mashreq · pdf fileforeign investors are selling southeast asian ... 2015 uae introduces...

mashreqFixed Income Trading

Daily Market Update

Market Update

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• Foreigners’ pull out record USD5 billion from Southeast Asian equities

Foreign investors are selling Southeast Asian stocks at the fastest pace on record as the region’s economic outlook worsens and the US gets closer to

raising interest rates. Overseas funds unloaded a net USD5.1 billion of Indonesian, Thai and Philippine shares in the third quarter as the MSCI Southeast

Asia sank 21%. The combined outflows are poised to be the largest since Bloomberg began collecting the data in 1999. Record-low US borrowing costs

fueled gains of more than 200% in the three nations’ benchmark equity gauges in the six years through 2014, as investors seeking riskier assets poured

USD16.3 billion into stocks. The deepening slowdown in China’s economy, the largest in Asia, is roiling emerging markets and spurring a commodity rout.

Foreigners have withdrawn a net USD1.2 billion from Indonesia shares this quarter, the biggest selloff in two years. The Jakarta Composite Index has

dropped 15% in the period, poised for the biggest loss since 2008. Outflows from Thai stocks have reached USD2.6 billion, as the SET Index dropped 10%.

In the Philippines, international investors have pulled USD1.3 billion from shares, heading for a quarterly record. The benchmark Philippine Stock Exchange

Index is poised for a sixth straight monthly drop in September, the longest losing streak in 13 years. (Bloomberg)

Wednesday, September 30, 2015

UAE introduces changes in foreign workers’ rules

The UAE has moved to ease some restrictions on foreign workers, as the Labor Ministry issued three decrees that ban employers from changing terms of

contracts without the consent of workers, allow the workers to terminate their contracts and ensure that they can pursue other job opportunities once they

leave an employer. The measures will take effect on 1st January 2016. Labor Minister Saqr Ghobash told reporters in Abu Dhabi on Tuesday that “We want

to ensure that the labor relationship is entered into voluntarily”. The decrees govern 4.5 million workers under the labor ministry’s jurisdiction. (Bloomberg)

UAE tops Islamic economy index

The UAE figures among one of the healthiest Islamic economy environments worldwide, second only to Malaysia on scores spanning seven key economic

sectors, according to the second edition of the Global Islamic Economy Indicator (GIEI), which measures the development health of Islamic economy

sectors across 73 countries. The updated indicator is featured in the third 'State of the Global Islamic Economy Report'. The report's launch comes ahead of

the Global Islamic Economy Summit (GIES 2015) which is taking place in Dubai next week. Mohammed Abdullah Al Gergawi, chairman of the board of

Dubai Islamic Economy Development Centre (DIEDC), said: "The UAE today is taking on greater global importance in the Islamic economy as one of the

fastest growing sectors in the world, with the Islamic economy growing at nearly twice the rate of the global economy and Muslim consumer spending

exceeding USD1.8 trillion. Islamic banking assets hover at some USD1.3 trillion and are expected to double in just five years from today." (Khaleej Times)

Iraq plans to borrow more from the IMF to plug fiscal deficit

Iraq plans to borrow more from the IMF, an economic adviser to Prime Minister Haidar al-Abadi said, as the nation’s economy buckles under the surging

costs of fighting Islamic State militants and the plunge in global oil prices. Iraqi officials will hold talks with the IMF during the fund’s annual meetings next

month in Lima, Mudher Saleh said in a phone interview. He declined to say how much the government may borrow or what type of IMF program it will seek.

The Washington-based lender has already extended USD1.25 billion in emergency assistance to Iraq. An IMF program may help Iraq access international

bond markets and cut the government’s borrowing costs at a time when OPEC’s second-biggest oil producer is engulfed in a conflict with Islamic State

militants. The country will run a current-account deficit equal to 8% of economic output this year and a budget gap of 17%, according to IMF estimates.

(Bloomberg)

Dnata has entered an agreement to buy 30% of Milan based Airport Handling

Dnata has entered an accord to buy 30% of Milan based Airport Handling. It will have a call option to buy another 40% of the company. Dnata will have

majority representation on board through which it will control day-to-day operations, the Dubai-based unit of Emirates airline group says in e-mailed

statement. Airport Handling was founded in 2014 and has 1,800 employees. It operates passenger and ramp services at Milan’s Malpensa and Linate

airports. (Bloomberg)

Asian currencies are set for their worst quarterly performance in 17 years

Asian currencies are headed for their biggest quarterly loss since the Asian financial crisis, having been battered by China’s surprise devaluation of the yuan

and the prospect of a US interest-rate increase. The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies outside of

Japan, has dropped 4.2% in its worst performance since the 1997-98 crisis. Malaysia’s ringgit led the rout with a 15% slide as oil prices retreated and Prime

Minister Najib Razak was caught up in a corruption investigation. The yuan fell the most in 1 1/2 years as an economic downturn worsened in China. The

yuan declined 2.4%, the most since the three months ended March 2014. China’s slowdown is hurting exports from the rest of the region, bolstering the

case for monetary easing and heightening the risk of a currency war. Taiwan’s dollar slid to a six-year low after its central bank reduced interest rates last

week for the first time since 2009. Taiwan’s dollar fell 6%, the biggest loss since 1997. The People’s Bank of China lowered borrowing costs in August for

the fifth time in a year, while India announced its fourth cut of 2015 yesterday. Indonesia’s rupiah weakened 9.1% against the dollar this quarter, South

Korea’s won retreated 6.4% and Thailand’s baht dropped 7.1%, its worst performance since 1999, according to data compiled by Bloomberg. An estimated

USD141.66 billion of capital left China in August after the yuan’s surprise devaluation rattled global markets, exceeding the previous record of USD124.62

billion in July, according to a Bloomberg estimate compiled using official figures. Foreign funds pulled a net USD17.8 billion this quarter from stock markets

in India, Indonesia, Philippines, South Korea, Taiwan and Thailand, the latest exchange data show. (Bloomberg)


Daily Market Update

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UK consumer confidence falls and Q2 GDP grows 0.7%

UK consumer confidence dropped in September as Britons became the gloomiest this year on the outlook for the economy, according to GfK. The

company’s sentiment index fell to 3 from 7 in August, which was a 15-year high. The decline was largely due to a more pessimistic view of the economy,

with an expectations gauge dropping to minus 2 from 3. The dip may be a temporary setback in light of recent data that should buoy sentiment, including a

pickup in wages and a strengthening property market. New data from the statistics office shows that GDP in the second quarter grew 0.7%. Economists in a

Bloomberg survey forecast UK economic growth of 2.6% this year and 2.4% in 2016. (Bloomberg)

