63 8.59 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 103.25 104.25 0.26 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 102.75 104.75 1.92 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 96.88 98.88 7.30 B+ /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 98.63 100.13 4.73 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 418 1/1 100 USD Step Cpn 3.500 88.38 89.88 6.64 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 102.13 104.13 6.70 B- /B2 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 91.38 93.38 9.01 B- /B2 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 91.38 93.38 9.10 B- /B2 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 103.63 105.63 2.38 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 111.25 112.75 2.72 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 97.25 98.75 3.49 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 5.875 113.75 115.25 3.82 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 101.38 102.88 3.98 - /Baa3 /BBB-

Republic Of Indonesia USY20721BG36 15-Jan-25 2000 200/1 100 USD Fixed 4.125 100.38 101.88 3.89 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 102.00 103.50 5.01 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 93.88 95.38 4.93 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 123.75 125.25 5.07 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.125 100.75 102.25 4.98 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 90.25 91.75 4.97 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 83.38 84.88 5.97 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 100.38 101.88 5.37 B+ /- /B+


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 101.75 103.25 6.40 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 93.13 95.13 7.40 - /B1 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 107.13 108.63 4.00 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 95.38 97.38 6.01 BB- /- /BB-

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 97.88 99.88 6.77 BB- /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 93.63 95.63 7.08 BB- /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 99.63 101.63 6.36 B+ /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 110.00 112.00 6.36 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 95.25 97.25 6.65 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 96.50 99.50 7.73 - /- /B+

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 104.88 106.38 2.41 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 112.38 113.88 3.43 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 103.38 104.88 -0.17 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 118.75 120.25 -0.44 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 112.88 114.38 3.17 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 107.75 109.25 3.45 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 100.75 102.25 3.43 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 111.13 112.63 3.85 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 102.75 104.25 4.09 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 109.88 112.88 4.33 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 106.25 109.25 2.79 BBB- /Baa2 /BBB

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 114.63 117.63 5.03 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 102.00 105.00 5.05 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 100.38 101.88 5.44 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 97.63 99.13 5.37 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 100.25 102.25 5.77 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 99.25 102.25 5.82 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 97.13 100.13 5.85 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.00 105.00 3.06 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 113.88 115.38 3.72 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 112.63 114.13 2.20 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 93.13 94.63 4.04 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 109.75 111.25 2.56 - /Baa3 /BBB-


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 109.63 111.13 4.25 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 99.25 100.75 4.39 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 119.38 122.38 5.15 NR /Baa3 /BBB-

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 96.25 99.25 4.92 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.38 99.88 2.84 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 64.00 69.00 28.41 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 103.25 105.25 4.13 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 89.38 91.88 6.77 B+ /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 103.75 106.25 7.53 B+ /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 105.38 106.88 2.93 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 103.38 104.38 0.72 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 116.88 118.38 1.82 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 164.63 167.13 3.87 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.50 102.50 1.20 AA /Aa2 /-

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 102.13 103.63 2.72 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 99.25 101.25 1.39 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 103.13 105.13 3.41 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 118.25 120.25 5.93 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.397 101.13 103.63 5.57 Not Rated

Aabar Investments Pjsc (C) XS0632138961 27-May-16 1250 100/100 100 EUR Fixed 4.000 143.13 146.13 -26.43 Not Rated

Bahrain Mumtalakat Hold (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 100.13 101.63 3.72 BBB- /- /BBB

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 100.63 102.13 4.77 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 100.00 101.00 0.31 AA /Aa2 /AA


IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 104.75 105.75 -0.12 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 103.88 104.88 1.21 AA /Aa2 /AA

IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.375 105.00 106.00 0.48 AA /Aa2 /AA


Diversified


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 127.75 129.25 0.84 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 116.13 117.13 2.77 AA /Aa2 /AA

IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.625 118.38 119.38 1.13 AA /Aa2 /AA


Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 109.13 110.63 1.99 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 104.75 106.25 3.08 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 125.38 128.38 3.48 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 102.50 103.50 0.51 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 121.75 122.75 1.87 AA /Aa2 /AA



Mumtalakat XS0521476118 30-Jun-15 750 100/1 100 USD Fixed 5.000 100.13 101.63 -0.84 BBB- /- /BBB

Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 101.63 104.13 7.79 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 94.88 96.38 7.24 B /Ba2 /-

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 104.13 105.13 0.97 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 99.88 101.38 2.02 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.00 102.50 2.33 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 99.75 101.25 2.45 A /NR /A+

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 103.00 104.50 3.84 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 102.25 103.75 3.77 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 100.88 102.38 -0.08 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 103.00 104.50 1.09 - /A2 /A+

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 87.75 89.75 12.40 BB- /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 79.00 81.00 15.49 B /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 103.88 105.38 4.72 Not Rated

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 56.25 76.25 32.41 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 55.63 75.63 25.24 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 103.13 105.13 1.89 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 98.00 100.00 3.87 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 99.00 101.00 4.49 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 97.00 99.00 4.48 - /- /BBB-

Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 99.63 101.63 0.19 - /Baa3 /BBB-

Financial Institutions


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 99.50 101.50 3.26 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 105.88 107.88 3.67 - /Baa3 /BBB-

Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.000 96.00 98.00 4.46 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 98.75 100.75 4.88 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 97.75 99.75 6.31 BB /- /-

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 3.267 102.25 104.25 2.02 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.63 103.63 4.55 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 98.38 100.38 3.03 - /- /A+

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 100.25 102.25 0.97 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 101.50 103.50 1.55 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 105.50 107.00 2.18 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 99.75 101.75 2.88 BBB- /Baa2 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 103.00 105.50 4.55 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 99.25 101.25 5.40 BB+ /Baa3 /BBB-

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 99.63 101.63 2.48 - /Baa3 /-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 62.38 69.38 21.87 - /C /-

Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 95.13 100.13 5.75 - /B1 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.13 101.13 2.11 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 100.75 102.25 0.77 - /Baa2 /BBB

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 100.63 102.13 0.84 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 103.13 104.63 1.70 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 106.63 108.13 2.87 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 103.63 106.13 3.67 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 100.38 102.88 5.41 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 97.00 99.50 5.50 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 104.50 106.00 4.23 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 105.38 107.38 4.91 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 100.50 102.00 0.94 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 101.00 103.50 2.57 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 113.00 115.00 3.42 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 99.75 101.75 6.07 BB /B2 /-

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.50 103.50 1.31 A /- /A


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 122.00 123.00 4.80 - /Ba2 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 103.38 104.38 4.93 - /Ba1 /-

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 115.88 117.88 4.21 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 96.75 98.75 7.58 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 101.88 104.88 1.75 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 101.25 102.25 2.32 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 99.25 101.25 3.44 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 99.50 101.50 2.93 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 99.38 100.88 3.29 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.25 102.75 2.47 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.63 104.63 1.09 A- /A1 /-

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 118.50 120.50 2.78 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 77.38 80.38 15.99 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 92.13 95.13 9.68 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 78.88 81.38 14.89 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.63 104.13 1.38 A- /A2 /A+

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 104.13 106.13 1.89 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 102.50 104.50 4.99 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 100.63 102.63 6.20 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 99.25 101.25 5.99 - /Ba1 /BB

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 99.25 101.25 5.99 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 89.25 91.25 11.32 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.453 92.00 97.00 3.36 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 103.88 105.38 1.90 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 103.75 105.25 1.78 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.38 104.88 2.34 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.38 101.88 2.82 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 102.63 104.13 3.42 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 98.00 100.00 5.75 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 101.63 103.63 5.60 Not Rated

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 105.00 107.00 3.90 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 98.25 100.25 4.95 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.75 104.75 1.95 BBB- /Baa3 /-


