mashreq · mashreq Fixed Income Trading Daily Market Update Tuesday, January 26, 2016 Page 1 Market...

mashreq Fixed Income Trading

Daily Market Update Tuesday, January 26, 2016

Market Update

Abu Dhabi's Aabar seeks USD2.5 billion to refinance loan - sources

Abu Dhabi state fund Aabar Investments is seeking to borrow USD2.5 billion from banks to refinance a loan coming due in April, sources aware of the matter said on Monday. The state-linked firm is in talks with a small group of banks regarding the financing, the sources said, adding the talks were at the

preliminary stage. The loan will be supported by its parent company, International Petroleum Investment Co (IPIC), said two of the sources without

divulging the nature of support. The 2013 loan that the new financing will replace was also backed by IPIC, which promised to stand behind Aabar should it

have difficulty in making the repayment. Aabar manages a portfolio of investments spanning real estate to aerospace and financial services to energy.

(Reuters)

Iraq agrees USD328 million GE deal to boost electricity grid Iraq has agreed a USD328.8 million deal with General Electric to boost electricity production capacity by 1,000 megawatts (MW), an electricity ministry

spokesman said on Monday. Though Iraq is a major OPEC oil producer, the country faces chronic electricity shortages, with its fragile grid struggling meet

demand after years of war, sanctions and neglect. Many areas lack access to electricity or drinking water, prompting demonstrations by thousands of Iraqis

last year to press the government to improve delivery of essential services. GE will provide equipment and maintenance for 10 power plants across the

country, ministry spokesman Musab al-Mudaris told Reuters. Mudaris said. "We asked the government to increase the ministry's investment budget for

2016 because, with the current austerity measures, the country's power grid could collapse," Mudaris said. There is a wide gap between electricity

consumption and supply in Iraq. Peak demand during the summer, when people turn on air conditioners to combat temperatures that can reach 50 degrees

Celsius, is about 21,000 MW, far exceeding the 13,000 MW the grid is currently providing, according to Mudaris. Under the terms of the contract, GE must finish procurement and servicing for the power plants by the beginning of July, Mudaris added. (Reuters)

Saudi renews foreign investment push as oil cushion shrinks

Saudi Arabia is pursuing foreign investment with a new sense of urgency as the prolonged oil price slump forces the world ’s largest oil exporter to find

alternative sources of revenue. The Saudi Arabian General Investment Authority will submit to the cabinet this quarter recommended rules for opening the

country’s retail sector to 100% foreign ownership, said Abdullatif Al-Othman, the authority’s governor. The kingdom is courting international companies to

do business in Saudi Arabia and has created a smartphone application to market investment opportunities, highlighting non-oil sectors like transport,

health care, tourism and building materials. “We really wanted people to recognize that the kingdom’s economy, even in a low prevailing oil price

environment, can be extremely productive in terms of leveraging the sectors that are growing,”Al-Othman said in an interview in Riyadh. Foreign direct

investment last year fell to the lowest level since 2004, dropping to USD7.6 billion from a peak of USD39.4 billion in 2008, Saudi newspaper Al Eqtisadiah

reported this week. Al-Othman said that on average, Saudi Arabia has been attracting USD10 billion a year in foreign direct investment and that the

government is aiming for a “10-year rolling average” that will double or triple that. “Decline is a cyclical thing in the global economy,” he said. Saudi

Arabia’s foreign investment has typically been tied to oil, petrochemicals and infrastructure, so to counter the slump in those areas, the government is

focusing on attracting investment in non-oil sectors, he said. The investment authority has also been meeting with companies already operating in Saudi

Arabia to ask how they can improve the ease of doing business, Al-Othman said. (Bloomberg)

OPEC calls on global oil producers to help curb glut Senior OPEC and Russian oil industry officials stepped up vague talk on Monday of possible joint action to remedy one of the worst supply gluts in decades,

while Saudi Arabia signalled its resolve to allow the market to balance itself. The latest volley of comments highlighted the intensifying pressure of USD 30

a barrel oil prices on cash-strapped countries such as Russia, but did not appear to tilt the scales meaningfully towards any concerted action to reverse the

price crash, an idea repeatedly mooted but dismissed for over a year. Speaking in London, OPEC Secretary General Abdullah al-Badri said other producers

should work together with the group to tackle swollen global stockpiles so prices can recover, essentially reiterating OPEC's longstanding position that it

would only consider cutting output if others pitch in. Qatari Minister of Energy & Industry Dr Mohammed Bin Saleh Al-Sada has said that the OPEC is still

evaluating the need for an extraordinary meeting after receiving a request to hold such a gathering because of a steep fall in oil prices. (Reuters)

