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mashreq Fixed Income Trading
Daily Market Update Wednesday, January 13, 2015
Page 1
Market Update
Saudi Arabia to maintain USD peg
Saudi Arabia pledged for the second time in four months to stick with its 30-year-old currency peg after a key indicator showed bets for devaluation at the highest in almost two decades. The Saudi Arabian Monetary Agency will “uphold its mandate" of maintaining the riyal at 3.75 per dollar, backed up by a
range of monetary-policy instruments including its foreign-exchange reserves, central bank Governor Fahad Al-Mubarak said in statement on the
regulator’s website. Twelve-month forward contracts for the riyal had climbed to the highest since at least December 1996 on Friday, reflecting growing
speculation the country could adjust its exchange rate. Saudi Arabia’s budget has been under pressure after crude, the nation’s main source of income,
plunged to the lowest level in 12 years. The kingdom has announced plans to cut expenditure and subsidies to cope with the decline and may tap local and
international debt markets this year to fund a deficit. The kingdom’s net foreign assets dropped for 10 straight months through November, the longest
streak since at least 2006, to USD627 billion. Al-Mubarak said in September the nation will stick with its dollar peg as long as oil underpins the economy.
“Of late we have observed volatility in the dollar versus riyal forward market due to the mispricing linked to market operators’ misperception about Saudi
Arabia’s overall economic backdrop,” Al-Mubarak said in the statement on Monday. (Bloomberg)
Saudi CDS spread on par with junk-rated Portugal as oil slide continues The cost of insuring the KSA’s debt more than doubled in the past 12 months to 190 basis points on Thursday, the highest since April 2009, according to
CMA prices compiled by Bloomberg. That’s six basis points more than contracts linked to debt from Portugal, whose rating is seven levels below Saudi
Arabia’s Aa3. The Arab nation’s credit-default swaps fell eight basis points on Friday. The bonds of state-controlled Saudi Electricity Co., used as a proxy for
the government in the absence of any international sovereign debt, have tumbled as oil has retreated. The yield on the company ’s USD1.5 billion securities
due April 2024 jumped 40 basis points last week to a record 4.52%. The extra premium investors demand to buy the debt over US Treasuries of similar
maturity widened to an all-time high. (Bloomberg)
Banks in the UAE seen ready for extended slump after drop in oil
Banks in the United Arab Emirates are prepared for deteriorating conditions into next year as oil prices remain lower for longer, leading to a decline in
government spending, slower economic growth and falling asset quality, according to Standard & Poor’s. The five UAE banks rated by S&P “are ready to
face the tough period ahead,” thanks to high loan-loss reserves, capital ratios and strong funding profiles, even as earnings will probably fall this year and
be “lackluster” next, credit analyst Timucin Engin wrote in a note on Monday. The firm has a stable outlook on National Bank of Abu Dhabi PJSC, Abu Dhabi
Commercial Bank PJSC, Sharjah Islamic Bank, National Bank of Fujairah PJSC and Mashreqbank PSC. The slump in crude will also cause a drop in
investments by private companies and bank lending, S&P said. Stronger lending practices and balance sheets at UAE banks than seven years ago mean banks can cope with the deterioration in asset quality better than during the financial crisis in 2009, it said. “We are likely to see a gradual but longer
deterioration in operating conditions for banks over the next several quarters or years,” said Timucin Engin, a Dubai-based credit analyst at S&P. “It should
be noted that bank regulation in the UAE and underwriting practices at UAE banks are now stronger, and GREs are generally operating with stronger
balance sheets than in the past,” he said, referring to government related entities. Gulf banks are seeing surplus cash dry up because of the slump in
crude, which has fallen by about 70% since June 2014. Government deposits dropped by more USD13 billion in a year, National Bank of Abu Dhabi said in
