mashreq...Assad can’t lead Syria over the long-term, the Obama administration has backed away from insisting that he go at the start of a transition process. There’s a good chance

mashreq Fixed Income Trading

Daily Market Update Wednesday, January 20, 2015

Page 1

Quote of the Day

"People may hear your words, but they feel your attitude." (John C. Maxwell)

Market Update

IMF trims global outlook, lowering growth estimates for the US, Brazil, Russia while raising prospects for euro-zone The International Monetary Fund has cut its world growth outlook, as the commodities slump and political gridlock push Brazil deeper into recession,

plunging oil prices hobble Mideast crude producers, and the rising dollar curbs US prospects. The global economy will expand 3.4% this year, down from a

projected 3.6% in October, the IMF on said Tuesday in a quarterly update to its World Economic Outlook. The Washington-based fund also cut its forecast

for growth in 2017 to 3.6%, down from 3.8% three months ago. The fund’s forecast offers little solace amid a gloomy start to 2016 for financial markets.

“This coming year is going to be a year of great challenges and policy makers should be thinking about short-term resilience and the ways they can bolster

it, but also about the longer-term growth prospects,” IMF chief economist Maurice Obstfeld said in a fund article accompanying the forecast. The IMF

estimates the global economy grew 3.1% last year, the weakest pace since the 2009 recession. Growth in emerging markets and developing nations

slowed for the fifth straight year. The fund said risks to the global outlook remain tilted to the downside, with the world facing three big adjustments: the

emerging-market slowdown, China’s shift to growth driven less by exports and manufacturing, and the Federal Reserve’s gradual exit from ultra-low

interest rates. Global growth could be derailed if these challenges aren’t managed, the IMF warned. IMF researchers left their estimate for China’s growth

this year unchanged at 6.3%. However, they downgraded their forecast for Brazil by 250 bps to a contraction of 3.5% in 2016. They now expect Russia’s

economy to shrink 1% this year, compared with an expected contraction of 0.6% in October. In advanced economies, the IMF expects a “modest and

uneven” recovery to continue. The fund reduced its forecast for US growth this year to 2.6%, from 2.8% in October. While the economy remains “resilient”

overall, the strong dollar is weighing on manufacturing, and low oil prices are curtailing capital investment, it said. The IMF raised its projection for euro-

area growth in 2016 to 1.7%, up 0.1 percentage point from three months ago. The fund left its estimate of Japan ’s growth this year unchanged from

October at 1%. IMF officials predict 2.2% growth in the UK in 2016, also unchanged. The fund reiterated its call for monetary policy to remain loose in the advanced world, with countries ramping up public spending where possible and pushing ahead with structural reforms.

The International Monetary Fund also cut its growth forecasts for Saudi Arabia for this year and next as the oil-price plunge weighs on the kingdom’s

finances. Economic growth in the world’s largest oil exporter will slow to 1.2% this year and 1.9% in 2017. The price of Brent crude has fallen by more than

40% since October, when the IMF last released forecasts for the kingdom and said growth would be 2.2% this year and 2.9% in 2017. The biggest Arab

economy expanded at an estimated pace of 3.4% last year. The fundamentals “seem to point to a low-for-long scenario for oil,” Maury Obtsfeld, director of

the IMF’s research department, said in a video released with the new data. “With Iranian oil coming online, with the resilience in the shale extraction

industry in the US, the possibility of shale extraction elsewhere, it’s hard to see oil going back to the USD100 a barrel level anytime soon,” he said.

(Bloomberg)

Saudi Arabia said to order halt of Riyal forward options Saudi Arabian banks are under orders to stop selling currency products that allow investors to make cheap bets on a devaluation of the riyal, according to

five people with knowledge of the matter. The Saudi Arabian Monetary Agency told banks to halt the sale of options contracts on riyal forwards at a

meeting in Riyadh on Jan. 18., the people said, asking not to be identified as the information is private. The directive applies to local banks and the Saudi

branches of international banks, the people said. (Bloomberg)

USA and Russia seek breakthrough on Syria The top US and Russian diplomats will seek to break an impasse on Wednesday over which belligerents in Syria’s five-year civil war should be labeled

“terrorist,” something their bosses can’t agree on. John Kerry and Sergei Lavrov need to strike a deal in Zurich over who’s allowed a seat at the table or

United Nations- sponsored peace talks may not start on schedule next week. More than three months of Russian airstrikes in support of President Bashar al-Assad have turned the tide of the conflict, which has killed 250,000 people and triggered Europe’s worst refugee crisis since World War II. Assad’s

forces, once near defeat, seized a strategic town on the Turkish border last week and are closing in on an Islamic State stronghold, also near Turkey. The

