mashreq...Anil Ambani-owned Reliance Communications looks to sell 51% stake in Reliance Infratel...

mashreqFixed Income Trading

Daily Market Update

Market Update

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Yemen Houthis attack Saudi border town, three reported dead

Yemen’s Shiite Houthi rebels attacked the Saudi Arabian city of Najran with mortar rounds on Tuesday, and three people were reported dead. Saudi Arabian

Airlines canceled flights from the border city and schools were closed, according to state media. Images published on al-Riyadh newspaper’s website showed

a building that had been hit by a mortar. The attacks on the border city won’t “pass without a response,” Ahmed Asseri, a military officer and spokesman for

the Saudi-led coalition fighting the Yemen rebels, was cited as saying by Ekhbariya television. It’s the first time that the Houthi have attacked a Saudi urban

center since the start of the Saudi-led coalition’s campaign of airstrikes against the rebels six weeks ago. The Houthis have killed Saudi military personnel in

attacks on posts along the mountainous border area between the two countries, including three soldiers in a raid last week. (Bloomberg)

DIA passenger traffic rose 7.2% YoY in March 2015

Dubai Airports said that passenger traffic through Dubai International Airport (DIA) rose 7.2% YoY in March 2015. Passengers totaled 6.74mn, boosted by

new flights added by Dubai carriers Emirates and flydubai. Passenger traffic climbed 6.8% YoY in 1Q2015. Dubai Airports also said the construction would

begin later in 2015 on expansion of the passenger terminal at Dubai World Central (DWC), the emirate's other major airport. The expansion, expected to be

completed by 1Q2017, will boost the terminal's current annual capacity of 6mn passengers a year to 26mn. (Reuters)

Dubai puts its hotel success to the test

Dubai is doubling down by building hotels at the fastest pace of any city, putting pressure on occupancy and rates that are among the highest in the world.

The 14,385 rooms under construction will increase supply by about a fifth, according to industry researcher STR Global, and thousands more are planned.

From the Roman columns of the soon-to-open Palazzo Versace to the Ottoman domes of Zabeel Saray, Dubai is adding to a collection of monuments that

serve as tourist attractions in their own right. City authorities show no sign of impeding the rush toward growth, with plans to almost double rooms by 2020.

Profitability is flagging even before the new rooms hit the market. Revenue per available room, or revpar, declined 8.1% in the first quarter from a year

earlier. Occupancy dropped 2.2 percentage points to 85.7%, while the average daily room rate fell 6.1%, according to STR Global. Demand is growing year

on year, however supply is currently increasing at a faster pace, Wooller said. (Bloomberg)

USD340 billion lost from bond values as slump put in perspective

Global bond markets have lost about USD340 billion since the start of last week as investors ponder the end of a six-year rally that sent yields to record

lows. Traders returning from Europe’s May Day holidays sent yields surging across the continent as tensions between Greece and its creditors worsened,

adding to the anxiety. Yields began the climb last week as billionaire bond investors Jeffrey Gundlach to Bill Gross questioned the viability of negative yields

with the European Central Bank’s stimulus measures appearing to put an end to the risk of deflation. The value of the world’s bond markets dropped to

USD45.22 trillion from USD45.56 trillion on April 27, according to a Bank of America Merrill Lynch index. Yields rose 14 basis points to an average of 1.49%,

the biggest six-day move since the period ending Feb. 9, when a larger-than-forecast gain in U.S. jobs renewed speculation the Federal Reserve may begin

raising interest rates in the first half of this year. (Bloomberg)

US trade deficit rises in March; services sector expands in April

The US Commerce Department reported that trade deficit has risen by 43.1% in March to reach USD51.4bn, which is the largest since October 2008. The

43.1% rise was the biggest since December 1996. The surge came as imports snapped back a now-settled labor dispute at the West Coast ports. Further,

trade report indicated that imports have risen by 7.7% in March, the largest increase on record whereas exports increased by 0.9%. Meanwhile, the pace of

growth in the US services sector rose in April, due to a surge in business activity that compensated a sharp decline in exports, as the Institute for Supply

Management’s services index rose to 57.8 in April from 56.5 in March. A similar report from the financial firm Markit showed the services sector remained in

expansionary mode. However, the pace of expansion eased as the final reading of Markit’s services sector PMI slipped to 57.4 in April from 59.2 in March.

(Reuters)

Wednesday, May 06, 2015

Emaar Misr targets raising up to USD372 million in Egypt IPO

The Egyptian unit of Dubai’s Emaar Properties PJSC said it may raise as much as 2.82 billion Egyptian pounds (USD372 million) in an initial public offering

that could mark the Arab country’s biggest such sale this year. Emaar Misr for Development SAE’s board approved selling 600 million shares at a maximum

price of 4.7 pounds per share, it said in a statement to the stock exchange Tuesday. That would represent the maximum valuation given by independent

financial adviser Grant Thornton LLP, according to the statement. (Bloomberg)

Saudi Arabia’s financial position strong despite plunging oil prices

Saudi Arabian Finance Minister (FM), Ibrahim Alassaf said that Saudi Arabia’s financial position is strong despite the plunge in oil prices since 2014, and the

Kingdom is focusing spending on economic development projects to stimulate the private sector. He said low oil prices are posing a challenge to oil exporting

countries in general, including Saudi, but Riyadh is able to use its spending to avert the negative impact. He added that the new Council of Economic and

Development Affairs, created by King Salman would help to accelerate decision-making and support the government’s efforts to improve the business

environment. Because of cheap oil, the government has projected a record budget deficit of $38.7bn for 2015 and has started running down the central

bank's huge foreign currency reserves to cover the gap. (GulfBase.com)

Page 1


Daily Market Update

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US seen joining world’s biggest oil exporters if ban is lifted

The US will become one of the world’s largest oil exporters if domestic production continues to surge and policy makers lift a four-decade ban that keeps

most crude from leaving the country, a government-sponsored study shows. America would be capable of sending as much as 2.4 million barrels a day

overseas in 2025 if federal policy makers were to eliminate restrictions on most crude exports, an analysis by Turner, Mason & Co. for the Energy

