mashreq€¦ · n.y. judge tosses saudi ... remains a drag on other nations as robust consumer...

mashreq Fixed Income Trading

Daily Market Update Tuesday, December 08, 2015

Market Update

UAE non-oil sector rebounds

The UAE's non-oil private sector expansion regained momentum in November after easing to a two-and-a-half year low during October, a survey revealed on Monday. On the back of a marked and sharper rise in output, business conditions improved solidly in November, said the survey by Emirates NBD and

produced by Markit. New business and employment in the non-oil private sector also increased, although growth in business was the weakest since April

2012. "Companies saw their pricing power diminish in November. Input costs rose further, but competitive pressures meant that charges fell regardless,"

said the survey report. (Khaleej Times)

Gulf states agree on key issues for implementing VAT, UAE official says Gulf states have agreed on key issues for implementing value-added tax in the region, an official from the United Arab Emirates finance ministry said on

Monday, moving the six nations closer to introducing direct taxation for the first time. The agreement was reached at a meeting of representatives from

Gulf ministries a few days ago, Younis Haji al-Khouri, undersecretary at the UAE ministry of finance, told reporters on the sidelines of a media event.

Introducing VAT would be a major economic reform in the Gulf Cooperation Council states, which have minimal tax systems and no tax on income,

although some levy fees such as road tolls. The plunge of oil prices since last year has slashed government incomes, making it more urgent for them to

find new revenue. The UAE is expected this year to post its first budget deficit since 2009. Khouri said the target for introducing the tax was three years,

and that it would take 18 to 24 months to implement once a final agreement has been reached. "We agreed on key issues to apply zero tax on healthcare,

education, social services sectors and exempt 94 food items," Khouri said. In a couple of areas -- including financial services -- agreement was still lacking,

he said. To limit smuggling and damage to competitiveness, analysts say, the Gulf countries should introduce VAT regionally rather than individually, at different times. The six states have been discussing the tax for years, but political and economic issues have delayed the project. VAT cannot be

implemented unilaterally but has to be part of a Gulf-wide decision, Khouri told Reuters in August, adding that if all GCC states agree on a deadline, then

some could implement ahead of the others. No indication of the rate at which VAT will be levied has been given by governments, although the International

Monetary Fund has suggested the UAE consider imposing VAT at a 5% rate. (Reuters)

Emirates Airline attacks EU attempts to target airline state subsidies Emirates Airline has hit out at European Commission plans to use aviation negotiations with Gulf countries as a way to challenge alleged illegal state

subsidies to the Middle East region’s airlines. The commission on Monday announced a package of measures aimed at tackling unfair competition and

creating a level-playing field for European airlines. This included a plan to use EU-wide negotiations with particular countries to address competition

concerns. But the fast-growing airline, based in the United Arab Emirates, said it did not think significant changes to the existing agreements with European countries would be in the “best interest” of all member states. Gulf carriers have agreements with individual European governments, rather than an EU-

wide policy. Emirates said it had spoken to many of these countries and was confident that these agreements would be honored. “Competition-related

issues are already covered under existing sovereign bilateral air service agreements, as well as existing EU regulation. Therefore we find it interesting that

rather than use these tools to address specific grievances, the European Commission is instead looking at a new EU-level policy,” Emirates said. (FT)

N.Y. judge tosses Saudi developer's USD10 billion lawsuit vs Barclays

Barclays Plc won the dismissal on Monday of a Saudi real estate company's USD10 billion lawsuit alleging the bank ceased pursuing lease payments due

from the Saudi government on military complexes in order to obtain a banking license. New York Supreme Court Justice Charles Ramos ruled from the bench in dismissing the 2014 lawsuit by the company, Jadawel International, a unit of London-based MBI International Holdings Inc, a Barclays spokesman

said. The lawsuit sought USD10 billion in damages for what Jadawel claimed was a fraudulent scheme Barclays hatched to secure the rare Saudi banking

license, selling out Jadawel in the process. MBI, founded by Sheikh Mohamed Bin Issa Al Jaber, built two compounds and leased them to the Saudi

government in 1999 to house U.S. defense contractors, the lawsuit said. The payments should have totaled over USD2 billion through 2017, it said. When