Euro area inflation turns negative again

The euro area’s inflation rate turned negative in September for the first time in six months, adding pressure on the European Central Bank to bolster

stimulus. Consumer prices in the 19-nation currency bloc fell 0.1% from a year earlier, according to a preliminary report published by the European Union’s

statistics office in Luxembourg today. Economists predicted an inflation rate of zero, according to the median estimate of 38 economists in a Bloomberg

survey. Unemployment in the region remained unchanged in August at 11%, Eurostat said in a separate release. While declining prices are largely a

consequence of cheaper energy, policy makers including ECB President Mario Draghi have signaled that they could expand quantitative easing if needed to

avert deflation. Two thirds of economists in a Bloomberg survey this month said the ECB will add to its 1.1 trillion-euro (USD1.2 trillion) asset-purchase

plan, with a majority of those who gave a timeframe predicting the move will come before the end of the year. (Bloomberg)

China cuts mortgage down payment requirements

PBOC has cut down payment requirement for 1st home buyers in cities without home-purchase restrictions from 30% to 25%. (Bloomberg)

US Senate to pass spending bill today to avoid US government shutdown

The US Senate plans to pass a spending bill on Wednesday morning to keep the US government running, leaving hours to spare for the House to vote

before a potential shutdown. “I’m optimistic it will pass” in the House, Majority Leader Mitch McConnell, a Kentucky Republican, told reporters Tuesday. He

also said that he, House Speaker John Boehner and President Barack Obama plan to start discussions soon on setting government spending limits for the

next two fiscal years. Existing government funding expires at the end of the day Wednesday. The short-term spending bill, H.R. 719, would finance the

government through December 11. “We’ve got a lot on our plate,” Boehner said after an earlier closed-door meeting of Republicans in the House. The

speaker, who plans to leave Congress at the end of October, said he’ll decide soon when to set internal party elections for his successor and possibly for

other Republican leadership posts. House Republicans met on Tuesday evening to discuss their priorities and leadership. (Bloomberg)

China’s regulator imposes record fines in market rout clampdown

China’s securities regulator has handed out at least 2.37 billion yuan (USD370 million) in penalties this month, five times the total for all of 2014, as the

government clamps down after a stock rout. The alleged offenders targeted by the China Securities Regulatory Commission (CSRC) include the nation’s

largest securities companies, trading-technology firms, major shareholders of publicly traded companies, and institutional and individual investors. A 737

million yuan-penalty for alleged market manipulation by fund manager Qingdao Donghai Ever-Trusting Managing Ltd. set a record, exceeding the fine

imposed in 2013 when Everbright Securities Co. roiled the nation’s equity markets. The CSRC is pledging a sustained crackdown as the government tries to

restore confidence through state purchases of stock, restrictions on stake sales, a temporary ban on initial public offerings and efforts to squeeze out

unofficial margin finance. (Bloomberg

Fed’s caution over growth reins in treasury selloff forecasts

Treasury-market analysts predicting a selloff in the final quarter of the year are being forced to temper estimates after a cautious Federal Reserve and

tumbling equities around the world drove 10-year yields to the lowest in a month. Benchmark yields will climb to 2.45% by the end of 2015 after closing at

2.05% on Tuesday, based on Bloomberg surveys of economists with the most recent forecasts given the heaviest weightings. Analysts have lowered their

projections for four straight weeks, down from 2.56% at the end of August. A measure of global equities has dropped more than 6% since Chair Janet

Yellen refrained from increasing the fed funds rate on September 17, citing international uncertainty and tepid domestic inflation. (Bloomberg)

Oaktree’s Howard Marks joins Bill Gross in urging the Fed to raise interest rates

Howard Marks, the co-founder of the world’s biggest distressed investment firm, said a “deathly afraid” Federal Reserve needs to get over its worries and

raise interest rates. A highly anticipated interest-rate increase of 25 basis points, or a quarter of a percentage point, is “clearly meaningless” and “won’t be

that big of an event,” according to Marks, the co-chairman of Oaktree Capital Group LLC. Marks’s call for quick action echoes comments last week from

veteran bond fund manager Bill Gross, who said in a commentary for Janus Capital Group Inc. that the central bankers need to get “get off zero and get off

quick” for the long-term health of the financial system. “When they don’t do it everyone takes it as a signal that they believe the market’s too fragile,”

Marks said on Tuesday in Toronto. “They should just bite the bullet and start doing it.” (Bloomberg)

US Consumer Confidence soars to 103

Consumer confidence in the US soared to 103 in September, beating median forecast of 96.8, and last month’s level of 101.3. The jump was fueled by

pickup in present conditions index, which was strongest since September 2007, while expectations measure eased. (Bloomberg)


Daily Market Update

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Rating Update

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Singapore’s USD2.4 billion petrochemical plant pushed into receivership

Jurong Aromatics Corp., operator of one of the world’s largest petrochemical plants, has been pushed into receivership after debt-restructuring talks stalled

amid faltering demand for commodities. Restructuring firm Borrelli Walsh has been appointed the receiver of the USD2.4 billion plant on Singapore’s Jurong

Island, according to a filing dated Monday with the city’s Accounting & Corporate Regulatory Authority. Jurong Aromatics, whose shareholders include South

Korea’s SK International Investment and Glencore Plc, hasn’t been able to service interest payments amid a plunge in oil prices, and operations have been

stalled since December, people familiar with the matter said last month. The latest move comes amid a China-led slowdown that’s hurt prices for

commodities from oil to copper and Jurong Aromatics’s shareholder Glencore losing almost USD45 billion in market value this year. Singapore Economic

Development Board had said the plant had given a boost to the city’s reputation as a leading chemical hub. The government agency’s investment arm has a

5% stake in the project and had tried to facilitate discussions among the stakeholders. (Bloomberg)

Fitch: 'Quantitative Tightening' an EM issue, not a DM risk

The decline in global foreign exchange reserves thus far in 2015 may add to macroeconomic pressures on emerging markets (EM) but it does not directly

risk a "quantitative tightening" effect on developed markets (DM), says Fitch Ratings. EM sovereign foreign exchange reserves fell by USD189 billion

between end-December 2014 and end-June 2015, according to IMF and Chinese data compiled by Fitch. The biggest declines were in China (down USD149

billion) and Saudi Arabia (down USD60 billion), partly offset by increases in other countries, led by India (up USD35 billion). More timely data from some

countries, including China suggest the drain continued in July and August. Fitch estimates about USD100 billion of the decline to June may have been

caused by valuation effects, based on the 4.3% trade-weighted appreciation of the US dollar in the first half of the year. Nonetheless, some of the decline

will reflect genuine draw-down by EM central banks.(Bloomberg)

Fitch: GCC sovereigns unlikely to close aggregate budget gap

Fiscal policy responses by Gulf Cooperation Council (GCC) sovereigns to lower oil prices are likely to be small compared to the loss of revenues over 2015

and 2016, Fitch Ratings says. The size of the fiscal challenge from cheaper oil varies from country to country, broadly in line with hydrocarbon production

per capita. Some policy responses deployed by other oil exporting-sovereigns are harder to enact, or carry greater risks, for GCC sovereigns. Fitch does not

expect any change to exchange rate pegs in the region to ease fiscal adjustments. Pegs are key nominal anchors against inflation, are backed by huge

reserves and receive strong political commitment, and the private sector has no experience of exchange rate volatility. Efforts to boost non-oil revenues

have been modest and the varying requirement for fiscal adjustment complicates pan-regional initiatives, such as plans for a GCC-wide value-added tax.

