mashreq€¦ · Dhabi’s sovereign wealth fund, is talking with lenders including Deutsche Bank...
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mashreq Fixed Income Trading Mashreq Fixed Income Daily Update Market Update • • • • • • • • • • • • Zain Saudi Third-Quarter Loss Narrows on Internet Service Gains Telecom operator Zain Saudi reported a narrowing third-quarter loss on Tuesday as margins improved, provisions fell and Internet usage increased. Zain Saudi, 37-per cent owned by Kuwait’s Zain, made a net loss of SAR316 million ($84.23 million) in the three months to Sept. 30. This compares with a net loss of SAR421 million in the prior-year period. (Bloomberg) Dubai Investments to revive projects in Fujairah Dubai Investments said yesterday that it plans to revive Dh400 million worth of property projects in Fujairah that were put on hold following Dubai’s property downturn in 2008. Khalid bin Kalban, the investment company’s chief executive, said yesterday that the long-delayed Fujairah Business Park and The Market developments in the northern emirate would be officially launched in the first week of December. The project is still awaiting final approval from Fujairah Municipality, he said. (Bloomberg) Cliffs results beat estimates after production costs decline Cliffs Natural Resources Inc., the largest U.S. iron-ore miner, reported third-quarter profit excluding one-time items that beat analysts’ expectations after production costs fell. The net loss was $5.89 billion, or $38.49 cents a share, compared with net income of $104.3 million, or 66 cents, a year earlier, the Cleveland-based company said in a statement yesterday. Excluding one-items, per-share profit was 21 cents, while the average of 18 estimates compiled by Bloomberg was for a 0.5-cent loss. Sales fell to $1.3 billion from $1.55 billion, exceeding the $1.28 billion average estimate. (Bloomberg) NBAD reports AED 4.2bn net profit in 9M2014 National Bank of Abu Dhabi (NBAD) reported a net profit of AED 4.2bn for the 9M2014, up 14.7% over the corresponding period in 2013. The net profits were AED 1.37bn in 3Q2014, up 32% YoY and down 3.7% sequentially. Diluted EPS stood at AED 0.84 for 9M2014, up 16.3%. The annualized return on average equity for 9M2014 was 15.6%. The bank’s total assets have increased by 22.5% to reach AED 398.07bn at the end of September 30, as compared to AED 325.06bn at the end of 2013. Loans & advances grew by 7.7% in 9M2014 to reach AED 198bn, while customer deposits also increased by 25.4%, over the same period, at AED 264.7bn at the end of September 2014. (Bloomberg) Wednesday, October 29, 2014 Capital spending softens, but US consumer confidence rises Demand for US-made capital goods recorded its biggest drop in eight months in September 2014, a cautionary note for an economy that otherwise seems to be moving forward at a steady clip. A moderation in home price gains in August offered a further suggestion the economy may have cooled a bit, although consumer confidence jumped to a seven-year high in October. The Commerce Department said non-defense capital goods, a closely watched proxy for business spending plans, fell 1.7% in September. It was the largest drop in core capital goods’ demand since January, and it surprised economists who had expected a 0.6% gain. A second report showed the S&P/Case-Shiller Composite Index of home prices in 20 metropolitan areas gained 5.6% YoY in August. However, it was the slowest YoY increase since November 2012, providing the latest sign that the housing sector continues to muddle along. Separately, the Conference Board said its index of consumer attitudes increased to 94.5 this month, the highest reading since October 2007, from 89.0 in September. The jump came despite a sharp stock market sell-off, with households cheered by a steadily firming labor market and falling gasoline prices. (Bloomberg) FOMC to announce end of QE today Markets are keeping a close eye on the statement from the Fed after the FOMC meeting, which ends today. The meeting itself is less dramatic, as it neither involves economic projections nor a post-meeting press conference by Ms. Yellen. The end of bond purchases by the Fed under QE is a consensus in the market. However, the focus is on the future path of interest rates. We believe given the global growth concerns raised by the Fed in its previous meeting, minutes of which were released earlier in the month, and benign inflationary outlook in the US, the Fed will follow a dovish approach. Japan Output Rises Most in Eight Months as PM Mulls Tax Japanese industrial production rose the most since January in a sign that companies are recovering from the blow of a higher sales tax. Output increased 2.7 percent in September from the previous month, the trade ministry said, beating the 2.2 percent median estimate of economists. That trimmed the decline for the third quarter to 1.9 percent, following a drop of 3.8 percent in the three months through June. Prime Minister Shinzo Abe must decide whether the economy can bear another hike in the levy next year after an increase in April caused the sharpest economic contraction in five years. Bank of Japan Governor Haruhiko Kuroda has said it would be hard to deal with risks should confidence in the nation’s finances be shaken by a delay while a finance official in Abe’s ruling party warned the economy isn’t strong enough. (Bloomberg) Shadow Banking Shifted to Insurers Alarms Moody’s A doubling in the trust holdings of China’s insurers has prompted ratings companies to warn the industry may be taking on too much shadow banking default-risk. Insurers held 281 billion yuan ($46 billion) of trust products on June 30, surging from 144 billion yuan at the end of last year, China Insurance Regulatory Commission data show. The companies’ shadow bank assets, including wealth management products and other financing kept off commercial lenders’ balance sheets, reached 1.14 trillion yuan, or 13 percent of their investments, Standard & Poor’s estimated, adding that this made them “vulnerable in times of stress.” (Bloomberg) China Oil trader in record mid-east crude haul as prices drop China National United Oil Co., a unit of the country’s biggest energy company, bought the most ever cargoes of Middle East crude through a pricing platform in Singapore amid oil’s slump into a bear market. The company, known as China Oil, purchased about 21 million barrels this month through the system used to determine benchmark prices by Platts, a unit of McGraw Hill Financial Inc. It bought more than 40 cargoes of the Dubai, Oman and Upper Zakum grades in the so-called window, according to data compiled by Bloomberg. (Bloomberg) UAE GDP to grow 4.2% in 2014 and 4.5% in 2015 According to a report released by Euler Hermes, UAE’s GDP is expected to grow at 4.2% in 2014 and 4.5% in 2015 while the country’s exports are expected to grow at 6% in 2014 from $379bn in 2013. The UAE economy is the second largest in the Arab world after Saudi Arabia and the most diversified in the Middle East. (Bloomberg) Aabar Said to Plan Refinancing of $2.2 Billion UniCredit Stake According to sources , Aabar Investments PJSC is planning to refinance a stake valued at $2.2 billion in UniCredit SpA. The investment firm, owned by Abu Dhabi’s sovereign wealth fund, is talking with lenders including Deutsche Bank AG, Bank of America Corp., BNP Paribas SA and HSBC Holdings Plc about refinancing the stake according to sources who wish to remain anonymous. Aabar is the biggest shareholder in UniCredit, according to the bank’s website, with a stake of just over 5 percent. A refinancing could involve a combination of equity financing, equity derivatives and a term loan to lower the cost of an earlier financing. (Bloomberg) Real Madrid to get stadium financing from IPIC Real Madrid, the richest soccer club in the world, with revenue of almost 550 million euros this year, will get financial backing from Abu Dhabi’s USD 68 billion International Petroleum Investment Co. to develop its stadium. This was stated by IPIC Managing Director Khadem al Qubaisi at a signing ceremony in Madrid yesterday. IPIC will provide “commercial means to build the world’s greatest sports facility” and in return the European soccer champion will promote Abu Dhabi globally, according to Mr. Al Qubaisi. Real Madrid President Florentino Perez said the agreement was the start of a process to redevelop the Santiago Bernabeu stadium. Perez had said last month that the club planned to sell the naming rights to the Bernabeu to finance most of a 400 million euro (USD 510 million) redesign. The arena has carried the name of Bernabeu, a former coach, player and president, since 1955. (Bloomberg) Page 1
Transcript of mashreq€¦ · Dhabi’s sovereign wealth fund, is talking with lenders including Deutsche Bank...