Information Administration shows. That would make the U.S. the fourth-largest oil exporter, behind Saudi Arabia, Russia and the United Arab Emirates,

based on 2013 EIA data. The report assumes domestic output rises by 7.2 million barrels a day from 2013. The analysis is part of a series of studies the U.S.

government is performing following a 71% surge in domestic oil production over the last four years. (Bloomberg)

EC: Eurozone growth, inflation to rise in 2015

Quarterly economic forecasts of the European Commission (EC), have reported that the economic growth of the eurozone is going to be stronger in 2015

than previously expected, especially due to cheaper oil, a weaker euro, stable global growth and supportive fiscal and monetary policies. The EC forecast for

the eurozone economic growth has been changed to 1.5% in 2015 as against the previous forecast of 1.3%. However, the previous forecast of 1.9%

economic growth in 2016 has remained unchanged. Further, the commission has raised its forecast for consumer price growth to 0.1% in 2015, from a

previous estimation of 0.1% price fall. Consumer prices are likely to rise by 1.5% in 2016 rather than the previously expected 1.3%. Moreover, the

eurozone's aggregated government deficit will be 2% in 2015 and 1.7% in 2016 as against the previously estimated 2.2% and 1.9% respectively. (Reuters)

Kaisa default forensics yield clues in accounting footnotes

Investors still wondering how Kaisa Group Holdings Ltd. doubled its debt in six months and triggered China’s first property bond default may want to read

page 63 of its 2014 interim report. There, in footnote No. 15 of the Shenzhen-based company’s balance sheet, is a reference to 11 billion yuan (USD1.8

billion) in advance deposits for property projects from third parties and for 1.15 billion yuan that needed to be refunded. At issue is whether these deposits

were initially classified properly as current liabilities on Kaisa’s books. Analysts at Lucror Analytics Pte, Mitsubishi UFJ Securities HK Ltd. and BDO Ltd. say the

payments have characteristics of interest-bearing debt, and booking them the way Kaisa did may have made metrics that investors use to assess a

company’s riskiness appear stronger than they actually were. (Bloomberg)

Anil Ambani-owned Reliance Communications looks to sell 51% stake in Reliance Infratel

Reliance Communications, India's fourth-largest telecom carrier, is looking to sell a majority stake in unit Reliance Infratel, the country's No. 3 tower

company, at a valuation of Rs 20,000-25,000 crore in a bid to focus on core operations and pare debt. The Anil Ambani-owned company, which wants to sell

its entire stake in Reliance Infratel, may settle for a 51% sale at the least and has asked for bids from bankers including Morgan Stanley, Bank of America

Merrill Lynch and JM Financial to run the process, people familiar with the matter said. Reliance Infratel, with some 45,000 towers and over 120,000 km of

intra- and inter-circle fibre, trails Indus Towers and Bharti Infratel in rankings by number of towers. (The Economic Times)

Greece attacks creditors as ECB considers next liquidity step

Greece blamed its creditors for the failure to end the impasse over its fiscal crisis as government bonds slumped and the European Central Bank weighs how

much more liquidity to offer its financial system. No deal will be possible until the European Commission and the International Monetary Fund reduce the

number of red lines they’re demanding, a government official said on Tuesday. The comments clouded the outlook for bailout talks, which some officials had

said were making progress, and accelerated a selloff in the country’s stocks and bonds. Yields on two-year notes rose 149 basis points to 20.98%, sparking a

selloff across European debt markets. The benchmark stock index fell 3.9%, the most in six weeks. Attention now turns to the ECB’s Governing Council,

which meets in Frankfurt on Wednesday and will discuss emergency funding for Greek lenders. While the ECB has increased the amount of liquidity on offer

to Greek banks, concerns are rising about the risks attached to the strategy. (Bloomberg)

PBOC rate cut brewing makes Yuan sovereign bonds best in Asia

China’s bonds are delivering Asia’s best returns as investors bet the central bank will soon add to its two interest-rate cuts since November. The country’s

sovereign debt gained 1.5% in April, while securities in South Korea, Indonesia and the Philippines lost money, Bloomberg indexes show. The yield on 10-

year Chinese treasury bonds tumbled 30 basis points to 3.35%, the most since October 2008. HSBC Holdings Plc and Guosen Securities Co. predict the rate

will drop to 3.2% by end-June, the lowest of 13 estimates in a Bloomberg survey. China is loosening monetary policy to revive the slowest economic growth

in two decades and bolster demand for fixed-income securities as local governments prepare to sell more than 1.7 trillion yuan (USD274 billion) of debt this

year. (Bloomberg)

China targets more private investments in infrastructure

China has established rules to protect private investors, and expand opportunities in infrastructure and utility projects as the government seeks help in

revitalizing a stuttering economy. According to the rules issued by the planning agency, private investors can build projects in energy, transportation, water

and environmental protection and urban utilities through franchises. The government will encourage banks to provide syndicated loans for such franchise

projects, and let policy banks offer differentiated credit support, including loans of up to 30 years. The new rules will be effective from June 1, 2015.

Meanwhile, the National Development & Reform Commission (NDRC), which had previously been off-limits to encourage private investors, has also

announced several major infrastructure projects. (Reuters)

Page 2


Daily Market Update

Rating Update

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New Issue Update

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Fitch affirms Oil India Ltd at 'BBB-'; Outlook Stable

Fitch Ratings has affirmed Oil India Ltd's (OIL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'. The Outlook is Stable. Fitch has also

affirmed OIL's senior unsecured rating and the rating on its USD1bn of notes at 'BBB-'.

DP World hires banks for possible Dollar bond

Global port operator DP World Limited, rated Baa3/BBB- (both stable) by Moody's/Fitch will be conducting a series of fixed income investor meetings in the

U.S., UK, and U.A.E. commencing on May 7th, 2015. Barclays, Citigroup, Deutsche Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi and SG

CIB are arranging the meetings on its behalf. A benchmark USD-denominated senior unsecured Regulation S / Rule 144A bond offering may follow, subject

to market conditions. FCA/ICMA stabilization applies.