October, while the Emirates Interbank Offered Rate, a local benchmark used to price some loans, climbed to 1.05971% percent, the highest since April
2013. Slowing economic growth is already starting to have an impact on some lenders. United Arab Bank said a 272.6 million-dirham (USD74 million) loss
in the third quarter was caused by provisions for loan defaults, while Union National bank missed third-quarter profit estimates after higher impairment
charges. (Bloomberg)
Dubai property, construction, retail hit as growth slows Dubai’s economy grew in December, but at its slowest pace for more than five years as real estate, construction and retail were hit by the stronger US
dollar, lower public spending and falling consumer demand in the Arabian Gulf. Dubai’s economy registered a score of 51.8 in the Dubai Economy Tracker,
a monthly survey of businesses. That is the lowest score recorded by the index since July 2010. Any score above 50 indicates that the economy is
expanding. The emirate’s real estate sector continued to slow in the third quarter of the year. Data from the Dubai Real Estate Tracker, a monthly survey of
estate agents, showed that buyer inquiries and transactions fell in the last three months of 2015. Real estate and construction account for about 21% of
GDP, according to Dubai Department of Economic Development. (The National)
US has spent over USD5.5 billion in bombing IS Pentagon stated that the US has spent USD5.53 billion in bombing IS since August 2014. Average daily cost to the US of bombing campaign is USD11
million for a total 495 days of operations, according to an email from Defense Department spokesman Mark Wright. (Bloomberg)
Senate Democrats are pushing Obama for more Iranian sanctions President Barack Obama is coming under pressure from his own party to advance new penalties to punish Iran for its recent ballistic missile tests even as a
landmark nuclear deal, which would loosen international sanctions, is on the verge of being implemented. Several Democratic senators who supported the
deal say they’re worried that the Obama administration’s delay in issuing new sanctions may undermine the US’s ability to enforce the agreement. Bob
Casey, a Pennsylvania Democrat on the Senate Finance Committee, and Chris Coons, a Delaware Democrat who’s a member of the Senate Foreign
Relations panel, said on Monday they want the administration to move forward with additional sanctions after the missile tests that Iran conducted late last
year. Both senators supported the July agreement that would ease economic sanctions on Iran in exchange for curbs on the country ’s nuclear program. “I
am concerned that as implementation of the JCPOA moves forward, the administration has not taken steps to hold Iran accountable for its actions and to
demonstrate that there will be swift consequences for violations of the JCPOA,” Casey said, referring to the nuclear deal known as the Joint Comprehensive
Plan of Action that was reached by six world powers and Iran. “Chinese and Russian obstructionism is blocking UN Security Council action, so I urge the
administration to sanction the individuals or entities responsible for this violation.” He added, “I am concerned that although Treasury prepared new
designations, they have not been formally announced and implemented.” The Treasury Department last month was said to be close to announcing
sanctions against several companies and individuals for their ties to Iran’s ballistic missile program. No such sanctions have been issued yet, however, and
the State Department has declined to say whether Secretary of State John Kerry intervened to make sure nothing got in the way of the Iran nuclear accord
taking effect. Iranian President Hassan Rouhani predicted on Monday that the deal will take effect “in a few days,” while other officials have predicted the
“Implementation Day” will come within a few weeks after Iran completes the final steps required to curb its nuclear program. (Bloomberg)
Fed's Lockhart says the downside risks to the US economy are mostly coming from outside the US economy Global risks including a slowdown in China and continued low oil prices are now the chief risks to what is an otherwise promising outlook for the U.S.