US, Russia and other nations have fixed a timetable to form a transitional government within six months and hold elections within a year and a half. Russia

has made progress in weakening US opposition to Assad standing for re-election, according to Russian and Western diplomats. While the US still says Assad can’t lead Syria over the long-term, the Obama administration has backed away from insisting that he go at the start of a transition process. There ’s

a good chance Kerry and Lavrov will reach a deal, Russian state news service Sputnik said January 16. Russia may drop its opposition to including in the

peace talks two radical Islamist militias backed by Gulf states and Turkey -- Ahrar as-Sham and Army of Islam - if the US agrees to include more Moscow-

friendly groups, according to Sputnik. In Washington, State Department spokesman John Kirby was less sanguine that the negotiations will begin next week. While “it is still our desire to see this meeting occur on the 25th,” Kirby told reporters on Tuesday, “there is still quite a bit of work that needs to be

done.” Tensions between Saudi Arabia and Iran, which intensified with the Saudi execution of a dissident cleric this month, are hampering the peace effort

in Syria, Putin said last week. Iran, which supports Assad, is locked in intense regional rivalry with Saudi Arabia. Putin met Qatar’s Sheikh Tamim Bin

Hamad Bin Al Thani in Moscow on Monday and they agreed that Syrians should decide their own fate, Lavrov said. (Bloomberg)

Creditworthiness of Middle East sovereigns on the decline

The overall creditworthiness of Middle East and North Africa (MENA) sovereigns, including the GCC sovereigns has deteriorated over past six months with

Saudi Arabia, Oman and Bahrain facing negative rating outlook in the context of rising fiscal pressures, according to rating agency Standard & Poor’s.

Assuming average crude prices of USD45 for the current year, S&P expects current ratings and outlooks to hold for GCC countries as many of them

continue to retain substantial government reserves and have initiated fiscal reforms to balance budgets and contain reserve erosion. If the oil price remains

low over an extended period, GCC countries such as Saudi Arabia, Oman and Bahrain are likely to face further deterioration in their creditworthiness.

Recent fiscal consolidation efforts such as spending cuts, subsidy reforms and planned introduction of direct and indirect taxes are expected to improve the fiscal position of GCC sovereigns and will have positive impact on their ratings, according to S&P. (Reuters)

Iran gives order to boost crude oil output amid IEA’s warning of deeper oil rout on oversupply

Iran’s oil ministry has issued an order to increase production by 500,000 barrels a day as the country moved ahead with plans to add supply to a glutted

market even at the risk of contributing to a price collapse. The increase is possible now that Iran is unfettered by sanctions on its crude exports, the ministry’s news agency Shana reported Monday, citing comments by Roknoddin Javadi, managing director of state-run National Iranian Oil Co. If Iran

doesn’t boost production, neighboring countries will pump more oil within six to 12 months and take away its market share, Javadi said. “Does Iran have

the right to do so? Yes, of course,” United Arab Emirates Energy Minister Suhail Al Mazrouei said on Monday in Abu Dhabi. “Is this going to help the

situation? No.” Buyers of Iranian crude are free to import as much of its oil as they want after the International Atomic Energy Agency determined that the

country had curbed its ability to develop a nuclear weapon. The country is targeting an immediate increase in shipments of 500,000 barrels a day, Amir

Hossein Zamaninia, deputy oil minister for commerce and international affairs, said Sunday in an interview in Tehran. Iran plans to add another half million barrels within months. “Anyone who is introducing more supply into the market in the current situation is going to make it worse,” the U.A.E.’s Al Mazrouei



Page 2

told reporters. “Any significant production increase will increase the glut and delay the market balancing.” Iran may hold back on an oil output boost if

other producing countries do the same, in proportion to their production, Shana reported, citing Javadi. Oil-producing countries will need to take a unanimous decision to shore up prices by year-end, he said.

Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions,

according to the International Energy Agency. The IEA trimmed 2016 estimates for global oil demand as China’s economic expansion weakens and raised

forecasts for supplies outside the Organization of Petroleum Exporting Countries. While non-OPEC supply is set to drop 600,000 barrels a day in 2016,

Iran’s comeback could fill that gap by the middle of the year. As a result, world markets may be left with a surplus of 1.5 million barrels a day in the first

half. “While the pace of stock-building eases in the second half of the year as supply from non-OPEC producers falls, unless something changes, the oil

market could drown in oversupply,” said the Paris-based adviser to industrialized economies. While supplies outside OPEC proved “resilient” for most of last

year, they shrank on an annual basis in December for the first time in three years, according to the IEA. The projected drop of 600,000 barrels a day in

non-OPEC production this year will be the steepest since 1992. Production from OPEC, whose membership expanded last month with the return of Indonesia, slipped 90,000 barrels a day to 32.28 million a day in December amid slightly lower output from Saudi Arabia and Iraq, according to the report.

That’s still about 600,000 a day more than the average of 31.7 million required in 2016. With OPEC supply potentially expanding and demand growth

slowing, global inventories could accumulate by a further 285 million in 2016 after swelling by 1 billion barrels last year, the IEA said. (Bloomberg)

Deficit relative to economy will rise in 2016, first time since 2009: CBO The US deficit relative to the economy will rise in relation to the size of the economy this year, the Congressional Budget Office said on Tuesday. This year

will mark the first such increase since 2009, CBO also said. The non-partisan CBO said the fiscal 2016 deficit will swell to USD544 billion, or 2.9% of GDP,

from USD439 billion in fiscal 2015. The deficit peaked at about USD1.4 trillion in 2009 during the deepest recession since the 1930s. "The deficit projected

by CBO would increase debt held by the public to 76% of GDP by the end of 2016," according to CBO. It also said it forecast US real gross domestic

product growth this calendar year at 2.7%, slowing to 2.5% in 2017 and then an average of 2.0% between 2018 and 2020. (CNBC)