Rationalisation of expenditure through better-targeted subsidies and public efficiencies is on several GCC sovereigns' agendas, but can be hard to achieve

due to spending rigidities and political opposition. (Bloomberg)

Moody's affirms Isbank's long-term deposit rating

Moody's Investors Service has affirmed the Baa3 long-term bank deposit and senior debt ratings of Turkiye Is Bankasi AS (Isbank). The short-term bank

deposit rating was also affirmed at Prime-3. The long-term deposit and debt ratings have a negative outlook in line with the Turkish government bond

rating at Baa3. At the same time Moody's downgraded the bank's baseline credit assessment (BCA) and the adjusted BCA to ba2 from ba1, and affirmed

the bank's Counterparty Risk Assessment (CRA) at Baa3(cr)/P-3(cr). The affirmation of the senior debt and deposit ratings reflects Moody's assumptions of

a very high probability of government support (Turkish government bond rating at Baa3 Neg), in light of the bank's importance to the Turkish economy and

financial system. Moody's maintains its government support assumptions unchanged which in Isbank's case now leads to a two notch uplift from the bank's

lowered BCA. With USD117 billion of total assets at end-June 2015 Isbank is the largest private sector bank in the country with market shares exceeding

12% in loans and deposits, which has remained steady despite high competition in the Turkish market. (Bloomberg)

S&P revises Tata Motors outlook to stable from positive and affirms 'BB' rating

Standard & Poor's Ratings Services revised its outlook on India-based automaker Tata Motors Ltd to stable from positive. At the same time, Standard &

Poor's affirmed its 'BB' long-term corporate credit rating and 'BB' long-term issue ratings on the U.S.-dollar denominated senior unsecured notes issued by

the company. S&P revised the outlook to stable as the lengthening slowdown in China and continued capital expenditure by Jaguar Land Rover Automotive

Plc (JLR), Tata Motors' key wholly owned subsidiary, will result in negative free operating cash flow for Tata Motors. As a result, Tata Motors' ratio of funds

from operations (FFO) to debt will be weaker at about 20%, instead of previous expectation of above 30%. (Bloomberg)

S&P revises Jaguar Land Rover outlook to stable from positive; 'BB' Rating is affirmed

Standard & Poor's Ratings Services said it has revised its outlook on UK-based auto manufacturer Jaguar Land Rover Automotive PLC (JLR) to stable from

positive. At the same time, it affirmed 'BB' long-term corporate credit rating on JLR. S&P also affirmed 'BB' issue ratings on the senior unsecured notes

issued by the company. (Bloomberg)

S&P affirms 'BB' rating on Delhi International Airport with stable outlook

Standard & Poor's Ratings Services has affirmed its 'BB' long-term corporate credit rating on Delhi International Airport Pte. Ltd. (DIAL). The outlook is

stable. It also affirmed the 'BB' long-term issue rating on the company's senior secured notes. India-based DIAL holds exclusive rights to operate, manage,

and develop India's largest airport, the Delhi airport. "The affirmation reflects our view that DIAL will maintain its competitive position, and will generate

strong cash flows, given the high tariffs," said Standard & Poor's credit analyst Mehul Sukkawala. "However, uncertainty continues to surround the extent

to which the company's cash flows could fall based on the pending tariff decision for the second regulatory period." S&P expects DIAL to remain the largest

airport in India by passenger and cargo volumes. The growth in passenger traffic in fiscal 2015 (year ended March 31) was higher than expected. Growth

trend is expected to continue in fiscal 2016. S&P also expects DIAL to maintain its good operating efficiency on operational parameters even though EBITDA

margins will remain depressed because of 46% revenue sharing with the Airport Authority of India (AAI). (Bloomberg)


Daily Market Update

Libor Euribor Eibor

Price Yield Price % Yield Net Last 1d Chg Last 1d Chg Last 1d Chg

Last Last 1d Chg 1d Chg (bp) 1-Month 0.194 -0.001 -0.111 0.000 0.560 0.000

2 Year 99.930 0.662 -0.020 1.187 3-Month 0.327 0.001 -0.041 0.000 0.824 0.000

5- Year 99.836 1.410 -0.152 3.249 6-Month 0.533 -0.003 0.029 -0.001 0.951 0.000

10-Year 99.266 2.083 -0.275 3.176 12-Month 0.855 -0.006 0.145 -0.001 1.157 0.000

30-Year 100.000 2.876 -0.428 2.225 Source: Bloomberg

2 Year 100.495 -0.252 -0.005 0.218

5- Year 101.250 0.002 -0.015 0.282 USD EUR AED

10-Year 103.873 0.595 -0.125 1.324 Last 1d Chg Last 1d Chg Last 1d Chg

30-Year 129.553 1.327 -0.369 1.616 2-Year 0.770 0.020 0.051 -0.001 1.533 0.009

5-Year 1.421 0.034 0.359 0.006 2.390 0.035

10-Year 2.033 0.036 0.968 0.015 3.634 0.037

2 Year 100.805 0.581 -0.030 1.493 30-Year 2.536 0.032 1.523 0.021 N/A N/A

5- Year 103.685 1.208 -0.092 3.249 Source: Bloomberg

10-Year 102.035 1.776 -0.186 3.176

30-Year 121.200 2.478 -0.319 2.225

Source: Bloomberg

Last Change

YTD (%)