economy, Atlanta Federal Reserve Bank President Dennis Lockhart said on Monday. Lockhart told the Rotary Club of Atlanta he remains "mildly optimistic"
that strong domestic consumption will help spur GDP growth of as much as 2.5% this year, enough to push the economy to full employment and move
prices towards the US central bank's 2% inflation target. Despite those concerns, Lockhart said he expects US households and businesses to spend at a
strong enough pace to sustain the economic recovery and allow the Fed to continue raising interest rates over the course of the year. The Fed is scheduled
to hold eight policy meetings over the year, with the first one set for later this month. (Business Insider)
mashreq Fixed Income Trading
Daily Market Update Wednesday, January 13, 2015
Page 2
Dilma Rousseff advances economic plans for Brazil amid impeachment movement
Brazilian finance minister Nelson Barbosa is set to propose a stimulus package and fiscal reforms in the next few weeks. Rumored countermeasures include
numerous infrastructure projects, tax breaks for home purchases and a car-trade program to encourage buying new vehicles. Some economic sectors are calling for the imposition of tax on banking transactions as well as a reform of Brazil's long-standing pension system. Labor groups are proposing to keep
workers in the job market for an extra five years. If it eventually gets enacted, pension reform could work against Rousseff. However, economic experts
say she must be serious about addressing the country's spending. Just last week, Rousseff said the country needs to update its social security system since
the Brazilian population has gotten older and life-expectancy has increased. (Latin Post)
China central bank to expand relending scheme to support economy China's central bank said on Monday it will push forward a pilot scheme on relending in a bid to support the country's farming sector and small firms - the
most vulnerable part of the economy. The scheme, which allows banks to refinance high quality credit assets rated by the central bank, was first introduced
in Guangdong and Shandong provinces in 2014. The People's Bank of China relent 4.97 billion yuan (USD755.74 million) to 31 institutions from the start of
the program through to the end of 2015. The central bank said it would expand the relending scheme, which has been expanded to 11 provinces and cities
to help lower borrowing costs for the real economy. The central bank had rated bank loans made to 3,022 companies, allowing banks to use their high-
quality credit assets to secure relending, it said without giving specific details. (Reuters)
Japan posts current account surplus for 17th straight month Japan posted a current account surplus for the 17th consecutive month in November, providing support for Prime Minister Shinzo Abe ’s efforts to boost the
world’s third- largest economy. The excess in the widest measure of the nation’s trade was 1.14 trillion yen (USD9.7 billion) in November, up from 440.2
yen billion a year earlier, the Finance Ministry said Tuesday in Tokyo. The median estimate of 23 economists surveyed by Bloomberg was for a surplus of
895 billion yen. The surplus was supported by a rise in income from investments abroad by Japanese companies as well as a gain in services, which came
with an influx of tourists after the yen weakened. The boost helps an economy that has been hurt by a slowdown in exports including to China, Japan’s
biggest trading partner. (Bloomberg)
Philippines has funds to repay maturing dollar bonds this month The Government of Philippines is ready with funds to repay maturing dollar bonds this month while waiting for the US SEC clearance for new debt sale and
for calmer market conditions, Philippine Treasurer Roberto Tan says in phone interview. Philippines has ~USD323 million worth of bonds due in January,
~285 million euros due in March, ~USD433 million due in October, according to data compiled by Bloomberg. Of USD2 billion bonds Philippines sold in
January. 2015, USD500 million was for budget support and USD1.5 billion to fund purchase of shorter-dated debt. “We want the market to have a regular
supply of our bonds for various purposes, including reinforcing our presence, reinforcing price efficiency of Philippine foreign bonds,” said Philippine
Treasurer. (Bloomberg)
Uber China raises financing at USD7 billion valuation
Uber said its China division has raised financing that values that part of the ride-hailing company's operation at USD7 billion. Backers of Uber China include
HNA Group, operator of China’s fourth-largest airline; China Taiping Insurance Holdings; Guangzhou Automobile Group; China Life Insurance, the nation's
largest insurer; and Citic Securities, a Chinese investment bank. Uber is bumping up against local competitors around the world. Nowhere is the
competition fiercer than in China, where Uber faces Didi Kuaidi. The company is backed by Alibaba and Tencent, the country ’s two most valuable
technology companies. Uber and Didi Kuaidi are each spending aggressively to expand, partly by subsidizing the costs of rides. (Bloomberg)
New Issue Update
Kuwait's Burgan Bank picks arrangers for 100 mln dinar bond - sources Burgan Bank, Kuwait's third-largest lender by assets, has picked NBK Capital and KIPCO Asset Management Co (KAMCO) for a potential 100 million dinar
(USD329.4 million) bond, for which marketing to investors could start as soon as this week, sources aware of the matter said. The dinar-denominated bond
issue follows a $350 million loan secured by Burgan in December from a number of international banks. The bank obtained regulatory approval to issue a
bond worth no more than 100 million dinars in December. (Reuters)
Oman Tel mandates banks for a potential sukuk issue Oman Telecommunications Company S.A.O.G., rated A3 by Moody’s and BBB by S&P, the leading telecommunications company in Oman, has mandated
Standard Chartered Bank as Sole Structuring Advisor, and HSBC, National Bank of Oman S.A.O.G. and Standard Chartered Bank as Joint Placement Agents
to arrange investor discussions on its behalf commencing 11 January 2016. A RegS only Sukuk transaction denominated in USD or OMR may follow subject to market conditions.
