CEEMEA Bond Issuance FY13 Report

Page 3 — FY13 issuance by region, quarter & month Page 8 — Country & sector analysis Page 16 — Issuer analysis Page 23 — Major bond issues by size/yield Page 34 — Tenor & currency analysis Page 40 — Re-offer rates, tenors & ratings

CEEMEA FY13

BOND ISSUANCE

SELECT A REGION

CHARTS & DATA

FULL CONTENTS LIST

CENTRAL EUROPE

MIDDLE EAST AFRICA

EASTERN EUROPE

Page 57 — New issues by date; analysis




Page 2

2

CHARTS & DATA

Page 3 — FY13 issuance by region, quarter & month

COUNTRY & SECTOR ANALYSIS Page 9 — Full country breakdown (no. of deals, amount) Page 10 — Issuance by sub-region/country Page 11 — Sector breakdown, FY13 Page 12 — Sector breakdown, 1Q13 Page 13 — Sector breakdown, 2Q13 Page 14 — Sector breakdown, 3Q13 Page 15 — Sector breakdown, 4Q13

ISSUER ANALYSIS Page 17 — Top sovereign deals by size Page 18 — Top financial institution deals by size Page 19 — Top corporate deals by size Page 20 — Issuer breakdown by quarter (amount/no. of deals) Page 21 — Issuer breakdown by month (amount) Page 22 — Issuer breakdown by month (no. of deals)

MAJOR BOND ISSUES BY SIZE/YIELD Page 24 — FY13 by amount, by sub-region Page 25 — 1Q13 by amount, by sub-region Page 26 — 2Q13 by amount, by sub-region Page 27 — 3Q13 by amount, by sub-region Page 28 — 4Q13 by amount, by sub-region Page 29 — FY13 by re-offer yield, by sub-region Page 30 — 1Q13 by re-offer yield, by sub-region Page 31 — 2Q13 by re-offer yield, by sub-region Page 32 — 3Q13 by re-offer yield, by sub-region Page 33 — 4Q13 by re-offer yield, by sub-region

REGIONAL OVERVIEW

TENOR & CURRENCY ANALYSIS Page 35 — FY13 maturity breakdown Page 36 — Quarterly maturity breakdowns Page 37 — FY13 currency breakdown Page 38 — Quarterly currency breakdowns Page 39 — Quarterly currency breakdowns, YoY

RE-OFFER RATES, TENORS & RATINGS CENTRAL EUROPE Page 41 — 1Q13 data points Page 42 — 2Q13 data points Page 43 — 3Q13 data points Page 44 — 4Q13 data points EASTERN EUROPE Page 45 — 1Q13 data points Page 46 — 2Q13 data points Page 47 — 3Q13 data points Page 48 — 4Q13 data points MIDDLE EAST Page 49 — 1Q13 data points Page 50 — 2Q13 data points Page 51 — 3Q13 data points Page 52 — 4Q13 data points AFRICA Page 53 — 1Q13 data points Page 54 — 2Q13 data points Page 55 — 3Q13 data points Page 56 — 4Q13 data points

CENTRAL EUROPE Page 57 — New issues by date; analysis

EASTERN EUROPE Page 65 — New issues by date; analysis

MIDDLE EAST Page 81 — New issues by date; analysis

AFRICA Page 90 — New issues by date; analysis

CEEMEA BOND ISSUANCE FY13│CONTENTS

This DW Issuance Report tracks CEEMEA bond issuances meeting at least one of the following criteria: - USD 25m-equivalent tap or add-ons - Publicly-traded hard currency/Euroclearable issues Due to rounding, some of the figures in this report may not add up to 100%