S&P 500 1,884.09 -8.49

Change Change Dow Jones Industrial Avg 16,049.13 -9.95

Spread Day YTD Nasdaq 4,517.32 -4.62

iTraxx Europe 91.365 2.955 28.502 Nikkei 17,388.15 -0.36

iTraxx Europe Crossover 379.582 14.713 33.968 Shanghai 3,052.78 -5.62

CDX North America IG 93.377 0.819 27.256 Indian BSE 25,778.66 -7.56

CDX North America HY 510.144 5.330 153.190 Eurostoxx 3,029.86 -3.49

iTraxx SovX Western Europe 22.225 0.830 -5.055 DFM General Index 3,574.82 -5.28

iTraxx SovX CEEMEA 285.130 1.340 -30.290 ADX General Index 4,495.17 -0.75

iTraxx Europe Senior Financial 96.760 2.281 29.324 Qatar Exchange Index 11,350.23 -7.61

iTraxx Europe Sub Financial 195.415 3.265 46.548 TASI 7,337.21 -11.95

Source: Bloomberg Source: Bloomberg

Change Change Last Change Change

bps Spread Day YTD Day YTD (%)

Emirate of Abu Dhabi 5Y 78.000 -1.500 16.000 Spot Gold 1,124.40 -6.42 -5.35

Emirate of Dubai 5Y 212.500 -5.000 -17.500 Spot Silver 14.63 -0.01 -6.81

Kingdom of Bahrain 5Y 345.000 25.000 90.000 WTI Crude 44.85 -0.38 -15.81

State of Qatar CDS 5Y 65.441 0.535 -0.787 Brent Crude 47.87 -0.36 -16.50

Kingdom of Saudi Arabia 5Y 135.000 -3.000 70.000 Nymex Nat Gas 2.60 0.01 -10.14

Lebanese Republic 5Y 415.000 -20.000 20.000 LME Copper 4,970.00 5.00 -21.11

Republic of Turkey 5Y 314.500 -15.000 134.500 Source: Bloomberg

Arab Republic of Egypt 5Y 350.000 -10.000 70.000

Source: Bloomberg

Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.52162 0.28% 2.45%

Makaseb Income Fund 13.00025 0.53% 1.72%

Makaseb Arab Tigers Fund 13.83706 0.20% -18.40%

Source: Bloomberg

161.82

-9.58

20.39

75.11

-105.50

CDS COMMODITIES

MUTUAL FUNDS

Last (NAV)

19.19

KEY CDS INDICES Day

2.32

47.24

bps -26.65

457.31

14.64

INTERBANK RATES

US TREASURIES

GERMAN BUNDS SWAPS

UK GILTS

EQUITY

Change


KEY GOVERNMENT BONDS

Fixed Income Trading

September 30, 2015 USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer Yield

%

Credit Rating

S&P/Moody/FitchCountry Payment Rank

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 97.97 97.97 3.22 A/Baa1/- UNITED STATES Sr Unsecured

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 99.13 99.13 3.71 A/Baa1/- UNITED STATES Sr Unsecured

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 97.68 97.68 3.05 A/A2/A- FRANCE Sr Unsecured

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 96.71 96.71 3.01 AA-/Baa1/- UNITED STATES Sr Unsecured

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.69 97.69 3.01 BBB+/A3/A+ UNITED STATES Sr Unsecured

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 87.01 87.01 7.00 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 80.00 80.00 7.91 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured

APPLE INC US037833BG48 13-May-2025 2000 FIXED 3.20 100.51 100.51 3.14 AA+/Aa1/- UNITED STATES Sr Unsecured

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 97.77 97.77 3.37 BBB+/Baa1/A- UNITED STATES Sr Unsecured

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 95.14 95.14 4.01 BBB+/Baa1/A- UNITED STATES Sr Unsecured

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 99.55 99.55 3.37 A-/Baa1/A UNITED STATES Sr Unsecured

BANK OF AMERICA CORP US06051GFP90 21-Apr-2025 2500 FIXED 3.95 97.35 97.35 4.29 BBB+/Baa3/A- UNITED STATES Subordinated

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 95.16 95.16 4.28 BBB/Baa3/A UNITED KINGDOM Sr Unsecured

BARCLAYS PLC US06738EAC93 11-Sep-2024 1250 FIXED 4.38 99.18 99.18 4.49 BB+/Baa3/A- UNITED KINGDOM Subordinated

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 89.00 89.00 5.92 BBB-/Baa3/- CANADA Sr Unsecured

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 97.39 98.35 3.16 A+/A1/A+ AUSTRALIA Sr Unsecured

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 99.28 99.28 3.23 A-/Baa2/BBB+ UNITED STATES Sr Unsecured

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 96.19 96.19 3.32 A/A2/- UNITED KINGDOM Sr Unsecured

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 98.80 98.80 3.66 A/A2/- UNITED KINGDOM Sr Unsecured

BPCE SA US05578UAD63 15-Mar-2025 1250 FIXED 4.50 96.20 96.20 5.01 -/Baa3/A- FRANCE Subordinated

CITIGROUP INC US172967GT25 15-May-2023 1250 FIXED 3.50 98.96 98.96 3.66 BBB+/Baa3/A- UNITED STATES Subordinated

CITIGROUP INC US172967JP75 27-Apr-2025 1500 FIXED 3.30 97.74 97.74 3.58 A-/Baa1/A UNITED STATES Sr Unsecured

CITIGROUP INC US172967JL61 26-Mar-2025 1000 FIXED 3.88 98.02 98.02 4.13 BBB+/Baa3/A- UNITED STATES Subordinated

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 96.94 96.94 2.87 A/A2/A UNITED STATES Sr Unsecured

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 99.67 99.67 3.39 A/A2/A UNITED STATES Sr Unsecured

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 2500 FIXED 3.75 97.49 97.49 4.07 BBB+/Baa2/A SWITZERLAND Sr Unsecured

CREDIT AGRICOLE SA USF2R125AC99 17-Mar-2025 1500 FIXED 4.38 96.27 96.27 4.87 BBB/Baa3/A- FRANCE Subordinated

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 96.18 96.18 4.01 BBB/Baa2/BBB UNITED STATES Sr Unsecured

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 98.17 98.17 3.55 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 97.39 97.39 4.01 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 75.45 75.45 8.62 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 88.75 88.75 8.99 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 96.25 96.25 4.11 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 95.05 95.05 4.66 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 70.78 70.78 10.15 BBB/Baa2/- SWITZERLAND Sr Unsecured

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 16


September 30, 2015 USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 69.50 69.50 10.00 BBB/Baa2/- SWITZERLAND Sr Unsecured

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 70.60 70.60 9.64 BBB/Baa2/- SWITZERLAND Sr Unsecured


GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 93.15 93.15 4.80 BBB+/Baa2/BBB CANADA Sr Unsecured

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 98.28 98.28 3.72 A-/A3/A UNITED STATES Sr Unsecured

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 96.90 96.90 3.52 A/A3/A+ UNITED STATES Sr Unsecured