UK December inflation edges up on fuel costs and air fares, as Carney says not yet time to hike rates

A surge in air fares produced a modest pickup in UK inflation in December as lower food prices kept the rate well below the Bank of England’s target. Prices

rose an annual 0.2%, the most since January, following a 0.1% percent gain in November. Core inflation, which excludes volatile food and energy prices,

accelerated to 1.4%, the highest in a year, the figures from the Office for National Statistics show. With oil at a 12-year low and pay pressures weakening,

BOE officials appear to be in no hurry to follow the Federal Reserve in raising interest rates from a record low. The 0.1 percentage-point pickup in inflation

was forecast by economists in a Bloomberg survey. Upward pressure on inflation came from motor-fuel costs, which fell less last month than a year

earlier, and from air fares, which jumped 46% on the month, the largest increase for a December since 2002. Those offset downward pressures from food,

drink, alcohol and tobacco. The price of goods fell 2.1% on the year, while services gained 2.9%, the most since September 2013.

Mark Carney signaled an increase in interest rates is still some way off, using his first speech of the year to highlight global economic risks and persistent

factors weighing on inflation. “Now is not yet the time to raise interest rates,” the BOE governor said in a speech at Queen Mary University in London on

Tuesday. “The world is weaker and UK growth has slowed. Due to the oil-price collapse, inflation has fallen further and will likely remain very low for

longer.” Addressing his assertion last summer that the outlook for tightening would come in to sharper focus at the turn of the year, Carney said the

decision to keep bank rate at a record low had “proved straightforward.” He said he’s monitoring three key indicators: core inflation, domestic cost

pressures and the prospects for growth momentum. For inflation to return to target, “cumulative progress” is needed in each of these areas, he said.

“Given the scale of foreign disinflationary pressures, current domestic cost growth is not yet consistent with a firming in underlying inflation,” Carney said.

“The MPC must remain vigilant for signs that low inflation is having second- round effects in the wage bargain, possibly via inflation expectations.”

(Bloomberg)

Egypt plans to sell shares in state-owned companies

Egypt plans to list shares in state-owned bank and companies on the stock market, the presidency said on Tuesday, in a move aimed at jump-starting

investment and boosting economic growth. Egypt's economy has been struggling to recover since a popular uprising in 2011 drove foreign investors and

tourists away. Years of political instability has hit growth in the Arab world's most populous state and halved its currency reserves. "The coming period will

witness offerings of parts of the capital of successful Egyptian companies and banks on the bourse," said presidential spokesman Alaa Youssef. The statement follows a meeting between President Abdel Fattah al-Sisi and ministers to discuss the stock market's decline. The chairman of the stock

exchange, Mohamed Omran, said the move may increase investment and market liquidity and send a strong signal that the government was focused on

building up its capital markets. (Reuters)

Lebanon balance of payments deficit widens 130% Lebanon’s balance of payment deficit increased by more than 130% in the first 11 months of 2015 to USD3 billion, due to the sharp fall in capital inflows

and contraction in the trade deficit, recent statistics showed. The balance of payment in the same period of 2014 stood at USD1.4 billion. According to the

study, foreign trade figures for the first 11 months of 2015 reported a 14.5% contraction in the trade deficit relative to the previous year’s corresponding

period. “As such, the trade deficit contracted to 27% of GDP, a historical low, from 34% of GDP in 2014. In dollar terms, the trade deficit was cut by

USD2.3 billion, moving from USD15.8 billion in the first 11 months of 2014 to USD13.5 billion in the 2015 corresponding period,” a report by Bank Audi

said. The report explained that the decline in the trade deficit over the period did not lead to an improvement in the balance of payments. “On the contrary,

the balance of payments saw its deficit widening from USD1.3 billion over the first 11 months of 2014 to USD3 billion over the first 11 months of 2015, a

record high for Lebanon,” Audi said. (Reuters)

Emerging market ETFs suffer USD2.1 billion outflows, most since August

Investors pulled more than USD2.1 billion out of US exchange traded funds that invest in emerging markets last week, the most since August. Redemptions from ETFs that invest across developing nations as well as those that target specific countries totaled USD2.12 billion in the week ended

January 15, compared with USD566.7 million of losses in the previous week, according to data compiled by Bloomberg. So far in January, investors have

withdrawn USD2.69 billion. Stock funds lost USD1.89 billion and bond funds declined by USD234 million. The biggest change was in China and Hong Kong,

where funds shrank by USD469.7 million, compared with USD22.6 million of redemptions the previous week. Investors withdrew USD465.7 million from

stock funds and USD4 million from bonds. (Bloomberg)

FDI into China falls as weaker yuan dents inflows FDI into China fell 5.8% in December from a year earlier to 77 billion yuan (USD12 billion), while outbound non-financial investment climbed 6.1%,

government data showed today. Economists said expectations for further yuan weakness are one reason behind the flows as savers and companies shuffle

money out while inbound investors take a wait-and-see approach. Chinese officials have been at pains to talk down bets on a major depreciation. An

estimated USD843 billion in capital left China between February and November, the most recent tally available according to data compiled by Bloomberg,

while the nation’s stockpile of foreign-exchange reserves plunged by USD513 billion in 2015 to USD3.33 trillion. (Bloomberg)



