mashreq...mashreq Fixed Income Trading Daily Market Update Change Change USD EUR AED Spread Day YTD...

mashreqFixed Income Trading

Daily Market Update

Market Update

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Saudi Arabian Airlines mega deal for Airbus aircraft could spur Shariah aircraft finance

Saudia, the state owned airline, last week placed orders for 50 planes from Airbus Group SE. The deal has a list price of USD7.7 billion compared to about

USD5.8 billion raised globally since 2006 through Shariah-compliant aviation loans. Airbus is selling the aircraft to the Aircraft Leasing Islamic Fund, which

will lease them to Saudia. The deal underscores the growing importance of Islamic financing to the airline industry, after Airbus helped establish a fund and

the UK backed an Emirates airline sukuk. Global Shariah-compliant financial assets may almost double in the four years to 2018, according to Ernst & Young

LLP. The International Air Transport Association expects Middle East passenger growth of 13% this year, the fastest in the world. In 2013, Saudi Arabia’s

General Authority of Civil Aviation issued a 15.2 billion-riyal (USD4 billion) sukuk after selling a similar amount the previous year. The International Air

Finance Corp., which manages the Alif Fund, financed the Saudia deal, according to an e-mailed statement from the airline. Kuwait Airways also used the

fund to pay for five A330-200 planes. This is not the first time Saudia tapped the Islamic loan market. The carrier, whose long-term plan is to offer shares to

the public, already has a SAR7.2 billion Shariah-compliant loan outstanding and embarked on selling stakes in some of its units, including catering and

ground-handling. Saudia, formally known as Saudi Arabian Airlines, is seeking to increase capacity domestically and access new international routes as

competition at home intensifies. At the Paris Airshow last week, Saudia ordered 20 A330-300 Regional planes and 30 A320s, as part of plans to almost

double the fleet to 200 by 2020. (Bloomberg)

Monday, June 22, 2015

Greece’s PM Tsipras presents a revised proposal to creditors

Greek Prime Minister Alexis Tsipras has presented a new plan to stave off default before an emergency summit Monday that could decide his nation’s future

in the euro. The new offer “was a good basis for progress at tomorrow’s Euro summit,” European Commission spokesman Martin Selmayr, said in a Twitter

posting. He also referred in German to the inception of the plan as “birth by forceps.” Before the start of the summit in Brussels, Tsipras will meet with

representatives of the countries’ main creditors. He will sit down with European Council head Donald Tusk before they’re joined by ECB President Mario

Draghi, IMF Managing Director Christine Lagarde, EU Commission President Jean-Claude Juncker and Eurogroup head Jeroen Dijsselbloem, an e-mailed

statement from the Greek prime minister’s office said. With the clock running down on a June 30 deadline to make payments and work out a new aid deal

after months of fruitless negotiations, Tsipras will have to convince the country’s creditors that he’s ready to compromise on election promises and avoid a

default. With its finances in tatters and banks bleeding deposits at record pace, it’s unclear how long Greece can hold out without a fresh infusion of rescue

loans. Reports suggest that the Eurogroup of finance ministers will meet to discuss new proposals from the Greeks. The Euro area heads of government are

also meeting today though both Angela Merkel and Francois Hollande have indicated that this meeting will not do a deal to release funds, and that is for the

finance ministers to agree. There are reports that the ECB will meet again on Greek banks, having already doled out emergency funds last Friday in the face

of significant deposit withdrawals of over EUR4 billion last week. (Bloomberg)

S&P says the UAE's property market is prepared for a correction

While Standard & Poor's expects somewhat of a correction in the UAE's residential real estate market after three years of sharp price appreciation--it should

be nothing on the order that led to the Dubai crisis in 2009. After reaching a peak in 2014, the property market in the United Arab Emirates is set to soften

in 2015 and early 2016. The market is facing a turnaround in operating conditions that is likely to dampen performance. Global oil prices have sharply

declined since June 2014 and Standard & Poor's Ratings Services believes they are likely to remain relatively weak throughout this year and next. Given the

role of this commodity in the region, domestic economic growth in the UAE is likely to slow markedly in 2015 and 2016. "We believe real estate companies

in the UAE are better armed to deal with the current slowdown and should be able to absorb it with limited ratings impact," said Standard & Poor's credit

analyst Franck Delage, in the report published today, "Inside Credit: The UAE's Property Market Is Prepared For The Current Correction." (Bloomberg)

Mortgage lender Amlak is in talks with Emaar for a strategic partnership

Local press reports suggest that Amlak is in talks with Emaar to form a strategic partnership to develop land in distinctive locations. This was disclosed by

Amlak’s Chief Commercial Officer Adnan Al Awadhi. He also stated that Amlak was in talks with Dubai Land Department to revive stalled projects and

expects to reach agreement on a project soon. The company plans to expand financing program over next 5 years to offer AED1.5 billion of real estate

facilities and increase number of clients to between 7,000 and 8,000. (Al Khaleej)

Turkey’s President Erdogan urges quick formation of a new government

Turkey’s President Recep Tayyip Erdogan has urged political party leaders to form a coalition government as soon as possible to avoid testing the patience

of the economy. In televised remarks to exporters on Sunday, Erdogan warned against dragging Turkey into political instability and said the economy seems

prepared to accept a coalition government. “Our parties and their chairmen must act responsibly and in particular avoid testing the limits of the economy’s

patience,” he said. “This country has no tolerance for taking a step backward or being stopped.” The ruling AK Party, which Erdogan founded, lost its

parliamentary majority in June 7 balloting after being hurt by an economic slowdown, a corruption probe and Erdogan’s ambition to concentrate power in

the president’s office. Turkey’s three opposition parties have refused to join a government unless Erdogan gives up his push for enhanced powers and

accepts the president’s largely ceremonial role. Erdogan said he may be forced to call a new vote if parties can’t form a coalition within 45 days of the

election of a new parliament speaker. That’s expected in late June or early July. (Bloomberg)