JPMORGAN CHASE & CO US46625HJY71 10-Sep-2024 3000 FIXED 3.88 99.08 99.08 4.00 A-/Baa1/A UNITED STATES Subordinated

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 99.26 99.26 3.59 A/A1/A+ UNITED KINGDOM Sr Unsecured

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 97.21 97.21 3.25 A- /*-/Baa1/A- /*- UNITED STATES Sr Unsecured

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 89.80 89.80 4.50 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 91.10 91.10 5.02 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 96.91 96.91 4.04 BBB/Baa2/BBB UNITED STATES Sr Unsecured

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 102.61 102.61 3.05 A-/A3/BBB+ UNITED STATES Sr Unsecured

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 97.39 97.39 3.07 AA/A2/A UNITED STATES Sr Unsecured

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 96.26 96.26 3.88 BBB+/A3/A- UNITED STATES Sr Unsecured

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 93.90 93.90 4.84 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 99.75 99.75 3.53 A/A2/A UNITED STATES Sr Unsecured

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 93.37 93.37 5.59 BBB/Baa2/- UNITED STATES Sr Unsecured

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 97.97 97.97 3.63 A+/Aa2/AA- NETHERLANDS Sr Unsecured

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 97.02 98.11 3.99 A-/A3/- UNITED KINGDOM Sr Unsecured

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 96.38 96.38 3.47 A-/A3/A- UNITED KINGDOM Sr Unsecured

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 99.14 99.14 3.36 AA-/Aa1/- NETHERLANDS Sr Unsecured

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 99.70 99.70 3.29 A+/A1/A GERMANY Sr Unsecured

SOCIETE GENERALE USF8586CH211 14-Apr-2025 1500 FIXED 4.25 96.27 96.27 4.74 BBB/Baa3/A- FRANCE Subordinated

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 90.92 90.92 4.37 A-/Aa3/AA- UNITED KINGDOM Sr Unsecured

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 95.25 95.25 3.19 AA-/Aa2/- NORWAY Sr Unsecured

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 98.23 98.23 3.82 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 96.09 96.09 3.32 AA-/Aa1/AA- FRANCE Sr Unsecured

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 98.55 98.55 3.83 BBB/Baa2/BBB UNITED STATES Sr Unsecured

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 100.34 100.34 3.46 BBB+/Baa1/A- UNITED STATES Sr Unsecured

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 100.36 100.36 4.19 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.00 93.00 3.65 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 96.43 96.43 3.45 A+/A2/AA- UNITED STATES Sr Unsecured



September 30, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 100.00 100.00 2.37 A/A1/A UNITED KINGDOM Sr Unsecured

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.50 99.50 2.62 A/Baa1/- UNITED STATES Sr Unsecured

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 100.42 100.84 2.26 A/A2/A NETHERLANDS Sr Unsecured

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 100.00 100.00 2.37 A-/A2/A+ UNITED STATES Sr Unsecured

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 89.00 89.00 6.42 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.37 100.37 1.91 AA+/Aa1/- UNITED STATES Sr Unsecured

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 100.58 100.58 1.80 A+/A2/A+ UNITED KINGDOM Sr Unsecured

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.64 98.64 2.76 BBB+/Baa1/A- UNITED STATES Sr Unsecured

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.55 98.55 2.59 A-/Baa1/A UNITED STATES Sr Unsecured

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.86 99.86 1.81 A/A1/A+ UNITED STATES Sr Unsecured

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 100.26 100.26 2.09 A+/A1/AA- UNITED STATES Sr Unsecured

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 99.98 99.98 2.88 BBB/Baa3/A UNITED KINGDOM Sr Unsecured

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 100.13 100.13 2.34 A+/A1/A+ FRANCE Sr Unsecured

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 100.07 100.07 2.30 A/A2/- UNITED KINGDOM Sr Unsecured

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

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.12 99.12 2.21 A/A2/A UNITED STATES Sr Unsecured

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 99.77 99.77 2.02 AA/Aa1/- UNITED STATES Sr Unsecured

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.43 99.43 1.93 A-/Baa1/A UNITED STATES Sr Unsecured

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 100.32 100.32 2.13 A/A2/A UNITED STATES Sr Unsecured

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.62 99.62 2.84 BBB+/Baa2/A SWITZERLAND Sr Unsecured

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.62 99.62 1.85 A/A1/A SWITZERLAND Sr Unsecured

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 98.68 98.68 2.49 A-/A3/A- GERMANY Sr Unsecured

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 97.51 97.51 2.94 A-/A3/A- GERMANY Sr Unsecured

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 97.36 97.36 3.07 A-/A3/A- GERMANY Sr Unsecured

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.77 99.77 1.97 BBB+/A3/A GERMANY Sr Unsecured

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 100.72 100.72 1.74 AAA/Aaa/- UNITED STATES Sr Unsecured

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.81 99.81 2.31 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 99.26 99.26 2.79 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 89.01 89.01 7.37 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 84.10 84.10 7.36 BBB-/Baa3/BBB UNITED STATES Sr Unsecured

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.19 99.19 2.73 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 99.45 99.45 3.32 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 77.00 77.00 11.03 BBB/Baa2/- SWITZERLAND Sr Unsecured




September 30, 2015 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 98.79 98.79 2.64 BBB+/Baa2/BBB CANADA Sr Unsecured

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 100.23 100.23 2.55 A-/A3/A UNITED STATES Sr Unsecured

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.34 99.34 2.44 A/A2/AA- UNITED STATES Sr Unsecured

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 98.81 98.81 2.64 A/A2/AA- UNITED STATES Sr Unsecured

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.56 98.56 1.95 AA-/Aa3/A+ UNITED STATES Sr Unsecured

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.88 99.88 2.10 BBB/Baa3/- UNITED KINGDOM Sr Unsecured

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.36 100.36 2.87 BBB/Baa3/- UNITED KINGDOM Sr Unsecured

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 100.17 100.17 2.16 A/A3/A+ UNITED STATES Sr Unsecured

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.17 99.17 2.46 A/A3/A+ UNITED STATES Sr Unsecured

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.14 100.14 2.37 A/A1/A+ UNITED KINGDOM Sr Unsecured

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.73 100.08 2.38 A/A2/A AUSTRALIA Sr Unsecured

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 96.70 96.70 3.47 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 101.13 101.13 1.94 A-/A3/BBB+ UNITED STATES Sr Unsecured

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.93 99.93 1.87 AA/A2/A UNITED STATES Sr Unsecured

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 100.29 100.29 2.05 BBB+/A3/A- UNITED STATES Sr Unsecured