SUB-REGIONAL ANALYSIS

3

CEEMEA BOND ISSUANCE FY13│REGIONAL OVERVIEW

Eastern Europe153 issues

51%

Central Europe49 issues

16%

Middle East61 issues

20%

Africa37 issues

13%

Eastern EuropeUSD 87.5bn

46%

Central EuropeUSD 41.1bn

21%

Middle EastUSD 37.7bn

20%

AfricaUSD 24.9bn

13%

CENTRAL EUROPE USD 41.1bn

49 issues

EASTERN EUROPE USD 87.5bn 153 deals

MIDDLE EAST USD 37.7bn 61 deals

AFRICA USD 24.9bn 37 deals

NUMBER OF DEALS: 300

OVERALL VOLUME: USD 191.2bn

SELECT REGION TO EXPAND

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USD 84

USD 39USD 42

USD 13

USD 88

USD 41USD 38

USD 25

0

20

40

60

80

100

Eastern Europe Central Europe Middle East Africa

2012 2013in USDbn

131

5362

24

153

49

61

37

0

20

40

60

80

100

120

140

160


2012 2013No. of issues

4

1Q13 2Q13


Region No. of issues Amount issued

(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield

Eastern Europe 60 29,519 5.995% 100.149 6.391%

Central Europe 14 14,549 3.946% 100.394 4.153%

Middle East 19 13,468 4.343% 99.455 4.364%

Africa 5 2,830 5.063% 99.100 6.790%

Total/weighted average 98 60,367 5.334% 99.996 5.698%

3Q13 4Q13

Eastern Europe

60 issues

61%

Central Europe

14 issues

14%


20%

Africa5 issues

5%

Eastern Europe

USD 29.5bn

49%

Central Europe

USD 14.5bn

24%


22%

AfricaUSD 2.8bn

5%

Eastern Europe

47 issues

52%

Central Europe

12 issues

14%


22%

Africa11 issues

12%

Eastern Europe

USD 28.2bn

52%

Central Europe

USD 8.3bn

15%


19%

AfricaUSD 7.3bn

14%


(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield

Eastern Europe 47 28,190 6.183% 100.064 6.223%

Central Europe 12 8,326 5.523% 99.576 4.729%

Middle East 20 10,136 4.624% 99.813 4.964%

Africa 11 7,254 3.773% 99.627 4.117%


Eastern Europe

16 issues

38%

Central Europe

10 issues

24%

Middle East5 issues

12%

Africa11 issues

26%

Eastern Europe

USD 13.3bn

42%

Central Europe

USD 5.0bn

16%


12%

AfricaUSD 9.3bn

30%


(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield

Eastern Europe 16 13,303 5.243% 98.987 5.837%

Central Europe 10 5,017 4.659% 97.154 5.693%

Middle East 5 3,625 5.450% 100.314 4.942%

Africa 11 9,300 5.989% 99.429 6.108%



(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield

Eastern Europe 30 16,510 6.302% 100.002 6.288%

Central Europe 13 13,205 5.248% 99.859 5.144%

Middle East 17 10,506 5.124% 99.784 4.945%

Africa 10 5,489 7.263% 99.824 7.500%


Eastern Europe

30 issues

43%

Central Europe

13 issues

19%


24%Africa10 issues

14%

Eastern Europe

USD 16.5bn

36%

Central Europe

USD 13.2bn

29%


23%Africa

USD 5.5bn

12%

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5

QUARTERLY by amount issued (in USDbn) vs FY11-12


QUARTERLY by number of issues vs FY11-12

7 61

1 5 2 8 9 5 11 11 107 9

516

1613 6

27

1920

51710

16

4

4

16

9 15

13

1412

10

1326

24

5

11

18

23

40

5060 47

16

305055

15

32

5547

69

99 9890

42

70

0

20

40

60

80

100

120

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Eastern Europe Central Europe Middle East AfricaNo. of issues

4.7 2.40.5

0.5 3.2 0.7 4.9 3.8 2.87.3 9.3 5.5

5.45.5

2.2

14.2 11.08.5

5.816.5

13.510.1 3.6 10.5

12.111.3

2.7

3.112.2

6.7 7.2

13.114.5 8.3

5.0

13.2

17.514.9

1.7

5.5

17.9

11.7

24.6

29.729.5

28.2

13.3

16.5

39.6

34.0

7.1

23.2

44.3

27.6

42.6

63.160.4

53.9

31.2

45.7

0

20

40

60

80

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Eastern Europe Central Europe Middle East Africain USDbn