Roadshow Schedule

Thu 7th May NY London

Fri 8th May Boston London

Sunday 10th Abu Dhabi Dubai

Page 3


Daily Market Update

Change Change USD EUR AED

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

iTraxx Europe 62.266 2.531 -0.734 2-Year 0.893 0.012 0.105 0.001 1.385 0.009

iTraxx Europe Crossover 281.917 13.467 -63.668 5-Year 1.730 0.026 0.397 0.026 2.508 0.023

CDX North America IG 63.842 0.939 -2.279 10-Year 2.309 0.039 0.898 0.069 3.696 0.037

CDX North America HY 341.969 4.031 -14.985 30-Year 2.729 0.044 1.320 0.097 N/A N/A

iTraxx SovX Western Europe 25.075 2.340 -2.790 Source: Bloomberg

iTraxx SovX CEEMEA 324.295 0.955 8.875

iTraxx Europe Senior Financial 74.156 3.734 6.720

iTraxx Europe Sub Financial 150.202 6.405 1.335

Source: Bloomberg

Change Change Last Change

bps Spread Day YTD YTD (%)

Emirate of Abu Dhabi 5Y 62.500 2.055 -1.040 S&P 500 2,089.46 1.48

Emirate of Dubai 5Y 203.755 -0.685 -23.140 Dow Jones Industrial Avg 17,928.20 0.59

Kingdom of Bahrain 5Y 287.550 -22.985 45.810 DFM General Index 4,052.21 7.37

State of Qatar CDS 5Y 72.500 3.035 0.000 ADX General Index 4,562.09 0.73

Kingdom of Saudi Arabia 5Y 73.610 0.885 6.900 Qatar Exchange Index 12,230.86 -0.45

Lebanese Republic 5Y 373.425 0.010 -21.650 TASI 9,751.03 17.01

Republic of Turkey 5Y 225.112 0.388 40.719 Spot Gold 1,194.16 0.83

Arab Republic of Egypt 5Y 329.975 -0.090 48.195 Spot Silver 16.53 5.23

Source: Bloomberg WTI Crude 61.39 15.24

Brent Crude 68.28 19.10

Source: Bloomberg

Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.55262 0.25% 5.40%

Mashreq Al-Islami Arab Tigers 19.89890 8.09% 0.44%

Makaseb Income Fund 12.96362 0.37% 2.92%

Source: Bloomberg


Change

Day

-25.03

-142.20

-17.06

-27.10

CREDIT MARKETS SWAPS

bps

CDS MISCELLANEOUS

MUTUAL FUNDS

Last (NAV)

23.22

-35.97

0.82

-0.02

0.99

0.76

Page 4

Fixed Income Trading

May 6, 2015

Security Name ISIN Code MaturityOutst. Amnt

(Mn)

Min Piece/

Incr. (000)

Value at

MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer

Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Abu Dhabi Govt Int'L XS0422754258 08-Apr-19 1500 100/1 100 USD Fixed 6.750 117.13 119.13 1.68 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 103.63 107.63 4.04 B- /B3 /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 101.00 105.00 6.47 B- /B3 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 110.88 112.38 2.59 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 107.63 109.63 4.40 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 106.38 107.38 1.13 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 119.75 120.75 3.12 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 103.13 104.13 3.27 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 102.38 102.88 -0.34 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 123.00 125.00 2.74 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 113.75 114.75 2.94 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 103.75 104.75 4.54 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 92.38 94.38 5.65 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 99.38 101.38 6.43 B /B1 /B

Emirate of Ras Al Khaimah (S) XS1210507650 31-Mar-25 1000 200/1 100 USD Fixed 3.094 98.88 99.88 3.11 - /- /A

Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.200 106.38 108.38 4.73 B+ /- /BB-

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 100.38 102.38 6.04 B+ /- /BB-

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 106.88 108.88 3.66 A+ /A1 /A+

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.75 103.75 2.81 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 102.75 104.75 4.43 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 104.38 106.38 5.43 B- /Caa1 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 102.13 104.13 5.71 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 108.00 110.00 6.74 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 96.88 98.88 7.98 B- /Caa1 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 94.00 96.00 5.94 - /B1 /B

Ivory Coast XS1196517434 03-Mar-28 1000 200/1 100 USD Fixed 6.375 99.25 101.25 6.23 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 94.25 96.25 6.26 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 107.88 109.38 3.40 BBB- /NR /BBB

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 110.88 112.38 4.11 BBB- /- /BBB

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 110.88 112.38 4.32 BBB- /- /BBB

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 97.25 98.75 6.09 BBB- /- /BBB

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.38 101.38 1.16 BB- /B1 /-

Sovereign

Page 5


May 6, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 107.63 109.63 0.81 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 110.50 112.50 2.03 BBB- /- /BBB-

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 101.50 103.50 3.72 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 104.88 106.88 2.64 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 104.88 107.88 4.97 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 103.63 105.63 5.05 B- /NR /B

Lebanese Republic XS1196417569 26-Feb-25 800 1/1 100 USD Fixed 6.200 100.63 102.63 5.84 B- /- /B

Lebanese Republic XS1196419854 26-Feb-30 1400 1/1 100 USD Fixed 6.650 102.00 104.00 6.23 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 101.38 102.38 0.91 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 109.38 110.88 2.71 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAA99 22-Apr-25 1000 200/1 100 USD Fixed 3.043 97.88 99.38 3.12 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAB72 22-Apr-45 500 200/1 100 USD Fixed 4.236 97.25 98.75 4.31 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 93.63 96.13 5.72 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 87.75 90.25 6.79 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 1050 100/1 100 USD Fixed 11.750 99.13 101.63 7.55 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 102.88 103.88 -0.13 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 103.00 105.00 1.80 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 102.25 104.25 5.87 B+ /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 103.50 105.00 4.07 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 418 1/1 100 USD Step Cpn 3.500 91.88 93.38 6.28 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 102.88 104.88 6.28 B- /B3 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 96.00 98.00 8.21 B- /B3 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 96.13 98.13 8.39 B- /B3 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 103.88 105.88 2.26 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 111.88 113.38 2.46 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 96.88 98.38 3.55 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 96.88 98.38 3.61 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 113.38 114.88 3.84 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 100.88 102.38 4.04 - /Baa3 /BBB-