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 99.72 99.72 2.32 A/A3/A UNITED STATES Sr Unsecured

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.13 100.13 2.21 A+/A2/A UNITED STATES Sr Unsecured

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.57 99.57 1.95 A/A1/A UNITED STATES Sr Unsecured

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 99.87 99.87 2.28 A+/Aa2/- NETHERLANDS Sr Unsecured

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.90 99.90 1.90 -/Aaa/AAA CANADA Secured

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.55 99.55 2.20 BBB/Baa2/- UNITED STATES Sr Unsecured

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 99.07 99.07 2.87 BBB/Baa2/- UNITED STATES Sr Unsecured

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 100.23 100.23 2.07 AA-/Aa1/- NETHERLANDS Sr Unsecured

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.36 99.05 1.90 A+/A1/A GERMANY Sr Unsecured

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.83 99.83 2.19 A+/A1/A GERMANY Sr Unsecured

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 96.94 96.94 2.97 A-/Aa3/AA- UNITED KINGDOM Sr Unsecured

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 99.91 99.91 2.37 A/A2/A SWITZERLAND Sr Unsecured

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.30 99.30 1.80 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 93.00 93.00 4.07 A /*-/A2/- GERMANY Sr Unsecured

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.62 100.62 1.94 A+/A2/AA- UNITED STATES Sr Unsecured

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.81 99.81 2.20 A+/A2/AA- UNITED STATES Sr Unsecured



September 30, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 100.50 100.50 2.27 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 98.17 98.17 3.92 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 98.13 98.87 4.03 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 100.62 101.14 2.02 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 101.65 101.65 2.50 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 100.30 100.88 2.51 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 100.31 100.31 2.55 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 101.25 101.25 4.30 A-/NR/A UNITED ARAB EMIRATES Subordinated

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 100.01 100.01 3.12 A-/NR/A UNITED ARAB EMIRATES Subordinated

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 99.75 100.40 2.33 A-/A1/BBB+ OMAN Sr Unsecured

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 96.97 96.97 5.00 BB+/-/BBB- BAHRAIN Sr Unsecured

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 97.37 97.99 3.85 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 102.59 103.06 1.34 A-/A1/- QATAR Sr Unsecured

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 101.68 102.24 2.24 A-/A1/- QATAR Sr Unsecured

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 101.13 101.90 2.62 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 102.22 102.82 1.80 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 99.69 100.32 2.85 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 100.09 100.80 4.22 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 99.61 100.31 3.18 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 102.79 102.79 4.18 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 101.35 101.35 4.18 -/-/- UNITED ARAB EMIRATES Sr Unsecured

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 103.50 103.50 2.22 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.83 99.64 100.72 1.56 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 100.99 101.61 2.83 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.96 100.64 2.85 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 100.25 100.25 2.30 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.88 101.88 3.25 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 102.87 103.45 1.35 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 101.63 102.22 1.74 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 102.53 103.09 2.27 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 99.80 100.36 2.54 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 100.73 101.40 2.38 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.91 99.75 4.66 -/-/- UNITED ARAB EMIRATES Sr Unsecured

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.21 99.94 3.52 -/-/- UNITED ARAB EMIRATES Sr Unsecured

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 84.28 85.64 7.18 BBB-/-/BBB- BAHRAIN Unsecured



September 30, 2015 USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 102.25 102.25 4.43 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.42 97.38 98.62 2.51 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 102.18 102.18 2.88 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 500 FIXED 3.00 99.17 99.84 3.04 -/Baa2/A UNITED ARAB EMIRATES Sr Unsecured

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 98.60 99.40 4.11 BBB-/-/BBB- BAHRAIN Sr Unsecured

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 101.47 102.21 2.54 -/A3/- OMAN Sr Unsecured

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 102.31 102.85 1.31 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 102.44 103.07 2.17 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 99.26 99.92 2.27 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.63 97.63 3.62 A-/A2/A+ QATAR Sr Unsecured

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 96.45 96.45 4.25 A-/A2/A+ QATAR Sr Unsecured

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 99.00 99.00 4.56 A-/A2/A+ QATAR Sr Unsecured

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 102.60 103.16 2.00 A-/A2/A+ QATAR Sr Unsecured

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 103.00 103.00 1.19 A+/Aa3/AA- QATAR Sr Unsecured

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 100.20 100.82 1.77 A+/Aa3/AA- QATAR Sr Unsecured

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 101.53 102.10 2.04 A+/Aa3/AA- QATAR Sr Unsecured

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 101.79 101.79 2.46 -/Aa3/AA- QATAR Sr Unsecured

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 103.28 103.78 2.01 A/-/A UNITED ARAB EMIRATES Sr Unsecured

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 99.92 100.49 3.11 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.65 101.33 2.17 A+/A1/A+ SAUDI ARABIA Sr Unsecured

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 101.45 101.97 1.33 AA-/A1/AA- SAUDI ARABIA Sr Unsecured



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 103.85 104.57 3.17 A/A3/- UNITED ARAB EMIRATES Sr Unsecured

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 101.24 101.89 2.18 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 99.89 100.48 2.73 -/A3/- UNITED ARAB EMIRATES Sr Unsecured

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.77 101.77 1.31 AA/Aa2/- QATAR Sr Unsecured


TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 102.99 103.56 1.62 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured



September 30, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 97.11 97.11 3.61 A-/A2/A MEXICO Sr Unsecured

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.00 90.00 5.06 A-/A2/A MEXICO Sr Unsecured

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 79.50 79.50 10.00 -/Baa3/BBB- BRAZIL Sr Unsecured

BANCO DO BRASIL (CAYMAN) US05958AAJ79 10-Oct-2022 1925 FIXED 3.88 77.23 77.23 8.21 BB+/Baa3/BBB BRAZIL Sr Unsecured

BANCO NAC DE DESEN ECONO USP14486AK37 14-Apr-2019 1000 FIXED 4.00 91.20 91.20 6.85 BB+/Baa3/- BRAZIL Sr Unsecured

BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1750 FIXED 5.75 80.88 80.88 9.18 BB+/Baa3/BBB BRAZIL Sr Unsecured

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 88.72 88.72 8.87 BB+/Baa3/BBB BRAZIL Sr Unsecured

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 87.06 87.06 8.49 BB+/Baa3/BBB BRAZIL Sr Unsecured

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 91.81 93.20 6.28 BBB+/Baa1/BBB+ MEXICO Sr Unsecured

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 85.50 85.50 6.20 BBB/Baa2/BBB COLOMBIA Sr Unsecured

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 89.25 89.25 6.80 BBB/Baa2/BBB COLOMBIA Sr Unsecured