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6

MONTHLY by amount (in USDbn) vs FY12


2.50.4 0.3 0.7

2.51.0 1.4 0.4 1.9 1.5 1.0 1.3 0.6

2.3

4.8

0.2

6.3

3.00.9

3.11.5

3.2

2.85.0

1.8 1.3

5.5

5.0

0.82.7

6.9 6.9

5.03.0

5.4

4.6

4.5

1.1

2.6

1.0 6.0

4.5

5.9

4.0

2.2

3.3

1.9

1.50.4

1.3

5.5

8.9

3.7

0.54.4 7.1 3.0 1.3

6.1

0.9

0.6

0.2

4.2

4.5

8.5

0.2

4.5

4.4

8.9

5.1

1.3

5.4

12.5

2.9

9.3

12.810.4

6.5

11.110.8

7.6

22.7

4.9

0.6

2.2

0.5

10.7

7.3

8.4

0.8

16.1

11.7

16.5

10.1

4.5

13.1

20.4

6.0

16.2

24.7

22.9

15.4

21.522.2

16.6

30.9

20.2

2.8

11.8

0.6

18.8 18.8

24.4

2.5

0

5

10

15

20

25

30

35

Eastern Europe Central Europe Middle East Africain USDbn

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7

2 2 1 25

1 2 1

6

2 13

14

6

1

9

2 2

7

1

5 4 7

3 2

84

2

5

9

13

75

7

9

9

2

4

1

10

76

4

6

5

3

11

6 8

7

5

1

5 4 5

2

7

3

1

1

8

75

1

48

6

9

4

10

21

5

14

22

16

1220

24

16

32

12

3

4

1

11

13 14

3

1718

20

17

9

21

31

14

24

3536

28

33

36

29

47

34

9

18

2

22

3233

5

0

10

20

30

40

50


No. of issues

MONTHLY by number of issues vs FY12

CEEMEA BOND ISSUANCE FY13│REGIONAL OVERVIEW << BACK TO CONTENTS

8

COUNTRY & SECTOR

ANALYSIS

CEEMEA BOND ISSUANCE

Page 9 — Full country breakdown (no. of deals, amount) Page 10 — Issuance by sub-region/country Page 11 — Sector breakdown, FY13 Page 12 — Sector breakdown, 1Q13 Page 13 — Sector breakdown, 2Q13 Page 14 — Sector breakdown, 3Q13 Page 15 — Sector breakdown, 4Q13