Jadawel sought to refinance in 2001, Barclays helped assemble a group of lenders, the lawsuit said. In 2002, the government partially defaulted and

Barclays assumed responsibility to collect, it said. As a result, Barclays filed a federal lawsuit seeking damages from the Saudi government. Barclays later

caused the lawsuit to be withdrawn, Jadawel's lawsuit said, and sought a bank license from the Saudi Capital Markets Authority, which was considering

granting one to a Western financial institution for the first time in decades. Jadawel accused the bank of dropping the lawsuit and compromising the claims

for its own benefit, causing it to be deprived hundreds of millions of dollars in lease payments and sell the compounds at a "substantial loss." The bank also

was reported to have bribed a Saudi prince and government official to help obtain the license, the lawsuit said. In 2012, Reuters reported that the U.S. government was investigating whether Barclays paid bribes to win a banking license in Saudi Arabia. Barclays has denied doing so. (Reuters)

Asset managers see sovereign wealth funds withdraw USD19 billion - FT

GCC sovereign wealth funds have withdrawn money from asset managers at a record rate this year as falling oil prices have left gulf economies scrambling

to inject cash into their economies, according to a Financial Times report. Data provider eVestment said state investors have removed at least USD19

billion from funds under management, sparking both concerns that profits for investment managers will suffer, as well as further losses to funds under management, the report said. Countries that depend on the sale of oil and gas, which has seen a price drop of more than 50% since June 2014, have been

forced to raid their investment portfolios the report said. The report highlighted asset managers Aberdeen Asset Management PLC , Northern Trust Corp ,

Franklin Resources Inc among others have each admitted that government clients have withdrawn funds this year. The report cited Morgan Stanley as

saying sovereign funds have also pulled money from Invesco Ltd. as well as the asset management units of several US banks including Goldman Sachs

Group Inc , Bank of New York Mellon Corp , State Street Corp , and JPMorgan Chase & Co . The Saudi Arabian Monetary Agency is one of the sovereign

wealth funds that has made withdrawals from its asset managers the report said, adding that the fund, with more than USD650 billion in assets has

withdrawn around USD70 billion. (Reuters)

Investors keep pulling cash out of Turkey Foreign investors look set to keep pulling their money out of Turkey after dumping a record amount of stocks and bonds this year. Investors from abroad

withdrew USD7.6 billion from assets in 2015, including USD1.4 billion in outflows last month as the party that President Recep Tayyip Erdogan helped

found swept back into power, initially triggering a rally in the nation’s assets. Declines resumed as the war in neighboring Syria and Russian sanctions

threatened the country’s USD720 billion economy. (Bloomberg)

Yuan set for weakest close since 2011 as exports fall for fifth month and forex reserves suffer third largest monthly decline

China’s yuan headed for the weakest close in four years after the central bank cut its reference rate and both exports and foreign-exchange reserves

dropped more than estimated. Overseas shipments fell for a fifth month in November and imports extended a record run of declines, according to official

data on Tuesday, after figures Monday showed the nation’s foreign-currency stockpile shrank to USD3.44 trillion as the central bank sold dollars to prop up

the yuan. The People’s Bank of China lowered the onshore yuan’s reference rate by 0.15% to 6.4078 against the greenback, the weakest since August

27th. The yuan fell 0.15% to 6.4180 a dollar, set for the lowest close since August 2011.

China’s foreign exchange reserves posted their third-largest monthly decline on record last month; central bank data showed on Monday, renewing worries



about capital outflows after reserves had appeared to stabilize. Forex reserves fell USD87billion in November, near the record USD94billion decline suffered

in August — the same month that the central bank surprised global markets by allowing the renminbi to depreciate by 3% in three days. China’s reserves

have fallen for nine of 11 months this year and stand at USD3.43trillion, as investors sell renminbi assets to protect themselves against depreciation and

the central bank sells dollars from its reserves to curb renminbi weakness. Falling interest rates in China and expectations of an imminent rate hike by the

US Federal Reserve have also fueled outflows. Reserves rebounded mildly in October, suggesting outflows had diminished. China ’s forex reserves — the

world’s largest — have long been seen as the ultimate guarantor of financial stability, since they can be used to hedge against capital flight or to bail out

domestic financial institutions struggling with a rise in bad debts.