mashreqFixed Income Trading
Mashreq Fixed Income Daily Update
Market Update
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Zain Saudi Third-Quarter Loss Narrows on Internet Service Gains
Telecom operator Zain Saudi reported a narrowing third-quarter loss on Tuesday as margins improved, provisions fell and Internet usage increased. Zain
Saudi, 37-per cent owned by Kuwait’s Zain, made a net loss of SAR316 million ($84.23 million) in the three months to Sept. 30. This compares with a net
loss of SAR421 million in the prior-year period. (Bloomberg)
Dubai Investments to revive projects in Fujairah
Dubai Investments said yesterday that it plans to revive Dh400 million worth of property projects in Fujairah that were put on hold following Dubai’s
property downturn in 2008. Khalid bin Kalban, the investment company’s chief executive, said yesterday that the long-delayed Fujairah Business Park and
The Market developments in the northern emirate would be officially launched in the first week of December. The project is still awaiting final approval from
Fujairah Municipality, he said. (Bloomberg)
Cliffs results beat estimates after production costs decline
Cliffs Natural Resources Inc., the largest U.S. iron-ore miner, reported third-quarter profit excluding one-time items that beat analysts’ expectations after
production costs fell. The net loss was $5.89 billion, or $38.49 cents a share, compared with net income of $104.3 million, or 66 cents, a year earlier, the
Cleveland-based company said in a statement yesterday. Excluding one-items, per-share profit was 21 cents, while the average of 18 estimates compiled
by Bloomberg was for a 0.5-cent loss. Sales fell to $1.3 billion from $1.55 billion, exceeding the $1.28 billion average estimate. (Bloomberg)
NBAD reports AED 4.2bn net profit in 9M2014
National Bank of Abu Dhabi (NBAD) reported a net profit of AED 4.2bn for the 9M2014, up 14.7% over the corresponding period in 2013. The net profits
were AED 1.37bn in 3Q2014, up 32% YoY and down 3.7% sequentially. Diluted EPS stood at AED 0.84 for 9M2014, up 16.3%. The annualized return on
average equity for 9M2014 was 15.6%. The bank’s total assets have increased by 22.5% to reach AED 398.07bn at the end of September 30, as
compared to AED 325.06bn at the end of 2013. Loans & advances grew by 7.7% in 9M2014 to reach AED 198bn, while customer deposits also increased
by 25.4%, over the same period, at AED 264.7bn at the end of September 2014. (Bloomberg)
Wednesday, October 29, 2014
Capital spending softens, but US consumer confidence rises
Demand for US-made capital goods recorded its biggest drop in eight months in September 2014, a cautionary note for an economy that otherwise seems
to be moving forward at a steady clip. A moderation in home price gains in August offered a further suggestion the economy may have cooled a bit,
although consumer confidence jumped to a seven-year high in October. The Commerce Department said non-defense capital goods, a closely watched
proxy for business spending plans, fell 1.7% in September. It was the largest drop in core capital goods’ demand since January, and it surprised
economists who had expected a 0.6% gain. A second report showed the S&P/Case-Shiller Composite Index of home prices in 20 metropolitan areas
gained 5.6% YoY in August. However, it was the slowest YoY increase since November 2012, providing the latest sign that the housing sector continues to
muddle along. Separately, the Conference Board said its index of consumer attitudes increased to 94.5 this month, the highest reading since October
2007, from 89.0 in September. The jump came despite a sharp stock market sell-off, with households cheered by a steadily firming labor market and
falling gasoline prices. (Bloomberg)
FOMC to announce end of QE today
Markets are keeping a close eye on the statement from the Fed after the FOMC meeting, which ends today. The meeting itself is less dramatic, as it neither
involves economic projections nor a post-meeting press conference by Ms. Yellen. The end of bond purchases by the Fed under QE is a consensus in the
market. However, the focus is on the future path of interest rates. We believe given the global growth concerns raised by the Fed in its previous meeting,
minutes of which were released earlier in the month, and benign inflationary outlook in the US, the Fed will follow a dovish approach.
Japan Output Rises Most in Eight Months as PM Mulls Tax
Japanese industrial production rose the most since January in a sign that companies are recovering from the blow of a higher sales tax. Output increased
2.7 percent in September from the previous month, the trade ministry said, beating the 2.2 percent median estimate of economists. That trimmed the
decline for the third quarter to 1.9 percent, following a drop of 3.8 percent in the three months through June. Prime Minister Shinzo Abe must decide
whether the economy can bear another hike in the levy next year after an increase in April caused the sharpest economic contraction in five years. Bank of
Japan Governor Haruhiko Kuroda has said it would be hard to deal with risks should confidence in the nation’s finances be shaken by a delay while a
finance official in Abe’s ruling party warned the economy isn’t strong enough. (Bloomberg)
Shadow Banking Shifted to Insurers Alarms Moody’s
A doubling in the trust holdings of China’s insurers has prompted ratings companies to warn the industry may be taking on too much shadow banking
default-risk. Insurers held 281 billion yuan ($46 billion) of trust products on June 30, surging from 144 billion yuan at the end of last year, China Insurance
Regulatory Commission data show. The companies’ shadow bank assets, including wealth management products and other financing kept off commercial
lenders’ balance sheets, reached 1.14 trillion yuan, or 13 percent of their investments, Standard & Poor’s estimated, adding that this made them
“vulnerable in times of stress.” (Bloomberg)
China Oil trader in record mid-east crude haul as prices drop
China National United Oil Co., a unit of the country’s biggest energy company, bought the most ever cargoes of Middle East crude through a pricing
platform in Singapore amid oil’s slump into a bear market. The company, known as China Oil, purchased about 21 million barrels this month through the
system used to determine benchmark prices by Platts, a unit of McGraw Hill Financial Inc. It bought more than 40 cargoes of the Dubai, Oman and Upper
Zakum grades in the so-called window, according to data compiled by Bloomberg. (Bloomberg)
UAE GDP to grow 4.2% in 2014 and 4.5% in 2015
According to a report released by Euler Hermes, UAE’s GDP is expected to grow at 4.2% in 2014 and 4.5% in 2015 while the country’s exports are
expected to grow at 6% in 2014 from $379bn in 2013. The UAE economy is the second largest in the Arab world after Saudi Arabia and the most
diversified in the Middle East. (Bloomberg)
Aabar Said to Plan Refinancing of $2.2 Billion UniCredit Stake
According to sources , Aabar Investments PJSC is planning to refinance a stake valued at $2.2 billion in UniCredit SpA. The investment firm, owned by Abu
Dhabi’s sovereign wealth fund, is talking with lenders including Deutsche Bank AG, Bank of America Corp., BNP Paribas SA and HSBC Holdings Plc about
refinancing the stake according to sources who wish to remain anonymous. Aabar is the biggest shareholder in UniCredit, according to the bank’s website,
with a stake of just over 5 percent. A refinancing could involve a combination of equity financing, equity derivatives and a term loan to lower the cost of an
earlier financing. (Bloomberg)
Real Madrid to get stadium financing from IPIC
Real Madrid, the richest soccer club in the world, with revenue of almost 550 million euros this year, will get financial backing from Abu Dhabi’s USD 68
billion International Petroleum Investment Co. to develop its stadium. This was stated by IPIC Managing Director Khadem al Qubaisi at a signing ceremony
in Madrid yesterday. IPIC will provide “commercial means to build the world’s greatest sports facility” and in return the European soccer champion will
promote Abu Dhabi globally, according to Mr. Al Qubaisi. Real Madrid President Florentino Perez said the agreement was the start of a process to
redevelop the Santiago Bernabeu stadium. Perez had said last month that the club planned to sell the naming rights to the Bernabeu to finance most of a
400 million euro (USD 510 million) redesign. The arena has carried the name of Bernabeu, a former coach, player and president, since 1955. (Bloomberg)