<< BACK TO CONTENTS

9

CEEMEA BOND ISSUANCE FY13│FULL COUNTRY BREAKDOWN

1 issue

1 issue

1 issue

1 issue

1 issue

1 issue

1 issue

1 issue

1 issue

1 issue

1 issue

2 issues

2 issues

2 issues

2 issues

2 issues

3 issues

3 issues

4 issues

5 issues

6 issues

6 issues

6 issues

6 issues

7 issues

7 issues

8 issues

9 issues

9 issues

9 issues

9 issues

10 issues

10 issues

14 issues

27 issues

30 issues

91 issues

Armenia

Azerbaijan

Burundi

Gabon

Georgia

Ghana

Jordan

Montenegro

Oman

Rwanda

Tanzania

Bahrain

Bulgaria

Egypt

Lithuania

Serbia

Croatia

Morocco

Lebanon

Romania

Israel

Nigeria

Saudi Arabia

Slovenia

Czech Republic

Kazakhstan

Poland

Hungary

Qatar

South Africa

Supranational

Other

Slovakia

Ukraine

Turkey

UAE

Russia

USD 0.1bn

USD 0.2bn

USD 0.3bn

USD 0.4bn

USD 0.5bn

USD 0.6bn

USD 0.7bn

USD 0.8bn

USD 0.8bn

USD 1.0bn

USD 1.1bn

USD 1.2bn

USD 1.3bn

USD 1.5bn

USD 2.1bn

USD 2.2bn

USD 2.5bn

USD 2.6bn

USD 3.0bn

USD 3.4bn

USD 3.4bn

USD 3.7bn

USD 4.6bn

USD 4.8bn

USD 4.9bn

USD 5.3bn

USD 5.4bn

USD 5.7bn

USD 6.2bn

USD 6.4bn

USD 6.6bn

USD 6.8bn

USD 8.3bn

USD 9.4bn

USD 15.8bn

USD 16.5bn

USD 51.5bn

Montenegro

Georgia

Burundi

Rwanda

Oman

Tanzania

Armenia

Ghana

Lithuania

Azerbaijan

Morocco

Bulgaria

Jordan

Gabon

Lebanon

Bahrain

Serbia

Nigeria

Czech Republic

Israel

Croatia

Egypt

Supranational

Poland

Kazakhstan

Saudi Arabia

Other

Qatar

Romania

Ukraine

Slovenia

South Africa

Hungary

Slovakia

Turkey

UAE

Russia

NUMBER OF DEALS AMOUNT ISSUED (USDm)

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10

USD 0.8bn

USD 3.4bn

USD 4.8bn

USD 6.6bn

USD 3.0bn

USD 4.8bn

USD 8.3bn

USD 9.4bn

2 issues

3 issues

4 issues

6 issues

7 issues

8 issues

9 issues

10 issues

Lithuania

Croatia

Romania

Slovenia

Czech Republic

Poland

Hungary

Slovakia

CENTRAL EUROPE EASTERN EUROPE

CEEMEA BOND ISSUANCE FY13│COUNTRY BREAKDOWN BY REGION