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

Republic of Indonesia USY7133MAC39 05-May-25 1100 200/1 100 USD Fixed 4.250 95.63 97.13 4.61 - /Baa3 /-

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 102.50 104.00 4.98 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 94.50 96.00 4.89 BB+ /Baa3 /BBB-

Page 6


May 6, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 123.38 124.88 5.09 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.125 100.25 101.75 5.01 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAB55 05-May-45 500 200/1 100 USD Fixed 5.375 92.00 93.50 5.84 BB+ /Baa3 /-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 96.25 97.75 4.17 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 92.38 93.88 5.29 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 102.50 104.00 4.79 B+ /- /B+

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 104.88 106.38 5.96 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 96.38 98.38 6.67 - /B1 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 109.63 111.13 3.56 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 101.63 103.63 3.90 B+ /- /BB-

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 106.75 108.75 4.97 B+ /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 104.88 106.88 5.32 B+ /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 101.00 103.00 6.14 B+ /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 111.63 113.63 6.02 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 97.88 99.88 6.27 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 97.50 100.50 7.60 - /- /B+

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 104.75 106.25 2.38 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 112.88 114.38 3.35 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 102.75 104.25 -0.16 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 113.00 114.50 1.51 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 114.00 115.50 2.79 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 108.50 110.00 3.24 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 101.75 103.25 3.21 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 111.63 113.13 3.74 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 103.50 105.00 3.98 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 111.00 114.00 4.19 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 105.63 108.63 2.84 BBB- /Baa2 /BBB

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 115.63 118.63 4.96 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 102.50 105.50 5.01 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 102.38 103.88 4.83 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 99.25 100.75 4.91 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 102.38 104.38 5.30 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 101.25 104.25 5.43 B+ /B1 /BB-

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Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 99.25 102.25 5.49 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.25 105.25 2.93 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 114.13 115.63 3.60 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 112.25 113.75 2.21 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 92.38 93.88 4.17 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 108.50 110.00 2.71 - /Baa3 /BBB-

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 108.88 110.38 4.33 - /Baa3 /BBB-

Republic Of Turkey US900123CJ75 14-Apr-26 1500 200/1 100 USD Fixed 4.250 95.88 97.38 4.56 - /Baa3 /BBB-

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

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 117.88 120.88 5.24 NR /Baa3 /BBB-

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 92.50 95.50 5.18 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.75 100.25 2.71 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 78.00 82.00 21.55 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 102.88 104.88 4.17 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 91.38 93.88 6.43 B+ /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 107.38 109.88 6.99 B+ /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 105.38 106.88 2.92 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 103.38 104.38 0.53 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 117.00 118.50 1.66 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 168.00 170.50 3.64 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.63 102.63 1.11 AA /Aa2 /-

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 103.00 104.50 2.59 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 99.38 101.38 1.35 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 103.25 105.25 3.37 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 119.38 121.38 5.80 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.397 101.63 104.13 5.44 Not Rated

Aabar Investments Pjsc (C) XS0632138961 27-May-16 1250 100/100 100 EUR Fixed 4.000 132.88 135.88 -23.90 Not Rated

Bahrain Mumtalakat Hold (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 99.50 101.00 3.83 BBB- /- /BBB

Diversified

Page 8


May 6, 2015


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S&P /Moody /Fitch

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 102.25 103.75 3.72 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 99.88 100.88 0.18 AA /Aa2 /AA

IPIC XS0558268628 15-Nov-15 1000 250/1 100 USD Fixed 3.125 100.63 101.63 -0.01 AA /Aa2 /AA

IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 104.13 105.13 -0.16 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 103.88 104.88 1.03 AA /Aa2 /AA

IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.375 105.13 106.13 0.36 AA /Aa2 /AA


IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 127.25 128.75 0.82 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 116.50 117.50 2.67 AA /Aa2 /AA

IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.625 118.38 119.38 1.10 AA /Aa2 /AA


Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 108.50 110.00 1.82 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 104.38 105.88 3.12 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 125.75 128.75 3.30 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 102.25 103.25 0.32 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 121.25 122.25 1.82 AA /Aa2 /AA



Mumtalakat XS0521476118 30-Jun-15 750 100/1 100 USD Fixed 5.000 99.63 101.13 -2.74 BBB- /- /BBB

Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 103.50 106.00 7.29 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 94.75 96.25 7.42 B /Ba2 /-

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 104.00 105.00 0.80 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.38 101.88 1.81 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.63 103.13 2.14 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 100.50 102.00 2.26 A /NR /A+

Adcb Finance Cayman Ltd XS1199968998 10-Mar-20 750 200/1 100 USD Fixed 2.625 99.50 101.00 2.40 A /- /A+

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 103.25 104.75 3.79 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 101.13 102.63 4.04 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 100.50 102.00 -0.34 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 102.88 104.38 0.95 - /A2 /A+

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 98.13 100.13 7.18 B+ /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 95.00 97.00 10.15 B+ /- /B-

Financial Institutions

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ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 104.75 106.25 4.40 Not Rated

Africa Finance Corp XS1225008538 29-Apr-20 750 200/1 100 USD Fixed 4.375 99.75 101.75 3.98 - /(P)A3 /-

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 63.38 83.38 27.02 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 66.75 86.75 18.21 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 102.75 104.75 1.79 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 98.75 100.75 3.61 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 101.00 103.00 3.97 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 96.88 98.88 4.54 - /- /BBB-

Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 99.25 101.25 -1.18 - /Baa3 /BBB-

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 99.63 101.63 3.18 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 106.00 108.00 3.50 - /Baa3 /BBB-

Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.000 95.88 97.88 4.50 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 98.50 100.50 4.92 - /Baa3 /BBB-

Akbank XS1210422074 31-Mar-25 500 200/1 100 USD Fixed 5.125 96.63 98.13 5.37 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 98.63 100.63 6.07 BB /- /-

Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.71 B /- /-

Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 102.25 104.25 1.97 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.25 103.25 4.63 Not Rated

Ahli United Bank XS1133289832 Perpetual 400 200/1 100 USD Variable 6.875 100.38 102.38 6.31 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 99.25 101.25 2.81 - /- /A+

Astra Sedaya Finance Pt XS1210971682 01-Apr-18 300 200/1 100 USD Fixed 2.875 98.88 100.38 2.74 - /Baa3 /BBB-

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 99.75 101.75 0.80 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 101.13 103.13 1.50 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 105.38 106.88 2.07 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 99.00 101.00 3.03 BBB- /Baa3 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 102.50 105.00 4.64 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 101.75 103.75 4.68 BB+ /Baa3 /BBB-

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 99.38 101.38 2.24 - /Baa3 /-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 63.75 70.75 21.62 - /C /-

Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 97.25 102.25 1.81 - /B1 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.25 101.25 2.05 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 100.50 102.00 0.26 - /Baa3 /BBB

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 100.13 101.63 0.80 - /Baa3 /BBB-

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Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 102.75 104.25 1.67 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 106.25 107.75 2.90 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 102.63 105.13 3.99 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 101.13 103.63 4.93 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 98.13 100.63 5.09 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 103.13 104.63 4.40 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 105.13 107.13 4.92 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 100.13 101.63 0.60 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 101.00 103.50 2.53 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 112.50 114.50 3.46 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 100.38 102.38 5.65 BB /B2 /-

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.50 103.50 1.20 A /- /A

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 123.13 124.13 4.62 - /Ba2 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 104.13 105.13 4.67 - /Ba1 /-

Bbk XS1207170736 24-Mar-20 400 200/1 100 USD Fixed 3.500 98.63 99.63 3.58 - /Baa3 /BBB

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 115.13 117.13 4.28 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 98.50 100.50 7.11 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 101.63 104.63 1.61 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 101.63 102.63 2.20 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 99.50 101.50 3.37 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 100.00 102.00 2.77 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 99.50 101.00 3.26 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.13 102.63 2.47 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.38 104.38 1.07 A- /A1 /-

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 118.88 120.88 2.58 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 86.75 89.75 12.38 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 97.63 100.63 7.43 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 93.63 96.13 9.94 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.63 104.13 1.23 A- /A2 /A+

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 104.00 106.00 1.77 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 101.50 103.50 5.24 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 101.50 103.50 6.01 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 101.88 103.88 5.17 - /Ba1 /BB

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Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 101.88 103.88 5.17 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 92.50 94.50 10.37 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.478 93.38 98.38 2.58 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 103.75 105.25 1.79 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 103.63 105.13 1.63 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.50 105.00 2.21 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.63 102.13 2.75 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 102.88 104.38 3.27 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 98.63 100.63 5.57 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 101.38 103.38 5.63 Not Rated

Emirates Nbd Pjsc XS1207079499 23-Mar-22 550 100/1 100 EUR Fixed 1.750 96.63 98.13 2.04 - /Baa1 /A+

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 104.00 106.00 4.10 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 99.50 101.50 4.72 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.63 104.63 1.88 BBB- /Baa3 /-

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 103.00 105.00 2.66 BBB- /Baa3 /-

Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.750 97.38 99.38 2.88 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 101.13 102.63 3.60 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 94.50 97.50 9.15 B- /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 92.88 95.38 9.35 B- /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 90.88 93.38 9.46 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 99.13 102.13 4.24 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.63 102.63 2.81 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 99.75 102.75 5.47 - /Ba2 /BBB-

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 102.00 103.00 1.59 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 102.25 103.75 0.74 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 103.38 104.88 1.13 - /A2 /A+

First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.625 99.63 101.13 2.37 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 102.00 103.50 1.12 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 94.63 98.63 7.65 BB- /B2 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 89.00 93.00 6.86 BB+ /- /BB+

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 84.75 89.75 10.98 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 81.50 84.50 14.49 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.75 103.25 1.94 - /A2 /-

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GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 100.38 101.88 -0.82 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 101.25 103.25 4.24 B+ /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 95.50 97.50 6.81 B+ /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.38 101.38 1.83 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.75 101.75 3.55 BBB /- /-

Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.200 100.00 102.00 3.77 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 100.00 102.00 2.27 BBB- /Baa3 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 100.13 101.63 2.23 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 101.13 102.63 3.32 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 98.88 100.88 3.32 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 99.50 101.50 4.42 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 104.75 106.25 2.36 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 106.00 107.50 2.82 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 101.38 102.88 2.86 BBB- /Baa3 /BBB-

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.38 103.88 2.96 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 99.25 100.75 3.53 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 103.88 105.38 3.66 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 100.13 101.63 3.76 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 102.88 103.88 2.26 BB+ /(P)Ba1 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.63 104.13 3.07 BB+ /Ba1 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 95.50 97.50 6.33 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 105.63 108.13 4.74 - /Ba2 /BB

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 101.13 103.13 2.41 - /Baa2 /BBB-

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 104.63 106.13 4.52 - /Baa3 /BBB-

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 102.63 104.63 3.66 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 103.75 105.25 2.24 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 102.75 104.25 4.03 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.402 94.38 98.38 2.36 BBB /Ba2 /A-

Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.000 98.25 100.25 2.94 - /Baa2 /A

National Bank of Egypt XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 96.63 101.63 -1.45 - /B3 /B

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 103.00 104.00 1.10 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.25 104.25 3.41 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 102.88 103.88 3.66 AA- /Aa3 /AA-

Page 13


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S&P /Moody /Fitch

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.88 103.88 2.04 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.250 99.88 100.88 2.05 AA- /Aa3 /AA-

National Bank of Kuwait Tier 1 XS1206972348 Perpetual 700 200/1 100 USD Variable 5.750 100.25 101.75 5.40 - /Baa3 /-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 107.25 109.25 5.80 B+ /- /BB-

Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 99.50 101.50 -0.93 - /B3 /B

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 100.75 101.75 -0.36 - /- /A+