Page 1
mashreqFixed Income Trading
Mashreq Fixed Income Daily Update Wednesday, October 29, 2014
Change Change USD EUR AED
Spread Day YTD Last 1d Chg Last 1d Chg Last 1d Chg
iTraxx Europe 67.192 0.000 -3.060 2-Year 0.646 0.000 0.234 -0.001 1.008 -0.002
iTraxx Europe Crossover 354.162 0.000 67.526 5-Year 1.683 -0.006 0.482 -0.003 2.161 -0.004
CDX North America IG 64.426 0.000 2.078 10-Year 2.426 -0.012 1.100 -0.012 3.322 -0.018
CDX North America HY 343.134 0.000 35.980 30-Year 3.027 -0.017 1.830 -0.005 N/A N/A
iTraxx SovX Western Europe 32.965 N/A -30.617 Source: Bloomberg
iTraxx SovX CEEMEA 218.718 N/A 38.790
iTraxx Europe Senior Financial 66.906 0.000 -20.295
iTraxx Europe Sub Financial 149.975 0.000 21.352
Source: Bloomberg
Change Change Last Change
bps Spread Day YTD YTD (%)
Emirate of Abu Dhabi 5Y 56.500 1.000 1.500 S&P 500 1,985.05 7.40
Emirate of Dubai 5Y 170.000 -5.000 -50.000 Dow Jones Industrial Avg 17,005.75 2.59
Kingdom of Bahrain 5Y 190.000 N/A -43.000 DFM General Index 4,618.03 37.04
State of Qatar CDS 5Y 66.500 -1.000 6.500 ADX General Index 4,944.47 15.25
Kingdom of Saudi Arabia 5Y 64.000 N/A 4.000 Qatar Exchange Index 13,692.74 31.92
Lebanese Republic 5Y 375.000 N/A -20.000 TASI 10,176.25 19.22
Republic of Turkey 5Y 176.500 -5.500 -68.500 Spot Gold 1,229.08 2.28
Arab Republic of Egypt 5Y 260.000 N/A -330.000 Spot Silver 17.23 -11.52
Source: Bloomberg WTI Crude 81.86 -11.71
Source: Bloomberg
Change Change
1 Month 1 Year
Mashreq Al-Islami Income Fund 15.12263 -0.33% 6.06%
Mashreq Arab Tigers Fund 20.47544 -4.81% 23.72%
Makaseb Income Fund 12.67081 -1.29% 4.46%
Source: Bloomberg
0.01
0.44
MUTUAL FUNDS
Last (NAV)
0.56
bps
CDS MISCELLANEOUS
Change
Day
23.42
187.81
-8.02
46.13
44.90
12.59
CREDIT MARKETS SWAPS
Page 2
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Abu Dhabi Govt Int'L XS0422754258 08-Apr-19 1500 100/1 100 USD Fixed 6.750 119.25 121.25 1.75 AA /Aa2 /AA
Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 103.25 107.25 4.26 B- /Caa1 /B-
Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 99.13 103.13 6.62 B- /Caa1 /B-
Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 115.25 116.75 1.96 BBB /- /-
Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 106.00 108.00 4.67 BBB /Baa2 /-
Dubai Government (S) XS0463422161 03-Nov-14 2500 500/100 100 AED FRN 4.421 99.50 100.50 -172.80 Not Rated
Dubai Government (S) XS0463422088 03-Nov-14 1250 100/1 100 USD Fixed 6.396 99.38 100.38 -37.87 Not Rated
Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 109.00 110.00 0.86 Not Rated
Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 119.13 120.13 3.39 Not Rated
Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 100.13 101.13 3.71 Not Rated
Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 105.63 106.13 0.11 Not Rated
Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 124.00 126.00 2.94 Not Rated
Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 112.25 113.25 3.35 Not Rated
Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 100.13 101.13 4.89 Not Rated
Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 94.25 96.25 5.51 Not Rated
Gabonese Republic XS0333225000 12-Dec-17 185 100/1 100 USD Fixed 8.200 111.75 113.75 3.50 BB- /- /BB-
Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 104.63 106.63 5.51 BB- /- /BB-
Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 104.25 106.25 4.04 AA- /A1 /A+
Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 100.88 102.88 4.98 B- /Caa1 /-
Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 100.75 102.75 5.71 B- /Caa1 /-
Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 102.88 103.88 6.24 B- /Caa1 /-
Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 103.75 104.75 7.54 B- /Caa1 /-
Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 91.00 93.00 8.59 B- /Caa1 /-
Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 94.25 96.25 5.89 - /B1 /B
Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 94.38 96.38 6.27 - /- /B
Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 108.13 109.63 3.53 BBB /NR /BBB
Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 111.63 113.13 4.11 BBB /- /BBB
Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 111.63 113.13 4.31 BBB /- /BBB
Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 102.38 103.88 5.73 BBB /- /BBB
Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.75 101.75 2.15 BB- /B1 /-
Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 109.00 111.00 1.14 BBB- /Ba1u /BBB-
Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 109.13 111.13 2.46 BBB- /- /BBB-
Sovereign
Page 3
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 100.25 102.25 3.92 BBB- /- /BBB-
Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 101.50 103.50 3.07 BBB- /- /BBB-
Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 100.00 103.00 5.29 BBB- /- /BBB-
Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 102.88 105.88 5.11 B- /NR /B
Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 102.75 103.75 0.73 A- /A3 /-
Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 110.38 111.88 2.69 A- /A3 /-
Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 93.88 96.38 5.38 B+ /B2 /B+
Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 88.25 90.75 6.62 B+ /B2 /B+
Provincia De Buenos Aire XS0546539486 05-Oct-15 1050 100/1 100 USD Fixed 11.750 94.00 96.50 15.91 CCC- /Caa2 /-
Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 105.13 106.13 0.30 A /- /A
Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 102.88 104.88 2.01 A /- /A
Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 105.63 107.63 5.19 BB- /Ba2 /-
Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 103.75 105.25 4.07 - /Baa3 /BBB-
Republic Of Congo XS0334989000 30-Jun-29 427 0.893/0.893 100 USD Step Cpn 3.500 92.88 94.38 6.05 - /- /B+
Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 104.88 106.88 5.90 B- /B2 /B
Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 99.25 101.25 7.67 B- /B2 /B
Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 99.25 101.25 7.95 B- /B2 /B
Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 102.25 104.25 2.88 BB+ /Baa3 /BBB-
Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 110.50 112.00 3.16 BB+ /Baa3 /BBB-
Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 94.75 96.25 3.85 BB+ /Baa3 /BBB-
Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 95.63 97.13 3.77 BB+ /Baa3 /BBB-
Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 113.63 115.13 3.90 BB+ /Baa3 /BBB-
Republic of Indonesia / Perusah
(S)US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 99.75 101.25 4.19 - /Baa3 /BBB-
Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 100.63 102.13 5.10 BB+ /Baa3 /BBB-
Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 92.50 94.00 5.02 BB+ /Baa3 /BBB-
Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 122.75 124.25 5.14 BB+ /Baa3 /BBB-
Republic Of Kenya XS1028951850 24-Jun-19 500 200/1 100 USD Fixed 5.875 103.00 104.50 4.78 B+ /- /B+
Republic Of Kenya XS1028952403 24-Jun-24 1500 200/1 100 USD Fixed 6.875 105.75 107.25 5.88 B+ /- /B+
Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 98.75 100.75 6.15 - /B1 /-
Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 107.13 108.63 4.07 - /Baa3 /BBB-
Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 101.75 103.75 4.02 BB- /- /BB-
Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 107.25 109.25 5.00 BB- /- /BB-
Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 104.88 106.88 5.37 BB- /- /BB-
Page 4
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 102.00 104.00 6.02 B /- /B+
Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 113.63 115.63 5.84 B+ /B1 /-
Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 97.63 99.63 6.30 B+ /B1 /-
Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 5.000 96.88 99.88 7.60 - /- /B+
Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 104.50 106.00 2.64 A- /Ba1 /BBB+
Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 107.25 108.75 4.11 A- /Ba1 /BBB+
Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 104.38 105.88 0.36 BBB- /Baa1 /BBB
Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 115.50 117.00 1.87 BBB- /Baa1 /BBB
Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 114.63 116.13 3.06 BBB- /Baa1 /BBB
Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 109.13 110.63 3.31 BBB- /Baa1 /BBB
Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 99.88 101.38 3.63 BBB- /Baa1 /BBB
Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 112.50 114.00 3.74 BBB- /Baa1 /BBB
Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 103.63 105.13 3.99 BBB- /Baa1 /BBB
Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 111.00 114.00 4.25 BBB- /Baa1 /BBB
Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 102.63 105.63 3.17 BBB- /(P)Baa1 /BBB
Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 115.75 118.75 4.97 BBB- /Baa1 /BBB
Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 102.00 105.00 5.05 BBB- /(P)Baa1 /BBB
Republic Of Sri Lanka USY2029SAE47 22-Jan-15 500 100/1 100 USD Fixed 7.400 100.13 101.63 -0.03 B+ /- /BB-
Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 105.50 107.00 4.16 B+ /B1 /BB-
Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 102.25 103.75 4.19 B+ /B1 /BB-
Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 105.88 107.88 4.71 B+ /B1 /BB-
Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 104.88 107.88 4.86 B+ /B1 /BB-
Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 102.75 105.75 4.97 B+ /B1 /BB-
Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.88 105.88 2.97 - /Baa3 /BBB-
Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 115.63 117.13 3.59 NR /Baa3 /BBB-
Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 111.00 112.50 2.67 NR /Baa3 /BBB-
Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 92.88 94.38 4.05 - /Baa3 /BBB-
Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 105.00 106.50 3.23 - /Baa3 /BBB-
Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 109.88 111.38 4.27 - /Baa3 /BBB-
Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 118.25 121.25 5.23 NR /Baa3 /BBB-
Republic Of Turkey US900123CB40 16-Apr-43 1500 200/1 100 USD Fixed 4.875 94.75 97.75 5.02 - /Baa3 /BBB-
Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.50 100.00 2.80 NR /Baa3 /BBB-
Page 5
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 80.00 85.00 19.37 CCC+ /Caa1 /B
Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 94.25 96.75 5.90 B+ /- /B
Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 112.75 115.25 6.33 B+ /- /B
Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 102.38 103.88 3.30 A /A3 /-
State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 104.25 105.25 0.74 AA /Aa2 /-
State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 118.38 119.88 1.87 AA /Aa2 /-
State Of Qatar XS0468534580 20-Jan-20 2500 100/1 100 USD Fixed 5.250 113.25 114.75 2.24 AA /Aa2 /-
State Of Qatar XS0615236006 20-Jan-22 2000 200/1 100 USD Fixed 4.500 110.25 111.75 2.70 AA /Aa2 /-
State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 161.88 164.38 4.12 AA /Aa2 /-
State Of Qatar XS0468535637 20-Jan-40 1000 100/1 100 USD Fixed 6.400 126.50 129.50 4.44 AA /Aa2 /-
State Of Qatar XS0615236188 20-Jan-42 1000 200/1 100 USD Fixed 5.750 117.25 120.25 4.46 AA /Aa2 /-
State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.25 102.25 1.38 AA /Aa2 /-
State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 101.38 102.88 2.85 AA /Aa2 /-
Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 98.38 100.38 1.60 Not Rated
Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 102.75 104.75 3.55 NR /Ba3 /WD
Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 114.63 116.63 6.34 NR /Ba3 /WD
United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.329 106.75 109.25 4.39 Not Rated
Aabar Investments Pjsc (C) XS0632138961 27-May-16 1250 100/100 100 EUR Fixed 4.000 112.00 115.00 -5.04 Not Rated
Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 101.50 103.00 4.56 NR /WR /WD
IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 100.50 101.50 0.36 AA /Aa2 /AA
IPIC XS0558268628 15-Nov-15 1000 250/1 100 USD Fixed 3.125 101.88 102.88 0.35 AA /Aa2 /AA
IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 106.25 107.25 0.14 AA /Aa2 /AA
IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 105.25 106.25 1.03 AA /Aa2 /AA
IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.375 105.75 106.75 0.47 AA /Aa2 /AA
IPIC XS0558268891 15-Nov-20 1500 250/1 100 USD Fixed 5.000 112.38 113.38 2.59 AA /Aa2 /AA
IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 126.75 128.25 1.23 AA /Aa2 /AA
IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 116.38 117.38 2.86 AA /Aa2 /AA
IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.625 114.38 115.38 1.68 AA /Aa2 /AA
IPIC XS0701227075 01-Nov-41 750 200/1 100 USD Fixed 6.875 134.50 136.50 4.52 AA /Aa2 /AA
Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 111.75 113.25 1.96 BBB- /Baa3 /-
Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 103.88 105.38 3.43 BBB- /Baa3 /-
Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 123.75 126.75 4.07 BBB- /Baa3 /-
Diversified
Page 6
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 103.75 104.75 0.51 AA /Aa2 /AA
Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 124.00 125.00 1.83 AA /Aa2 /AA
Mubadala XS0619200990 20-Apr-21 750 200/1 100 USD Fixed 5.500 116.00 117.00 2.63 AA /Aa2 /AA
Mubadala XS1062852253 28-Apr-22 750 200/1 100 USD Fixed 3.250 102.00 103.00 2.80 AA /Aa2 /AA
Mumtalakat XS0521476118 30-Jun-15 750 100/1 100 USD Fixed 5.000 101.63 103.13 0.30 BBB /- /BBB
Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 105.13 106.13 1.06 A /A1u /A+
Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.13 101.63 1.99 A /A1u /A+
Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.13 102.63 2.36 A /NR /A+
Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 99.75 101.25 2.48 A /NR /A+
Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 101.63 103.13 4.05 A- /NR /A
Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 99.75 101.25 4.44 A /- /A+
Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 102.00 103.50 0.28 - /A2 /A+
Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 104.00 105.50 1.10 - /A2 /A+
Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 100.38 102.38 6.28 BB- /- /B
Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 100.00 102.00 8.71 B /- /B-
ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 103.00 104.50 5.11 Not Rated
African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 57.75 77.75 25.28 - /Caa2 /-
African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 56.88 76.88 22.26 - /Caa2 /-
African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 103.13 105.13 2.71 NR /Baa2 /BBB-
African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 97.88 99.88 3.91 NR /Baa2 /BBB-
African Export-Import Ba XS1091688660 29-Jul-19 500 200/1 100 USD Fixed 4.750 99.88 101.88 4.31 - /Baa2 /BBB-
AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 98.00 100.00 4.12 - /- /BBB-
Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 101.00 103.00 0.93 - /Baa3 /BBB-
Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 106.50 109.50 3.47 - /Baa3 /BBB-
Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 97.63 100.63 4.90 - /Baa3 /BBB-
Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 99.75 101.75 3.25 - /Baa3 /BBB-
Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 99.75 101.75 5.81 BB /- /-
Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.72 Not Rated
Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 102.63 104.63 2.04 - /A1 /A+
Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 100.38 102.38 4.92 Not Rated
Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 98.38 100.38 3.04 - /- /A
Financial Institutions
Page 7
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 101.75 103.75 1.13 BBB- /Baa2 /BBB-
Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 102.50 104.50 1.69 BBB- /Baa2 /BBB-
Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 106.13 107.63 2.33 BBB- /Baa2 /BBB-
Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 101.38 103.38 4.88 BB+ /Baa3 /BBB-
Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 57.00 63.00 23.97 - /Ca /-
Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.50 101.50 2.04 A- /A1 /A-
Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 101.88 103.38 1.07 - /Baa2 /BBB
Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 101.88 103.38 1.11 - /Baa3 /BBB-
Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 104.25 105.75 1.77 - /Baa3 /BBB-
Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 105.25 106.75 3.32 - /Baa3 /BBB-
Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 102.50 105.00 4.54 NR /Ba2 /B+
Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 104.38 106.88 3.96 - /B1 /BB-
Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 100.00 102.50 4.54 - /- /BB-
Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 101.88 103.38 1.03 BBB- /Baa3 /-
Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 100.25 102.75 2.87 BBB- /Baa3 /-
Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 110.25 112.25 4.03 BBB- /Baa3 /-
Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.75 103.75 1.45 A /- /A
Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 117.50 118.50 5.47 - /Ba2 /-
Banque Morocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 103.75 104.75 4.95 - /Ba1 /-
Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 113.50 115.50 4.83 BBB /Ba1 /-
Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 98.25 100.25 7.19 Not Rated
Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 103.00 106.00 1.83 - /Baa3 /BBB-
Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 100.75 101.75 2.47 A- /A1 /-
Charming Light Investmen XS1104029027 03-Sep-19 600 200/1 100 USD Fixed 3.750 98.13 100.13 3.72 - /Baa1 /A-
Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.38 102.88 2.52 - /Baa1 /A-
Commercial Bank of Qatar XS0466365110 18-Nov-14 1000 100/1 100 USD Fixed 5.000 99.13 100.63 -7.39 A- /A1 /-
Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.88 104.88 1.34 A- /A1 /-
Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 119.13 121.13 2.96 BBB+ /Baa1 /-
Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 86.75 89.75 11.97 - /NR /BB-
Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 96.13 99.13 8.00 BB- /B1 /BB
Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 101.00 103.00 5.47 Not Rated
Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 97.63 100.13 8.71 B /- /B
Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 103.38 104.88 1.40 A- /A2 /A
Page 8
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 105.38 107.38 1.81 - /Baa1 /A
Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 102.25 104.25 5.21 - /Ba1 /BB
Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 102.25 104.25 5.21 - /Ba1 /BB
Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 100.00 102.00 8.23 B- /- /-
Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.433 93.75 98.75 2.06 NR /Baa3 /A
Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 104.75 106.25 1.96 - /Baa1 /A+
Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 105.38 106.88 1.55 - /Baa1 /A+
Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 104.38 105.88 2.23 - /Baa1 /A+
Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 103.00 104.50 3.46 - /NR /A
Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 96.38 98.38 6.16 Not Rated
Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 99.38 101.38 6.09 Not Rated
Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 102.75 104.75 4.57 - /Baa1 /A+
Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 99.50 101.50 4.74 BB+ /Baa3 /BBB-
Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 103.13 105.13 2.08 BBB- /Baa3 /-
Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 101.88 103.88 3.02 BBB- /Baa3 /-
Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 99.38 100.88 3.87 BBB- /Baa3 /-
First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 98.50 101.50 7.78 B /- /B-
First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 97.13 99.63 8.09 B /- /B-
Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 93.63 96.13 8.16 B /- /B
Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 100.50 103.50 3.90 - /Ba2 /BBB-
Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 101.00 104.00 2.80 - /Ba2 /BBB-
Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 102.63 105.63 4.84 - /Ba2 /BBB-
First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 102.25 103.25 1.72 - /A2 /A+
First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 103.63 105.13 0.85 - /A2 /A+
First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 104.75 106.25 1.18 - /A2 /A+
Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 102.88 104.38 1.60 BBB- /Baa1 /BBB
Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 99.00 102.00 6.73 BB+ /B1 /BB+
Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 92.63 95.63 6.01 BBB- /- /BBB-
Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 93.38 96.38 4.26 BBB- /Baa1 /BBB
Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 93.00 96.00 5.59 BBB- /Baa1 /BBB
Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 93.38 96.38 9.11 - /NR /-
GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.75 103.25 2.15 - /A2 /-
GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 101.13 102.63 0.23 - /A2 /-
Page 9
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 103.00 105.00 4.14 BB- /- /B+
Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 98.63 100.63 5.82 BB- /- /B+
Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.38 101.38 1.92 BBB+ /A3 /A
Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.38 101.38 3.68 BBB /- /-
Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 99.25 101.25 2.61 BBB- /Baa2 /-
Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 99.75 101.25 2.52 BBB+ /Baa1 /A
Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 99.88 101.38 3.68 BBB+ /Baa1 /A
Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 97.50 99.50 3.61 Not Rated
Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 99.38 101.38 4.45 Not Rated
Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 104.88 106.38 2.67 BBB- /Baa2 /BBB-
Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 105.88 107.38 3.05 BBB- /Baa2 /BBB-
Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 500 200/1 100 USD Fixed 3.500 99.88 101.38 3.22 BBB- /Baa2 /BBB-
IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 101.75 103.25 3.36 BB+ /Baa3 /BBB-
IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 98.88 100.38 3.65 BB+ /Baa3 /BBB-
IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 103.63 105.13 3.84 BB+ /Baa3 /BBB-
Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 104.75 105.75 2.01 BBB- /(P)Baa3 /-
Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 103.63 105.13 2.98 BBB- /Baa3 /-
Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 98.38 100.38 5.53 - /Ba3 /BB
Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 107.25 109.75 4.73 - /Ba2 /BB
Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 100.13 102.13 3.06 - /Baa1 /BBB-
Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 105.00 106.50 4.54 - /Baa3 /BBB
Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 104.38 105.88 2.83 - /- /BBB
Kt Kira Sert Varlik (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 102.50 104.00 4.21 - /- /BBB
Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.359 93.88 97.88 2.32 BBB /Ba2 /A-
National Bank of Egypt XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 97.75 102.75 1.61 - /Caa1 /B-
National Bk Of Abu Dhabi XS0497249341 25-Mar-15 750 100/1 100 USD Fixed 4.250 100.50 102.00 -0.70 AA- /Aa3 /AA-
National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 103.75 104.75 1.24 AA- /Aa3 /AA-
National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 102.38 103.38 3.91 AA- /Aa3 /AA-
National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 101.50 102.50 4.12 AA- /Aa3 /AA-
National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.25 103.25 2.28 AA- /Aa3 /AA-
National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 112.38 114.38 4.76 B+ /- /BB-
Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 100.63 102.63 1.76 - /Caa1 /B-
Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 102.50 103.50 0.11 - /- /A
Page 10
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.00 102.50 1.63 - /- /A
Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 101.88 102.88 0.36 A+ /Aa3 /A+
Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 103.25 104.75 1.28 A+ /Aa3 /A+
Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.38 100.88 1.85 A+ /Aa3 /A+
QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.88 102.88 1.69 - /A3 /A
Rakfunding Cayman Ltd XS1078355986 24-Jun-19 500 200/1 100 USD Fixed 3.250 100.88 102.38 2.70 - /Baa1 /BBB+
Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 96.25 98.25 5.91 - /Ba1 /BBB-
Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 102.00 103.00 0.09 A /- /A
Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 96.63 98.63 5.52 - /Baa2 /BBB
Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 84.38 86.38 12.50 - /Baa2 /BBB
Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 88.63 90.63 6.65 - /Ba1 /BBB-
Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 86.88 88.88 7.00 - /- /BBB-
Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 88.75 90.75 8.07 - /- /BBB-
SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 104.88 105.88 0.93 BBB+ /- /BBB+
SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.88 102.88 2.08 BBB+ /- /BBB+