Page 1


Daily Market Update

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Rating Update

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New Issue Update

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China Shanshui Cement bond prices plunge on threat of default

Bonds issued by China Shanshui Cement tumbled to record low after the company said it could default on its debt obligation because of an attempt to oust

its chairman amid a deepening boardroom rift. Its USD500 million of 7.5% notes due March 2020 dropped to 80.52 cents on the dollar this morning, after

sliding by over 12 cents in the past two weeks. The yield on these bonds has surged 130 basis points to 13.18%. China Tianrui Group Cement Co., which

holds a 28.2% stake in Shanshui, has proposed to install four people -- including its chairman Li Liufa and Chief Executive Li Heping -- to the cement

maker’s board, according to an exchange filing Monday. Tianrui has called for a vote to oust Shanshui chairman Zhang Bin and founder Zhang Caikui, an

official said last week. The removal of board members including its chairman would constitute a “change of control” event that requires the company to

repurchase its outstanding bonds, Shanshui said in a filing late Friday. It won’t have enough cash to redeem USD921 million of its notes, leading to a

default, it said. Shanshui is paying off its USD400 million of 2016 notes in a redemption triggered in April by a change of control clause after Tianrui

increased its stake to 28.2%. (Bloomberg)

Fitch affirms Kuwait at 'AA' with Stable outlook

Fitch Ratings has affirmed Kuwait's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AA' with a Stable Outlook. The Country Ceiling has

been affirmed at 'AA+' and the Short-term foreign currency IDR at 'F1+'. Kuwait's ratings reflect its exceptionally strong fiscal and external position,

balanced against a heavily oil-dependent economy, a degree of geopolitical risk, and weak scores on measures of governance and ease of doing business.

Sovereign net foreign assets were an estimated 270% of GDP at end-2014, underpinned by 184% in external assets managed by the Kuwait Investment

Authority across its two funds. The General Reserve Fund (GRF), the purpose of which is to cover government expenditure, had domestic and foreign assets

of an estimated 56% of GDP at the end of fiscal year 2014/15 (FYE15). The Reserve Fund for Future Generations, which by law receives at least 10% of all

government revenues before transfers to the GRF, had 196% of GDP; the transfer has been 25% of revenue in each of the past three years. Gross

government debt was only 5.5% of GDP at FYE15. Kuwait is resilient to the fall in the oil price and the downward revision in the expected oil price path, due

to a low cost of oil production and the large size of oil revenues relative to government expenditures. Fitch expects that Kuwait's fiscal break-even export

price of oil will be USD57/b, below its oil export price forecast for Kuwait of USD64/b in FY16. (Bloomberg)

Tianjin Binhai appoints banks for a new bond issue

Tianjin Binhai New Area Construction & Investment Group Co., Ltd. (“Company”, wholly-owned by the Tianjin Government through the State-owned Assets

Supervision and Administrative Commission of Tianjin Municiple People’s Government), rated A3 stable/A- stable /A- stable by Moody’s/S&P/ Fitch, has

mandated DBS Bank Ltd., Bank of China, HSBC, Standard chartered Bank and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch as Joint

Global Coordinators, Joint Bookrunners and Joint Lead Managers, ICBC, China Construction Bank and Wing Lung Bank Limited as Joint Bookrunners and

Joint Lead Managers, to arrange a series of fixed income investor meetings in Hong Kong, Singapore and London commencing on 23 June 2015. A US dollar-

denominated Regulation S benchmark senior bond offering may follow subject to market conditions. The Bonds, if issued, will be issued by Zhaohai

Investment (BVI) Limited (the "Issuer") and unconditionally and irrevocably guaranteed by Binhai Jiantou (Hong Kong) Development Limited (the

"Guarantor"). The Issuer is a wholly-owned subsidiary of the Guarantor, which is in turn wholly-owned by the Company. The Bonds, if issued, will have the

benefit of a Keep-well and Liquidity Support Deed and a Deed of Equity Interest Purchase Undertaking to be provided by the Company and are expected to

be rated Baa1 by Moody’s, BBB+ by S&P and A- by Fitch.

Page 2


Daily Market Update

Change Change USD EUR AED

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

iTraxx Europe 75.052 0.000 12.052 2-Year 0.899 0.027 0.138 -0.008 1.377 0.024

iTraxx Europe Crossover 321.754 0.000 -23.831 5-Year 1.759 0.048 0.532 0.020 2.481 0.056

CDX North America IG 68.071 0.000 1.950 10-Year 2.399 0.060 1.191 0.065 3.735 0.075

CDX North America HY 361.511 0.000 4.557 30-Year 2.853 0.060 1.664 0.077 N/A N/A

iTraxx SovX Western Europe 28.875 0.000 1.010 Source: Bloomberg

iTraxx SovX CEEMEA 319.275 0.000 3.855

iTraxx Europe Senior Financial 89.867 0.000 22.431

iTraxx Europe Sub Financial 175.256 0.000 26.389

Source: Bloomberg

Change Change Last Change

bps Spread Day YTD YTD (%)

Emirate of Abu Dhabi 5Y 60.450 0.000 -3.090 S&P 500 2,109.99 2.48

Emirate of Dubai 5Y 176.400 0.000 -50.495 Dow Jones Industrial Avg 18,015.95 1.08

Kingdom of Bahrain 5Y 278.410 0.000 36.670 DFM General Index 4,124.97 9.30

State of Qatar CDS 5Y 61.515 0.000 0.000 ADX General Index 4,623.78 2.09

Kingdom of Saudi Arabia 5Y 66.170 0.000 -0.540 Qatar Exchange Index 12,063.74 -1.81