Central Bank of Bahrain remains committed to dollar peg Central Bank of Bahrain (CBB) Regulatory Policy Head Ebtisam Al Arrayed has said that Bahrain is committed to keeping its dinar currency’s peg to the US

dollar. The dinar, pegged at 0.376 to the dollar, has come under pressure in the foreign exchange forwards market as low oil prices hit Bahraini state

finances. (Reuters)

Treasuries head for biggest monthly gain in a year as Fed meets

Treasuries headed for the biggest monthly gain in a year on speculation global financial-market turmoil will lead the Federal Reserve to indicate this week it’s willing to wait before raising interest rates again. U.S. government bonds have returned 1.6%, the most since January 2015, based on Bloomberg

World Bond Indexes. The U.S. is scheduled to sell USD26 billion of two-year debt Tuesday as it kicks off the last round of this month’s note sales. Tumbling

stock and oil prices have sent investors to government debt this month before the Fed starts a two-day meeting Tuesday. (Bloomberg)

China seen making fewer reserve ratio cuts amid policy shift The People’s Bank of China is seen making fewer reductions to the proportion of deposits that lenders must lock away as the central bank reworks its policy

framework. The PBOC will lower banks’ reserve required ratio to 17% in the first quarter and 16.5% in the second, from 17.5% now for the largest lenders,

according to the latest Bloomberg survey. The RRR is now seen at 15.5% at the end of the year, versus 15% seen in the previous survey. China ’s central

bank has been pumping liquidity via new short-term lending tools, as bank RRR or benchmark interest-rate cuts may exacerbate weakness for the yuan.

Capital outflows stemming in part from a weakening currency reached an estimated USD 1 trillion last year, complicating the policy outlook as further

monetary easing risks adding pressure to the currency and giving fresh incentive to ship cash out. Forecasts for benchmark lending and deposit rates were

largely in line with the previous survey, with the deposit rate seen at 1.25% in the second quarter and the lending rate at 4.1% -- both 25 basis points

lower than the current levels. (Bloomberg)

China says to expand reforms, replace business tax with VAT Premier Li Keqiang in the latest step to bolster slowing growth said China will expand tax reforms to replace a business tax with a value-added tax (VAT) in

2016. Top leaders have already pledged to cut taxes and expand the government budget deficit this year to support economic growth, which slowed to its

lowest level in 25 years in 2015. The step would lead to large-scale tax cuts for companies. The tax reforms would help the economy withstand the

downward pressure and support high-end service sectors. The government has promised to expand tax reform to real estate construction, financial service

and consumer service sectors. The VAT reform, which was launched in 2012 as a trial program, has been applied to railway transportation, postal services,

telecommunications and some service sectors. (Reuters)

Emerging market ETFs lose more than USD 1 billion led by China flow Investors pulled more than USD1 billion out of U.S. exchange- traded funds that invest in emerging-markets as a third week of outflows left the ETFs down

USD3.9 billion this month. Redemptions from emerging-market ETFs that invest across developing nations as well as those that target specific countries

totaled USD1.17 billion in the week ended Jan. 22, according to data compiled by Bloomberg. While losses narrowed from USD2.12 billion the previous



week, the outflows so far this month are the most since August, when they reached USD6.1 billion. Stock funds lost USD1.12 billion and bond funds

declined by USD51.9 million. The MSCI Emerging Markets Index advanced 0.2% in the week. The biggest change was in China and Hong Kong, where

funds shrank by USD328.1 million, compared with USD146.8 million of redemptions the previous week. (Bloomberg)

Public finances of 11 EU countries are at high risk in medium-term The European Commission said eleven European Union (EU) countries including France, Italy and Britain face high risks to the sustainability of their public

finances because even 10 years from now their public debt will still be high. In a fiscal sustainability report, the European Union's executive arm said

Belgium, Ireland, Spain, France, Croatia, Italy, Portugal, Romania, Slovenia, Finland and the UK were all at high risk. The estimates are based on the

Commission's macroeconomic forecasts for all 28 EU countries from November 2015 that projected key economic indicators two years ahead. The report

did not contain any recommendations, but the commission is due to issue country-specific recommendations at a later date. The sustainability analysis

assumes no policy changes after the two years included in the forecast. It does not include Greece or Cyprus, which are still under bailout programs.

(Reuters)

Draghi Says ECB Credibility Hinges on Meeting Its Inflation Goal Mario Draghi hit back at critics of his policies, saying the European Central Bank must fulfill its inflation mandate in order to maintain its credibility.