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 103.25 105.25 2.64 BBB- /Baa3 /-

Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.750 97.50 99.50 2.85 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 102.00 103.50 3.48 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 76.63 79.63 16.31 B /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 75.13 77.63 15.22 B /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 81.88 84.38 13.10 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 98.75 101.75 4.43 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.38 102.38 3.34 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 99.25 102.25 5.63 - /Ba2 /BBB-

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 101.88 102.88 1.70 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 102.63 104.13 0.75 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 103.63 105.13 1.20 - /A2 /A+

First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.625 98.63 100.13 2.60 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 102.38 103.88 1.16 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 86.50 90.50 10.12 BB- /B2 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 81.50 85.50 8.98 BB+ /- /BB+

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 77.00 82.00 13.76 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 72.50 75.50 18.63 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.75 103.25 2.00 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 100.75 102.25 -0.66 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 99.38 101.38 6.24 BB- /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 90.38 92.38 8.48 BB- /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.25 101.25 1.90 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.88 101.88 3.53 BBB /- /-

Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.200 99.38 101.38 3.91 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 100.13 102.13 2.25 BBB- /Baa2 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 99.50 101.00 2.55 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 100.88 102.38 3.40 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 97.63 99.63 3.59 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 99.38 101.38 4.44 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 105.13 106.63 2.33 BBB- /Baa2 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 106.63 108.13 2.72 BBB- /Baa2 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 101.50 103.00 2.85 BBB- /Baa2 /BBB-


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.50 104.00 2.98 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 99.50 101.00 3.47 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 104.13 105.63 3.64 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 100.38 101.88 3.72 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 103.25 104.25 2.25 BB+ /(P)Ba1 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.25 103.75 3.27 BB+ /Ba1 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 89.38 91.38 8.07 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 105.13 107.63 5.09 - /Ba2 /BB

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 101.25 103.25 2.44 - /Baa2 /BBB-

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 100.63 102.13 5.32 - /Baa3 /BBB

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 103.38 105.38 3.58 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 103.75 105.25 2.53 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 103.13 104.63 3.97 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.381 93.50 97.50 2.77 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 97.25 102.25 -0.73 - /Caa1 /B

National Bk Of Abu Dhabi XS0497249341 25-Mar-15 750 100/1 100 USD Fixed 4.250 98.88 100.38 -22.56 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 103.00 104.00 1.24 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.88 104.88 3.25 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.63 104.63 3.50 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.63 103.63 2.13 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.250 99.00 100.00 2.25 AA- /Aa3 /AA-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 106.75 108.75 6.05 B+ /- /BB-

Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 100.13 102.13 -0.42 - /Caa1 /B

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 101.25 102.25 -0.25 - /- /A+

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.13 102.63 1.45 - /- /A+

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 101.00 102.00 0.07 A+ /Aa3 /AA-

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.50 104.00 1.26 A+ /Aa3 /AA-

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.25 100.75 1.86 A+ /Aa3 /AA-

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.75 102.75 1.59 - /A3 /A+

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.250 99.75 101.25 2.94 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 90.75 92.75 8.28 - /Ba2 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 87.50 90.00 8.60 - /Ba2 /BB+


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 101.00 102.00 -0.10 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 87.88 89.88 8.02 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 82.25 84.25 14.09 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 76.75 78.75 9.05 - /Ba2 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 74.63 76.63 9.41 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 73.63 75.63 13.72 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 103.63 104.63 0.77 BBB+ /- /BBB+

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.13 102.13 2.23 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 103.13 104.63 2.10 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 101.13 102.63 2.36 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 102.13 103.63 2.67 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 107.50 109.00 3.70 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 100.13 103.13 4.89 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 102.13 105.13 4.72 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 101.38 104.38 2.00 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.25 103.75 2.84 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 103.75 105.75 1.94 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 97.25 99.25 4.44 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 98.25 100.25 3.86 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 101.63 103.63 4.40 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.00 102.00 3.15 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 99.13 101.13 4.47 - /Baa3 /BBB-