Lebanese Republic 5Y 356.225 0.000 -38.850 TASI 9,344.11 12.13

Republic of Turkey 5Y 224.632 0.000 40.239 Spot Gold 1,196.89 1.06

Arab Republic of Egypt 5Y 329.930 0.000 48.150 Spot Silver 16.11 2.55

Source: Bloomberg WTI Crude 59.76 12.18

Brent Crude 63.27 10.36

Source: Bloomberg

Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.51781 -0.32% 4.25%

Mashreq Al-Islami Arab Tigers 19.69270 -3.45% 0.97%

Makaseb Income Fund 12.99756 -0.31% 1.48%

Source: Bloomberg


33.66

CREDIT MARKETS SWAPS

bps

CDS MISCELLANEOUS

Change

Day

-11.25

-99.89

28.79

MUTUAL FUNDS

Last (NAV)

32.59

-161.63

-3.38

0.00

0.15

0.25

Page 3

Fixed Income Trading

June 22, 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 6.750 116.38 118.38 1.72 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 101.75 105.75 4.42 B- /B3 /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 96.50 100.50 6.83 B- /B3 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 110.88 112.38 2.47 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 108.00 110.00 4.34 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 105.88 106.88 1.14 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 118.88 119.88 3.20 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 102.88 103.88 3.29 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 101.63 102.13 -0.86 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 121.63 123.63 2.89 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 112.75 113.75 3.06 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 103.00 104.00 4.61 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 90.00 92.00 5.84 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 98.13 100.13 6.61 B /B1 /B

Emirate of Ras Al Khaimah (S) XS1210507650 31-Mar-25 1000 200/1 100 USD Fixed 3.094 98.00 99.00 3.21 - /- /A

Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.200 105.50 107.50 4.93 B+ /- /B+

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 96.00 98.00 6.66 B+ /- /B+

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 104.75 106.75 3.92 A+ /A1 /WD

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.50 103.50 2.46 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 103.00 105.00 4.15 B- /B3 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 104.25 106.25 5.41 B- /B3 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 101.75 103.75 5.78 B- /B3 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 108.63 110.63 6.63 B- /B3 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 97.00 99.00 7.97 B- /B3 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 92.63 94.63 6.15 - /B1 /B

Ivory Coast XS1196517434 03-Mar-28 1000 200/1 100 USD Fixed 6.375 96.25 98.25 6.58 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 92.63 94.63 6.50 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 108.00 109.50 3.33 BBB- /NR /BBB-

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 111.13 112.63 4.04 BBB- /- /BBB-

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 111.13 112.63 4.26 BBB- /- /BBB-

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 94.63 96.13 6.29 BBB- /- /BBB-

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.25 101.25 0.60 BB- /B1 /-

Sovereign

Page 4


June 22, 2015


Amnt (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 5.375 106.75 108.75 0.96 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 109.00 111.00 2.26 BBB- /- /BBB-

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 100.88 102.88 3.80 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 101.25 103.25 3.08 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 99.75 102.75 5.31 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 103.13 105.13 5.13 B- /NR /B

Lebanese Republic XS1196417569 26-Feb-25 800 1/1 100 USD Fixed 6.200 100.25 102.25 5.89 B- /- /B

Lebanese Republic XS1196419854 26-Feb-30 1400 1/1 100 USD Fixed 6.650 101.25 103.25 6.31 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 101.25 102.25 0.79 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 109.75 111.25 2.62 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAA99 22-Apr-25 1000 200/1 100 USD Fixed 3.043 98.50 100.00 3.04 A- /A3 /-

Malaysia Sovereign Sukuk (S) USY5749LAB72 22-Apr-45 500 200/1 100 USD Fixed 4.236 94.75 96.25 4.46 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 94.88 97.38 5.24 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 89.50 92.00 6.50 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 676 100/1 100 USD Fixed 11.750 99.88 102.38 3.11 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 102.13 103.13 -0.03 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 102.75 104.75 1.82 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 99.63 101.63 6.55 B+ /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 100.88 102.38 4.42 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 418 1/1 100 USD Step Cpn 3.500 91.13 92.63 6.40 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 102.38 104.38 6.40 B- /B3 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 91.63 93.63 8.99 B- /B3 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 91.63 93.63 9.07 B- /B3 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 103.25 105.25 2.39 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 110.75 112.25 2.65 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 93.88 95.38 4.03 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 94.13 95.63 4.03 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 110.63 112.13 4.17 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 97.88 99.38 4.43 (P)BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BG36 15-Jan-25 2000 200/1 100 USD Fixed 4.125 97.88 99.38 4.20 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAC39 05-May-25 1100 200/1 100 USD Fixed 4.250 93.75 95.25 4.86 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAD89 28-May-25 2000 200/1 100 USD Fixed 4.325 97.38 98.88 4.47 - /(P)Baa3 /BBB-e

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 97.75 99.25 5.30 BB+ /Baa3 /BBB-

Page 5


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 90.63 92.13 5.16 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 117.25 118.75 5.45 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.125 96.00 97.50 5.29 BB+ /Baa3 /BBB-

Republic of Indonesia USY7133MAB55 05-May-45 500 200/1 100 USD Fixed 5.375 88.13 89.63 6.14 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 94.63 96.13 4.39 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 86.50 88.00 5.72 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 101.38 102.88 5.07 B+ /- /B+

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 101.00 102.50 6.50 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 86.75 88.75 9.06 - /B1 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 107.63 109.13 3.87 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 100.00 102.00 4.42 B+ /- /BB-

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 103.75 105.75 5.54 B+ /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 101.00 103.00 5.90 B+ /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 100.63 102.63 6.20 B+ /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 110.00 112.00 6.28 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 95.13 97.13 6.67 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 96.63 99.63 7.74 - /- /B+

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 103.63 105.13 2.64 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 108.88 110.38 3.83 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 102.38 103.88 -0.44 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 112.25 113.75 1.48 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 113.13 114.63 2.90 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 108.38 109.88 3.22 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 101.00 102.50 3.36 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 110.63 112.13 3.86 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 102.50 104.00 4.11 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 109.88 112.88 4.30 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 100.75 103.75 3.34 BBB- /Baa2 /BBB