State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 103.38 104.88 2.28 BBB- /Baa3 /BBB-
State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 100.50 102.00 2.64 BBB- /Baa3 /BBB-
State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 101.63 103.13 2.87 BBB- /Baa3 /BBB-
State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 103.75 105.25 4.20 BBB- /Baa3 /BBB-
State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 97.75 100.75 6.11 BB /B1 /B
State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 99.50 102.50 6.10 BB /B1 /-
Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 102.38 105.38 2.01 BBB- /Baa3 /-
Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 101.75 103.25 3.12 BBB- /Baa3 /-
Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 105.25 107.25 1.80 - /Baa1 /A
Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 97.75 99.75 4.31 - /Baa3 /BBB-
Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 98.00 100.00 3.95 - /- /BBB
Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 101.38 103.38 4.53 - /- /BBB
Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.00 102.00 3.26 - /Baa3 /BBB-
Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 99.88 101.88 4.32 - /Baa3 /BBB-
Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 100.00 102.00 4.94 - /Baa3 /BBB-
Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 97.38 99.38 5.69 - /Baa3 /BBB-
Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.75 103.75 3.42 - /Baa3 /BBB-
Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 98.88 100.88 4.53 - /Baa3 /BBB-
Page 11
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.00 101.50 3.35 - /Baa3 /BBB-
Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 101.88 104.38 4.41 - /Baa3 /BBB-
Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 98.13 100.13 4.98 - /Baa3 /BBB-
Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 97.50 100.00 6.00 - /Ba2 /BB+
Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 96.88 98.88 4.10 - /Baa3 /BBB-
Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 100.50 102.50 4.31 - /Baa3 /BBB-
Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 98.13 100.13 3.47 - /Baa3 /BBB-
Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 96.38 98.38 6.26 - /Ba2 /BB+
Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.75 105.25 2.67 BBB- /Baa3 /-
Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 100.63 102.13 3.05 BBB- /Baa3 /-
Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 102.75 104.25 3.56 BBB- /Baa3 /-
Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 100.25 103.25 6.21 BBB- /- /BBB
VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 93.88 96.88 7.48 BB+ /Ba2 /WD
VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 98.50 101.50 5.34 - /Baa3 /WD
Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 101.75 103.25 4.37 - /Baa3 /BBB
Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 95.00 96.50 4.76 - /Baa3 /BBB
Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 94.25 95.75 6.17 - /Ba2 /BBB-
Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 97.75 99.75 6.31 BB- /- /B+
Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 103.63 105.13 3.01 BB+ /Ba2 /-
China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 101.63 103.13 4.31 BBB- /Baa2 /BBB
Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 105.38 106.88 2.88 - /Baa3 /BBB
Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 97.13 98.63 7.52 BB+ /Ba2 /-
Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 96.13 97.63 7.90 BB+ /Ba2 /-
Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 93.88 95.38 6.17 BB /- /-
Dar Al-Arkan Internation (S) XS0485326754 18-Feb-15 450 100/1 100 USD Fixed 10.750 100.13 102.13 3.50 B+ /WR /-
Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 98.50 100.50 5.49 B+ /- /-
Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 97.25 99.25 5.99 B+ /- /-
Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 98.88 100.88 6.27 B+ /- /-
Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 100.25 102.25 3.72 BB+ /- /-
Edcon Pty Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 80.63 83.63 16.01 B- /B3 /-
Edcon Pty Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 81.13 84.13 15.79 B- /B3 /-
Edcon Pty Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 81.25 84.25 15.74 B- /B3 /-
Real Estate / Tourism
Page 12
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Edcon Holdings Pty Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Fixed 13.375 45.63 50.63 35.86 CCC- /Caa2 /-
Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 110.75 112.75 1.15 BBB- /Ba1 /-
Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 112.75 114.75 3.02 BBB- /Ba1 /-
Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 102.13 103.63 4.10 BBB- /Baa2 /-
Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 102.00 104.00 4.73 BBB- /Ba1 /BBB-
Golden Eagle Retail Grou USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 90.75 92.75 5.71 BBB- /Baa3 /BBB-
Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 113.63 116.13 3.22 - /Ba1 /BB-
Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 107.63 109.63 3.03 BBB /- /BBB
Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 107.50 109.50 1.57 BBB /- /BBB
Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 102.00 103.50 4.30 BBB /- /BBB
Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 108.63 110.63 4.21 BB+ /- /BB+
Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 111.25 113.75 7.62 B+ /B2 /B
Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 109.00 111.00 3.69 Not Rated
Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 101.00 102.50 0.05 AA /Aa2 /-
Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 111.88 113.38 2.48 AA /Aa2 /-
Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 98.00 101.00 6.35 BB- /Ba3 /BB+
Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 103.88 105.88 6.77 BB- /Ba3 /BB+
Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 98.63 100.63 4.47 BBB- /Baa3 /BBB-
Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 100.13 102.13 5.71 BBB- /Baa3 /BBB-
Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 103.38 104.88 7.72 B+ /B1 /BB-
Tourism Dev.& Inv.(TDIC) (S) XS0457216124 21-Oct-14 0 100/1 100 USD Fixed 4.949 99.13 100.63 -- NR /WR /NR
Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 105.50 107.50 9.15 B- /- /B-
Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 94.25 95.75 14.28 B+ /- /B+
Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 99.38 100.88 4.07 BB+ /- /BBB-
Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 103.63 105.63 7.14 B+ /B1 /-
Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 105.00 106.50 2.29 BBB- /Baa3 /BBB-
Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 105.13 106.63 4.18 BBB- /Baa3 /BBB-
Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 106.88 108.38 4.27 BBB- /Baa3 /BBB-
Etisalat XS1077881743 18-Jun-19 500 200/1 100 USD Fixed 2.375 100.25 101.25 2.09 AA- /Aa3 /A+
Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 101.88 102.88 3.15 AA- /Aa3 /A+
Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 102.13 103.13 1.25 AA- /Aa3 /A+
Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 105.13 106.13 2.15 AA- /Aa3 /A+
Telecommunications / IT
Page 13
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 93.50 96.00 9.44 B /- /B
MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 87.13 90.13 6.52 BBB- /Baa3 /BB+
Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 103.38 104.38 1.10 A- /A2 /A+
Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 122.88 124.38 2.27 A- /A2 /A+
Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 107.75 109.75 3.04 A- /A2 /A+
Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 96.50 99.00 3.39 A- /A2 /A+
Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 107.13 109.63 3.91 A- /A2 /A+
Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 95.50 98.00 4.07 A- /A2 /A+
Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 97.75 100.25 4.48 A- /A2 /A+
Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 107.50 109.50 2.75 - /Baa3 /BB+
Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 108.00 110.00 4.02 - /Baa3 /BB+
Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 104.50 107.00 8.42 BB- /- /BB-
Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 99.00 101.00 8.61 BB- /- /BB-
Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 107.38 108.88 4.22 BB+ /Ba1 /BBB-
Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 95.50 97.50 6.00 BB+ /Ba1 /BB+
Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 98.13 100.13 3.72 BBB- /- /BBB-
Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 98.00 100.00 4.87 BBB- /- /BBB-
Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 91.63 93.63 6.88 BB+ /Ba2 /BB+
Vimpelcom Holdings XS0889401054 13-Feb-19 600 200/1 100 USD Fixed 5.200 94.50 97.50 5.87 BB /Ba3 /-
Vimpelcom Holdings Bv XS0889401724 13-Feb-23 1000 200/1 100 USD Fixed 5.950 89.38 92.38 7.18 BB /Ba3 /-
Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 92.13 94.13 7.54 BB /- /BB+
Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Fixed 11.500 103.50 106.00 6.39 B+ /- /B+
Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Fixed 10.250 103.75 106.25 8.12 B+ /- /B+
Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Fixed 6.625 93.88 96.38 7.37 B+ /- /B+
Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 107.50 109.50 6.13 BB+ /Baa3 /-
Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 97.88 99.88 5.40 BB+ /Baa3 /-
Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 95.00 97.00 5.61 BB+ /Baa3 /-
Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 93.75 95.75 6.85 BB+ /Baa3 /-
Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 100.50 103.50 4.11 - /Baa3 /BBB-
China Automation Group XS0615048260 20-Apr-16 192 200/1 100 USD Fixed 7.750 101.25 103.25 4.80 BB- /Ba3 /-
China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 99.13 101.13 3.99 - /Baa1 /A-
Industrials / Energy
Page 14
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 102.25 104.25 5.87 BB /- /BB
China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 101.75 103.75 4.08 BB+ /Ba1 /-
Cimento Tupi Sa USP9159EAA03 11-May-18 150 2/1 100 USD Fixed 9.750 96.63 99.63 9.88 B /- /B
Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 95.63 97.63 6.08 BB /- /BB
Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 110.75 112.75 2.72 BBB+ /A3 /-
Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 111.88 113.88 3.55 BBB+ /A3 /-
Cliffs Natural Resources US18683KAA97 15-Mar-20 400 2/1 100 USD Fixed 5.900 78.00 85.00 9.53 BB- /Ba2 /-
Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.133 98.63 100.63 0.89 A+ /A1 /A+
Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.75 100.75 2.57 A+ /A1 /A+
Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 99.88 101.88 4.26 BBB- /- /BBB
Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 87.00 94.00 9.32 Not Rated
Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 90.38 94.38 11.23 Not Rated
DEWA XS0504040725 22-Apr-15 1000 100/1 100 USD Fixed 8.500 103.00 104.00 0.12 - /Baa2 /WD
DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 108.25 110.25 1.11 - /Baa2 /WD
DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 121.63 123.63 3.02 - /Baa2 /WD
DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 101.75 103.75 1.84 BBB /- /-
Dolphin Energy Ltd USM28368AA21 15-Jun-19 772 100/1 100 USD Fixed 5.888 109.38 110.88 3.33 - /A1 /A+
Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 113.88 115.38 3.08 - /A1 /A+
Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 393 200/1 100 USD Fixed 5.125 104.50 106.00 4.24 - /A3 /-
Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 105.88 107.38 0.95 - /Baa3 /BBB-
DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 114.25 115.75 5.61 NR /Baa3 /BBB-
DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 108.88 110.38 2.23 NR /Baa3 /BBB-
Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 104.63 106.13 1.26 Not Rated
Emirates Airlines XS0885065887 06-Feb-25 750 200/1 100 USD Fixed 4.500 99.25 100.75 4.41 Not Rated
Emirates Airlines (S) XS0904232310 19-Mar-23 805 200/1 100 USD Fixed 3.875 99.25 100.75 3.77 Not Rated
Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 102.13 104.13 4.97 BBB- /Baa3 /-
Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 106.88 108.88 5.46 BBB- /Baa3 /-
Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 100.50 102.50 2.26 - /A3 /A-
Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 99.88 101.88 5.00 BB+ /Ba1 /BBB-
Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 96.63 99.63 5.41 BBB- /Baa1 /BBB
Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 93.38 96.38 8.54 - /NR /BB-
Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 116.88 118.88 6.62 Not Rated
General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 97.63 99.63 4.65 AA+ /A1 /-
Page 15
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 102.00 104.50 5.48 - /B3 /B-
Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 90.13 92.63 6.39 BB+ /Ba1 /-
Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 96.50 99.00 8.25 B /- /B
Indian Oil Corp Ltd XS0480289189 22-Jan-15 500 100/1 100 USD Fixed 4.750 99.13 101.13 -0.21 - /Baa3 /BBB-
Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 106.38 109.38 4.02 - /Baa3 /BBB-
Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 108.00 110.00 4.36 - /Baa3 /BBB-
Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 102.00 104.00 1.54 BBB- /Baa3 /BBB-
Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 100.38 103.38 2.22 BBB- /Baa3 /BBB-
Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 96.25 98.25 5.48 BBB- /- /BBB-
Kuwait Energy XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 102.38 104.38 8.36 B- /- /B-
Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 100.75 103.75 6.13 BB /Ba2 /-
Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 103.13 106.13 7.86 BB- /- /BB
MBPS XS0559155717 15-Nov-15 194 200/1 100 USD Fixed 11.250 97.38 100.38 6.08 B- /- /BB-
Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 106.00 109.00 2.60 B /B2 /-
Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 109.50 111.50 4.70 BBB- /Baa3 /BBB-
Nakilat Inc USY62014AB48 31-Dec-33 274 100/1 100 USD Fixed 6.267 112.25 115.25 5.02 A+ /A1 /A-
Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 101.00 103.00 7.21 BB- /- /BB-
Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 97.50 99.50 4.53 BBB- /Baa2 /BBB-
Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 98.38 100.38 5.47 BBB- /Baa2 /BBB-
Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 94.88 97.38 5.32 BB+ /Baa3 /BBB-
Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 94.38 96.88 5.69 BB+ /Baa3 /BBB-
NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 103.63 105.63 1.61 BBB- /- /BBB-
NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 107.88 109.88 3.93 BBB- /- /BBB-
NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 102.38 104.38 4.10 BBB- /- /BBB-
Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 103.75 105.25 4.93 BBB- /- /BBB-
Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 108.75 110.25 6.12 BBB- /- /BBB-
Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 101.38 103.38 3.06 - /Baa2 /BBB-
Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 106.00 108.00 4.34 - /Baa2 /BBB-
Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.25 99.75 2.57 BBB- /Baa2 /-
Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 99.00 100.50 3.13 BBB- /Baa2 /-
Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 96.25 97.75 4.07 BBB- /Baa2 /-
Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 101.38 102.88 4.26 BBB- /Baa2 /-
Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.595 99.88 101.38 2.01 BBB- /Baa2 /BBB
Page 16
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.115 100.25 101.75 2.77 BBB- /Baa2 /BBB
Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 100.25 101.75 2.48 BBB- /Baa2 /BBB
Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 100.88 102.38 4.37 BBB- /Baa2 /BBB
Petrobras Intl Fin Co US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 101.50 103.00 4.81 BBB- /Baa2 /BBB
Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 94.63 96.13 4.94 BBB- /Baa2 /BBB
Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 105.25 106.75 5.32 BBB- /Baa2 /BBB
Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 109.13 110.63 6.44 BBB- /Baa2 /BBB
Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 71.63 73.63 20.75 CCC+ /- /B
PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 104.88 107.38 4.28 BB /Baa3 /BBB-
Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 95.88 98.38 4.11 BBB- /- /BBB-
Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 100.88 102.88 5.97 - /Ba3 /BB
Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 284 250/1 100 USD Fixed 5.832 104.25 106.25 2.46 A /Aa3 /A+
Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 867 250/1 100 USD Fixed 5.298 107.25 109.25 3.55 A /Aa3 /A+
Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 104.50 106.50 3.29 BBB+ /Baa2 /-
Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 108.25 110.25 3.78 BBB+ /Baa2 /-
Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 111.63 113.63 5.28 BBB+ /Baa2 /-
Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 101.63 103.13 1.68 - /Baa3 /BBB-
Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 101.25 102.75 0.26 A+ /A1 /A+
Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 100.25 101.75 2.16 A+ /A1 /A+
Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 107.50 109.00 1.20 A+ /A1 /A+
Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 99.50 101.00 5.24 BBB- /- /BBB
Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 101.75 103.25 4.02 BBB /Baa1 /-
Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 102.88 103.88 1.04 AA- /A1 /AA-
Saudi Electricity Co (S) XS0767862914 03-Apr-22 1250 200/1 100 USD Fixed 4.211 106.25 107.25 3.11 AA- /A1 /AA-
Saudi Electricity Co (S) XS0908512410 08-Apr-23 1000 200/1 100 USD Fixed 3.473 101.00 102.00 3.20 AA- /A1 /AA-
Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 104.75 105.75 3.29 AA- /A1 /AA-
Saudi Electricity Co (S) XS0911024635 08-Apr-43 1000 200/1 100 USD Fixed 5.060 102.00 103.00 4.86 AA- /A1 /AA-
Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 108.75 109.75 4.87 AA- /A1 /AA-
Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 675 200/10 100 USD Fixed 5.875 94.00 96.00 6.52 BBB- /Baa3 /BBB-
Sesa Sterlite Ltd (C) XS0454988592 31-Oct-14 217 100/100 100 USD Fixed 5.000 97.38 100.38 0.00 Not Rated
Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 100.25 102.25 2.50 A /A2 /A
Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 99.63 101.63 4.90 B+ /- /-
Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 99.00 101.00 3.66 BBB- /Baa3 /-
Page 17
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 108.25 109.75 0.92 A- /A3 /-
TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 105.25 106.75 1.23 A- /A3 /-
TAQA XS0328390702 25-Oct-17 500 100/1 100 USD Fixed 6.165 111.50 113.00 1.68 A- /A3 /-
TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.75 102.25 1.77 A- /A3 /-
TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 117.75 119.25 1.91 A- /A3 /-
TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 116.75 118.25 2.28 A- /A3 /-
TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 116.88 118.38 2.99 A- /A3 /-
TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 100.38 101.88 3.36 A- /A3 /-
TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 101.25 102.75 3.53 A- /A3 /-
TAQA XS0272949016 27-Oct-36 912 100/1 100 USD Fixed 6.500 125.88 127.38 4.52 A- /A3 /-
Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 102.13 103.63 4.07 BB /- /BB+
Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 101.25 102.75 5.58 BB /- /BB+
Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 99.38 102.38 7.91 B- /B3 /-
Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 102.63 104.13 1.23 BBB- /A3 /-
Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 95.63 97.13 4.44 BBB- /A3 /BBB
Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 93.38 95.38 6.96 BB- /B2 /-
Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 90.75 92.75 7.54 BB- /B2 /-
Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 98.88 100.38 4.01 - /Ba1 /BBB-
Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 101.00 102.50 3.97 A- /Baa2 /BBB+
Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 103.38 105.38 3.26 BB /Ba3 /WD
Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 101.00 103.00 5.20 BB /Ba3 /WD
Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 108.50 110.50 6.28 BB /Ba3 /WD
Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 101.00 103.00 6.66 BB /Ba3 /WD
Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 87.13 90.13 16.68 Not Rated
Waha Aerospace XS0528721623 28-Jul-20 900 100/1 100 USD Fixed 3.925 104.75 106.25 2.74 AA /Aa2 /AA
Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.25 99.75 4.57 BB+ /Ba2 /BB+
Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 91.63 94.13 6.74 BB+ /Ba2 /BB+
Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 102.75 104.75 6.57 BB- /Ba3 /BB
Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 98.50 100.50 7.13 BB- /Ba3 /BB
Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 94.38 96.38 6.71 BB /- /BB+
Page 18
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 112.13 114.13 4.04 BBB- /Baa3 /A-
Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 108.13 110.13 2.56 BBB- /NR /A-
Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 129.25 130.25 4.02 BBB- /Baa2 /BBB+
Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 110.50 113.00 3.04 BB /Ba1 /BBB-
Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 128.50 131.50 5.98 BB /Ba1 /BBB-
Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 108.38 110.38 5.98 BB+ /NR /BBB-
Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 107.75 109.75 4.65 BB+ /NR /BBB-
Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 102.88 104.88 0.81 A- /Baa2 /A
Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 107.88 109.88 4.31 BB /Ba2 /BBB-
Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 121.25 123.25 3.60 BB /Ba2 /BBB-
Credit Agricole FR0010772244 Perpetual 1350 2/2 100 USD Fixed 9.750 100.13 102.13 -3.74 BB+ /Ba2 /BBB-
Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 101.13 103.13 0.68 BB+ /Ba2 /BBB-
Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 103.75 105.25 7.09 BB /NR /BB+
Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 102.75 105.75 6.01 - /B1 /B+
Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 103.75 104.75 0.98 A- /Baa1 /A
Jaguar Land Rover Automo USG50027AB03 15-May-21 410 150/1 100 USD Fixed 8.125 107.25 111.25 3.16 BB /Ba2 /BB-
KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 110.63 112.13 3.97 BBB- /NR /-
Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 101.88 103.88 0.79 A /A1 /A
Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 115.25 117.25 3.24 BBB- /Baa2 /BBB+
Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 115.38 116.38 2.71 BBB- /Baa3 /BBB+
Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 113.00 116.00 3.80 BBB /Baa2 /A-
Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 115.75 118.75 2.53 BBB /Baa2 /A-
Bank Of America Corp XS0191960896 12-Dec-14 350 1/1 100 GBP Fixed 5.750 98.88 100.88 -1.79 A- /Baa2 /A
Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 102.63 105.63 3.36 A /A2 /-
Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 102.38 104.38 1.03 A- /Baa2 /A
Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 122.38 123.38 1.16 A- /Baa2 /A
Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 113.88 115.88 2.94 A- /Baa2 /A
Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 115.88 118.88 4.14 BB+ /Ba2 /BBB-
Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 110.38 112.38 4.37 BB+ /Ba2 /BBB-
Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 100.50 102.50 4.45 A- /Baa1 /BBB+
Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 112.75 114.75 2.07 A- /A2 /A+
Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 106.00 108.00 3.58 - /- /BBB
Various Developed Market Issues
Page 19
Fixed Income Trading
October 29, 2014
Security Name ISIN Code MaturityOutst. Amnt
(Mn)
Min Piece/
Incr. (000)
Value at
MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer
Offer Yield
%
Credit Rating
S&P /Moody /Fitch
Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 109.13 111.13 3.95 - /- /BBB
Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 112.88 114.88 2.37 BB+ /Ba2 /BBB-
Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 113.00 115.00 2.92 BB+ /NR /BBB-
Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 107.25 109.25 4.74 BB /Ba3 /BBB-
Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 101.25 103.25 0.96 A /A2 /A
Societe Generale XS0454569863 Perpetual 1000 2/2 100 USD Fixed 8.750 101.75 103.75 0.15 BB+ /Ba2 /-
Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 97.38 99.38 4.04 BBB+ /A3 /A+
UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 100.13 102.13 4.09 BBB /NR /BBB+
Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 117.13 119.13 4.10 BB+ /Ba2 /BBB
Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 104.75 106.75 4.28 BB+ /Ba2 /BBB
Egypt 3M T Bills N/A 20-Jan-15 2500 500/25 100 EGP Zero Cpn N/A 96.96 97.43382268 8.4512 B/B2/B+
Egypt 6M T Bills N/A 21-Apr-15 3000 500/25 100 EGP Zero Cpn N/A 93.89 94.77339033 8.848 B/B2/B+
Egypt 9M T Bills N/A 21-Jul-15 3500 500/25 100 EGP Zero Cpn N/A 90.98 92.23104782 9.0096 B/B2/B+
Egypt 1Y T Bills N/A 20-Oct-15 4000 500/25 100 EGP Zero Cpn N/A 88.25 89.83039234 9.0816 B/B2/B+
(C) Denotes a Convertible bond
(S) Denotes a Sukuk
* Offer Yield adjusted for tax
Egypt T Bills
Page 20