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.25 102.75 1.34 - /- /A+

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 100.75 101.75 -0.22 A+ /Aa3 /AA-

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.50 104.00 1.11 A+ /Aa3 /AA-

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.63 101.13 1.70 A+ /Aa3 /AA-

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.75 102.75 1.54 - /A3 /A+

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.250 100.00 101.50 2.86 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 94.50 96.50 6.77 - /Ba2 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 92.63 95.13 6.81 - /Ba2 /BB+

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 100.63 101.63 -0.19 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 95.00 97.00 6.01 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 84.75 86.75 13.16 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 82.63 84.63 7.89 - /Ba2 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 80.63 82.63 8.25 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 80.50 82.50 11.28 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 103.25 104.25 0.64 BBB+ /- /BBB+

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.13 102.13 2.20 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 103.25 104.75 1.93 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 101.13 102.63 2.32 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 102.25 103.75 2.61 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 106.63 108.13 3.79 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 101.50 104.50 4.09 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 102.25 105.25 4.53 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 101.38 104.38 1.77 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.38 103.88 2.74 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 103.63 105.63 1.77 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 98.13 100.13 4.21 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 98.50 100.50 3.77 - /- /BBB

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Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 102.00 104.00 4.27 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.13 102.13 3.05 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 99.63 101.63 4.34 - /Baa3 /BBB-

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 100.25 102.25 4.88 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 100.13 102.13 4.73 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.50 103.50 3.21 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 98.88 100.88 4.51 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 94.50 96.50 4.71 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 97.25 99.25 4.90 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.25 101.75 3.14 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 102.13 104.63 4.22 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 98.63 100.63 4.88 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 97.38 99.88 6.02 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 98.25 99.25 3.99 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 100.25 102.25 4.81 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1219733752 22-Apr-20 350 200/1 100 USD Fixed 5.125 98.00 100.00 5.12 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 97.13 99.13 4.07 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 100.38 102.38 4.26 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 99.63 101.63 3.07 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 97.38 99.38 6.10 - /Ba2 /BB+

Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6.875 97.88 99.88 6.90 - /Ba3 /BB+

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.63 105.13 2.31 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.75 103.25 2.64 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 104.75 106.25 3.00 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 94.00 97.00 7.61 BB+ /- /BBB-

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 97.38 100.38 6.16 BB+ /Ba1 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 97.00 100.00 6.00 - /Ba1 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 90.00 93.00 8.23 BB- /Ba3 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 101.63 103.13 4.29 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 100.50 102.00 4.62 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 95.50 97.00 4.72 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 95.75 97.25 5.96 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 95.75 97.75 6.91 B+ /- /B+

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S&P /Moody /Fitch

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 105.13 106.63 2.40 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 101.38 102.88 4.27 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 104.88 106.38 2.77 - /Baa3 /BBB

Country Garden Hldg Co USG24524AJ24 27-May-19 550 200/1 100 USD Fixed 7.875 104.88 106.88 5.94 BB+ /Ba2 /BB+

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 100.38 102.88 6.48 BB+ /Ba2 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 99.88 101.88 7.09 BB+ /Ba2 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 93.88 95.38 6.32 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 99.38 101.38 4.81 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 99.38 101.38 5.25 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 99.75 101.75 6.01 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 103.38 105.38 5.17 BB /Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 100.38 101.88 4.08 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 100.63 102.63 3.54 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 79.25 82.25 17.77 B- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 79.88 82.88 17.44 B- /Caa1 /-

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 79.88 82.88 17.44 B- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Fixed 13.375 23.50 28.50 64.23 CCC- /Caa3 /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 107.13 109.13 1.04 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 112.25 114.25 2.78 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 104.50 106.00 3.78 BBB- /Baa2 /-

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 100.38 101.88 3.33 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 105.63 107.63 3.61 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 99.38 101.38 2.91 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 92.38 94.88 11.74 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 113.38 115.38 3.00 - /Ba1 /BB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 101.13 103.13 3.12 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 105.25 107.25 4.67 BBB /Baa3 /-

Lodha Developers Intl Lt XS1148395582 13-Mar-20 200 200/1 100 USD Fixed 12.000 99.75 101.75 11.51 - /Ba3 /B+

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 108.38 110.38 2.60 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 105.88 107.88 1.27 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 104.75 106.25 3.92 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 106.50 108.50 4.46 BB+ /- /BB+

Real Estate / Tourism

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S&P /Moody /Fitch

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 99.38 101.88 10.69 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 106.88 108.88 2.95 Not Rated

Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 99.50 101.00 -1.40 AA /Aa2 /-

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 111.88 113.38 2.26 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 99.63 101.63 6.12 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 102.88 104.88 6.89 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 1100 200/1 100 USD Fixed 8.375 102.38 104.38 7.42 BB- /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 100.63 102.63 3.94 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 102.25 104.25 5.41 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 101.13 102.63 8.33 B+ /B2 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 88.38 90.38 12.73 B /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 86.63 89.63 16.59 B- /- /B+

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 99.63 101.13 4.00 BB+ /- /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 103.50 105.50 7.02 B+ /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 107.38 108.88 1.81 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 107.00 108.50 3.86 BBB- /Baa3 /BBB-

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 108.50 110.00 4.02 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 500 200/1 100 USD Fixed 2.375 100.38 101.38 2.02 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 105.00 106.00 2.75 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 104.63 105.63 0.80 AA- /Aa3 /A+

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 111.63 112.63 1.51 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 90.38 92.88 10.51 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 101.25 103.25 4.33 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 87.88 90.88 6.47 BB+ /Ba1 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.13 103.13 1.17 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 121.38 122.88 2.02 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 108.75 110.75 2.72 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 97.63 100.13 3.23 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 109.13 111.63 3.65 A- /A2 /A+

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 96.00 98.50 4.03 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 99.13 101.63 4.40 A- /A2 /A+

Millicom Intl Cellular XS1204091588 15-Mar-25 500 200/1 100 USD Fixed 6.000 100.50 102.50 5.60 - /Ba2 /BB+