MIDDLE EAST AFRICA

USD 0.5bn

USD 1.3bn

USD 0.9bn

USD 2.2bn

USD 2.1bn

USD 3.4bn

USD 5.3bn

USD 5.7bn

USD 16.5bn

1 issue

1 issue

2 issues

2 issues

4 issues

6 issues

6 issues

9 issues

30 issues

Oman

Jordan

Other

Bahrain

Lebanon

Israel

Saudi Arabia

Qatar

UAE

USD 0.3bn

USD 0.4bn

USD 0.6bn

USD 0.8bn

USD 1.5bn

USD 3.7bn

USD 1.1bn

USD 3.3bn

USD 2.6bn

USD 3.9bn

USD 6.8bn

1 issue

1 issue

1 issue

1 issue

1 issue

2 issues

3 issues

5 issues

6 issues

7 issues

9 issues

Burundi

Rwanda

Tanzania

Ghana

Gabon

Egypt

Morocco

Other

Nigeria

Supranational

South Africa

USD 0.1bn

USD 0.2bn

USD 0.7bn

USD 1.0bn

USD 1.4bn

USD 0.7bn

USD 1.2bn

USD 2.5bn

USD 1.2bn

USD 4.9bn

USD 6.4bn

USD 15.8bn

USD 51.5bn

1 issue

1 issue

1 issue

1 issue

1 issue

2 issues

2 issues

2 issues

3 issues

7 issues

14 issues

27 issues

91 issues

Montenegro

Georgia

Armenia

Azerbaijan

Romania

Supranational

Bulgaria

Serbia

Other

Kazakhstan

Ukraine

Turkey

Russia

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11

USD 0.2bn

USD 0.2bn

USD 0.8bn

USD 1.0bn

USD 1.0bn

USD 1.4bn

USD 1.7bn

USD 2.0bn

USD 2.5bn

USD 2.6bn

USD 4.2bn

USD 8.0bn

USD 9.0bn

USD 10.3bn

USD 31.4bn

USD 49.2bn

USD 65.9bn

Defence

Services: other

Industrial products & services

Consumer: retail

Utilities

Construction

Consumer: other

Media

Real estate

Agriculture

Chemicals & materials

Transport

Telecoms

Metals & mining

Energy

Financial services

Sovereign

1 issue

1 issue

1 issue

1 issue

1 issue

2 issues

4 issues

4 issues

5 issues

6 issues

6 issues

14 issues

15 issues

17 issues

44 issues

57 issues

121 issues

Construction

Defence


Services: other

Utilities

Consumer: retail

Consumer: other

Media

Real estate

Agriculture


Metals & mining

Telecoms

Transport

Energy

Sovereign

Financial services

SUMMARY by number of issues by amount issued (in USDbn)