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 100.00 102.00 4.93 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 99.25 101.25 5.06 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.38 103.38 3.35 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 98.13 100.13 4.71 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 93.50 95.50 4.92 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 96.25 98.25 5.10 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 98.63 101.13 3.42 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 100.88 103.38 4.58 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 97.50 99.50 5.09 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 95.63 98.13 6.31 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 97.75 98.75 4.13 - /Baa3 /BBB-


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 100.13 102.13 4.85 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 96.63 98.63 4.23 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 99.88 101.88 4.43 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 99.75 101.75 3.05 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 95.50 97.50 6.42 - /Ba2 /BB+

Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6.875 95.13 97.13 7.59 - /Ba3 /BB+

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.75 105.25 2.38 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.75 103.25 2.67 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 105.25 106.75 2.92 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 84.63 87.63 9.96 BB+ /- /BBB-

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 92.00 95.00 8.27 BB+ /Ba1 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 92.88 95.88 8.21 - /Ba1 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 77.38 80.38 10.81 BB- /Ba3 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 101.00 102.50 4.51 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 99.63 101.13 4.85 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 94.88 96.38 4.85 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 93.75 95.25 6.28 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 89.63 91.63 8.72 BB- /- /B+

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.50 106.00 2.64 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 101.88 103.38 4.16 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 104.13 105.63 3.06 - /Baa3 /BBB

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 96.88 99.38 7.38 BB+ /Ba2 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 95.13 97.13 8.00 BB+ /Ba2 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 89.13 90.63 7.70 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 99.75 101.75 4.65 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 97.00 99.00 6.10 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 98.38 100.38 6.39 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 102.63 104.63 5.31 BB /(P)Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 99.75 101.25 4.17 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 100.38 102.38 3.63 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 72.50 75.50 21.08 B- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 72.75 75.75 20.94 B- /Caa1 /-

Real Estate / Tourism


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 72.88 75.88 20.87 B- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Fixed 13.375 15.25 20.25 82.64 CCC- /Caa3 /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 108.25 110.25 0.95 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 112.38 114.38 2.84 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 104.13 105.63 3.83 BBB- /Baa2 /-

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 99.63 101.13 3.51 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 103.88 105.88 4.14 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 98.00 100.00 3.50 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 91.50 94.00 11.96 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 113.50 115.50 3.08 - /Ba1 /BB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 100.75 102.75 3.23 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 105.38 107.38 4.66 BBB /Baa3 /-

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 108.00 110.00 2.76 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 106.25 108.25 1.39 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 104.13 105.63 4.01 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 106.25 108.25 4.61 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 97.38 99.88 11.28 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 108.25 110.25 2.62 Not Rated

Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 99.88 101.38 -0.59 AA /Aa2 /-

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 111.13 112.63 2.46 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 98.13 100.13 6.58 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 102.38 104.38 7.04 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 1100 200/1 100 USD Fixed 8.375 100.00 102.00 7.94 BB- /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 99.88 101.88 4.15 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 102.88 104.88 5.33 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 99.25 100.75 9.08 B+ /B1 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 88.38 90.38 12.71 B- /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 81.50 84.50 18.43 B- /- /B+

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 99.50 101.00 4.03 BB+ /- /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 100.63 102.63 7.86 B+ /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 108.63 110.13 1.63 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 107.00 108.50 3.87 BBB- /Baa3 /BBB-

Telecommunications / IT


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 109.00 110.50 3.97 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 500 200/1 100 USD Fixed 2.375 100.88 101.88 1.91 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 104.50 105.50 2.82 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 105.25 106.25 0.72 AA- /Aa3 /A+

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 112.00 113.00 1.49 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 90.38 92.88 10.46 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 98.88 100.88 4.64 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 81.75 84.75 7.53 BB+ /Ba1 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.38 103.38 1.19 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 121.63 123.13 2.12 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 108.63 110.63 2.78 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 97.75 100.25 3.21 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 109.25 111.75 3.65 A- /A2 /A+