Telecommunications / IT

Page 17


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S&P /Moody /Fitch

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 106.50 108.50 2.41 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 109.50 111.50 3.55 - /Baa3 /BB+

Reliance Communication XS1216623022 06-Nov-20 300 200/1 100 USD Fixed 6.500 99.63 101.63 6.15 - /(P)Ba3 /BB-e

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 94.00 99.00 11.15 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 88.00 91.00 11.63 BB- /- /BB-

Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.250 98.88 100.88 5.07 BB /- /BB

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 109.63 111.13 3.43 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 89.88 91.88 7.33 BB+ /Ba1 /BB+

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 98.50 100.50 3.62 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 99.00 101.00 4.74 BBB- /- /BBB-

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 83.63 85.63 8.60 BB+ /Ba2 /BB+

Vimpelcom Holdings XS0889401054 13-Feb-19 571 200/1 100 USD Fixed 5.200 91.50 94.50 6.88 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 983 200/1 100 USD Fixed 5.950 89.38 91.38 7.43 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 69.88 71.88 12.67 BB /- /BB

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Defaulted 11.500 43.88 46.38 153.87 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Flat Trading 10.250 42.88 45.38 39.08 CC /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Fixed 6.625 42.88 45.38 25.49 CC /- /C

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 108.50 110.50 4.68 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 99.88 101.88 4.94 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 95.75 97.75 5.51 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 93.63 95.63 6.87 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 102.00 105.00 3.85 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 192 200/1 100 USD Fixed 7.750 100.13 102.13 5.06 BB- /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.88 102.88 3.52 - /Baa1 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 100.63 102.63 6.28 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 99.13 101.13 6.45 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 101.50 103.00 2.92 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 99.75 101.75 4.61 BB+ /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 97.25 99.25 5.17 BB+ /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.157 98.38 100.38 1.03 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 98.38 100.38 1.80 AA- /Aa3 /A+

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

Industrials / Energy

Page 18


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S&P /Moody /Fitch

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Fixed 9.750 36.75 39.75 51.09 CCC /- /CCC

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 88.75 90.75 7.14 BB- /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 109.38 111.38 2.49 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 111.75 113.75 3.32 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 327 2/1 100 USD Fixed 5.900 59.50 64.50 16.92 CCC+ /B3 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.157 98.38 100.38 0.99 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.50 100.50 2.62 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 102.75 104.75 3.87 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 75.13 82.13 15.86 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 79.75 83.75 17.19 Not Rated

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 105.63 107.63 1.07 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 121.25 123.25 2.75 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 100.75 102.75 1.99 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 714 100/1 100 USD Fixed 5.888 108.63 110.13 3.23 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 114.50 116.00 2.82 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 379 200/1 100 USD Fixed 5.125 104.50 106.00 4.19 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 111.00 112.50 0.35 - /Baa3 /BBB-

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 111.38 112.88 5.81 NR /Baa3 /BBB-

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 107.25 108.75 2.07 NR /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 102.75 104.25 1.16 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 758 200/1 100 USD Fixed 3.875 101.63 103.13 3.42 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 714 200/1 100 USD Fixed 4.500 100.00 101.50 4.31 Not Rated

Emirates Airlines (S) XS1203164782 31-Mar-25 913 200/1 100 USD Fixed 2.471 99.75 101.25 2.33 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 98.13 100.13 5.72 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 101.75 103.75 6.16 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.125 102.63 104.63 6.48 BB+ /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.25 101.25 2.52 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 102.00 104.00 4.70 BBB- /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.136 100.63 102.13 3.93 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 90.63 93.63 6.05 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 90.75 95.75 6.28 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 91.00 94.00 4.81 BB+ /Ba1 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 116.88 118.88 5.99 Not Rated

Page 19


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S&P /Moody /Fitch

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 102.63 104.63 2.85 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 94.13 96.63 8.82 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 97.88 100.38 7.28 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 90.00 92.50 6.54 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 96.25 98.75 8.35 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 109.00 112.00 3.47 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 109.75 111.75 4.06 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 100.75 102.75 1.30 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 100.25 103.25 2.03 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 95.50 97.50 5.38 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 97.75 99.75 5.28 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 95.25 97.25 10.31 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 95.25 98.25 8.71 BB- /Ba3 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 93.75 96.75 10.52 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 6.44 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 110.63 112.63 4.49 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 271 100/1 100 USD Fixed 6.267 114.88 117.88 4.80 A+ /A1 /A-

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 94.88 96.88 8.65 B+ /- /BB-

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 98.25 100.25 4.28 BBB- /Ba1 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 97.50 100.00 5.55 BBB- /Ba1 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 93.75 95.75 6.13 BB+ /Ba1 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 91.63 94.13 6.51 BB+ /Ba1 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 101.63 103.63 1.39 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 110.88 112.88 3.30 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 105.00 107.00 3.66 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 102.13 104.13 3.85 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 105.38 106.88 4.68 BBB- /- /BBB-

Office Cherifien Des Pho XS1221677120 22-Oct-25 1000 200/1 100 USD Fixed 4.500 95.38 96.88 4.88 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 109.13 110.63 6.09 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 102.38 104.38 2.70 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 108.00 110.00 4.03 - /Baa2 /BBB-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 99.00 100.50 2.33 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 100.25 101.75 2.80 BBB- /Baa2 /-

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Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 98.13 99.63 3.80 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 103.63 105.13 3.95 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.631 95.63 97.63 3.96 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.151 93.00 95.00 4.29 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 99.88 103.88 3.27 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 97.00 99.00 3.81 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 91.88 93.88 4.84 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 95.25 97.25 5.53 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 93.88 96.88 6.03 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 87.75 89.75 6.00 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 98.00 100.00 6.25 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 97.25 99.25 7.31 BBB- /Ba2 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 76.38 78.88 19.68 CCC /- /CCC

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 106.63 109.13 3.90 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 98.00 100.50 3.80 BBB- /- /BBB-

Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.250 98.00 100.00 6.25 BB- /- /BB-

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 103.25 105.25 5.18 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 226 250/1 100 USD Fixed 5.832 102.38 104.38 2.59 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 802 250/1 100 USD Fixed 5.298 106.88 108.88 3.48 A /Aa3 /A+