Page 3

Additional Tier 1 bonds issued by European banks face sell-off

Additional Tier 1 bonds of European banks, which have beaten corporate debt for two years, are getting dragged into a global selloff of risky assets because

tighter capital regulations have increased the chances of bondholders not getting coupon payments. Yields also no longer dwarf those available from euro-denominated corporate junk bonds. The notes have lost about 1.8% this year, closing another door for investors seeking to escape a global market rout

encompassing stocks, commodities and corporate debt. New capital rules have driven the losses by pushing lenders closer to thresholds that can prevent

them from paying coupons on the notes, dividends or staff bonuses. Banks laden with bad loans, such as Banco Popular Espanol SA and UniCredit SpA,

have led the selloff. That’s because the European Central Bank’s rule change increases the significance of soured debt in determining thresholds for barring

coupon payments. Losses imposed on senior bondholders at Portugal’s Novo Banco SA have also raised concerns about lenders in peripheral European

economies. Additional Tier 1 notes returned about 8% last year, surpassing most other types of debt, based on Bank of America Merrill Lynch indexes. The

returns were mainly due to high coupon payments, which reflect the risk that the bonds can be converted into equity or written off if a bank is in danger of

failing. Euro and dollar junk corporate bonds have both lost more than 2%, while global stocks have declined 8%. Investment-grade corporate debt has dropped 0.4% in euros, and returned 0.6% in dollars, Bank of America Merrill Lynch indexes show. (Bloomberg)

Abu Dhabi’s NBAD looks to diversify amid liquidity squeeze

National Bank of Abu Dhabi will focus on generating revenue from international operations, capital markets and its domestic mortgage business instead of

conventional lending this year as banks in the United Arab Emirates grapple with a liquidity squeeze. “There is no question that the market place has a lot

of pressure on traditional ways of making money,” Alex Thursby, the bank’s chief executive officer, said on Tuesday in an interview in Abu Dhabi. “The old

lending model for us is still there, but it’s not going to be the growth of the bank, it’s not going to create the shareholder return that we need in the long

run.” Companies in the UAE are expected to take on fewer loans as low oil prices weigh on the holder of the world ’s sixth- largest crude reserves, he said.

“Demand for corporate loans is going to go down,” Thursby said. “People are going to be a little bit more conservative. If you are aligned for growth from

loans only, it’s going to be much more difficult.” Banks in the UAE, the second-biggest Arab economy, face earnings pressures as the plunge in oil tightens

liquidity and defaults increase, according to a report from Standard & Poor’s. Thursby said the bank’s international business was a source of funds that it

has been able to use domestically, with deposits coming from cities including Washington, Hong Kong and London. While the bank announced plans in 2013

to set up eight global hubs and build five “international bank franchises” as part of an overseas push, Thursby said there will be no new branch openings

this year. The bank had planned a branch in Nigeria as part of its “West-East Corridor” offshore expansion. (Bloomberg)

Kuwait to buy 25% stake in South Korea-Saudi venture Kuwait's Petrochemicals Industries Co (PIC) has agreed to buy a 25% equity stake in a venture owned by South Korea's SK Gas Co Ltd and Saudi

Advanced Petrochemical Co, shareholders of the three firms said. PIC, a subsidiary of state oil giant Kuwait Petroleum Corp, will invest in SK Advanced,

which is building a 600,000 tonnes per year propane dehydrogenation (PDH) project in South Korea. SK Gas is a liquefied petroleum gas (LPG) distributor.

In a statement on Tuesday, SK Gas said PIC paid USD100 million for the stake. SK Advanced will be operated as a three-party venture with SK Gas

retaining a 45-percent stake, Saudi Advanced's AGIC holding 30% and PIC owning 25%. (Reuters)

Earnings Update

Qatar Insurance posts 57.8% jump in Q4 net profit

Qatar Insurance reported on Tuesday a 57.8% jump in net profit for the fourth quarter, according to Reuters calculations. The insurer made a net profit of

QAR350.4 million (USD96.2 million) in the three-month period ending December 31, Reuters calculated based on financial statements. That compares with

a net profit of QAR222.1 million riyals for the same three months of 2014. Qatar Insurance recorded a net profit for 2015 of QAR1.04 billion, up from the

QAR1 billion it made in the previous year, according to a bourse statement. (Reuters)

QIB Q4 net profit jumps 14.6%, beats forecasts

Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, beat the average forecast of analysts as it reported a 14.6% jump in

fourth-quarter net profit on Tuesday, according to Reuters calculations. The Islamic lender made a net profit of QAR540 million (USD148.3 million) during

the period, compared with QAR471.4 million in the same quarter a year earlier, Reuters calculations showed. The Qatari lender reported a profit of QAR1.95 billion for 2015, a 22% increase from the previous year, QIB said in an emailed statement. (Reuters)

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

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

Risk

Rating

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 99.12 99.12 3.04 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 98.66 98.66 3.77 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ADOBE SYSTEMS INC US00724FAC59 1-Feb-2025 1000 FIXED 3.25 100.50 100.50 3.18 A-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 98.74 98.74 2.89 A/A2/A- FRANCE Sr Unsecured 1,000 P2