“Meeting our objective is about credibility,” the ECB president said in a speech near Frankfurt on Monday. “If a central bank sets an objective, it can’t just

move the goalposts when it misses it.” ECB policy makers have less than seven weeks until a March 10 meeting when they’ll decide whether their 1.5

trillion-euro (USD1.6 trillion) bond-purchase plan and negative interest rates are enough to meet their inflation goal of just under 2%. With slumping oil costs weighing on consumer prices that are already close to stagnating, Draghi is trying to convince investors that the central bank remains willing to act if

needed. “With inflation already low for some time, we saw a danger that a continued period of low inflation, even if oil-driven, might destabilize inflation

expectations and become persistent,” Draghi said referring to the ECB stimulus package announced in December 2015. “That risk was heightened by the

fact that ‘core’ inflation, which strips out energy and food, was also low. Core inflation is not our objective, but it tends to lead headline inflation over the

medium-term.” (Bloomberg)

German business sentiment falls as market woes cloud outlook German business confidence fell for a second month in January in a sign that companies in Europe’s largest economy are increasingly worried about

slowing global growth. The Ifo institute’s business climate index dropped to 107.3 from a revised 108.6 in December. The median estimate in a Bloomberg

survey of economists was for a decline to 108.4. German manufacturing is increasingly at risk from a slowdown in global trade, with the weakest Chinese economic growth in more than two decades throwing markets into turmoil and the International Monetary Fund downgrading its outlook for 2016. Even so,

the Bundesbank remains confident that exports will rise and predicts that low interest rates and falling unemployment continue to support domestic

demand. German investor confidence fell for the first time in three months in January and the benchmark DAX index has declined more than 10% since the

beginning of December. German gross domestic product rose 1.7% in 2015. The Bundesbank forecast in December that the economy would expand 1.8%

this year and 1.7% in 2017. (Bloomberg)

Record cash shows emerging-market firms going into cocoon Cash is king in developing nations these days. The 838 companies in the MSCI Emerging Markets Index on average had a record USD 608 per share in cash

or short-term investments at the end of last year, according to data compiled by Bloomberg. That ’s up 34% from the previous year, the biggest annual

jump in a decade. Companies are exercising caution as China’s weakest growth since 1990 spurs competitive currency devaluations, credit- rating

downgrades and a chain reaction of slower exports among its trade partners. Cooling growth in emerging markets and China ’s attempted shift to a

consumer-driven economy have been named by the International Monetary Fund as two of the three big adjustments the world is facing. The turmoil has

erased USD6.8 trillion from stock values and boosted companies’ average dollar borrowing costs by more than a third since the middle of last year. The

hoarding of cash coincides with the first drop since 2002 in total corporate assets, which slid 7.3% to USD 3,076 per share at the end of 2015. Analysts’

projections for companies earnings have fallen 36% from a high in 2011 to USD 67 per share on the MSCI index. The anxiety to amass cash seems to be

absent in the developed markets. Cash and equivalent holdings fell 2.8% for companies in the Standard & Poor’s 500 Index last year, while they were

stagnant in the MSCI world index of advanced nations, data compiled by Bloomberg show. (Bloomberg)

Russian economy shrinks most since 2009 as oil prices sink Russia’s economy contracted the most since 2009 last year as the price of oil, a key export, sank and sanctions over the conflict in Ukraine curbed access

to international financing. Gross domestic product fell 3.7% after growth of 0.6% in 2014, the Federal Statistics Service said on its website, citing preliminary estimates. Economists in a Bloomberg survey forecast a 3.8% drop. The economy of the world’s largest energy exporter is facing a second year

of contraction after a renewed slump in crude prices at the start of 2016 sent the ruble tumbling to a record. Monetary-policy makers, meeting Friday to

discuss interest rates, have limited room to trim borrowing costs with inflation at more than three times their medium-term target. The central bank has

held its benchmark rate at 11% for the past three meetings. The ruble has lost more than 20% against the dollar in the past three months, the second-worst performer among 24 emerging-market currencies tracked by Bloomberg, behind Argentina’s peso. While slowing in December, inflation was still

12.9%, further choking consumers’ spending power. (Bloomberg)

Earnings Update

Union National Bank’s Q4 net profit falls 55%, trims 2015 dividend

Union National Bank (UNB), 50% owned by the Abu Dhabi government, on Monday posted a 55% drop in fourth-quarter net profit. The fifth largest lender

in the emirate by assets reported a net profit of 195 million dirhams (USD53.1 million) in the three months to Dec. 31, down from 436 million dirhams a year earlier, a bourse filing said. For 2015, the bank said net profit was 1.86 billion dirhams, down 8% from 2014. The bank said its board of directors

proposed a cash dividend of 0.20 dirhams per share for 2015, subject to approval from the United Arab Emirates central bank. The proposed payout is

below the 0.25 dirhams per share recommended for the previous year. (Reuters)

Ratings Update

Moody's affirms Qatar National Bank's Aa3/Prime-1 ratings; outlook stable Moody's Investors Service has affirmed Qatar National Bank's (QNB's) Aa3 deposit ratings with a stable outlook. At the same time, Moody's has affirmed

the bank's Baa1 baseline credit assessment (BCA). This action follows QNB's announcement that it had entered into an agreement to buy National Bank of