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 113.25 116.25 5.11 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 100.00 103.00 5.17 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 101.25 102.75 5.14 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 98.75 100.25 5.05 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 100.88 102.88 5.61 B+ /B1 /BB-

Page 6


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 98.88 101.88 5.88 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 96.25 99.25 6.01 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.00 105.00 2.95 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 113.50 115.00 3.66 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 110.25 111.75 2.54 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 92.38 93.88 4.18 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 105.00 106.50 3.17 - /Baa3 /BBB-

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 107.75 109.25 4.46 - /Baa3 /BBB-

Republic Of Turkey US900123CJ75 14-Apr-26 1500 200/1 100 USD Fixed 4.250 94.88 96.38 4.68 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 97.38 98.88 4.64 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 113.75 116.75 5.51 NR /Baa3 /BBB-

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 89.63 92.63 5.39 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.50 100.00 2.80 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 68.38 74.38 26.02 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 98.50 100.50 4.73 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 86.63 89.13 7.33 B+ /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 101.75 104.25 7.82 B+ /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 104.25 105.75 3.04 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 103.00 104.00 0.57 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 115.75 117.25 1.82 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 163.63 166.13 3.88 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.50 102.50 1.11 AA /Aa2 /-

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 102.88 104.38 2.60 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 98.88 100.88 1.46 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 102.75 104.75 3.45 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 117.63 119.63 5.96 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.397 100.88 103.38 5.63 Not Rated

Page 7


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Bahrain Mumtalakat Hold (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 99.63 101.13 3.80 BBB- /- /BBB-

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 102.13 103.63 3.62 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 99.75 100.75 0.02 AA /Aa2 /AA

IPIC XS0558268628 15-Nov-15 1000 250/1 100 USD Fixed 3.125 100.38 101.38 -0.39 AA /Aa2 /AA

IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 103.63 104.63 -0.32 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 103.63 104.63 0.97 AA /Aa2 /AA

IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.375 104.75 105.75 0.40 AA /Aa2 /AA


IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 123.63 125.13 1.29 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 114.13 115.13 2.99 AA /Aa2 /AA

IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.625 114.13 115.13 1.58 AA /Aa2 /AA


Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 107.75 109.25 1.72 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 104.63 106.13 3.00 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 125.63 128.63 3.20 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 101.88 102.88 0.24 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 119.75 120.75 2.02 AA /Aa2 /AA



Mumtalakat XS0521476118 30-Jun-15 750 100/1 100 USD Fixed 5.000 99.00 100.50 -24.29 BBB- /- /BBB-

Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 103.63 106.13 7.21 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 94.88 96.38 7.47 B /Ba2 /-

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 103.25 104.25 1.03 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 100.13 101.63 1.88 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.13 102.63 2.25 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 99.88 101.38 2.40 A /NR /A+

Adcb Finance Cayman Ltd XS1199968998 10-Mar-20 750 200/1 100 USD Fixed 2.625 98.75 100.25 2.57 A /- /A+

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 102.38 103.88 3.91 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 101.50 103.00 3.92 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 100.00 101.50 -0.40 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 102.38 103.88 1.05 - /A2 /A+

Diversified

Financial Institutions

Page 8


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 97.75 99.75 7.38 B+ /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 94.63 96.63 10.30 B+ /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 104.50 106.00 4.41 Not Rated

Africa Finance Corp XS1225008538 29-Apr-20 750 200/1 100 USD Fixed 4.375 99.75 101.75 3.97 - /A3 /-

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 62.75 82.75 27.53 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 65.38 85.38 20.94 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 102.50 104.50 1.57 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 99.13 101.13 3.47 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 101.00 103.00 3.95 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 97.75 99.75 4.22 - /- /BBB-

Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 98.75 100.75 -4.74 - /Baa3 /BBB-

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 99.75 101.75 3.09 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 105.75 107.75 3.47 - /Baa3 /BBB-

Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.000 96.13 98.13 4.45 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 98.13 100.13 4.98 - /Baa3 /BBB-

Akbank XS1210422074 31-Mar-25 500 200/1 100 USD Fixed 5.125 94.88 96.38 5.61 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 100.63 102.63 5.51 BB /- /-

Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.70 B /- /-

Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 101.88 103.88 2.04 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.50 103.50 4.54 Not Rated

Ahli United Bank XS1133289832 Perpetual 400 200/1 100 USD Variable 6.875 102.75 104.75 5.74 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 99.38 101.38 2.76 - /- /A+

Astra Sedaya Finance Pt XS1210971682 01-Apr-18 300 200/1 100 USD Fixed 2.875 99.00 100.50 2.69 - /Baa3 /BBB-

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 99.25 101.25 0.55 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 100.75 102.75 1.49 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 104.88 106.38 2.13 BBB- /Baa3 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 98.00 100.00 3.25 BBB- /Baa3 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 102.75 105.25 4.37 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 102.88 104.88 4.32 BB+ /Baa3 /BBB-

Bank Dhofar XS1233710380 Perpetual 300 200/1 100 USD Variable 6.850 98.25 100.25 6.79 Not Rated

Banco Do Brasil XS0955552178 25-Jul-18 1000 100/1 100 EUR Fixed 3.750 101.75 103.75 2.47 BBB- /Baa2 /BBB

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 99.50 101.50 0.77 - /Baa3 /-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 70.38 77.38 18.27 - /C /-

Page 9


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 95.88 100.88 3.82 - /B1 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.00 101.00 2.12 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 100.25 101.75 -0.57 - /Baa3 /BBB

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 99.75 101.25 0.37 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 102.38 103.88 1.63 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 105.63 107.13 3.00 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 102.13 104.63 4.09 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 101.25 103.75 4.74 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 98.38 100.88 4.98 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 101.88 103.38 4.55 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 104.75 106.75 4.97 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 99.63 101.13 0.50 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 101.00 103.00 2.65 BBB- /Baa3 /-