ALCOA INC US013817AV33 15-Apr-2021 1250 FIXED 5.40 92.50 92.50 7.14 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000 P2

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 98.34 98.34 2.77 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.41 97.41 3.07 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

AMERICAN INTL GROUP US026874DD67 10-Jul-2025 1250 FIXED 3.75 98.33 98.33 3.96 A-/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 99.54 99.54 3.08 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 97.42 97.42 3.73 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 99.13 99.13 3.44 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GFP90 21-Apr-2025 2500 FIXED 3.95 98.13 98.13 4.20 BBB/Baa3/A- UNITED STATES Subordinated 2,000 P3

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 95.69 95.69 4.22 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P2

BARRICK GOLD CORP US067901AQ17 1-May-2023 730 FIXED 4.10 87.29 87.29 6.31 BBB-/Baa3/- CANADA Sr Unsecured 2,000 P4

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 92.12 92.90 4.21 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BHP BILLITON FIN USA LTD US055451AU28 30-Sep-2023 1500 FIXED 3.85 94.12 94.93 4.64 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 98.49 98.49 3.35 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 93.69 93.69 3.75 A/A2/- UNITED KINGDOM Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 97.13 97.13 3.88 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P2

BPCE SA US05578UAD63 15-Mar-2025 1250 FIXED 4.50 96.13 96.13 5.03 -/Baa3/A- FRANCE Subordinated 200,000 P3

CITIGROUP INC US172967GT25 15-May-2023 1250 FIXED 3.50 97.09 97.09 3.96 BBB/Baa3/A- UNITED STATES Subordinated 1,000 P3

CITIGROUP INC US172967JL61 26-Mar-2025 1000 FIXED 3.88 98.94 98.94 4.01 BBB/Baa3/A- UNITED STATES Subordinated 1,000 P3

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 90.00 90.00 4.08 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 84.85 84.85 5.55 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 2500 FIXED 3.75 99.13 99.13 3.86 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P2

CREDIT AGRICOLE SA USF2R125AC99 17-Mar-2025 1500 FIXED 4.38 97.16 97.16 4.76 BBB/Baa3/A- FRANCE Subordinated 200,000 P3

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

DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 99.29 99.29 3.80 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P2

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 97.06 97.06 3.90 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

ELECTRICITE DE FRANCE SA USF2893TAS53 13-Oct-2025 1250 FIXED 3.63 99.95 99.95 3.63 A+/A1/A FRANCE Sr Unsecured 2,000 P2

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 97.58 97.58 3.68 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 96.17 96.17 4.20 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 95.66 95.66 4.25 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 93.59 93.59 4.89 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 68.00 68.00 11.11 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 69.50 69.50 10.10 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 66.50 66.50 10.86 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

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


USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 92.15 92.15 5.02 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P2

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 97.83 97.83 3.79 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P2

JPMORGAN CHASE & CO US46625HJY71 10-Sep-2024 3000 FIXED 3.88 99.28 99.28 3.97 BBB+/Baa1/A UNITED STATES Subordinated 2,000 P3

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 96.93 96.93 3.53 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

KINDER MORGAN INC/DELAWA US49456BAF85 1-Jun-2025 1500 FIXED 4.30 85.50 85.50 6.38 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P4

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 101.47 101.47 3.31 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 95.51 95.51 3.48 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 70.46 70.46 8.66 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 75.36 75.36 7.57 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 92.59 92.59 4.68 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P3

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 99.52 99.52 3.44 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 99.97 99.97 2.75 AA/A1/A UNITED STATES Sr Unsecured 2,000 P2

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 95.99 95.99 3.94 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 93.05 93.05 5.05 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P2

MYLAN INC USU62472AF96 15-Jan-2023 750 FIXED 3.13 93.48 93.48 4.21 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P2

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 93.89 93.89 4.30 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 82.82 82.82 7.33 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000 P4

QUALCOMM INC US747525AF05 20-May-2025 2000 FIXED 3.45 98.65 98.65 3.62 A+/A1/- UNITED STATES Sr Unsecured 2,000 P2

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 100.30 100.30 3.34 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000 P2

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 88.64 89.59 5.16 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 89.49 89.49 4.76 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

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

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 99.95 99.95 3.26 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P2

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 100.25 100.25 3.22 A+/A1/A GERMANY Sr Unsecured 250,000 P2

SOCIETE GENERALE USF8586CH211 14-Apr-2025 1500 FIXED 4.25 97.25 97.25 4.62 BBB/Baa3/A- FRANCE Subordinated 200,000 P3

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

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 93.86 93.86 3.45 AA-/Aa2/- NORWAY Sr Unsecured 1,000 P2

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 99.01 99.01 3.73 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 95.56 95.56 3.43 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000 P2

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 96.67 96.67 4.09 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 99.22 99.22 3.60 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 96.75 96.75 4.76 BBB-/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.49 93.49 3.61 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

VODAFONE GROUP PLC US92857WBC38 19-Feb-2023 1600 FIXED 2.95 93.80 93.80 3.97 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