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 96.88 99.38 3.94 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 100.38 102.88 4.32 A- /A2 /A+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 106.75 108.75 2.51 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 108.38 110.38 3.82 - /Baa3 /BB+

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 99.88 102.38 9.84 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 96.00 98.00 9.44 BB- /- /BB-

Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.250 97.75 99.75 5.29 BB /- /BB

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 110.50 112.00 3.31 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 85.75 87.75 8.28 BB+ /Ba1 /BB+

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

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 97.88 99.88 4.89 BBB- /- /BBB-

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 81.13 83.13 9.10 BB+ /Ba2 /BB+

Vimpelcom Holdings XS0889401054 13-Feb-19 600 200/1 100 USD Fixed 5.200 87.75 90.75 8.01 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 1000 200/1 100 USD Fixed 5.950 82.25 84.25 8.75 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 67.50 69.50 13.23 BB /- /BB+

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Defaulted 11.500 47.88 50.38 108.48 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Fixed 10.250 47.88 50.38 33.53 CC /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Fixed 6.625 47.38 49.88 22.70 CC /- /C

Industrials / Energy


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 106.25 108.25 6.30 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 97.63 99.63 5.46 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 94.25 96.25 5.76 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 91.75 93.75 7.03 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 103.00 106.00 3.71 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 192 200/1 100 USD Fixed 7.750 96.13 98.13 9.60 BB- /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.88 102.88 3.54 - /Baa1 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 94.75 96.75 9.24 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 92.00 94.00 9.12 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 101.38 102.88 2.97 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 98.38 100.38 5.11 BB+ /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 95.13 97.13 5.65 BB+ /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.157 98.25 100.25 1.07 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 98.00 100.00 1.95 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.700 98.38 100.38 2.61 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Fixed 9.750 46.75 49.75 38.74 B- /- /B-

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 82.00 84.00 8.24 BB /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 109.00 111.00 2.81 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 111.00 113.00 3.54 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 394 2/1 100 USD Fixed 5.900 60.88 65.88 16.13 CCC+ /B3 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.157 98.38 100.38 1.00 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.63 100.63 2.59 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 101.88 103.88 3.98 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 79.63 86.63 13.13 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 80.25 84.25 16.54 Not Rated

DEWA XS0504040725 22-Apr-15 1000 100/1 100 USD Fixed 8.500 100.00 101.00 -2.63 - /Baa2 /WD

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 106.00 108.00 1.26 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 121.25 123.25 2.84 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 100.88 102.88 1.99 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 714 100/1 100 USD Fixed 5.888 108.38 109.88 3.36 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 114.13 115.63 2.92 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 379 200/1 100 USD Fixed 5.125 104.50 106.00 4.20 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 106.38 107.88 0.86 - /Baa3 /BBB-


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 113.13 114.63 5.68 NR /Baa3 /BBB-

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 107.25 108.75 2.29 NR /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 103.13 104.63 1.28 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 714 200/1 100 USD Fixed 4.500 99.75 101.25 4.34 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 805 200/1 100 USD Fixed 3.875 100.13 101.63 3.64 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 95.63 97.63 6.24 BBB- /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 98.88 100.88 6.61 BBB- /Ba1 /-

Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.125 99.75 101.75 6.88 BBB- /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.38 101.38 2.50 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 97.75 99.75 5.28 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.136 98.00 99.50 5.41 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 82.13 85.13 7.63 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 83.50 88.50 7.95 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 86.88 89.88 5.65 BB+ /Ba1 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 113.88 115.88 7.01 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 101.50 103.50 3.33 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 90.88 93.38 9.49 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 94.75 97.25 9.01 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 88.13 90.63 6.94 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 90.75 93.25 9.94 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 109.13 112.13 3.48 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 110.88 112.88 3.93 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 101.00 103.00 1.45 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 100.25 103.25 2.10 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 95.63 97.63 5.33 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 94.38 96.38 5.76 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 86.00 88.00 13.19 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 93.50 96.50 9.58 BB- /Ba3 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 95.63 98.63 9.91 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 6.64 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 109.13 111.13 4.70 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 271 100/1 100 USD Fixed 6.267 114.00 117.00 4.87 A+ /A1 /A-