Bank Of India/Jersey XS1227592703 06-May-20 750 200/1 100 USD Fixed 3.125 96.75 98.75 3.41 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 111.00 113.00 3.68 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 100.63 102.63 5.41 B+ /B2 /-

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.38 103.38 1.15 A /- /A

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 123.00 124.00 4.59 - /Ba2 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 104.50 105.50 4.50 - /Ba1 /-

Bbk XS1207170736 24-Mar-20 400 200/1 100 USD Fixed 3.500 98.25 99.25 3.67 - /Baa3 /BBB

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 115.13 117.13 4.21 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 99.00 101.00 6.97 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 101.13 104.13 1.66 - /Baa3 /BBB-

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 101.88 102.88 2.12 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 99.63 101.63 3.33 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 100.13 102.13 2.70 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 99.75 101.25 3.19 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.50 103.00 2.30 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.13 104.13 1.05 A- /A1 /-

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 118.25 120.25 2.60 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 88.38 91.38 11.86 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 96.50 99.50 7.91 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 95.13 97.63 9.49 B /- /B

Page 10


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.38 103.88 1.22 A- /A2 /A+

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 103.88 105.88 1.65 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 102.25 104.25 4.99 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 103.88 105.88 5.51 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 102.25 104.25 5.02 - /Ba1 /BB

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 102.25 104.25 5.02 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 92.38 94.38 10.45 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.478 93.75 98.75 2.41 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 103.25 104.75 1.87 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 103.25 104.75 1.63 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.38 104.88 2.17 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.00 101.50 2.88 - /Baa1 /A+

Emirates Nbd Pjsc XS1227814883 06-May-20 350 200/1 100 USD Fixed 3.000 98.63 100.13 2.97 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 103.88 105.38 2.83 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 98.38 100.38 5.64 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 101.25 103.25 5.65 Not Rated

Emirates Nbd Pjsc XS1207079499 23-Mar-22 550 100/1 100 EUR Fixed 1.750 94.38 95.88 2.42 - /Baa1 /A+

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 104.13 106.13 4.02 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 99.25 101.25 4.76 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.38 104.38 1.88 BBB- /Baa3 /-

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 102.38 104.38 2.78 BBB- /Baa3 /-

Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.750 96.88 98.88 2.99 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 99.00 100.50 3.92 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 93.25 96.25 9.66 B- /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 90.38 92.88 10.17 B- /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 90.88 93.38 9.56 B /- /B

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 98.88 101.88 4.30 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.25 102.25 2.88 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 99.38 102.38 5.55 - /Ba2 /BBB-

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 101.75 102.75 1.63 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 101.75 103.25 0.84 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 103.00 104.50 1.14 - /A2 /A+

First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.625 98.63 100.13 2.59 - /A2 /A+

Page 11


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 101.88 103.38 0.83 BBB- /Baa2 /BBB

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 94.38 98.38 7.74 BB- /B2 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 89.50 93.50 6.76 BB+ /- /BB+

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 82.25 87.25 12.06 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 77.75 80.75 16.65 - /NR /-

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.50 103.00 1.98 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 100.00 101.50 -1.02 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 101.25 103.25 3.80 B+ /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 95.13 97.13 6.97 B+ /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.13 101.13 1.90 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.75 101.75 3.54 BBB /- /-

Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.200 99.88 101.88 3.79 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 99.88 101.88 2.28 BBB- /Baa3 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 100.25 101.75 2.13 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 101.13 102.63 3.30 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 98.63 100.63 3.37 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 98.88 100.88 4.50 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 104.50 106.00 2.35 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 105.38 106.88 2.92 BBB- /Baa3 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 100.75 102.25 2.99 BBB- /Baa3 /BBB-

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.00 103.50 3.04 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 99.38 100.88 3.49 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 103.25 104.75 3.78 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 99.63 101.13 3.87 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 103.00 104.00 1.91 BB+ /(P)Ba1 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.63 104.13 3.00 BB+ /Ba1 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 96.50 98.50 6.06 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 106.13 108.63 4.35 - /Ba2 /BB

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 100.50 102.50 2.63 - /Baa2 /BBB-

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 103.88 105.38 4.64 - /Baa3 /BBB-

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 101.13 103.13 3.85 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 103.25 104.75 2.28 - /- /BBB

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 102.88 104.38 3.97 - /- /BBB

Page 12


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Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.402 94.38 98.38 2.44 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 96.25 101.25 -5.54 - /B3 /B

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 102.63 103.63 1.16 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 103.50 104.50 3.24 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.25 104.25 3.52 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.50 103.50 2.11 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.250 98.75 99.75 2.31 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS1243334668 Perpetual 750 200/1 100 USD Variable 5.250 100.00 101.50 4.91 BBB- /Baa3 /-

National Bank of Kuwait Tier 1 XS1206972348 Perpetual 700 200/1 100 USD Variable 5.750 101.38 102.88 5.17 - /Baa3 /-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 107.00 109.00 5.78 B+ /- /BB-

Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 99.13 101.13 -4.53 - /B3 /B

Noor Sukuk Co Ltd (S) XS1224417847 28-Apr-20 500 200/1 100 USD Fixed 2.788 97.63 99.13 2.98 - /- /A-

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 100.25 101.25 -0.50 - /- /A+

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.25 102.75 1.28 - /- /A+

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 100.38 101.38 -0.37 A+ /Aa3 /AA-

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.13 103.63 1.16 A+ /Aa3 /AA-

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.50 101.00 1.74 A+ /Aa3 /AA-

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.75 102.75 1.48 - /A2 /A+

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.250 99.63 101.13 2.95 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 96.88 98.88 5.78 - /Ba2 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 94.00 96.50 6.36 - /Ba2 /BB+