WALGREENS BOOTS ALLIANCE US931427AF53 18-Nov-2021 1250 FIXED 3.30 99.50 99.50 3.40 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P2

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 96.62 96.62 3.44 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P2



USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 99.85 99.85 2.41 A/A1/A UNITED KINGDOM Sr Unsecured 1,000 P1

ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.09 99.09 2.72 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P1

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 100.15 100.48 2.33 A/A2/A NETHERLANDS Sr Unsecured 200,000 P1

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.88 99.88 2.40 A-/A2/A+ UNITED STATES Sr Unsecured 2,000 P1

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 65.00 65.00 14.94 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.36 100.36 1.91 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.92 99.92 1.97 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000 P1

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.96 98.96 2.70 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.62 98.62 2.60 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.72 99.72 1.87 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000 P1

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.53 99.53 2.27 A/A1/AA- UNITED STATES Sr Unsecured 1,000 P1

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.15 100.15 2.84 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P1

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 100.13 100.13 2.34 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000 P1

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 98.88 98.88 2.61 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P1

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.30 100.30 2.17 A/A2/A FRANCE Sr Unsecured 250,000 P1

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.65 99.65 2.09 A/A2/A UNITED STATES Sr Unsecured 1,000 P1

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.83 98.83 2.26 AA/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 98.90 98.90 2.20 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P1

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 92.39 92.39 4.15 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P1

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.60 99.60 2.85 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P1

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.63 99.63 1.87 A/A2/A SWITZERLAND Sr Unsecured 250,000 P1

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.67 99.67 2.14 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

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

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 99.20 99.20 2.65 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 100.00 100.00 1.87 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P1

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 100.16 100.16 1.87 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000 P1

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.15 99.15 2.61 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 100.19 100.19 2.54 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 64.25 64.25 24.93 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 51.50 51.50 21.31 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000 P3

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 100.00 100.00 2.40 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 97.26 97.26 3.87 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 77.50 77.50 11.65 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3




USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

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Rating

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 98.30 98.30 2.95 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P1

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.33 99.33 2.77 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P1

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.03 100.03 2.24 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.07 99.07 2.59 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.61 98.61 1.96 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.83 99.83 2.12 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.60 100.60 2.81 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 100.00 100.00 2.20 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 98.87 98.87 2.55 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.28 100.28 2.33 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.72 100.12 2.37 A/A2/A AUSTRALIA Sr Unsecured 2,000 P1

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 81.12 81.12 7.91 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

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

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.69 100.69 1.67 AA/A1/A UNITED STATES Sr Unsecured 2,000 P1

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 99.60 99.60 2.24 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P1

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 99.54 99.54 2.37 A/A3/A UNITED STATES Sr Unsecured 2,000 P1

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.40 100.40 2.12 A+/A2/A UNITED STATES Sr Unsecured 250,000 P1

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.82 99.82 1.89 A/A1/A UNITED STATES Sr Unsecured 2,000 P1

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.51 100.51 2.12 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000 P1

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.27 99.27 2.06 -/Aaa/AAA CANADA Secured 1,000 P1

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.69 99.69 2.16 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000 P1

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 99.02 99.02 2.90 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000 P1

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 98.34 98.34 2.54 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P1

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 99.14 100.01 1.65 A+/A1/A GERMANY Sr Unsecured 250,000 P1

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.83 99.83 2.19 A+/A1/A GERMANY Sr Unsecured 250,000 P1

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

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.40 100.40 2.25 A/A1/A SWITZERLAND Sr Unsecured 250,000 P1

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.20 99.20 1.90 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P1

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 95.19 95.19 3.61 BBB+/A3/- GERMANY Sr Unsecured 200,000 P1

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.54 100.54 1.95 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.97 99.97 2.16 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 98.09 98.86 3.10 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 91.40 92.32 4.94 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 91.46 92.30 5.02 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.05 99.66 2.67 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.29 99.90 3.03 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.12 98.72 3.12 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.27 97.94 3.16 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 98.03 98.81 4.70 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 97.37 98.23 3.92 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.39 97.08 3.04 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.01 98.87 3.04 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000 P2

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 93.94 95.42 5.46 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000 P5

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 93.74 94.67 4.73 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBD CAYMAN XS1321976950 17-Nov-2020 400 FIXED 4.00 99.08 99.84 4.04 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.06 101.59 2.05 A-/A1/- QATAR Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 98.90 99.63 2.99 A-/A1/- QATAR Sr Unsecured 200,000 P2

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 99.50 100.27 3.25 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 100.01 100.82 2.60 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.45 97.30 3.59 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 97.69 98.71 4.50 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 95.06 95.90 4.30 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.33 98.35 4.80 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 98.36 99.30 4.68 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.52 102.23 2.70 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 96.86 99.08 2.52 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 98.49 99.34 3.43 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 97.68 98.52 3.37 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 98.58 99.27 2.60 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 99.18 100.12 3.48 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.46 102.04 1.96 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.46 101.04 2.24 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 100.46 101.01 2.89 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.40 97.91 3.17 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.31 100.11 2.72 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

IBQ FINANCE LTD XS1325770722 25-Nov-2020 500 FIXED 3.50 99.12 99.85 3.53 -/A2/A+ QATAR Sr Unsecured 200,000 P2