CEEMEA BOND ISSUANCE FY13│SECTOR BREAKDOWN

Region No. of issues

Amount issued

(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield Agriculture 6 2,575 9.158% 99.806 9.208%

Chemicals & materials 6 4,206 4.270% 99.758 4.309%

Construction 1 1,356 4.781% 100.000 4.781%

Consumer: other 4 1,665 6.938% 99.158 5.019%

Consumer: retail 2 977 11.438% 98.250 11.895%

Defence 1 200 4.550% 100.000 4.550%

Energy 44 31,379 5.570% 99.848 5.438%

Financial services 121 49,200 5.473% 99.866 6.039%

Industrial products & services 1 750 3.500% 99.582 3.568%

Media 4 1,964 7.594% 100.250 8.125%

Metals & mining 14 10,279 5.164% 99.849 5.331%

Real estate 5 2,522 5.945% 99.758 6.020%

Services: other 1 200 12.000% 100.000 12.000%

Sovereign 57 65,931 4.665% 99.563 4.743%

Telecoms 15 8,975 5.799% 99.616 5.902%

Transport 17 8,047 6.193% 100.117 6.167%

Utilities 1 1,000 3.000% 100.000 3.000%


EASTERN EUROPE CENTRAL EUROPE MIDDLE EAST AFRICA

USD 0.2bn

USD 0.8bn

USD 1.0bn

USD 2.0bn

USD 3.0bn

USD 2.6bn

USD 7.7bn

USD 4.3bn

USD 18.5bn

USD 19.9bn

USD 27.6bn

1 issue

1 issue

2 issues

3 issues

5 issues

6 issues

11 issues

11 issues

15 issues

23 issues

75 issues

Defence


Consumer: other


Telecoms

Agriculture

Metals & mining

Transport

Sovereign

Energy

Financial services

USD 0.5bn

USD 0.6bn

USD 0.8bn

USD 1.5bn

USD 1.0bn

USD 1.1bn

1 issue

1 issue

1 issue

1 issue

2 issues

4 issues

Transport

Consumer: retail

Telecoms

Sovereign

Energy

Financial services

USD 0.2bn

USD 0.4bn

USD 0.5bn

USD 1.4bn

USD 0.7bn

USD 1.0bn

USD 1.0bn

USD 1.7bn

USD 2.9bn

USD 3.2bn

USD 28.1bn

1 issue

1 issue

1 issue

1 issue

2 issues

2 issues

2 issues

4 issues

5 issues

10 issues

20 issues


Metals & mining

Real estate

Construction

Consumer: other

Media

Transport

Telecoms

Energy

Financial services

Sovereign

USD 0.2bn

USD 1.0bn

USD 2.0bn

USD 1.8bn

USD 2.0bn

USD 2.9bn

USD 8.6bn

USD 6.6bn

USD 12.7bn

1 issue

1 issue

2 issues

2 issues

4 issues

4 issues

11 issues

13 issues

23 issues

Services: other

Utilities


Transport

Real estate

Telecoms

Sovereign

Energy

Financial services

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12


CEEMEA BOND ISSUANCE 1Q13│SECTOR BREAKDOWN


Amount issued

(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield

Agriculture 3 1,025 10.000% 100.000 10.000%


Consumer: other 1 500 5.000% 99.031 5.125%

Consumer: retail 1 405 9.500% 96.500 10.415%

Energy 11 8,593 5.292% 99.881 5.319%


Metals & mining 4 2,267 5.881% 100.000 5.881%

Sovereign 18 20,854 4.054% 100.015 3.999%

Telecoms 6 3,268 5.705% 99.255 6.124%

Transport 5 3,053 4.456% 99.854 4.488%

Utilities 1 1,000 3.000% 100.000 3.000%



USD 0.4bn

USD 0.6bn

USD 0.6bn

USD 1.3bn

1 issue

1 issue

1 issue

2 issues

Consumer: retail

Transport

Sovereign

Financial services

USD 0.3bn

USD 0.4bn

USD 0.3bn

USD 0.7bn

USD 13.0bn

1 issue

1 issue

1 issue

1 issue

10 issues

Financial services

Metals & mining

Telecoms

Energy

Sovereign

USD 1.0bn

USD 1.0bn

USD 1.8bn

USD 2.2bn

USD 3.3bn

USD 4.2bn

1 issue

2 issues

2 issues

3 issues

4 issues

7 issues

Utilities

Telecoms

Transport

Energy

Sovereign

Financial services

1 issue

1 issue

1 issue

2 issues

3 issues

4 issues

5 issues

6 issues

11 issues

18 issues

46 issues

Consumer: retail

Consumer: other

Utilities


Agriculture

Metals & mining

Transport

Telecoms

Energy

Sovereign

Financial services

USD 0.4bn

USD 0.5bn

USD 1.0bn

USD 1.0bn

USD 1.5bn

USD 2.3bn

USD 3.1bn

USD 3.3bn

USD 8.6bn

USD 17.9bn