Greece's 99.81% stake in the Turkish bank-Finansbank AS (Deposits - Ba2 on review for upgrade; BCA b1 on review for upgrade). The acquisition remains

subject to relevant regulatory approval and is likely to be completed in H1 2016. (Bloomberg)

Moody's places the ratings of Finansbank (Turkey) on review for upgrade Moody's Investors Service has placed on review for upgrade the long-term bank deposit and senior unsecured Ba2 ratings of Finansbank AS. At the same

time, the bank's standalone b1 baseline credit assessment (BCA) was also placed on review for upgrade. The rating action follows the announcement of a

definitive agreement with Qatar National Bank (QNB) (deposits Aa3 stable; BCA baa1) to purchase a 99.8% stake in Finansbank from its current parent,



National Bank of Greece (deposits Caa3 negative; BCA ca).

Moody's reviews Yingde Gases ratings for downgrade

Moody's Investors Service has placed on review for downgrade Yingde Gases Group Co Ltd's B1 corporate family rating and the B2 senior unsecured rating on the bonds issued by Yingde Gases Investment Limited and guaranteed by Yingde Gases. (Moody’s)

Moody's upgrades Deutsche Bank AG's deposit rating and downgrades debt rating; outlook negative Moody's Investors Service has upgraded Deutsche Bank AG's long-term deposits to A2 from A3 and downgraded its long-term debt to Baa1 from A3. All

short-term ratings were upgraded to Prime-1 from Prime-2. The rating agency has assigned a negative outlook to the bank's debt and deposit ratings.

(Bloomberg)

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

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

Risk

Rating

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 97.57 97.57 3.30 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 99.01 99.01 3.73 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ADOBE SYSTEMS INC US00724FAC59 1-Feb-2025 1000 FIXED 3.25 99.00 99.00 3.38 A-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 97.00 97.00 3.17 A/A2/A- FRANCE Sr Unsecured 1,000 P2

ALCOA INC US013817AV33 15-Apr-2021 1250 FIXED 5.40 89.60 89.60 7.87 BBB-/Ba1 /*-/BB+ /*+ UNITED STATES Sr Unsecured 2,000 P2

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 98.46 98.46 2.75 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.36 97.36 3.08 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

AMERICAN INTL GROUP US026874DD67 10-Jul-2025 1250 FIXED 3.75 97.04 97.04 4.13 A-/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 98.80 98.80 3.21 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 96.47 96.47 3.86 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 97.95 97.95 3.64 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P2

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 95.16 95.16 4.30 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P2

BARRICK GOLD CORP US067901AQ17 1-May-2023 730 FIXED 4.10 87.07 87.07 6.35 BBB-/Baa3 /*-/- CANADA Sr Unsecured 2,000 P4

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 91.35 92.08 4.37 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BHP BILLITON FIN USA LTD US055451AU28 30-Sep-2023 1500 FIXED 3.85 93.14 93.94 4.80 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 98.16 98.16 3.40 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 94.97 94.97 3.54 A/A2 /*-/- UNITED KINGDOM Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 96.16 96.16 4.01 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 1,000 P2

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 88.65 88.65 4.32 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 87.50 87.50 5.13 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 115 FIXED 3.75 100.00 100.00 3.75 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P2

DAIMLER FINANCE NA LLC USU2339CBX57 19-May-2025 650 FIXED 3.30 97.42 97.42 3.63 A-/A3/A- GERMANY Sr Unsecured 150,000 P2

DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 99.31 99.31 3.80 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P2

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 97.72 97.72 3.81 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

ELECTRICITE DE FRANCE SA USF2893TAS53 13-Oct-2025 1250 FIXED 3.63 99.47 99.47 3.69 A+/A1/A FRANCE Sr Unsecured 2,000 P2

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 97.54 97.54 3.68 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 96.32 96.32 4.18 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 95.37 95.37 4.31 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 92.95 92.95 4.98 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 68.00 68.00 11.12 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 68.70 68.70 10.30 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 67.38 67.38 10.66 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 92.52 92.52 4.96 BBB+/Baa2 /*-/BBB CANADA Sr Unsecured 2,000 P2

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 97.78 97.78 3.79 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P2

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 96.31 96.31 3.61 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

KINDER MORGAN INC/DELAWA US49456BAF85 1-Jun-2025 1500 FIXED 4.30 87.00 87.00 6.15 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P4

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 101.57 101.57 3.30 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

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


USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 95.28 95.28 3.51 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 70.73 70.73 8.60 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 75.88 75.88 7.48 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 91.83 91.83 4.79 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P3

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 100.65 100.65 3.29 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 98.01 98.01 3.00 AA/A1/A UNITED STATES Sr Unsecured 2,000 P2

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 95.27 95.27 4.04 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 92.18 92.18 5.22 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P2

MYLAN INC USU62472AF96 15-Jan-2023 750 FIXED 3.13 93.48 93.48 4.22 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P2