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 105.13 107.13 3.07 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 108.25 110.25 3.67 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 99.63 101.13 3.98 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 111.88 113.88 5.25 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 100.50 102.00 1.42 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 100.00 101.50 -0.10 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 101.00 102.50 1.86 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 108.38 109.88 0.91 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 96.00 97.50 5.72 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 100.63 102.13 4.17 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 102.25 103.25 0.94 AA- /A1 /AA-



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 105.88 106.88 3.11 AA- /A1 /AA-

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S&P /Moody /Fitch


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 108.25 109.25 4.90 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 652 200/10 100 USD Defaulted 5.875 54.00 59.00 14.68 CC /B3 /B-

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 100.00 102.00 2.50 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 94.88 99.88 5.33 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 100.25 102.25 3.34 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 105.75 107.25 0.90 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 103.75 105.25 1.24 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.75 102.25 1.64 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 115.50 117.00 1.81 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 115.50 117.00 2.14 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 117.38 118.88 2.73 A- /A3 /-

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 101.50 103.00 3.18 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 102.13 103.63 3.40 A- /A3 /-


Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 101.25 103.25 3.90 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 101.25 102.75 4.20 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 102.50 104.00 5.39 BB /- /BB+

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 94.75 97.75 9.40 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 101.25 102.75 0.84 BBB- /Baa1 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 96.00 97.50 4.41 BBB- /Baa1 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 91.75 93.75 7.41 B+ /B3 /-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 90.63 92.63 7.64 B+ /B3 /-

Turkish Airln 15-1 A Ptt USU0567PAA40 15-Mar-27 328 2/1 100 USD Fixed 4.200 85.50 87.50 5.66 A- /A2 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 99.75 101.25 3.68 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 97.00 98.50 4.64 BBB /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 100.88 102.88 3.98 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 93.25 95.25 7.48 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 98.38 100.38 8.17 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 91.50 93.50 8.24 BB- /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 78.00 83.00 41.14 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 825 100/1 100 USD Fixed 3.925 104.38 105.88 2.71 AA /Aa2 /AA

Page 22


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Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.63 100.13 4.39 BB /Ba2 /BB-

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 90.88 93.38 6.94 BB /Ba2 /BB-

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 92.00 96.00 9.71 BB- /B1 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 84.63 89.63 10.02 BB- /B1 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 87.13 89.13 8.06 B+ /- /BB+

Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.000 94.63 96.63 5.53 BB+ /- /BB+

Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.875 100.25 102.25 3.47 BB+ /- /BB+

Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.125 103.00 105.00 4.93 BB+ /Ba1 /BB+

Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 82.88 84.88 7.13 BB /Baa3 /BB+

Hikma Pharmaceuticals Pl XS1213834978 10-Apr-20 500 200/1 100 USD Fixed 4.250 99.63 101.63 3.88 BB+ /Ba1 /-

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 111.63 113.63 3.99 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 107.38 109.38 2.13 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 129.38 130.38 3.66 BBB- /Baa2 /BBB+

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 109.75 112.25 2.54 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 132.38 135.38 4.39 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 115.75 117.75 4.79 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 109.88 111.88 3.43 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 100.50 102.50 0.76 A- /Baa2 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 109.88 111.88 3.59 BB /Ba2 /BBB-

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 124.88 126.88 2.72 BB /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 102.50 104.50 -2.56 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 105.63 107.13 6.78 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 7.01 - /B2 /B+

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 101.75 102.75 0.68 A- /Baa1 /A

Jaguar Land Rover Automo USG5002FAE63 15-Mar-20 500 200/1 100 USD Fixed 3.500 99.00 100.50 3.38 BB /Ba2 /-

Jaguar Land Rover Automo USG50027AB03 15-May-21 84 150/1 100 USD Fixed 8.125 110.25 111.75 0.48 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 110.75 112.25 3.24 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 99.75 101.75 0.09 A /A1 /A

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 115.38 117.38 2.96 BBB- /Baa2 /BBB+

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 114.50 115.50 0.98 BBB- /Baa3 /BBB+

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 114.63 117.63 3.31 BBB /Baa2 /A-

Miscellaneous

Various Developed Market Issues

Page 23


May 6, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 118.63 121.63 1.74 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 102.25 105.25 3.37 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 100.50 102.50 0.66 A- /Baa2 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 121.88 122.88 0.90 A- /Baa2 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 113.88 115.88 2.73 A- /Baa2 /A

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 117.50 120.50 2.76 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 113.00 115.00 3.79 BB+ /Ba2 /BBB-

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 102.00 104.00 3.78 A- /Baa1 /BBB+

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 113.75 115.75 1.82 BBB+ /A2 /A+

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 104.75 106.75 2.69 - /- /BBB

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 108.75 110.75 3.17 - /- /BBB

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 113.00 115.00 1.63 BB+ /Ba2 /BBB-

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 111.13 113.13 2.23 BB+ /NR /BBB-

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 108.63 110.63 4.46 BB /Ba3 /BBB-

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 100.00 102.00 0.58 A /A2 /A

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 4.750 101.63 103.63 3.47 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 119.13 121.13 3.67 BB /Ba2 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 105.75 107.75 3.61 BB /Ba2 /BBB

Egypt 3M T Bills N/A 28-Jul-15 2500 500/25 100 EGP Zero Cpn N/A 97.05 97.52 8.15 B/B2/B+

Egypt 6M T Bills N/A 27-Oct-15 3000 500/25 100 EGP Zero Cpn N/A 94.23 95.12 8.22 B/B2/B+

Egypt 9M T Bills N/A 19-Jan-16 4000 500/25 100 EGP Zero Cpn N/A 91.71 92.95 8.32 B/B2/B+

Egypt 1Y T Bills N/A 19-Apr-16 4000 500/25 100 EGP Zero Cpn N/A 89.22 90.81 8.28 B/B2/B+

(C) Denotes a Convertible bond

(S) Denotes a Sukuk

* Offer Yield adjusted for tax

Egypt T Bills

Page 24

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