USD 20.9bn

Consumer: retail

Consumer: other

Utilities

Agriculture


Metals & mining

Transport

Telecoms

Energy

Financial services

Sovereign

USD 0.5bn

USD 0.7bn

USD 1.5bn

USD 1.0bn

USD 1.9bn

USD 2.0bn

USD 4.0bn

USD 5.7bn

USD 12.1bn

1 issue

2 issues

2 issues

3 issues

3 issues

3 issues

3 issues

7 issues

36 issues

Consumer: other

Transport


Agriculture

Metals & mining

Telecoms

Sovereign

Energy

Financial services

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13




Amount issued

(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield

Agriculture 3 1,550 8.317% 99.612 8.417%

Chemicals & materials 2 700 6.063% 99.633 6.124%

Consumer: other 2 665 9.000% - -

Energy 15 12,116 5.504% 99.677 5.447%


Industrial products & services 1 750 3.500% 99.582 3.568%

Metals & mining 8 5,762 4.340% 99.735 4.633%

Real estate 2 972 6.250% 99.733 6.313%

Sovereign 14 13,753 5.070% 99.473 5.139%

Telecoms 3 1,650 4.667% 99.572 4.739%

Transport 7 2,784 7.732% 100.409 7.642%



USD 0.5bn

USD 0.5bn

USD 0.8bn

USD 2.8bn

USD 1.6bn

USD 2.8bn

USD 4.8bn

USD 8.7bn

USD 5.8bn

1 issue

1 issues

1 issues

2 issues

3 issues

7 issues

7 issues

9 issues

16 issues

Telecoms



Sovereign

Agriculture

Transport

Metals & mining

Energy

Financial services

USD 0.5bn

USD 1.0bn

USD 3.9bn

USD 1.9bn

1 issue

1 issue

4 issues

5 issues

Telecoms

Metals & mining

Sovereign

Financial services

USD 0.2bn

USD 0.5bn

USD 0.5bn

USD 0.7bn

USD 1.4bn

USD 5.1bn

1 issue

1 issue

2 issues

2 issues

2 issues

4 issues


Real estate

Financial services

Consumer: other

Energy

Sovereign

1 issue

2 issues

2 issues

2 issues

3 issues

3 issues

7 issues

8 issues

14 issues

15 issues

33 issues



Real estate

Consumer: other

Agriculture

Telecoms

Transport

Metals & mining

Sovereign

Energy

Financial services

USD 0.7bn

USD 0.7bn

USD 0.8bn

USD 1.0bn

USD 1.6bn

USD 1.7bn

USD 2.8bn

USD 5.8bn

USD 12.1bn

USD 13.2bn

USD 13.8bn

Consumer: other



Real estate

Agriculture

Telecoms

Transport

Metals & mining

Energy

Financial services

Sovereign

USD 0.7bn

USD 0.5bn

USD 2.0bn

USD 2.1bn

USD 5.0bn

1 issue

1 issue

4 issues

4 issues

10 issues

Telecoms

Real estate

Energy

Sovereign

Financial services

<< BACK TO CONTENTS

14




Amount issued

(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield


Consumer: other 1 500 4.750% 99.285 4.913%

Energy 7 4,519 5.988% 100.176 5.908%


Media 4 1,964 7.594% 100.250 8.125%

Metals & mining 1 1,250 8.500% 100.000 8.500%

Sovereign 13 15,930 5.154% 98.831 5.445%

Transport 3 1,420 4.458% 99.953 4.467%



USD 0.5bn

USD 0.5bn

USD 2.4bn

USD 2.3bn

USD 7.7bn

1 issue

1 issue

3 issues

5 issues

6 issues

Consumer: other

Transport

Energy

Financial services

Sovereign

USD 1.0bn

USD 1.3bn

USD 1.0bn

USD 1.3bn

USD 4.8bn

1 issue

1 issue

2 issues

2 issues

5 issues

Energy

Metals & mining

Media

Financial services

Sovereign

USD 2.0bn

USD 1.0bn

USD 1.0bn

USD 1.1bn

1 issue

2 issues

2 issues

5 issues

Sovereign

Media

Transport

Financial services

1 issue

1 issue

1 issue

3 issues

4 issues

7 issues

12 issues

13 issues

Consumer: other


Metals & mining

Transport

Media

Energy

Financial services

Sovereign

1 issue

1 issue

1 issue

USD 1.4bn

USD 2.0bn

USD 4.5bn

USD 4.7bn

USD 15.9bn

Consumer: other


Metals & mining

Transport

Media

Energy

Financial services

Sovereign

USD 1.0bn

USD 1.5bn

USD 1.1bn

1 issue

1 issue

3 issues


Sovereign

Energy

<< BACK TO CONTENTS

15




Amount issued

(USDm)