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 100.25 101.25 -0.26 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 94.75 96.75 6.11 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 85.75 87.75 12.91 - /Ba1 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 85.25 87.25 7.40 - /Ba2 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 80.13 82.13 8.38 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 83.25 85.25 10.43 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 102.88 103.88 0.48 BBB+ /- /BBB+

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.25 102.25 2.12 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 102.88 104.38 1.98 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 101.00 102.50 2.33 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 101.63 103.13 2.75 BBB- /Baa3 /BBB-

Page 13


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 104.50 106.00 4.06 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 101.25 104.25 4.08 BB /B1 /B

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 102.25 105.25 4.38 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 101.00 104.00 1.77 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.25 103.75 2.72 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 103.13 105.13 1.82 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 98.38 100.38 4.15 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 98.50 100.50 3.76 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 101.63 103.63 4.34 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.00 102.00 3.06 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 99.88 101.88 4.27 - /Baa3 /BBB-

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 99.50 101.50 5.00 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 99.38 101.38 4.98 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.63 103.63 3.05 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 99.25 101.25 4.40 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 94.63 96.63 4.69 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 97.00 99.00 4.95 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.25 101.75 3.10 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 102.13 104.63 4.18 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 98.50 100.50 4.90 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 97.50 100.00 6.00 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 98.63 99.63 3.87 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 100.25 102.25 4.79 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1219733752 22-Apr-20 350 200/1 100 USD Fixed 5.125 98.38 100.38 5.03 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 97.50 99.50 3.94 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 100.63 102.63 4.15 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 99.38 101.38 3.13 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 96.38 98.38 6.28 - /Ba2 /BB+

Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6.875 97.00 99.00 7.13 - /Ba3 /BB+

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.38 104.88 2.30 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.38 102.88 2.72 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 104.13 105.63 3.10 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 94.63 97.63 7.47 BB+ /- /BBB-

Page 14


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 98.13 101.13 5.85 BB+ /Ba1 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 98.25 101.25 5.26 - /Ba1 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 88.63 91.63 8.51 BB- /Ba3 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 101.88 103.38 4.18 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 100.50 102.00 4.61 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 95.88 97.38 4.64 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 95.63 97.13 5.98 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 95.63 97.63 6.96 B+ /- /B+

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.63 106.13 2.48 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 102.13 103.63 4.03 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 104.75 106.25 2.74 - /Baa3 /BBB

Country Garden Hldg Co USG24524AJ24 27-May-19 550 200/1 100 USD Fixed 7.875 105.63 107.63 5.60 BB+ /Ba2 /BB+

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 100.63 103.13 6.40 BB+ /Ba2 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 100.25 102.25 7.00 BB+ /Ba2 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 93.00 94.50 6.63 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 100.63 102.63 3.83 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 100.50 102.50 4.82 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 102.50 104.50 5.22 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 100.00 102.00 5.76 BB /Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 99.38 100.88 4.21 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 101.50 103.50 3.27 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 78.13 81.13 18.74 B- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 78.63 81.63 18.46 B- /Caa1 /-

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 78.88 81.88 18.32 B- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Fixed 13.375 21.75 26.75 69.11 CCC- /Caa3 /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 106.00 108.00 1.21 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 111.88 113.88 2.77 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 103.38 104.88 3.91 BBB- /Baa2 /-

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 101.00 102.50 3.17 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 105.63 107.63 3.55 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 99.25 101.25 2.94 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 90.75 93.25 12.28 B+ /B1 /B+

Real Estate / Tourism

Page 15


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 112.75 114.75 3.04 - /Ba1 /BB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 101.00 103.00 3.13 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 104.13 106.13 4.80 BBB /Baa3 /-

Lodha Developers Intl Lt XS1148395582 13-Mar-20 200 200/1 100 USD Fixed 12.000 99.88 101.88 11.46 - /Ba3 /B+

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 107.38 109.38 2.77 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 104.88 106.88 1.53 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 103.50 105.00 4.07 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 107.38 109.38 4.10 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 98.13 100.63 11.05 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 105.88 107.88 3.09 Not Rated

Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 99.13 100.63 -4.80 AA /Aa2 /-

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 111.13 112.63 2.35 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 100.38 102.38 5.87 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 104.13 106.13 6.55 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 1100 200/1 100 USD Fixed 8.375 103.63 105.63 7.14 BB- /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 100.75 102.75 3.89 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 102.00 104.00 5.44 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 101.63 103.13 8.09 B /B2 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 85.00 87.00 13.53 B /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 96.63 99.63 13.12 B- /- /B

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 100.75 102.25 3.74 BB+ /- /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 101.13 103.13 7.67 BB- /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 104.63 106.13 2.25 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 104.50 106.00 4.20 BBB- /Baa3 /BBB-

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 105.75 107.25 4.36 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 500 200/1 100 USD Fixed 2.375 100.25 101.25 2.05 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 101.88 102.88 3.13 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 101.50 102.50 1.31 AA- /Aa3 /A+

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 105.13 106.13 2.12 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 87.00 89.50 11.69 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 98.88 100.88 4.64 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 88.00 91.00 6.47 BB+ /Ba1 /BB+

Telecommunications / IT

Page 16


June 22, 2015


Amnt (Mn)

Min Piece/

Incr. (000)

Value at


Offer Yield

%

Credit Rating

S&P /Moody /Fitch

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.13 103.13 0.96 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 120.50 122.00 2.06 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 107.63 109.63 2.89 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 95.38 97.88 3.57 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 106.88 109.38 3.89 A- /A2 /A+

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 94.25 96.75 4.21 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 98.25 100.75 4.45 A- /A2 /A+

Millicom Intl Cellular XS1204091588 15-Mar-25 500 200/1 100 USD Fixed 6.000 95.75 97.75 6.31 - /Ba2 /BB+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 105.88 107.88 2.48 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 108.50 110.50 3.71 - /Baa3 /BB+