Furthermore, China’s exports fell for a fifth month while a slump in imports moderated, as policy makers seek to spur domestic spending amid tepid global

demand. Overseas shipments dropped 6.8% in November in dollar terms from a year earlier, the customs administration said Tuesday. That compared to

the median forecast of a 5% decline in a survey of economists and the 6.9% fall in October. Imports declined for a record 13th straight month, dropping

8.7% in dollar terms versus an 18.8% slump in October, leaving a trade surplus of USD54.1 billion. With sluggish trade combining with slowing residential

construction, policy makers may need to keep their foot on the gas even after six interest rate cuts and expedited fiscal spending. The import decline

remains a drag on other nations as robust consumer demand hasn’t picked up fast enough to offset declines in rust belt industries. (Bloomberg and

Financial Times)

Japan’s economy grew in third quarter, avoiding recession

Japan’s gross domestic product expanded in the third quarter rather than contracting as previously thought, meaning the economy didn’t enter a recession

earlier this year. The revision is good news for Prime Minister Shinzo Abe, who has made reviving the economy a priority for his administration, although

growth continues to lag behind record corporate profits and rising share prices. The government is still expected to compile an extra fiscal spending

package this month after the Bank of Japan in 2015 refrained from adding to its record monetary stimulus program; Annualized GDP rose 1% in the three

months ended Sept; Preliminary figure had indicated GDP dropped 0.8%; Economists, who changed their forecasts after surprisingly strong capital

expenditure numbers last week, expected an increase of 0.2%; and second-quarter GDP also was revised, to -0.5% from a preliminary -0.7%.

Euroclear presses ahead with India government bonds

Euroclear, the world’s largest securities settlement system, is pressing ahead with plans to include Indian government bonds on its platform by the end of

2016, potentially opening the South Asian country’s debt markets to a wave of foreign investment. Belgium-based Euroclear has been engaged in

protracted discussions with the Reserve Bank of India, with the two hammering out final details last week of a plan to integrate their systems during the next financial year. The move marks a further step in New Delhi’s opening of its bond market, and follows an RBI plan to increase the cap on the amount of

government debt available to international buyers from less than 4% to 5% by 2018. Several Indian companies are gearing up to launch rupee-

denominated offshore “masala” bonds for the first time early next year. (Financial Times)

Iron ore in USD30s seen near tipping point for largest miners Iron ore’s tumble into the USD30s threatens the world’s biggest miners as prices approach break-even costs, according to Capital Economics Ltd. BHP

Billiton Ltd. shares slumped to the lowest in 10 years and Rio Tinto Group dropped to the lowest since 2009. The most expensive operations at the four

largest suppliers are on the verge of making losses at rates below USD40 a metric ton, said John Kovacs, senior commodities economist at Capital Economics in London, who estimates their break-even levels at USD28 to USD39, taking into account freight and other costs. While these producers will

keep output strong, they’ll be constrained by lowprices, he said by e-mail on Monday. Iron ore’s plunge below USD40 comes as producers including Vale SA

in Brazil and Rio and BHP in Australia press on with expansions to cut costs and defend market share just as demand from the largest consumer China

slows. They’re the world’s biggest suppliers along with Fortescue Metals Group Ltd. Prices of the raw material have lost 45% this year and have plunged

80% from their peak in 2011. “The big four will find it hard to maintain output at below USD40,” Kovacs said in response to questions. “If prices remain

weak, output from the highest-cost mines of the big four will be under pressure.” (Bloomberg)

Abengoa to meet with banks in next stage of talks on funding

Abengoa SA is scheduled to meet with its main creditor banks this week as it seeks to line up the funds it may need to avoid insolvency. The Spanish

producer of renewable energy is working on creating a “map” of its debt situation, as previously agreed with banks and auditing firm KPMG, Abengoa said