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.55 99.47 4.70 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.51 99.32 3.68 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 71.29 72.71 8.57 BBB-/-/BBB- BAHRAIN Unsecured 200,000 P3

KINGDOM OF BAHRAIN XS1324932273 26-Jan-2021 700 FIXED 5.88 99.66 100.46 5.77 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1324931895 26-Jan-2026 800 FIXED 7.00 97.72 98.58 7.20 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P3

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 84.09 85.24 6.06 BBB/A3/- OMAN Sr Unsecured 200,000 P2

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 98.60 99.59 4.81 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 96.74 97.72 4.79 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.69 98.41 3.33 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000 P3

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 98.38 99.24 3.39 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 0 FIXED 3.00 #N/A N/A #N/A N/A #N/A N/A -/WR/WD UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.36 94.55 5.09 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.07 99.80 3.18 -/A3/- OMAN Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 99.91 100.56 2.83 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 96.88 97.55 2.90 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 93.86 94.73 4.11 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 90.14 91.26 4.84 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 89.82 91.32 5.09 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.40 101.05 2.66 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.01 97.63 3.30 -/-/A+ QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 100.91 101.49 1.98 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 98.54 99.20 2.52 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 99.44 100.12 2.70 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 98.80 99.48 3.01 -/Aa3/AA- QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 100.94 101.59 2.69 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.05 98.05 3.86 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 98.48 99.25 2.92 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 99.84 100.66 2.11 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 95.53 96.54 4.25 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 99.93 100.74 2.61 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 96.78 97.71 3.44 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.36 101.11 3.06 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.13 101.70 2.60 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 99.46 100.28 3.08 A-/A2/A MEXICO Sr Unsecured 200,000 P2

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.25 91.69 4.94 A-/A2/A MEXICO Sr Unsecured 200,000 P3

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 101.13 101.47 3.13 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 89.25 91.08 6.46 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 71.48 72.60 8.56 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P2

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 75.71 76.69 8.84 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 63.15 64.26 9.51 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 89.93 91.27 6.29 BBB/Baa3/- BRAZIL Sr Unsecured 2,000 P2

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 89.74 91.47 4.95 A-/-/A MEXICO Sr Unsecured 150,000 P3

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 77.95 79.10 11.33 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000 P3

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 67.80 69.14 11.06 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000 P3

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 85.45 86.62 5.97 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 96.33 97.00 4.84 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 98.93 99.83 6.69 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000 P2

LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 85.62 86.48 6.97 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 98.51 99.25 5.73 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 81.82 82.72 6.62 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 81.50 82.55 6.89 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 82.20 83.04 6.87 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 68.61 69.43 8.44 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 98.10 99.27 2.86 -/Baa2/- PHILIPPINES Sr Unsecured 10,000 P2

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 89.20 90.24 6.30 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 85.45 85.95 4.99 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 91.75 91.75 5.27 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 77.00 77.00 6.82 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 92.13 92.80 4.90 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 96.61 97.28 5.50 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

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

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 93.39 94.35 6.95 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 96.79 97.51 4.08 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 90.26 90.72 4.80 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 92.03 92.69 5.18 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 85.41 86.04 5.91 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 92.76 94.29 4.97 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000 P3

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 97.84 98.69 4.17 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 92.84 93.42 5.88 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 94.46 95.32 6.40 BBB-/Baa3/BBB- TURKEY Unsecured 200,000 P2

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.25 96.85 4.02 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P2

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 89.10 89.85 5.46 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000 P3

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 87.25 88.00 5.41 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P3

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 69.61 70.56 11.29 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 61.40 62.79 11.67 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 61.44 62.76 11.47 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 59.18 60.40 9.85 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.27 96.11 5.09 -/Baa3/BBB TURKEY Sr Unsecured 200,000 P2



USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 99.00 99.45 3.63 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.24 102.95 3.58 -/Baa3/- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.24 100.69 3.08 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.97 102.32 2.71 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.23 98.50 3.50 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.53 98.33 4.22 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.74 104.43 3.87 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 97.81 98.52 4.57 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.63 102.89 2.09 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.36 103.73 2.80 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.96 99.33 2.92 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.78 99.19 2.94 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.63 102.07 3.66 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.97 101.23 2.40 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.09 101.40 3.14 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.49 99.90 3.15 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.76 102.02 2.21 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.89 103.28 2.80 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.91 102.62 4.02 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.41 102.76 2.97 -/Baa2/BBB- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0927643030 7-May-2018 300 FIXED 2.50 99.47 99.72 2.63 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.48 100.87 2.98 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.39 98.01 4.07 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 100.49 101.13 4.46 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.84 100.56 3.78 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 97.87 98.52 4.32 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P2

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 90.84 92.66 5.38 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P3

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 102.83 103.08 2.06 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.53 101.82 2.41 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.07 102.39 2.84 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.43 102.80 2.82 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.25 102.62 3.15 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.32 103.69 2.24 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.64 102.08 2.83 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2



USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 101.54 102.02 1.62 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.39 97.08 3.04 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 101.13 101.47 3.13 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.45 97.30 3.59 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 97.69 98.71 4.50 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 108.63 109.45 3.50 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 102.98 103.70 1.48 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.33 98.35 4.80 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 100.11 100.57 1.84 AAA/Aa1/- HONG KONG Sr Unsecured 200,000 P2

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 99.80 100.22 1.84 AAA/Aa1/- HONG KONG Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.51 99.32 3.68 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 100.87 101.64 6.26 B-/B3/B PAKISTAN Sr Unsecured 200,000 P5

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 96.74 97.72 4.79 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.91 97.62 3.34 A-/A3/- MALAYSIA Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 95.64 97.94 4.36 A-/A3/- MALAYSIA Unsecured 200,000 P4

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.40 101.05 2.66 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 103.91 104.42 2.37 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P3

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

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 108.80 109.34 2.99 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P3

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 92.52 93.09 4.49 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PERUSAHAAN PENERBIT SBSN US71567RAD89 28-May-2025 2000 FIXED 4.33 96.00 96.00 4.86 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 99.09 99.41 2.86 A-/A1/- MALAYSIA Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 97.01 97.63 3.30 -/-/A+ QATAR Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 80.91 82.24 6.94 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P3

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 93.62 94.57 4.81 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2





SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 95.53 96.54 4.25 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 102.02 102.90 3.28 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 109.22 109.66 2.73 A-/A3/- MALAYSIA Sr Unsecured 250,000 P2

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.68 100.82 1.15 A-/A3/- MALAYSIA Sr Unsecured 250,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABN AMRO BANK NV XS1218821756 16-Apr-2025 1450 FIXED 1.00 96.24 96.74 1.38 A/A2/A NETHERLANDS Sr Unsecured 1,000 P2

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 59.24 60.35 13.48 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000 P3

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.69 97.13 1.70 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000 P2

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 93.55 94.17 2.08 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.18 94.21 1.65 A+/A1u/A- SPAIN Secured 100,000 P2

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 98.78 99.15 1.65 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000 P2

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 95.92 96.36 1.29 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000 P2

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 90.66 91.42 2.13 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000 P2

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.50 97.26 1.57 AA-/A1/- UNITED STATES Sr Unsecured 100,000 P2

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.22 95.81 1.50 A+/A2/- GERMANY Sr Unsecured 1,000 P2

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 95.88 96.53 2.81 BBB+/Baa2/A FRANCE Subordinated 100,000 P3

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 94.93 95.53 1.79 A/A2/A UNITED KINGDOM Sr Unsecured 100,000 P2

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.39 94.77 2.91 BBB/Baa3/A- FRANCE Subordinated 100,000 P3

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 97.76 98.32 1.19 A+/A2/A- UNITED STATES Sr Unsecured 100,000 P2

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.40 98.00 1.48 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000 P2

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 97.10 97.65 2.04 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.74 98.14 1.02 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P2

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 96.65 97.04 1.76 BBB+/Baa3/A SWITZERLAND Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 99.25 99.63 0.94 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 99.12 99.42 0.99 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 100.41 100.72 1.04 A/A2/A FRANCE Sr Unsecured 100,000 P2

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.35 97.89 1.38 A-/Baa1/- FRANCE Sr Unsecured 100,000 P2

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 88.00 88.72 4.28 BB+/Ba1/BBB+ GERMANY Subordinated 1,000 P5

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 92.71 93.23 1.94 BBB+/A3/A- GERMANY Sr Unsecured 100,000 P2

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 87.01 87.85 3.56 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000 P4

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

COUPON0.00 94.76 95.01 0.96 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000 P2

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.47 99.82 0.83 AA+/A1/- UNITED STATES Sr Unsecured 100,000 P2

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 64.63 65.77 10.09 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 62.27 63.35 10.07 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 56.83 58.01 8.55 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 98.53 98.93 1.55 BBB+/A3/A UNITED STATES Sr Unsecured 1,000 P2

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 97.99 98.57 1.34 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000 P2

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 94.81 95.36 1.94 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000 P2

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 97.46 98.00 1.74 A-/A3/A+ UNITED STATES Sr Unsecured 100,000 P2

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.69 98.17 1.47 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 96.72 97.16 1.63 A/A2/A AUSTRALIA Sr Unsecured 100,000 P2

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.66 100.07 1.11 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000 P2

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.33 96.02 1.98 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000 P2

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 97.03 97.59 2.05 BBB+/A3/A UNITED STATES Sr Unsecured 100,000 P2

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 99.36 100.00 0.87 AA/A1/- SWITZERLAND Sr Unsecured 1,000 P2

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 89.97 90.78 3.71 BBB/Baa2/BBB+ SPAIN Subordinated 100,000 P3

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 98.56 99.14 1.10 A/A2/- GERMANY Sr Unsecured 1,000 P2

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 94.69 95.38 3.22 -/Baa3/A- FRANCE Subordinated 100,000 P3

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 89.72 90.81 4.40 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000 P3

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 95.22 95.76 1.51 AA-/Aa2/- NORWAY Sr Unsecured 100,000 P2

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 95.65 96.27 1.82 AA-/Aa1/AA- FRANCE Sr Unsecured 100,000 P2

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 90.65 91.36 2.22 BBB+/A3/- GERMANY Sr Unsecured 1,000 P2


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