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 84.88 86.88 8.37 BB+ /Ba2 /BB+

Ottawa Holdings Pte Ltd USY6589AAA44 16-May-18 365 200/1 100 USD Fixed 5.875 80.13 82.13 13.54 BB- /B2 /-

Reliance Communication XS1216623022 06-Nov-20 300 200/1 100 USD Fixed 6.500 100.00 102.00 6.06 - /Ba3 /BB-

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 90.88 94.38 13.14 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 84.00 87.00 13.08 BB- /- /BB-

Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.250 96.88 98.88 5.45 BB /- /BB

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 108.75 110.25 3.58 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 89.25 91.25 7.52 BB+ /Ba1 /BB+

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 98.25 100.25 3.68 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 97.63 99.63 4.93 BBB- /- /BBB-

Vimpelcom Holdings XS0889401054 13-Feb-19 571 200/1 100 USD Fixed 5.200 95.00 96.50 6.29 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 983 200/1 100 USD Fixed 5.950 87.63 89.63 7.77 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 70.75 72.75 12.52 BB- /- /BB

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Defaulted 11.500 43.88 46.38 197.49 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Defaulted 10.250 43.88 46.38 35.95 D /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Flat Trading 6.625 43.13 45.63 25.86 D /- /C

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 108.88 110.88 4.01 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 100.00 102.00 4.90 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 92.50 94.50 6.97 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 101.38 103.38 4.09 - /Baa3 /BBB-

Bharat Petroleum Corp XS1227064430 08-May-25 500 200/1 100 USD Fixed 4.000 95.38 97.38 4.33 - /Baa3 /BBB-

Industrials / Energy

Page 17


June 22, 2015


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%

Credit Rating

S&P /Moody /Fitch

China Automation Group XS0615048260 20-Apr-16 72 200/1 100 USD Fixed 7.750 99.25 101.25 6.15 B+ /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.63 102.63 3.56 - /Baa2 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 100.75 102.75 6.15 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 99.13 101.13 6.43 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 101.25 102.75 2.96 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 100.00 102.00 4.49 BB+ /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 97.38 99.38 5.14 BB+ /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.177 98.38 100.38 1.02 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 98.38 100.38 1.79 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.700 98.63 100.63 2.55 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Defaulted 9.750 41.75 44.75 43.03 D /- /C

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 86.88 88.88 7.46 BB- /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 109.13 111.13 2.39 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 111.38 113.38 3.33 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 327 2/1 100 USD Fixed 5.900 46.38 51.38 23.45 CCC+ /B3 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.175 98.38 100.38 0.98 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 98.75 100.75 2.55 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 99.00 101.00 4.36 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 76.13 83.13 15.72 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 81.50 85.50 16.57 Not Rated

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 105.00 107.00 1.04 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 119.88 121.88 2.91 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 100.75 102.75 1.95 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 657 100/1 100 USD Fixed 5.888 108.13 109.63 3.28 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 113.13 114.63 3.00 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 365 200/1 100 USD Fixed 5.125 104.50 106.00 4.18 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 108.13 109.63 0.65 - /Baa3 /BBB-

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 111.00 112.50 5.83 NR /Baa3 /BBB-

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 107.00 108.50 1.94 NR /Baa3 /BBB-

Dp World Ltd XS1234270921 18-May-20 500 200/1 100 USD Fixed 3.250 98.75 100.25 3.19 - /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 102.13 103.63 1.29 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 758 200/1 100 USD Fixed 3.875 101.63 103.13 3.41 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 714 200/1 100 USD Fixed 4.500 100.25 101.75 4.28 Not Rated

Page 18


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S&P /Moody /Fitch

Emirates Airlines (S) XS1203164782 31-Mar-25 913 200/1 100 USD Fixed 2.471 99.13 100.63 2.40 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 97.50 99.50 5.85 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 100.13 102.13 6.41 BB+ /Ba1 /-

Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.125 100.88 102.88 6.71 BB+ /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.13 101.13 2.55 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 100.38 102.38 4.92 BBB- /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.136 101.13 102.63 3.54 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 89.50 92.50 6.28 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 90.25 95.25 6.42 BB+ /Ba1 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 90.75 93.75 4.88 BB+ /Ba1 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 114.25 116.25 6.59 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 99.25 101.25 4.11 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 89.88 92.38 9.75 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 98.88 101.38 6.65 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 90.75 93.25 6.40 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 91.50 94.00 9.81 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 107.63 110.63 3.67 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 108.25 110.25 4.24 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 100.38 102.38 1.27 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 100.00 103.00 2.07 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 95.63 97.63 5.36 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 97.00 99.00 5.39 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 95.00 97.00 10.41 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 97.75 100.75 7.31 BB- /Ba3 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 98.38 101.38 9.06 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 6.23 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 109.63 111.63 4.60 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 271 100/1 100 USD Fixed 6.267 114.38 117.38 4.84 A+ /A1 /A-

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 94.50 96.50 8.76 B+ /- /BB-

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 99.38 101.38 3.86 BBB- /Ba1 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 97.88 100.38 5.47 BBB- /Ba1 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 96.00 98.00 5.27 BB+ /Ba1 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 94.00 96.50 5.89 BB+ /Ba1 /BBB-

Page 19


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S&P /Moody /Fitch

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 101.13 103.13 1.29 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 109.25 111.25 3.54 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 102.88 104.88 3.97 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 99.00 101.00 4.24 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 104.25 105.75 4.82 BBB- /- /BBB-

Office Cherifien Des Pho XS1221677120 22-Oct-25 1000 200/1 100 USD Fixed 4.500 95.00 96.50 4.94 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 104.75 106.25 6.40 BBB- /- /BBB-

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 101.50 103.50 2.90 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 106.13 108.13 4.26 - /Baa2 /BBB-