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 76.38 76.38 7.96 BBB/Baa2/BBB COLOMBIA Sr Unsecured

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 91.75 91.75 6.19 BBB/Baa3/- BRAZIL Sr Unsecured

FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 81.50 82.50 5.59 BB+/Baa3/BBB BRAZIL Sr Unsecured

FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 84.46 89.04 5.80 BB+/Baa3/BBB BRAZIL Sr Unsecured

FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 80.60 82.10 7.17 BB+/Baa3/BBB BRAZIL Sr Unsecured

FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 75.25 75.25 7.00 BB+/Baa3/BBB BRAZIL Sr Unsecured

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 93.04 93.04 4.83 A-/-/A MEXICO Sr Unsecured

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 88.75 88.75 8.41 BBB-/NR/BBB- BRAZIL Sr Unsecured

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 78.63 78.63 8.68 BBB-/Baa3/BBB- BRAZIL Sr Unsecured

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 90.51 90.51 5.66 BBB+/Baa1/BBB+ MEXICO Sr Unsecured

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 96.55 96.55 4.86 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 101.70 101.70 6.34 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 87.75 87.75 6.65 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.61 99.61 5.64 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 89.50 89.50 5.25 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 94.50 94.50 5.00 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 91.50 91.50 5.60 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 80.25 80.25 7.24 BBB+/A3 /*-/BBB+ MEXICO Sr Unsecured

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.12 98.39 2.99 -/Baa2/- PHILIPPINES Sr Unsecured

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 93.47 94.41 5.59 -/Baa3/BBB- AZERBAIJAN Sr Unsecured

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 89.50 89.50 4.29 BBB/Baa2/BBB COLOMBIA Sr Unsecured

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 97.25 97.25 4.39 BBB/Baa2/BBB COLOMBIA Sr Unsecured

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 85.75 85.75 6.04 BBB/Baa2/BBB COLOMBIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 95.15 95.84 4.49 BB+/Baa3/BBB- INDONESIA Sr Unsecured



September 30, 2015 USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 90.85 91.53 4.72 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 93.79 94.30 4.90 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 89.56 90.34 5.98 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 83.55 84.44 5.76 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 87.72 88.35 5.97 BB+/Baa3/BBB- INDONESIA Sr Unsecured

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 89.86 90.71 5.18 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 96.70 97.46 5.46 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 79.15 80.21 6.38 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 93.89 94.93 6.90 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 96.66 97.46 4.08 BBB/Baa2/BBB PANAMA Sr Unsecured

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 89.01 89.47 4.96 -/Baa3/BBB- TURKEY Sr Unsecured

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 90.89 91.54 5.31 -/Baa3/BBB- TURKEY Sr Unsecured

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 83.30 83.89 6.09 -/Baa3/BBB- TURKEY Sr Unsecured

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 94.50 94.50 4.93 BBB+/Baa1/BBB+ PERU Sr Unsecured

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.30 98.30 4.25 BBB-/-/BBB- TURKEY Sr Unsecured

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 92.23 92.23 6.03 BBB-/-/BBB- TURKEY Sr Unsecured

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 98.10 98.10 3.84 BBB+/A3/BBB+ MEXICO Sr Unsecured

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 90.75 92.75 5.24 BBB+/A3/BBB+ MEXICO Sr Unsecured

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 88.88 88.88 5.34 BBB+/A3/BBB+ MEXICO Sr Unsecured

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 88.25 88.25 6.70 BBB/Baa2/BBB+ BRAZIL Sr Unsecured

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 76.87 76.87 9.41 BBB/Baa2/BBB+ BRAZIL Sr Unsecured

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 75.09 75.09 9.53 BBB/Baa2/BBB+ BRAZIL Sr Unsecured

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 67.61 67.61 8.78 BBB/Baa2/BBB+ BRAZIL Sr Unsecured

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 93.52 93.52 5.72 -/Baa3/BBB TURKEY Sr Unsecured



September 30, 2015 USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.98 98.98 3.73 BBB-/Baa3/BBB- INDIA Sr Unsecured

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 101.55 101.55 4.33 -/Baa3/- INDIA Sr Unsecured

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.37 100.37 3.16 BBB-/Baa3/BBB- INDIA Sr Unsecured

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 102.36 102.36 2.79 BBB-/Baa3/- INDIA Sr Unsecured

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 99.02 99.49 3.25 BBB-/Baa3/- INDIA Sr Unsecured

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 96.93 97.76 4.29 -/Baa3/BBB- INDIA Sr Unsecured

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.11 103.11 4.11 -/Baa3/BBB- INDIA Sr Unsecured

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 99.22 99.22 4.48 BBB-/Baa3/BBB- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 103.35 103.35 2.14 BBB-/Baa3/- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.57 103.57 2.92 BBB-/Baa3/- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.84 99.29 2.92 BBB-/Baa3/- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.57 99.07 2.96 BBB-/Baa3/- INDIA Sr Unsecured

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.30 101.30 3.79 BBB-/Baa3/- INDIA Sr Unsecured

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 101.17 101.47 2.37 BBB-/Baa3/- INDIA Sr Unsecured

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.26 101.26 3.19 BBB-/Baa3/BBB- INDIA Sr Unsecured

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.26 99.73 3.18 BBB-/Baa3/- INDIA Sr Unsecured

IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 102.78 102.78 3.20 BB+/Baa3/BBB- INDIA Sr Unsecured

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.86 102.21 2.29 BBB-/Baa3/BBB- INDIA Sr Unsecured

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 103.27 103.67 2.78 BBB-/Baa3/BBB- INDIA Sr Unsecured

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.33 101.33 4.20 BBB-/-/BBB- INDIA Sr Unsecured

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.72 103.10 2.95 -/Baa2/BBB- INDIA Sr Unsecured

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.93 100.93 2.99 BBB-/Baa2/- INDIA Sr Unsecured

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.34 97.34 4.16 BBB-/Baa2/- INDIA Sr Unsecured

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.19 103.00 4.21 BBB-/Baa2/- INDIA Sr Unsecured

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 98.84 98.84 4.06 BBB-/-/BBB- INDIA Sr Unsecured

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 99.14 99.14 4.24 BBB+/Baa2/- INDIA Sr Unsecured

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 90.38 90.38 5.54 BBB+/Baa2/- INDIA Sr Unsecured

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 103.26 103.26 2.29 BBB-/Baa3/BBB- INDIA Sr Unsecured

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 102.12 102.12 2.38 BBB-/Baa3/BBB- INDIA Sr Unsecured

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.65 102.65 2.83 BBB-/Baa3/BBB- INDIA Sr Unsecured