China’s Evergrande issues USD700 million notes due 2019
Evergrande issued USD400 million 7.8% private notes due 2019 at offer price of 99.625% of principal amount, according to statement to Hong Kong stock
exchange. Net proceeds of USD694 million will be used to refinance 3.7 billion yuan 9.25% senior notes due next week and other existing debt.
(Bloomberg)
Fixed Income Trading
USD INVESTMENT GRADE ISSUES (SHORT TERM 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
ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 99.33 99.33 2.55 A/A1/A UNITED KINGDOM Sr Unsecured 1,000
ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 99.58 99.58 2.60 A/Baa1/- UNITED STATES Sr Unsecured 2,000
ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 100.22 100.55 2.32 A/A2/A NETHERLANDS Sr Unsecured 200,000
AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.95 99.95 2.39 A-/A2/A+ UNITED STATES Sr Unsecured 2,000
ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 65.00 65.00 14.91 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000
APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.58 100.58 1.86 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000
ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 101.00 101.00 1.67 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000
AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 99.24 99.24 2.63 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000
BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.94 98.94 2.51 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000
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
BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.94 99.94 2.17 A/A1/AA- UNITED STATES Sr Unsecured 1,000
BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.21 100.21 2.82 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000
BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 100.16 100.16 2.34 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000
BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 99.57 99.57 2.43 A/A2/A UNITED KINGDOM Sr Unsecured 1,000
BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.30 100.30 2.17 A/A2/A FRANCE Sr Unsecured 250,000
CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.72 99.72 2.07 A/A2/A UNITED STATES Sr Unsecured 1,000
CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.87 98.87 2.25 AA/Aa1/- UNITED STATES Sr Unsecured 2,000
CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.38 99.38 1.98 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000
CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 95.07 95.07 3.44 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000
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
CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.66 99.66 1.85 A/A2/A SWITZERLAND Sr Unsecured 250,000
DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.80 99.80 2.08 A-/A3/A- GERMANY Sr Unsecured 150,000
DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 100.05 100.05 2.23 A-/A3/A- GERMANY Sr Unsecured 150,000
DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 99.34 99.34 2.61 A-/A3/A- GERMANY Sr Unsecured 150,000
DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.30 99.30 2.22 BBB+/A3/A- GERMANY Sr Unsecured 1,000
EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 100.44 100.44 1.80 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000
FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.36 99.36 2.52 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000
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
FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 64.00 64.00 25.02 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000
FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 48.69 48.69 22.89 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000
GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.24 99.24 2.76 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000
GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 98.57 98.57 3.55 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000
GLENCORE FUNDING LLC XS1218431705 16-Apr-2018 500 FIXED 2.13 83.88 83.88 10.38 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 75.60 75.60 12.55 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 76.00 76.00 9.95 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 1
Fixed Income Trading
USD INVESTMENT GRADE ISSUES (SHORT TERM 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
GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 98.34 98.34 2.93 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000
GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.60 99.60 2.70 BBB+/A3/A UNITED STATES Sr Unsecured 2,000
HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 100.11 100.11 2.22 A/A2/AA- UNITED STATES Sr Unsecured 100,000
HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.57 99.57 2.46 A/A2/AA- UNITED STATES Sr Unsecured 100,000
IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.66 98.66 1.95 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000
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
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
JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.96 99.96 2.21 A-/A3/A+ UNITED STATES Sr Unsecured 2,000
JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.96 99.96 2.26 A-/A3/A+ UNITED STATES Sr Unsecured 2,000
LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.60 100.60 2.25 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000
MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.48 99.89 2.43 A/A2/A AUSTRALIA Sr Unsecured 2,000
MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 82.50 82.50 7.47 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000
MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 100.75 100.75 2.01 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000
MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.61 100.61 1.69 AA/A1/A UNITED STATES Sr Unsecured 2,000
MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 100.51 100.51 1.97 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000
MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 99.49 99.49 2.38 A/A3/A UNITED STATES Sr Unsecured 2,000
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
PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.36 99.36 2.01 A/A1/A UNITED STATES Sr Unsecured 2,000
RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.51 100.51 2.12 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000
ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.31 99.31 2.05 -/Aaa/AAA CANADA Secured 1,000
SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.54 99.54 2.24 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000
SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 99.35 99.35 2.81 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000
SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 98.64 98.64 2.46 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000
SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.89 99.63 1.76 A+/A1/A GERMANY Sr Unsecured 250,000
SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.83 99.83 2.19 A+/A1/A GERMANY Sr Unsecured 250,000
STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.74 98.74 2.57 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000
UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.82 100.82 2.14 A/A1/A SWITZERLAND Sr Unsecured 250,000
VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.34 99.34 1.82 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000
VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 95.19 95.19 3.61 BBB+/A3/- GERMANY Sr Unsecured 200,000
WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.22 100.22 2.05 A/A2/AA- UNITED STATES Sr Unsecured 1,000
WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.99 99.99 2.15 A/A2/AA- UNITED STATES Sr Unsecured 1,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 2
Fixed Income Trading
USD GCC ISSUES
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
ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 98.31 99.12 2.96 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 91.58 92.30 4.94 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 92.00 92.75 4.95 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.16 99.78 2.60 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.50 100.13 2.96 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.27 98.80 3.10 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.84 98.09 3.12 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 98.47 99.18 4.64 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000
ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 97.46 98.06 3.99 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000
BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.28 99.06 2.95 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000
BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 93.71 95.54 5.43 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000
BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.21 95.11 4.62 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000
CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.00 101.50 2.13 A-/A1/- QATAR Sr Unsecured 200,000
CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.03 99.80 2.94 A-/A1/- QATAR Sr Unsecured 200,000
COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 99.72 100.51 3.14 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000
DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 100.21 100.96 2.53 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.65 97.47 3.55 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000
DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 97.68 98.75 4.50 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 95.46 96.06 4.25 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.88 98.68 4.76 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 98.78 99.66 4.59 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.51 102.18 2.75 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 97.02 99.13 2.49 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 98.67 99.33 3.44 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 97.93 98.66 3.34 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 98.19 98.69 2.78 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 99.32 100.39 3.45 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.56 102.10 1.90 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.53 101.06 2.23 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 100.67 101.21 2.82 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.34 98.13 3.12 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.21 100.04 2.74 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000
ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.50 99.50 4.70 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.92 99.75 3.57 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 71.12 72.59 8.58 BBB-/-/BBB- BAHRAIN Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 3
Fixed Income Trading
USD GCC ISSUES
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
LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 85.95 86.63 5.84 BBB/A3/- OMAN Sr Unsecured 200,000
MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 98.81 99.87 4.77 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000
MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 96.96 98.39 3.34 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000
MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 98.25 99.08 3.41 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000
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
MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.85 95.00 5.00 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000
NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.53 100.35 3.02 -/A3/- OMAN Sr Unsecured 200,000
NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 101.21 101.89 1.63 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000
NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 100.62 101.39 2.59 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000
NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 97.19 97.72 2.85 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000
OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 93.95 94.97 4.07 A-/A2/A+ QATAR Sr Unsecured 200,000
OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 90.25 91.25 4.84 A-/A2/A+ QATAR Sr Unsecured 200,000
OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 89.21 90.34 5.17 A-/A2/A+ QATAR Sr Unsecured 200,000
OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.41 100.98 2.68 A-/A2/A+ QATAR Sr Unsecured 200,000
QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 100.93 101.48 1.99 A+/Aa3/AA- QATAR Sr Unsecured 200,000
QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 98.50 99.08 2.58 A+/Aa3/AA- QATAR Sr Unsecured 200,000
QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 99.47 100.10 2.71 A+/Aa3/AA- QATAR Sr Unsecured 200,000
QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 98.67 99.71 2.95 -/Aa3/AA- QATAR Sr Unsecured 200,000
RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 101.08 101.62 2.68 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000
RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.28 98.12 3.84 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000
SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 98.13 98.79 3.09 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 99.88 100.65 2.12 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 92.94 93.94 4.46 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 77.58 78.84 6.77 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 97.54 98.54 3.96 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.15 101.01 2.48 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000
SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 96.93 97.93 3.38 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 100.33 100.79 1.69 AA/Aa2/- QATAR Sr Unsecured 200,000
SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.41 101.16 3.06 AA/Aa2/- QATAR Sr Unsecured 200,000
TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.18 101.75 2.57 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 4
Fixed Income Trading
USD EMERGING MARKET INVESTMENT GRADE ISSUES
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
AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 99.45 100.19 3.09 A-/A2/A MEXICO Sr Unsecured 200,000
AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.05 91.11 4.98 A-/A2/A MEXICO Sr Unsecured 200,000
BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 75.44 77.52 11.14 -/Ba2 /*-/BB- /*- BRAZIL Sr Unsecured 200,000
BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1440 FIXED 5.75 87.20 87.20 8.01 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000
CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 92.07 92.93 7.43 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 150,000
CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 90.00 90.79 7.44 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 150,000
COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 89.41 90.00 6.56 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000
ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 73.61 74.73 8.14 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000
ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 77.43 78.51 8.53 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000
ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 63.79 64.91 9.42 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000
EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 89.94 91.02 6.33 BBB/Baa3/- BRAZIL Sr Unsecured 2,000
FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 77.00 77.50 6.73 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000
FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 81.85 82.35 6.93 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000
FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 73.25 74.00 8.06 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 100,000
FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 66.50 67.25 7.89 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000
FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 91.26 92.72 4.86 A-/-/A MEXICO Sr Unsecured 150,000
GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 78.61 79.45 11.21 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000
GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 67.90 69.25 11.03 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000
GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 85.94 86.81 5.96 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000
LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 96.25 96.99 4.83 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000
LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 98.94 99.85 6.68 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000
LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 85.50 86.40 6.98 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000
MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 98.76 99.55 5.66 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000
PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 82.38 83.33 6.49 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 82.44 83.38 6.75 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 82.66 83.40 6.82 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 68.50 69.52 8.43 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.93 99.11 2.88 -/Baa2/- PHILIPPINES Sr Unsecured 10,000
REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 89.03 90.44 6.26 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000
REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 85.95 86.45 4.89 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000
REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 92.15 92.65 5.12 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000
REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 76.75 77.50 6.77 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 96.06 96.61 4.37 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 92.61 93.19 4.49 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 94.78 95.34 4.77 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 5
Fixed Income Trading
USD EMERGING MARKET INVESTMENT GRADE ISSUES
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
REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 88.94 89.65 6.04 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 84.38 85.15 5.71 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 88.62 89.33 5.90 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 92.20 92.91 4.88 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000
REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 96.43 97.14 5.52 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000
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
REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 93.57 94.55 6.94 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000
REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.01 97.66 4.06 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000
REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 90.47 90.93 4.76 -/Baa3/BBB- TURKEY Sr Unsecured 200,000
REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 92.66 93.29 5.10 -/Baa3/BBB- TURKEY Sr Unsecured 200,000
REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 85.53 86.16 5.90 -/Baa3/BBB- TURKEY Sr Unsecured 200,000
TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 93.01 94.27 4.97 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000
TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.17 98.93 4.09 BBB-/-/BBB- TURKEY Sr Unsecured 200,000
TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 93.56 93.83 5.81 BBB-/-/BBB- TURKEY Sr Unsecured 200,000
TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 95.00 95.75 6.34 BBB-/Baa3/BBB- TURKEY Unsecured 200,000
UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.10 97.10 3.99 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000
UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 88.40 89.40 5.49 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000
UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 86.70 87.70 5.44 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000
VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 69.66 70.99 11.16 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 61.11 62.69 11.68 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 61.33 62.56 11.50 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 58.92 60.21 9.88 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.38 96.29 5.03 -/Baa3/BBB TURKEY Sr Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 6
Fixed Income Trading
USD INDIA INVESTMENT GRADE ISSUES
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
ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 99.63 99.97 3.51 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.20 102.88 3.61 -/Baa3/- INDIA Sr Unsecured 200,000
AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.86 101.34 2.92 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 102.16 102.48 2.65 BBB-/Baa3/- INDIA Sr Unsecured 200,000
BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.73 99.04 3.37 BBB-/Baa3/- INDIA Sr Unsecured 200,000
BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.96 98.80 4.16 -/Baa3/BBB- INDIA Sr Unsecured 200,000
BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 104.25 104.81 3.81 -/Baa3/BBB- INDIA Sr Unsecured 200,000
BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.40 98.92 4.52 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.74 102.94 2.06 BBB-/Baa3/- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.45 103.91 2.75 BBB-/Baa3/- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 99.18 99.68 2.83 BBB-/Baa3/- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 99.02 99.51 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.96 102.38 3.61 BBB-/Baa3/- INDIA Sr Unsecured 200,000
HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 101.10 101.28 2.38 BBB-/Baa3/- INDIA Sr Unsecured 200,000
ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.60 101.97 2.99 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 100.21 100.65 2.97 BBB-/Baa3/- INDIA Sr Unsecured 200,000
IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 102.11 102.31 3.27 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000
INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.89 102.16 2.13 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 103.11 103.39 2.77 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 102.48 103.24 3.94 BBB-/-/BBB- INDIA Sr Unsecured 200,000
OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.45 102.74 2.98 -/Baa2/BBB- INDIA Sr Unsecured 200,000
ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.56 101.01 2.94 BBB-/Baa2/- INDIA Sr Unsecured 200,000
ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 98.40 98.76 3.95 BBB-/Baa2/- INDIA Sr Unsecured 200,000
ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 101.71 102.45 4.28 BBB-/Baa2/- INDIA Sr Unsecured 200,000
POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 100.37 100.68 3.76 BBB-/-/BBB- INDIA Sr Unsecured 200,000
RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 99.09 99.52 4.19 BBB+/Baa2/- INDIA Sr Unsecured 250,000
RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 92.03 93.29 5.33 BBB+/Baa2/- INDIA Sr Unsecured 250,000
STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 102.97 103.19 2.00 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.69 101.97 2.34 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.53 102.83 2.70 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.55 102.83 2.80 BBB-/Baa3/- INDIA Sr Unsecured 200,000
SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.53 102.91 3.07 BBB-/Baa3/- INDIA Sr Unsecured 200,000
UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.35 103.76 2.20 BBB-/Baa3/- INDIA Sr Unsecured 200,000
UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.78 102.19 2.79 BBB-/Baa3/- INDIA Sr Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 7
Fixed Income Trading
USD SUKUK
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
ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 101.48 101.99 1.67 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.88 98.68 4.76 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 109.75 110.57 3.18 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.47 103.99 1.01 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000
HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 100.03 100.50 1.86 AAA/Aa1/- HONG KONG Sr Unsecured 200,000
HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 99.70 100.11 1.87 AAA/Aa1/- HONG KONG Sr Unsecured 200,000
IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 100.07 100.53 1.31 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured 200,000
MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.88 97.53 3.36 A-/A3/- MALAYSIA Unsecured 200,000
MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 96.11 97.35 4.40 A-/A3/- MALAYSIA Unsecured 200,000
OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.41 100.98 2.68 A-/A2/A+ QATAR Sr Unsecured 200,000
ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 101.36 102.08 6.14 B-/B3/B PAKISTAN Sr Unsecured 200,000
PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 103.88 104.53 2.34 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 95.00 95.54 4.99 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000
PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 108.88 109.38 2.98 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 92.79 93.29 4.45 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 99.29 99.61 2.81 A-/A1/- MALAYSIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 98.80 99.70 4.27 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 99.88 100.65 2.12 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 77.58 78.84 6.77 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 92.94 93.94 4.46 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 81.57 83.00 6.87 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 93.88 94.87 4.76 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 97.54 98.54 3.96 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.41 101.16 3.06 AA/Aa2/- QATAR Sr Unsecured 200,000
SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 100.33 100.79 1.69 AA/Aa2/- QATAR Sr Unsecured 200,000
SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 102.14 102.79 3.32 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 109.21 109.89 2.69 A-/A3/- MALAYSIA Sr Unsecured 250,000
WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.77 100.91 1.00 A-/A3/- MALAYSIA Sr Unsecured 250,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 8
Fixed Income Trading
EUR INVESTMENT GRADE ISSUES
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
ABN AMRO BANK NV XS1218821756 16-Apr-2025 1450 FIXED 1.00 95.94 96.47 1.41 A/A2/A NETHERLANDS Sr Unsecured 1,000
ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 59.95 61.26 13.12 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000
AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.57 97.03 1.72 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000
BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 93.81 94.36 2.05 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000
BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.46 94.32 1.64 A+/A1u/A- SPAIN Secured 100,000
BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 98.73 99.10 1.65 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000
BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.12 96.53 1.26 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000
BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 91.82 92.65 1.92 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000
BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.42 97.13 1.58 AA-/A1/- UNITED STATES Sr Unsecured 100,000
BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.02 95.60 1.53 A+/A2/- GERMANY Sr Unsecured 1,000
BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 96.56 97.19 2.73 BBB+/Baa2/A FRANCE Subordinated 100,000
BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 95.42 96.00 1.71 A/A2/A UNITED KINGDOM Sr Unsecured 100,000
BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.73 95.11 2.86 BBB/Baa3/A- FRANCE Subordinated 100,000
BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 97.43 97.99 1.23 A+/A2/A- UNITED STATES Sr Unsecured 100,000
CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.24 97.80 1.50 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000
CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 97.57 98.09 1.98 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000
COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.57 97.98 1.05 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000
CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 96.57 96.94 1.77 BBB+/Baa3/A SWITZERLAND Sr Unsecured 100,000
CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 99.27 99.63 0.94 A/A2/A FRANCE Sr Unsecured 100,000
CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 99.20 99.50 0.97 A/A2/A FRANCE Sr Unsecured 100,000
CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 100.49 100.80 1.03 A/A2/A FRANCE Sr Unsecured 100,000
DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.07 97.56 1.42 A-/Baa1/- FRANCE Sr Unsecured 100,000
DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 88.88 89.60 4.15 BB+/Ba1/BBB+ GERMANY Subordinated 1,000
DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 92.90 93.35 1.92 BBB+/A3/A- GERMANY Sr Unsecured 100,000
EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 87.97 88.71 3.44 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000
ERSTE GROUP BANK AG AT000B002852 1-Jun-2021 359ZERO
COUPON0.00 94.70 94.95 0.97 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000
GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.23 99.59 0.87 AA+/A1/- UNITED STATES Sr Unsecured 100,000
GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 64.99 66.27 9.91 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000
GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 62.37 64.08 9.84 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000
GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 56.36 57.39 8.68 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000
GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 98.63 99.04 1.53 BBB+/A3/A UNITED STATES Sr Unsecured 1,000
IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 97.95 98.50 1.35 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000
INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 96.21 96.67 1.70 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000
JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 97.72 98.27 1.71 A-/A3/A+ UNITED STATES Sr Unsecured 100,000
LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.71 98.24 1.46 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 9
Fixed Income Trading
EUR INVESTMENT GRADE ISSUES
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
MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.01 97.43 1.58 A/A2/A AUSTRALIA Sr Unsecured 100,000
MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.60 100.00 1.13 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000
METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.13 95.77 2.01 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000
MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 97.40 97.91 2.01 BBB+/A3/A UNITED STATES Sr Unsecured 100,000
ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 99.09 99.75 0.90 AA/A1/- SWITZERLAND Sr Unsecured 1,000
SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 91.19 91.89 3.55 BBB/Baa2/BBB+ SPAIN Subordinated 100,000
SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 98.12 98.70 1.15 A/A2/- GERMANY Sr Unsecured 1,000
SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 95.71 96.38 3.09 -/Baa3/A- FRANCE Subordinated 100,000
STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 90.83 91.89 4.24 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000
STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 95.27 95.83 1.50 AA-/Aa2/- NORWAY Sr Unsecured 100,000
TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 95.70 96.30 1.82 AA-/Aa1/AA- FRANCE Sr Unsecured 100,000
VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 90.60 91.32 2.23 BBB+/A3/- GERMANY Sr Unsecured 1,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 10