Monday in an e- mailed statement. A working group representing the Seville-based company, its main creditor banks and KPMG will meet on Wednesday

and the audit firm will pass its report to the lenders in the early part of this week, Abengoa said. Talks with banks started after Abengoa, which has 8.9

billion euros (USD9.6 billion) of gross debt, filed for preliminary creditor protection on Nov. 25. While the company has as long as four months to reach an

agreement with creditors under Spanish bankruptcy law, failure to obtain funding could force it into insolvency proceedings before then. Abengoa reported

negative corporate free cash flow of 597 million euros in the first nine months of the year and said it had 346 million euros of cash immediately available in

September, down from 831 million euros in June. Its 550 million euros of bonds maturing in February 2018 fell to be quoted at less than 15 cents on the euro from 48 cents a month ago, according to data compiled by Bloomberg. (Bloomberg)



Rating Update

Fitch affirms India at 'BBB-'; Outlook Stable

Fitch Ratings has affirmed India's Long-Term Foreign- and Local-Currency Issuer Default Ratings at 'BBB-'. The issue ratings on India's senior unsecured foreign- and local-currency bonds are also affirmed at 'BBB-'. Fitch's affirmation of India's sovereign ratings and Stable Outlook balances a strong medium-

term GDP growth outlook and favorable external finances, including a strong foreign reserves buffer, with a high government debt burden and weak

structural features, including a difficult - but improving - business environment. India's positive GDP growth outlook stands out globally. Fitch forecasts

India's real GDP growth to accelerate to 7.5% in the fiscal year ending 31 March 2016 (FY16) and 8.0% in FY17, from 7.3% in FY15, supported by the

government's beefed-up capex spending and gradual implementation of a broad-based structural reform agenda. The Reserve Bank of India's (RBI) policy

rate cuts of 125bp in total in 2015 are also likely to contribute to higher GDP growth, even though monetary transmission is impaired by relatively weak

banking sector balance sheets. India's real GDP growth averaged 6.7% over the past five years, which is considerably higher than the 'BBB' range median

of 3.0%, and it remains so even if the uplift in growth resulting from the GDP data revision by the Central Statistical Office in February 2015 is discounted.

The government continues to steadily roll out its ambitious structural reform agenda, as illustrated in recent months by the announcement of new reforms that will likely improve the business environment, including changes in the foreign direct investment (FDI) regime. (Bloomberg)

S&P affirms then withdraws 'B+' rating on Millennium Offshore

Standard & Poor's Ratings Services on Monday affirmed its 'B+' long-term corporate credit rating on oilfield services company Millennium Offshore Services

and then subsequently withdrew the corporate credit rating at Millennium Offshore's request. The outlook was stable at the time of the withdrawal. S&P

also withdrew its 'B+' issue rating on Millennium Offshore's senior secured notes. The affirmation follows Millennium Offshore's announcement of a successful cash tender for any and all of its outstanding USD225 million senior secured notes due 2018. At the expiration date of the offer, holders of about

98% of the aggregate principal amount of the notes had been tendered, leaving only about USD4 million outstanding. ‘We consider the transaction to be

opportunistic rather than distressed. Although the company offered less value than the original plan (USD950 for each USD1,000 of principal amount if

early tender, otherwise USD920), we would not have expected a conventional default in the near term if the investors had not accepted the proposed offer. The stable outlook at the time of the withdrawal reflected our projection that the company's liquidity would provide sufficient coverage of uses over the

next 12 months, taking into account overall modest debt maturities and declining capital spending’ the rating agency stated. (Bloomberg)

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

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

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 100.33 100.33 2.29 A/A1/A UNITED KINGDOM Sr Unsecured 1,000

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.23 99.23 2.69 A/Baa1/- UNITED STATES Sr Unsecured 2,000

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.70 100.07 2.43 A/A2/A NETHERLANDS Sr Unsecured 200,000

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.64 99.64 2.46 A-/A2/A+ UNITED STATES Sr Unsecured 2,000

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 81.00 81.00 8.92 BBB-/Baa2/- UNITED KINGDOM Sr Unsecured 200,000