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.67 103.05 2.87 BBB-/Baa3/- INDIA Sr Unsecured

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 101.84 102.34 3.27 BBB-/Baa3/- INDIA Sr Unsecured

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.89 103.89 2.50 BBB-/Baa3/- INDIA Sr Unsecured

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.73 102.18 2.88 BBB-/Baa3/- INDIA Sr Unsecured



September 30, 2015 USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 103.25 103.25 1.19 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 102.79 102.79 4.18 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 112.17 112.17 2.98 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 105.73 106.28 0.93 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 100.49 100.96 1.75 AAA/Aa1/- HONG KONG Unsecured

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 99.76 100.21 1.85 AAA/Aa1/- HONG KONG Secured

IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 100.55 100.95 1.17 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 94.93 95.71 3.58 A-/A3/- MALAYSIA Unsecured

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 90.55 92.75 4.69 A-/A3/- MALAYSIA Unsecured

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 102.60 103.16 2.00 A-/A2/A+ QATAR Sr Unsecured

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 102.27 103.07 5.90 B-/B3/- PAKISTAN Unsecured

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 103.33 103.82 2.72 BB+/Baa3/BBB- INDONESIA Sr Unsecured

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 98.38 98.38 4.57 (P)BB+/Baa3/BBB- INDONESIA Sr Unsecured

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 109.31 109.93 3.06 BB+/Baa3/BBB- INDONESIA Sr Unsecured

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 91.51 92.24 4.59 BB+/Baa3/BBB- INDONESIA Sr Unsecured

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 99.71 99.71 2.78 A-/A1/- MALAYSIA Sr Unsecured





SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 99.94 99.94 5.50 AA-/A1/AA- SAUDI ARABIA Sr Unsecured

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 103.81 103.81 3.48 AA-/A1/AA- SAUDI ARABIA Sr Unsecured

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 103.85 104.57 3.17 A/A3/- UNITED ARAB EMIRATES Sr Unsecured



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 105.02 105.56 2.51 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 108.80 109.33 2.87 A-/A3/- MALAYSIA Sr Unsecured

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 101.18 101.36 1.17 A-/A3/- MALAYSIA Sr Unsecured



September 30, 2015 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 93.07 93.57 1.74 A/A2/A NETHERLANDS Sr Unsecured

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 81.53 82.59 6.30 BBB-/Baa2/BBB UNITED KINGDOM Sr Unsecured

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 94.77 95.22 1.96 BBB+/Baa1/A- UNITED STATES Sr Unsecured

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 93.30 93.77 2.11 A-/Baa1/A UNITED STATES Sr Unsecured

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 94.82 95.50 1.49 A/A1u/A- SPAIN Secured

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 97.41 97.85 1.85 BBB/Baa3/A UNITED KINGDOM Sr Unsecured

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 94.62 95.13 1.44 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 93.18 93.88 1.68 A+/A1/A+ AUSTRALIA Sr Unsecured

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 93.59 94.30 1.91 AA-/A1/- UNITED STATES Sr Unsecured

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 91.28 91.97 1.95 A+/A2/- GERMANY Sr Unsecured

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 93.44 94.08 3.11 BBB/Baa2/A FRANCE Subordinated

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 96.10 96.60 1.60 A/A2/- UNITED KINGDOM Sr Unsecured

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 92.01 92.39 3.19 BBB/Baa3/A- FRANCE Subordinated

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 94.72 95.25 1.54 A+/A2/A- UNITED STATES Sr Unsecured

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 94.47 95.13 1.80 BBB+/NR/BBB+ FRANCE Sr Unsecured

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 96.67 97.16 2.09 A-/-/A UNITED STATES Sr Unsecured

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 95.74 96.20 1.29 AA/Aa3/A+ UNITED STATES Sr Unsecured

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 95.33 95.74 1.95 BBB+/Baa2/A SWITZERLAND Sr Unsecured

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 96.42 96.78 1.41 A/A2/A FRANCE Sr Unsecured

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 96.86 97.15 1.36 A/A2/- FRANCE Sr Unsecured

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 98.04 98.35 1.42 A/A2/- FRANCE Sr Unsecured

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 95.50 96.06 1.58 A-/Baa1/- FRANCE Sr Unsecured

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 92.33 92.91 3.65 BBB-/Ba1/A- GERMANY Subordinated

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 90.27 90.83 2.21 BBB+/A3/A GERMANY Sr Unsecured

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 91.00 91.84 2.99 BB+/Baa3/BBB- PORTUGAL Sr Unsecured

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

COUPON0.00 93.19 93.46 1.20 -/Baa2/BBB+ AUSTRIA Sr Unsecured

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 97.79 98.15 1.11 AA+/A1/- UNITED STATES Sr Unsecured

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 77.11 78.46 5.99 BBB/Baa2/- SWITZERLAND Sr Unsecured

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 75.00 76.21 6.32 BBB/Baa2/- SWITZERLAND Sr Unsecured

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 73.37 74.67 5.21 BBB/Baa2/- SWITZERLAND Sr Unsecured

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 97.49 97.85 1.71 A-/A3/A UNITED STATES Sr Unsecured

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 95.83 96.40 1.65 BBB/Baa1/BBB+ SPAIN Sr Unsecured

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 94.30 94.70 2.01 BBB-/Baa1/BBB+ ITALY Sr Unsecured

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 96.96 97.42 1.80 A/A3/A+ UNITED STATES Sr Unsecured

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1000 FIXED 1.25 95.69 96.17 1.70 A/A1/A+ UNITED KINGDOM Sr Unsecured



September 30, 2015 EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer Yield

%

Credit Rating


MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 96.29 96.72 1.68 A/A2/A AUSTRALIA Sr Unsecured

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 98.29 98.76 1.32 A-/A3/BBB+ UNITED STATES Sr Unsecured

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 93.41 94.16 2.19 BBB-/Baa3u/BBB- GERMANY Sr Unsecured

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 96.73 97.27 2.08 A-/A3/A UNITED STATES Sr Unsecured

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 95.59 96.16 1.31 AA/A1/- SWITZERLAND Sr Unsecured

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 90.30 90.88 3.66 BBB-/Baa2/BBB+ SPAIN Subordinated

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 95.92 96.51 1.39 A/A2/- GERMANY Sr Unsecured

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 92.93 93.60 3.43 -/Baa3/A- FRANCE Subordinated

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 96.65 97.12 1.29 AA-/Aa2/- NORWAY Sr Unsecured

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 96.35 97.11 1.71 AA-/Aa1/- FRANCE Sr Unsecured

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 87.39 88.13 2.69 A /*-/A2/- GERMANY Sr Unsecured

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

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