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 95.97 95.97 4.02 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 81.02 81.02 7.65 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P4

QUALCOMM INC US747525AF05 20-May-2025 2000 FIXED 3.45 97.02 97.02 3.83 A+/A1/- UNITED STATES Sr Unsecured 2,000 P2

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 100.16 100.16 3.35 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000 P2

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 88.23 89.13 5.23 A-/A3 /*-/A- UNITED KINGDOM Sr Unsecured 2,000 P2

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 89.20 89.20 4.81 A-/A3 /*-/A- UNITED KINGDOM Sr Unsecured 2,000 P2

ROLLS-ROYCE PLC USG76237AB53 14-Oct-2025 1000 FIXED 3.63 98.21 98.21 3.85 A/A3/A UNITED KINGDOM Sr Unsecured 200,000 P2

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 96.17 96.17 3.74 AA-/Aa1 /*-/AA /*- NETHERLANDS Sr Unsecured 1,000 P2

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 101.75 101.75 3.03 A+/A1/A GERMANY Sr Unsecured 250,000 P2

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 94.60 94.60 3.90 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 93.74 93.74 3.47 AA-/Aa2 /*-/- NORWAY Sr Unsecured 1,000 P2

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 97.51 97.51 3.92 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 95.96 95.96 3.37 AA-/Aa1 /*-/AA- FRANCE Sr Unsecured 2,000 P2

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 95.44 95.44 4.26 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 99.25 99.25 3.60 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 97.75 97.75 4.60 BBB-/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.95 93.95 3.53 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

VODAFONE GROUP PLC US92857WBC38 19-Feb-2023 1600 FIXED 2.95 93.88 93.88 3.95 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

WALGREENS BOOTS ALLIANCE US931427AF53 18-Nov-2021 1250 FIXED 3.30 100.82 100.82 3.14 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P2

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 96.56 96.56 3.45 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P2



USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 100.23 100.23 2.32 A/A1/A UNITED KINGDOM Sr Unsecured 1,000 P1

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.18 99.18 2.70 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P1

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.78 100.12 2.42 A/A2/A NETHERLANDS Sr Unsecured 200,000 P1

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.54 99.54 2.49 A-/A2/A+ UNITED STATES Sr Unsecured 2,000 P1

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 67.25 67.25 14.03 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.37 100.37 1.91 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 100.74 100.74 1.74 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000 P1

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.84 98.84 2.73 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.50 98.50 2.63 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.78 99.78 1.85 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000 P1

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.93 99.93 2.17 A/A1/AA- UNITED STATES Sr Unsecured 1,000 P1

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 99.59 99.59 2.98 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P1

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.89 99.89 2.40 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000 P1

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 98.86 98.86 2.61 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 1,000 P1

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.36 100.36 2.15 A/A2/A FRANCE Sr Unsecured 250,000 P1

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 100.01 100.01 2.00 A/A2/A UNITED STATES Sr Unsecured 1,000 P1

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.62 98.62 2.32 AA/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.44 99.44 1.96 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P1

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 92.17 92.17 4.21 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P1

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 12 FIXED 2.75 99.60 99.60 2.85 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P1

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.62 99.62 1.88 A/A2/A SWITZERLAND Sr Unsecured 250,000 P1

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.96 99.96 2.02 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 99.50 99.50 2.40 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 99.16 99.16 2.66 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.26 99.26 2.25 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P1

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 99.44 99.44 2.05 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000 P1

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.13 99.13 2.62 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 99.57 99.57 2.72 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 61.75 61.75 27.18 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 50.50 50.50 21.91 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000 P3

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.64 99.64 2.57 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 97.29 97.29 3.87 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 76.50 76.50 12.17 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3




USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 97.26 97.26 3.47 BBB+/Baa2 /*-/BBB CANADA Sr Unsecured 2,000 P1

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.39 99.39 2.75 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P1

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.99 99.99 2.25 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 98.90 98.90 2.63 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.25 98.25 2.05 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.91 99.91 2.09 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.40 100.40 2.85 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.38 99.38 2.38 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.86 99.86 2.29 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.16 100.16 2.36 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.42 99.77 2.46 A/A2/A AUSTRALIA Sr Unsecured 2,000 P1

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 82.06 82.06 7.63 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.43 99.43 2.34 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P1

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.35 100.35 1.76 AA/A1/A UNITED STATES Sr Unsecured 2,000 P1

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 101.00 101.00 1.83 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P1

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.82 98.82 2.56 A/A3/A UNITED STATES Sr Unsecured 2,000 P1

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 99.98 99.98 2.26 A+/A2/A UNITED STATES Sr Unsecured 250,000 P1

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 100.01 100.01 1.85 A/A1/A UNITED STATES Sr Unsecured 2,000 P1

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.23 100.23 2.19 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000 P1

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.35 99.35 2.05 -/Aaa/AAA CANADA Secured 1,000 P1