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.26 100.26 1.94 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.93 99.93 1.97 A/A2/A+ UNITED KINGDOM Sr Unsecured 2,000

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 99.00 99.00 2.69 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 99.22 99.22 2.44 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.81 99.81 1.83 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.50 99.50 2.28 A/A1/AA- UNITED STATES Sr Unsecured 1,000

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.53 100.53 2.75 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.37 99.37 2.53 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 100.14 100.14 2.28 A/A2/A UNITED KINGDOM Sr Unsecured 1,000

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 99.94 99.94 2.27 A/A2/A FRANCE Sr Unsecured 250,000

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.67 99.67 2.08 A/A2/A UNITED STATES Sr Unsecured 1,000

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 99.27 99.27 2.14 AA/Aa1/- UNITED STATES Sr Unsecured 2,000

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.36 99.36 1.98 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 99.10 99.10 2.42 A/A2/A UNITED STATES Sr Unsecured 2,000

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.69 99.69 2.83 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.62 99.62 1.86 A/A1 /*-/A SWITZERLAND Sr Unsecured 250,000

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.92 99.92 2.03 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 99.69 99.69 2.34 A-/A3/A- GERMANY Sr Unsecured 150,000

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 99.14 99.14 2.66 A-/A3/A- GERMANY Sr Unsecured 150,000

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.88 99.88 1.93 BBB+/A3/A- GERMANY Sr Unsecured 1,000

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 100.24 100.24 1.85 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.28 99.28 2.54 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.83 98.83 2.92 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 79.50 79.50 13.18 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 68.50 68.50 12.96 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.56 99.56 2.60 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 99.37 99.37 3.35 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218431705 16-Apr-2018 500 FIXED 2.13 87.00 87.00 8.33 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 81.55 81.55 9.52 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 80.36 80.36 8.35 BBB/Baa2/- SWITZERLAND Sr Unsecured 2,000

=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 1


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 98.84 98.84 2.66 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.89 99.89 2.63 BBB+/A3/A UNITED STATES Sr Unsecured 2,000

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.12 100.12 2.21 A/A2/AA- UNITED STATES Sr Unsecured 100,000

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.37 99.37 2.51 A/A2/AA- UNITED STATES Sr Unsecured 100,000

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.11 98.11 2.07 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.63 99.63 2.20 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.44 100.44 2.85 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.93 99.93 2.22 A-/A3/A+ UNITED STATES Sr Unsecured 2,000

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.45 99.45 2.39 A-/A3/A+ UNITED STATES Sr Unsecured 2,000

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 99.77 99.77 2.46 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.27 99.63 2.50 A/A2/A AUSTRALIA Sr Unsecured 2,000

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 94.64 94.64 4.02 BBB/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.57 99.57 2.30 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.74 99.74 1.92 AA/A1/A UNITED STATES Sr Unsecured 2,000

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 99.55 99.55 2.26 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.95 98.95 2.52 A/A3/A UNITED STATES Sr Unsecured 2,000

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.51 100.51 2.09 A+/A2/A UNITED STATES Sr Unsecured 250,000

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 100.11 100.11 1.82 A/A1/A UNITED STATES Sr Unsecured 2,000

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.02 100.02 2.24 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 98.96 98.96 2.14 -/Aaa/AAA CANADA Secured 1,000

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.69 99.69 2.15 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.83 98.83 2.94 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 99.46 99.46 2.25 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.29 99.13 1.90 A+/A1/A GERMANY Sr Unsecured 250,000

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.65 99.65 2.23 A+/A1/A GERMANY Sr Unsecured 250,000

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.47 98.47 2.62 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.21 100.21 2.30 A/A2 /*+/A SWITZERLAND Sr Unsecured 250,000

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.54 99.54 1.72 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 94.10 94.10 3.86 BBB+/A3/- GERMANY Sr Unsecured 200,000

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.51 100.51 1.97 A/A2/AA- UNITED STATES Sr Unsecured 1,000

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.49 99.49 2.28 A/A2/AA- UNITED STATES Sr Unsecured 1,000