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 95.13 97.13 8.57 BB- /- /BB-


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 94.25 96.25 5.71 BBB- /Ba1 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 92.75 95.25 6.58 BBB- /Ba1 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 90.88 92.88 7.20 BB+ /Ba1 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 88.88 91.38 7.22 BB+ /Ba1 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 102.13 104.13 1.48 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 111.25 113.25 3.28 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 105.75 107.75 3.57 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 103.00 105.00 3.75 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 106.75 108.25 4.51 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 109.38 110.88 6.07 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 102.38 104.38 2.73 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 108.25 110.25 4.02 - /Baa2 /BBB-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.63 100.13 2.46 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 100.25 101.75 2.82 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 98.63 100.13 3.73 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 104.00 105.50 3.91 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.631 88.88 90.88 7.55 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.151 83.63 85.63 6.51 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 94.25 98.25 7.35 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 89.13 91.13 8.19 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 81.88 83.88 7.99 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 84.88 86.88 8.13 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 84.38 87.38 8.13 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 79.50 81.50 7.44 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 87.63 89.63 7.88 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 86.75 88.75 8.28 BBB- /Ba2 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 59.88 62.38 30.37 CCC /- /CCC

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 106.75 109.25 3.91 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 98.38 100.88 3.74 BBB- /- /BBB-

Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.250 96.25 98.25 6.67 BB- /- /BB-

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 99.75 101.75 6.23 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 284 250/1 100 USD Fixed 5.832 102.50 104.50 2.79 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 867 250/1 100 USD Fixed 5.298 106.38 108.38 3.61 A /Aa3 /A+


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 104.75 106.75 3.17 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 108.13 110.13 3.72 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 99.25 100.75 4.03 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 113.00 115.00 5.18 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 100.75 102.25 1.56 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 100.25 101.75 0.16 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 101.13 102.63 1.85 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 109.13 110.63 0.82 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 92.00 93.50 6.29 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 99.13 100.63 4.40 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 102.13 103.13 1.11 AA- /A1 /AA-



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 106.25 107.25 3.08 AA- /A1 /AA-


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 108.88 109.88 4.86 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 675 200/10 100 USD Fixed 5.875 56.63 60.63 14.61 BB /B1 /BB-

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 100.00 102.00 2.52 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 96.38 98.38 5.73 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 100.38 102.38 3.32 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 106.13 107.63 1.06 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 103.88 105.38 1.36 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.50 102.00 1.77 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 115.50 117.00 2.00 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 115.50 117.00 2.25 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 116.38 117.88 2.93 A- /A3 /-

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 100.75 102.25 3.30 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 101.88 103.38 3.44 A- /A3 /-


Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 101.25 103.25 3.92 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 102.00 103.50 4.05 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 101.63 103.13 5.52 BB /- /BB+


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 86.38 89.38 12.36 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 101.75 103.25 0.82 BBB- /Baa1 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 95.63 97.13 4.46 BBB- /Baa1 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 86.13 88.13 8.72 B+ /B2 /-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 84.88 86.88 8.78 B+ /B2 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 99.38 100.88 3.82 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 93.88 95.38 5.19 BBB+ /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 97.38 99.38 7.28 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 85.13 87.13 10.10 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 87.38 89.38 10.62 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 79.13 81.13 10.63 BB /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 78.00 83.00 34.64 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 825 100/1 100 USD Fixed 3.925 104.13 105.63 2.79 AA /Aa2 /AA

Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.88 100.38 4.27 BB+ /Ba2 /BB+

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 91.50 94.00 6.80 BB+ /Ba2 /BB+

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 84.38 88.38 12.80 BB- /B1 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 74.63 79.63 12.97 BB- /B1 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 89.13 91.13 7.66 BB /- /BB+

Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.000 93.63 95.63 5.68 BB+ /- /BB+

Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.875 99.13 101.13 3.67 BB+ /- /BB+

Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.125 99.13 101.13 5.85 BB+ /Ba1 /BB+

Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 86.00 88.00 6.54 BBB- /Baa3 /BBB-

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 113.00 115.00 3.82 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 107.75 109.75 2.19 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 132.63 133.63 3.25 BBB- /Baa2 /BBB+

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 109.63 112.13 2.80 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 133.38 136.38 4.39 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 115.25 117.25 4.90 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 109.88 111.88 3.60 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 101.25 103.25 0.59 A- /Baa2 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 109.25 111.25 3.82 BB /Ba2 /BBB-

Miscellaneous

Various Developed Market Issues


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 124.88 126.88 2.81 BB /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 100.38 102.38 -21.02 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 104.13 105.63 7.01 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 7.06 - /B2 /B+

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 102.38 103.38 0.65 A- /Baa1 /A

Jaguar Land Rover Automo USG50027AB03 15-May-21 410 150/1 100 USD Fixed 8.125 108.75 112.75 0.48 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 111.88 113.38 3.06 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 100.38 102.38 0.25 A /A1 /A

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 115.63 117.63 2.99 BBB- /Baa2 /BBB+

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 115.13 116.13 1.32 BBB- /Baa3 /BBB+

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 114.63 117.63 3.37 BBB /Baa2 /A-

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 119.38 122.38 1.71 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 103.50 106.50 3.20 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 101.00 103.00 0.79 A- /Baa2 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 122.63 123.63 0.87 A- /Baa2 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 114.25 116.25 2.72 A- /Baa2 /A

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 116.63 119.63 3.29 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 116.63 118.63 3.25 BB+ /Ba2 /BBB-

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 101.63 103.63 3.97 A- /Baa1 /BBB+

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 116.38 118.38 1.51 BBB+ /A2 /A+

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 106.38 108.38 2.05 - /- /BBB

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 110.00 112.00 2.91 - /- /BBB

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 113.88 115.88 1.57 BB+ /Ba2 /BBB-

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 112.00 114.00 2.26 BB+ /NR /BBB-

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 110.13 112.13 4.26 BB /Ba3 /BBB-

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 100.38 102.38 0.66 A /A2 /A

Societe Generale XS0454569863 Perpetual 1000 2/2 100 USD Fixed 8.750 99.00 101.00 -11.84 BB+ /Ba2 /-

Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 98.00 100.00 3.95 BBB /A3 /A+

UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 101.88 103.88 3.43 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 121.25 123.25 3.43 BB /Ba2 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 105.63 107.63 3.76 BB /Ba2 /BBB


March 18, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Egypt 3M T Bills N/A 16-Jun-15 2500 500/25 100 EGP Zero Cpn N/A 97.05 97.52 8.15 B/B2/B+

Egypt 6M T Bills N/A 15-Sep-15 3000 500/25 100 EGP Zero Cpn N/A 94.15 95.04 8.37 B/B2/B+

Egypt 9M T Bills N/A 08-Dec-15 4000 500/25 100 EGP Zero Cpn N/A 91.72 92.96 8.31 B/B2/B+

Egypt 1Y T Bills N/A 08-Mar-16 4000 500/25 100 EGP Zero Cpn N/A 88.97 90.55 8.54 B/B2/B+

(C) Denotes a Convertible bond

(S) Denotes a Sukuk

* Offer Yield adjusted for tax

Egypt T Bills

mashreq€¦ · dragon oil approached by emirates national oil co. (enoc) for a possible buyout...

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