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.37 99.37 2.33 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000 P1

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.96 98.96 2.91 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000 P1

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 97.96 97.96 2.63 AA-/Aa1 /*-/AA /*- NETHERLANDS Sr Unsecured 1,000 P1

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.98 99.87 1.69 A+/A1/A GERMANY Sr Unsecured 250,000 P1

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.72 99.72 2.22 A+/A1/A GERMANY Sr Unsecured 250,000 P1

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.84 98.84 2.54 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 99.88 99.88 2.38 A/A1/A SWITZERLAND Sr Unsecured 250,000 P1

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.23 99.23 1.88 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P1

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 95.43 95.43 3.55 BBB+/A3/- GERMANY Sr Unsecured 200,000 P1

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.50 100.50 1.97 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.43 99.43 2.30 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 98.49 99.13 2.96 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 92.64 93.50 4.73 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 92.64 93.52 4.83 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.09 99.71 2.64 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.45 100.08 2.97 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.29 98.97 3.05 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.58 98.21 3.09 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 97.91 98.78 4.70 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 97.22 98.19 3.94 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.40 97.31 2.99 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.28 99.10 2.93 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000 P2

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 93.95 94.62 4.75 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBD CAYMAN XS1321976950 17-Nov-2020 400 FIXED 4.00 99.52 100.20 3.95 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.33 100.01 2.87 A-/A1/- QATAR Sr Unsecured 200,000 P2

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 99.66 100.32 3.23 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 100.45 101.12 2.45 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.53 97.27 3.61 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 98.27 99.13 4.45 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 95.94 96.74 4.08 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.29 98.26 4.82 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 98.47 99.47 4.64 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.72 102.35 2.57 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.13 99.31 2.42 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 98.71 99.50 3.39 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 98.06 98.83 3.30 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 98.76 99.41 2.56 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 99.49 100.37 3.45 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.36 101.01 2.25 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 100.43 101.06 2.87 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.38 98.03 3.14 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.63 100.38 2.64 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

IBQ FINANCE LTD XS1325770722 25-Nov-2020 500 FIXED 3.50 99.07 99.78 3.55 -/A2/A+ QATAR Sr Unsecured 200,000 P2

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.88 99.83 4.65 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.67 99.62 3.60 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS0498952679 31-Mar-2020 1250 FIXED 5.50 100.42 101.22 5.17 BBB-/NR/BBB- BAHRAIN Sr Unsecured 100,000 P2



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

KINGDOM OF BAHRAIN XS1324932273 26-Jan-2021 700 FIXED 5.88 100.32 101.10 5.62 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS0794901727 5-Jul-2022 1500 FIXED 6.13 99.00 99.82 6.16 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1324931895 26-Jan-2026 800 FIXED 7.00 98.55 99.36 7.09 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P3

KUWAIT PROJECTS CO XS1026105806 5-Feb-2019 500 FIXED 4.80 101.46 102.51 3.91 BBB-/Baa3/- KUWAIT Sr Unsecured 200,000 P2

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 83.85 84.94 6.11 BBB/A3/- OMAN Sr Unsecured 200,000 P2

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 99.16 100.05 4.74 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 97.22 98.03 4.75 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.74 97.94 98.81 2.94 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000 P3

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 98.69 99.48 3.34 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.56 94.72 5.06 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.30 100.07 3.10 -/A3/- OMAN Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 100.08 100.76 2.77 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 97.40 98.10 2.75 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 94.32 95.17 4.04 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 90.30 91.44 4.82 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.46 101.10 2.64 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.05 97.79 3.26 -/-/A+ QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 98.71 99.36 2.45 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 99.60 100.27 2.65 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 99.37 99.97 2.88 -/Aa3/AA- QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 100.94 101.64 2.67 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAK CAPITAL XS1210507650 31-Mar-2025 1000 FIXED 3.09 91.86 92.61 4.07 -/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.57 98.38 3.76 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 98.77 99.49 2.82 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 96.98 97.84 4.31 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 100.40 101.27 3.98 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2


SHARJAH SUKUK LTD XS1345635830 27-Jan-2021 500 FIXED 3.84 100.41 100.91 3.64 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 96.73 97.33 4.13 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.11 100.88 2.54 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 97.05 97.95 3.38 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.90 101.61 2.98 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.27 101.86 2.44 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.79 99.45 3.22 A-/A2/A MEXICO Sr Unsecured 200,000 P2

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 89.08 90.27 5.05 A-/A2/A MEXICO Sr Unsecured 200,000 P3

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 100.91 101.27 3.18 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 89.75 91.67 6.41 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 73.39 74.55 8.19 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P2

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 77.68 78.75 8.49 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 66.99 67.95 8.99 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 89.86 91.12 6.32 BBB/Baa3/- BRAZIL Sr Unsecured 2,000 P2