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.39 99.94 2.53 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 95.82 96.53 4.20 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.92 96.60 4.36 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.24 99.91 2.54 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.87 100.47 2.85 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.63 99.27 2.96 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.67 98.34 3.04 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 100.16 100.90 4.35 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 98.65 99.64 3.28 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 99.15 99.89 2.55 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 94.05 95.62 5.38 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.18 95.05 4.60 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.70 102.26 1.66 A-/A1/- QATAR Sr Unsecured 200,000

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 100.02 100.68 2.67 A-/A1/- QATAR Sr Unsecured 200,000

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.51 101.19 2.87 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.41 102.11 2.03 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.64 98.39 3.31 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 98.96 99.71 4.36 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 98.90 99.59 3.35 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.90 101.70 4.32 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 100.76 101.61 4.11 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.89 102.45 2.70 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.80 99.96 1.98 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 99.97 100.59 3.09 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.20 99.81 3.05 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.45 100.02 2.37 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.09 101.85 3.25 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.94 102.53 1.73 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.69 101.31 2.13 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.14 101.76 2.66 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.96 98.62 2.98 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.81 100.56 2.59 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.96 99.97 4.63 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.47 100.18 3.46 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 78.78 79.85 7.76 BBB-/-/BBB- BAHRAIN Unsecured 200,000



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 88.47 89.65 5.37 BBB/A3/- OMAN Sr Unsecured 200,000

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 101.61 102.41 4.40 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.33 98.74 2.71 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 100.05 100.75 3.12 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 500 FIXED 3.00 101.75 102.50 2.33 -/Baa2/A UNITED ARAB EMIRATES Sr Unsecured 200,000

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.36 95.41 4.90 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.91 100.72 2.93 -/A3/- OMAN Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 101.74 102.23 1.51 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.49 102.18 2.38 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.04 98.71 2.58 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.39 98.14 3.54 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 95.21 96.11 4.29 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 97.58 98.93 4.57 A-/A2/A+ QATAR Sr Unsecured 200,000

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.73 102.32 2.23 A-/A2/A+ QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.59 102.15 1.56 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.14 99.76 2.24 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.20 100.83 2.45 A+/Aa3/AA- QATAR Sr Unsecured 200,000

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.29 100.91 2.65 -/Aa3/AA- QATAR Sr Unsecured 200,000

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 102.18 102.84 2.27 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.90 98.67 3.65 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.14 100.71 2.36 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.40 101.05 1.85 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.27 101.12 3.61 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.70 101.33 2.36 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 98.00 98.81 3.14 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.00 101.58 1.34 AA/Aa2/- QATAR Sr Unsecured 200,000

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.47 104.06 2.61 AA/Aa2/- QATAR Sr Unsecured 200,000

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.71 102.32 2.25 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000



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 97.94 98.74 3.34 A-/A2/A MEXICO Sr Unsecured 200,000

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.91 92.30 4.90 A-/A2/A MEXICO Sr Unsecured 200,000

BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 61.94 64.72 16.08 -/Ba2 /*-/BB- /*- BRAZIL Sr Unsecured 200,000

#REF! #REF! perp #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! perp #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1440 FIXED 5.75 91.40 91.40 7.21 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 93.08 94.29 6.76 BB+/Baa3/BBB- BRAZIL Sr Unsecured 150,000

CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 91.73 92.62 6.69 BB+/Baa3/BBB- BRAZIL Sr Unsecured 150,000

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 91.53 92.63 6.33 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 85.12 86.08 6.14 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 89.95 90.85 6.59 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 75.58 76.72 7.93 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 93.07 94.14 5.86 BBB/Baa3/- BRAZIL Sr Unsecured 2,000

FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 80.50 81.00 5.96 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 86.10 86.10 6.28 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 78.25 79.25 7.47 BB+/Baa3/BBB- BRAZIL Sr Unsecured 100,000

FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 72.25 72.25 7.31 BB+/Baa3/BBB- BRAZIL Sr Unsecured 200,000

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 90.76 94.24 4.75 A-/-/A MEXICO Sr Unsecured 150,000

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 87.58 88.65 8.52 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 77.23 78.27 8.83 BBB-/Baa3/BBB- BRAZIL Sr Unsecured 200,000