Oman Electricity XS1117297355 07-May-25 1000 200/1 100 USD Fixed 3.958 97.88 99.38 4.03 BBB+ /A3 /-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.75 100.25 2.41 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 99.63 101.13 2.95 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 96.50 98.00 4.05 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 101.38 102.88 4.24 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.643 96.50 98.50 3.53 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.163 93.50 95.50 4.20 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 99.75 103.75 3.11 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 97.25 99.25 3.70 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 91.13 93.13 5.14 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 94.38 96.38 5.76 BBB- /Ba2 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 94.25 97.25 5.96 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 86.25 88.25 6.28 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 96.25 98.25 6.51 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 92.50 94.50 7.73 BBB- /Ba2 /BBB-

Petrobras Global Finance US71647NAN93 05-Jun-15 2500 2/1 100 USD Fixed 6.850 81.13 83.13 8.24 BBB- /Ba2 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 69.00 71.50 25.27 CCC /- /CCC

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 104.75 107.25 4.20 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 96.75 99.25 3.99 BBB- /- /BBB-

Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.250 96.50 98.50 6.63 BB- /- /BB-

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 101.38 103.38 5.70 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 226 250/1 100 USD Fixed 5.832 102.38 104.38 2.29 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 802 250/1 100 USD Fixed 5.298 107.13 109.13 3.39 A /Aa3 /A+

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 104.50 106.50 3.16 BBB+ /Baa2 /-

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S&P /Moody /Fitch

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 107.00 109.00 3.85 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 97.38 98.88 4.27 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 109.25 111.25 5.43 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 100.25 101.75 1.24 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 99.75 101.25 -0.51 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 100.50 102.00 1.99 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 106.38 107.88 1.23 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 94.88 96.38 5.89 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 100.75 102.25 4.14 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 101.88 102.88 1.02 AA- /A1 /AA-



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 104.63 105.63 3.26 AA- /A1 /AA-


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 105.63 106.63 5.06 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 652 200/10 100 USD Fixed 5.875 42.00 48.00 19.43 CC /Ca /CC

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 99.63 101.63 2.58 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 94.13 99.13 5.54 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 100.38 102.38 3.29 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 105.25 106.75 0.81 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 103.25 104.75 1.32 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.25 101.75 1.79 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 114.25 115.75 1.99 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 114.38 115.88 2.29 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 115.88 117.38 2.91 A- /A3 /-

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 99.50 101.00 3.47 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 99.88 101.38 3.69 A- /A3 /-


Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 100.88 102.88 3.97 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 101.25 102.75 4.19 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 100.63 102.13 5.65 BB /- /BB+

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 97.50 100.50 8.44 B- /B3 /-

Page 21


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Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 101.00 102.50 0.51 BBB- /Baa2 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 94.50 96.00 4.67 BBB- /Baa2 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 91.13 93.13 7.58 B+ /B3 /-

Transocean Inc US893830AK59 15-Apr-18 246 1/1 100 USD Fixed 7.375 102.38 104.38 5.66 BB+ /Ba1 /BBB-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 90.00 92.00 7.78 B+ /B3 /-

Turkish Airln 15-1 A Ptt USU0567PAA40 15-Mar-27 328 2/1 100 USD Fixed 4.200 85.50 87.50 5.67 BBB+ /A2 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 99.63 101.13 3.70 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 97.63 99.13 4.53 BBB /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 101.50 103.50 2.98 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 96.88 98.88 6.35 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 101.38 103.38 7.53 BB- /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 95.25 97.25 7.59 BB- /Ba3 /WD

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 74.25 79.25 63.18 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 825 100/1 100 USD Fixed 3.925 103.63 105.13 2.84 AA /Aa2 /AA

Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.25 99.75 4.60 BB /Ba2 /BB-

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 87.75 90.25 7.57 BB /Ba2 /BB-

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 94.75 98.75 8.63 BB- /B1 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 89.50 94.50 8.70 BB- /B1 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 86.75 88.75 8.16 B+ /- /BB+

Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.000 93.38 95.38 5.74 BB+ /- /BB+

Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.875 98.63 100.63 3.76 BB+ /- /BB+

Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.125 100.63 102.63 5.47 BB+ /Ba1 /BB+

Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 84.50 86.50 6.87 BB /Baa3 /BB+

Hikma Pharmaceuticals Pl XS1213834978 10-Apr-20 500 200/1 100 USD Fixed 4.250 98.88 100.88 4.05 BB+ /Ba1 /-

Noble Group USG6542TAE13 29-Jan-20 1209 100/1 100 USD Fixed 6.750 99.75 101.75 6.30 BBB- /Baa3 /BBB-

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 110.75 112.75 4.09 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 106.50 108.50 2.30 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 128.63 129.63 3.69 BBB /Baa2 /A-

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 108.88 111.38 2.65 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 129.25 132.25 4.88 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 112.88 114.88 5.18 BB+ /NR /BBB-

Miscellaneous

Various Developed Market Issues

Page 22


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S&P /Moody /Fitch

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 107.63 109.63 4.06 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 100.00 102.00 0.51 A- /Baa1 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 109.00 111.00 3.73 BB+ /Ba2 /BBB-

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 119.00 121.00 3.62 BB+ /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 101.63 103.63 -3.80 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 102.75 104.25 7.21 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 99.38 102.38 6.97 - /B2 /B+

Deutsche Bank Ag US251525AP63 01-Apr-25 1500 200/1 100 USD Fixed 4.500 93.38 96.38 4.97 BBB- /Ba1 /A-

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 101.13 102.13 0.75 A- /A3 /A

Jaguar Land Rover Automo USG5002FAE63 15-Mar-20 500 200/1 100 USD Fixed 3.500 98.75 100.25 3.44 BB /Ba2 /-

Jaguar Land Rover Automo USG50027AB03 15-May-21 84 150/1 100 USD Fixed 8.125 109.38 110.88 0.42 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 108.50 110.00 3.90 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fi

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