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 88.05 91.93 4.91 A-/-/A MEXICO Sr Unsecured 150,000 P3

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 77.27 78.95 11.38 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000 P3

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 66.70 68.19 11.32 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000 P3

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 83.20 84.08 6.18 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

KINGDOM OF MOROCCO XS0850020586 11-Dec-2022 1500 FIXED 4.25 98.99 99.81 4.28 BBB-/-/BBB- MOROCCO Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.06 97.77 4.47 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 100.73 101.61 6.34 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000 P2

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 87.91 88.81 6.53 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.44 100.19 5.50 BBB-/Ba1 /*-/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 84.07 84.87 6.20 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 84.53 85.49 6.40 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 84.98 85.83 6.45 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 72.89 73.88 7.92 BBB+/Baa1 /*-/BBB+ MEXICO Sr Unsecured 10,000 P3

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 98.38 99.55 2.82 -/Baa2/- PHILIPPINES Sr Unsecured 10,000 P2

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 89.64 90.73 6.22 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 87.25 87.75 4.66 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 93.00 93.50 4.99 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 80.75 80.75 6.47 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 93.25 94.03 4.72 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 98.04 98.71 5.30 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 84.35 84.35 6.03 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 94.12 95.04 6.90 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.18 98.18 3.99 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 90.88 91.34 4.69 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 93.23 93.87 5.02 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 86.44 87.11 5.82 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 92.56 94.16 4.99 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000 P3



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 97.54 98.28 4.30 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 92.36 93.22 5.91 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 94.43 95.25 6.41 BBB-/Baa3/BBB- TURKEY Unsecured 200,000 P2

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.63 97.63 3.92 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P2

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 89.75 90.75 5.39 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000 P3

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 88.75 89.75 5.29 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P3

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 57.91 59.25 10.04 BBB/Baa3 /*-/BBB /*- BRAZIL Sr Unsecured 2,000 P3

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.28 95.99 5.13 -/Baa3/BBB TURKEY Sr Unsecured 200,000 P2



USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.43 98.95 3.76 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 101.96 102.63 3.72 -/Baa3/- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAB48 5-Sep-2017 750 FIXED 5.13 104.26 104.48 2.26 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.21 100.67 3.08 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.85 102.24 2.74 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.25 98.65 3.47 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 96.36 97.18 4.37 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 102.64 103.39 4.04 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL INTERNATIO USN1384FAA32 11-Mar-2023 1500 FIXED 5.13 102.45 103.05 4.62 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 96.66 97.38 4.72 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.22 103.61 2.83 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.77 99.18 2.96 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.59 99.02 2.98 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1347434927 20-Jul-2021 500 FIXED 3.13 98.95 99.23 3.28 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.22 101.78 3.71 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.88 101.17 2.43 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAC05 21-Feb-2018 1000 FIXED 4.70 104.17 104.39 2.50 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.08 101.43 3.13 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.58 99.95 3.14 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.67 101.94 2.25 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.75 103.16 2.84 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.14 102.01 4.10 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.03 102.44 3.07 -/Baa2 /*-/BBB- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0927643030 7-May-2018 300 FIXED 2.50 99.31 99.56 2.70 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.15 100.59 3.07 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 96.40 97.16 4.21 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 99.84 100.52 4.55 BBB-/Baa2 /*-/- INDIA Sr Unsecured 200,000 P2

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.10 99.77 3.91 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 97.38 98.06 4.39 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P2

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 90.15 91.73 5.45 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P3

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.45 101.73 2.44 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.12 102.45 2.82 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.32 102.68 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.14 102.60 3.15 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.51 101.93 2.89 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2



USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AL SHINDAGHA SUKUK LTD XS1137967409 26-Nov-2019 500 FIXED 3.78 98.84 99.77 3.84 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.40 97.31 2.99 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 100.91 101.27 3.18 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.53 97.27 3.61 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 98.27 99.13 4.45 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DUBAI DOF SUKUK LTD XS0880424337 30-Jan-2023 750 FIXED 3.88 97.77 98.30 4.16 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DUBAI DOF SUKUK LTD XS1062038143 30-Apr-2029 750 FIXED 5.00 99.91 100.87 4.91 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.29 98.26 4.82 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HAZINE MUSTESARLIGI VARL XS0975124180 10-Oct-2018 1250 FIXED 4.56 102.19 102.81 3.46 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

HAZINE MUSTESARLIGI VARL XS1141043296 25-Nov-2024 1000 FIXED 4.49 95.55 96.25 5.02 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.67 99.62 3.60 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 97.22 98.03 4.75 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.86 97.54 3.35 A-/A3/- MALAYSIA Unsecured 200,000 P2