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 87.33 88.90 5.79 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.95 98.60 4.04 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 104.16 104.90 5.74 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 91.15 91.95 5.92 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.59 101.23 5.26 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 89.78 90.59 5.09 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 91.98 92.64 5.28 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 92.51 93.17 5.38 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 80.76 81.64 7.11 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.54 98.80 2.93 -/Baa2/- PHILIPPINES Sr Unsecured 10,000

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 95.39 96.21 5.32 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 89.75 89.75 4.28 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 97.25 97.25 4.40 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 87.00 87.00 5.94 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 96.44 97.00 4.29 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000



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 92.88 93.51 4.42 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 96.04 96.51 4.60 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 92.24 92.81 5.79 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 87.63 88.30 5.45 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 91.88 92.40 5.66 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.47 95.12 4.55 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 100.22 100.92 5.00 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 84.78 85.68 5.92 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 100.16 100.97 6.43 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.85 98.78 3.91 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 91.49 91.94 4.56 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 94.08 94.61 4.92 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 87.23 87.78 5.77 -/Baa3/BBB- TURKEY Sr Unsecured 200,000

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 94.12 95.37 4.82 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.97 99.70 3.84 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 94.82 95.70 5.51 BBB-/-/BBB- TURKEY Sr Unsecured 200,000

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 97.20 97.79 6.05 BBB-/Baa3/BBB- TURKEY Unsecured 200,000

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 97.15 98.15 3.84 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 92.50 93.25 5.21 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 89.60 90.60 5.22 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 80.87 81.62 8.28 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 72.87 73.87 9.84 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 72.05 72.96 9.83 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 64.78 65.99 9.01 BBB/Baa2/BBB+ /*- BRAZIL Sr Unsecured 2,000

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 96.02 96.76 4.88 -/Baa3/BBB TURKEY Sr Unsecured 200,000



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 98.65 98.93 3.75 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.94 103.49 3.40 -/Baa3/- INDIA Sr Unsecured 200,000

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.58 100.98 3.01 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.97 102.35 2.74 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.28 98.58 3.47 BBB-/Baa3/- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.89 98.68 4.17 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.26 103.85 3.98 -/Baa3/BBB- INDIA Sr Unsecured 200,000

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.36 98.81 4.53 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.78 103.04 2.13 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.32 103.72 2.84 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.71 99.12 2.97 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.59 99.03 2.97 BBB-/Baa3/- INDIA Sr Unsecured 200,000

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.65 102.15 3.65 BBB-/Baa3/- INDIA Sr Unsecured 200,000

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.95 101.28 2.41 BBB-/Baa3/- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.32 101.69 3.07 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.76 100.17 3.09 BBB-/Baa3/- INDIA Sr Unsecured 200,000

IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 102.01 102.34 3.31 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.70 101.98 2.31 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.89 103.20 2.87 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.48 102.21 4.08 BBB-/-/BBB- INDIA Sr Unsecured 200,000

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.61 103.00 2.93 -/Baa2/BBB- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.62 100.95 2.97 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.92 98.50 3.99 BBB-/Baa2/- INDIA Sr Unsecured 200,000

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.51 103.05 4.20 BBB-/Baa2/- INDIA Sr Unsecured 200,000

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.54 100.23 3.84 BBB-/-/BBB- INDIA Sr Unsecured 200,000

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 98.70 99.19 4.23 BBB+/Baa2/- INDIA Sr Unsecured 250,000

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 91.68 92.97 5.35 BBB+/Baa2/- INDIA Sr Unsecured 250,000

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 103.03 103.26 2.09 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.63 101.89 2.42 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.31 102.65 2.79 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.49 102.88 2.84 BBB-/Baa3/- INDIA Sr Unsecured 200,000

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.22 102.74 3.14 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.48 103.81 2.33 BBB-/Baa3/- INDIA Sr Unsecured 200,000

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.60 102.06 2.87 BBB-/Baa3/- INDIA Sr Unsecured 200,000


mashreq€¦ · n.y. judge tosses saudi ... remains a drag on other nations as robust consumer...

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