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.56 94.72 5.06 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NOOR SUKUK CO LTD XS1224417847 28-Apr-2020 500 FIXED 2.79 94.55 95.46 3.96 -/-/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.46 101.10 2.64 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 96.88 96.88 4.80 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 98.88 99.21 2.91 A-/A1 /*-/- MALAYSIA Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.05 97.79 3.26 -/-/A+ QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS1210507650 31-Mar-2025 1000 FIXED 3.09 91.86 92.61 4.07 -/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 96.98 97.84 4.31 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2




SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 96.73 97.33 4.13 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SHARJAH SUKUK LTD XS1345635830 27-Jan-2021 500 FIXED 3.84 100.41 100.91 3.64 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 97.05 97.95 3.38 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.90 101.61 2.98 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 102.17 102.94 3.26 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ZAR SOV CAPITAL FUND XS1113141441 24-Jun-2020 500 FIXED 3.90 95.58 96.60 4.77 BBB-/Baa2/BBB- SOUTH AFRICA Sr Unsecured 200,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABN AMRO BANK NV XS1218821756 16-Apr-2025 1450 FIXED 1.00 96.36 96.85 1.37 A/A2/A NETHERLANDS Sr Unsecured 1,000 P2

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 61.18 62.24 12.80 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000 P3

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.96 97.33 1.68 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000 P2

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 94.06 94.63 2.02 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.04 93.93 1.69 A+/A1u/A- SPAIN Secured 100,000 P2

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.01 99.37 1.61 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000 P2

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.02 96.51 1.26 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000 P2

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 90.42 91.07 2.19 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000 P2

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.65 97.41 1.55 AA-/A1/- UNITED STATES Sr Unsecured 100,000 P2

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.48 96.04 1.47 A+/A2/- GERMANY Sr Unsecured 1,000 P2

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 97.22 98.01 2.63 BBB+/Baa2/A FRANCE Subordinated 100,000 P3

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 95.51 96.03 1.71 A/A2 /*-/A UNITED KINGDOM Sr Unsecured 100,000 P2

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.77 95.15 2.86 BBB/Baa3/A- FRANCE Subordinated 100,000 P3

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 97.83 98.39 1.18 A+/A2/A- UNITED STATES Sr Unsecured 100,000 P2

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.39 98.00 1.48 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000 P2

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 97.49 98.05 1.99 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.81 98.22 1.01 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P2

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.29 97.66 1.65 BBB+/Baa3/A SWITZERLAND Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 99.32 99.66 0.93 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 99.44 99.73 0.93 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 100.75 101.06 0.99 A/A2/A FRANCE Sr Unsecured 100,000 P2

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.25 97.82 1.39 A-/Baa1/- FRANCE Sr Unsecured 100,000 P2

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 90.17 91.06 3.94 BB+/Ba1/BBB+ GERMANY Subordinated 1,000 P5

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 92.83 93.32 1.93 BBB+/A3/A- GERMANY Sr Unsecured 100,000 P2

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 86.98 88.00 3.55 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000 P4

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

COUPON0.00 95.07 95.32 0.90 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000 P2

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.62 99.97 0.81 AA+/A1/- UNITED STATES Sr Unsecured 100,000 P2

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 68.61 69.78 8.82 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 67.33 68.55 8.57 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 61.42 62.73 7.54 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 98.83 99.21 1.50 BBB+/A3/A UNITED STATES Sr Unsecured 1,000 P2

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.19 98.71 1.32 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000 P2

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 96.94 97.49 1.56 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000 P2

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 97.86 98.43 1.69 A-/A3/A+ UNITED STATES Sr Unsecured 100,000 P2

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.71 98.18 1.47 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 96.81 97.26 1.61 A/A2/A AUSTRALIA Sr Unsecured 100,000 P2

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.79 100.19 1.09 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000 P2

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.31 95.98 1.99 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000 P2

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 97.38 97.92 2.00 BBB+/A3/A UNITED STATES Sr Unsecured 100,000 P2

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 99.40 100.04 0.87 AA/A1/- SWITZERLAND Sr Unsecured 1,000 P2

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 91.65 92.36 3.49 BBB/Baa2/BBB+ SPAIN Subordinated 100,000 P3

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 98.65 99.26 1.08 A/A2/- GERMANY Sr Unsecured 1,000 P2

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 95.21 95.95 3.14 -/Baa3/A- FRANCE Subordinated 100,000 P3

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 90.23 91.38 4.32 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000 P3

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 95.44 95.97 1.48 AA-/Aa2 /*-/- NORWAY Sr Unsecured 100,000 P2

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 96.58 97.23 1.70 AA-/Aa1 /*-/AA- FRANCE Sr Unsecured 100,000 P2

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 90.89 91.60 2.19 BBB+/A3/- GERMANY Sr Unsecured 1,000 P2


General Disclaimer:

This note has been prepared solely for information purposes. It does not constitute an investment advice, solicitation, offer or personal recommendation by Mashreq Bank or its affiliates to buy or sell

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