Average coupon

Average re-offer

price

Average re-offer

yield


Construction 1 1,356 4.781% 100.000 4.781%

Consumer: retail 1 573 13.375% 100.000 13.375%

Defence 1 200 4.550% 100.000 4.550%

Energy 11 6,150 5.670% 99.823 5.309%


Metals & mining 1 1,000 5.550% 100.000 5.550%

Real estate 3 1,550 5.741% 99.774 5.824%

Services: other 1 200 12.000% 100.000 12.000%

Sovereign 12 15,395 4.514% 99.762 4.535%

Telecoms 6 4,057 6.444% 100.000 6.333%

Transport 2 791 7.750% 100.000 7.750%



USD 0.2bn

USD 0.3bn

USD 0.5bn

USD 1.0bn

USD 3.0bn

USD 4.0bn

USD 7.4bn

1 issue

1 issue

1 issue

1 issue

4 issues

4 issues

18 issues

Defence

Transport

Telecoms

Metals & mining

Energy

Sovereign

Financial services

USD 0.5bn

USD 0.6bn

USD 0.8bn

USD 1.5bn

USD 1.0bn

USD 1.1bn

1 issue

1 issue

1 issue

1 issue

2 issues

4 issues

Transport

Consumer: retail

Telecoms

Sovereign

Energy

Financial services

USD 1.4bn

USD 0.9bn

USD 1.4bn

USD 1.5bn

USD 8.1bn

1 issue

2 issues

2 issues

3 issues

5 issues

Construction

Energy

Financial services

Telecoms

Sovereign

1 issue

1 issue

1 issue

1 issue

1 issue

1 issue

2 issue

3 issues

6 issues

11 issues

12 issues

30 issues


Construction

Consumer: retail

Defence

Metals & mining

Services: other

Transport

Real estate

Telecoms

Energy

Sovereign

Financial services

USD 0.2bn

USD 0.2bn

USD 0.6bn

USD 0.8bn

USD 1.0bn

USD 1.0bn

USD 1.4bn

USD 1.6bn

USD 4.1bn

USD 6.2bn

USD 13.4bn

USD 15.4bn

Defence

Services: other

Consumer: retail

Transport

Metals & mining


Construction

Real estate

Telecoms

Energy

Financial services

Sovereign

USD 0.2bn

USD 1.0bn

USD 1.3bn

USD 1.8bn

USD 1.3bn

USD 1.6bn

USD 3.5bn

1 issue

1 issue

1 issue

2 issues

3 issues

3 issues

6 issues

Services: other


Telecoms

Sovereign

Energy

Real estate

Financial services

<< BACK TO CONTENTS

16

Page 17 — Top sovereign deals by size Page 18 — Top financial institution deals by size Page 19 — Top corporate deals by size Page 20 — Issuer breakdown by quarter (amount/no. of deals) Page 21 — Issuer breakdown by month (amount) Page 22 — Issuer breakdown by month (no. of deals)

ISSUER ANALYSIS

CEEMEA BOND ISSUANCE << BACK TO CONTENTS

17

CEEMEA BOND ISSUANCE FY13│TOP SOVEREIGN DEALS BY SIZE

No. Issuer Date priced Size (m) Size

(USDm) Coupon Re-offer price

Re-offer yield Maturity Lead arrangers/book runners Country S&P/Moody’s/Fitch

1 Russia 09-Sep USD 3,000 3,000 4.875% 98.162 5.112% 16-Sep-23 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital

Russia BBB Baa1 BBB

2 Egypt 28-May USD 2,700 2,700 4.250% 100.000 4.250% 28-Nov-14 HSBC, Qatar National Bank Egypt B- B3 B

3 Hungary 18-Nov EUR 2,000 2,699 5.750% 98.657 5.930% 22-Nov-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary BB Ba1 BB+

4 Slovenia 02-May USD 2,500 2,500 5.850% 98.884 6.000% 10-May-23 BNP Paribas, Deutsche Bank, JPMorgan Slovenia A- Ba1 A-

5 Slovakia 20-Feb EUR 1,750 2,337 3.000% 100.000 3.000% 28-Feb-23 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena Slovakia NR A2 A

6 Slovenia 15-Nov EUR 1,500 2,019 4.700% 99.604 - 01-Nov-16 JPMorgan Slovenia A- NR BBB+

7 Hungary 12-Feb USD 2,000 2,000 5.375% 99.564 5.432% 21-Feb-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary BB Ba1 BB+

7 South Africa 09-Sep USD 2,000 2,000 5.875% 98.422 6.062% 16-Sep-25 Deutsche Bank, Rand Merchant Bank, Standard Bank South Africa BBB Baa1 BBB

8 Romania 12-Sep EUR 1,500 1,991 4.625% 99.160 4.769% 18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale Romania BB+ Baa3 BBB-

9 Slovakia 08-Feb EUR 1,500 1,959 3.875% - - 08-Feb-33 HSBC Slovakia NR A2 A

10 Croatia 19-Nov USD 1,750 1,750 6.000% 98.488 6.200% 26-Jan-24 Barclays, BNP Paribas, Deutsche Bank, JPMorgan Croatia BB+ Ba1 BB+

<< BACK TO CONTENTS

18

CEEMEA BOND ISSUANCE FY13│TOP FINANCIAL INSTITUTION DEALS BY SIZE



Re-offer yield Maturity Lead arrangers/book runners Country S&P/Moody’s/Fitch

1 Gazprombank 23-Oct EUR 1,000 1,371 3.984% 100.000 3.984% 30-Oct-18 Citigroup, Credit Agricole, Deutsche Bank, Gazprombank Romania BBB- Baa3 BBB-

2 Vnesheconombank (VEB) 14-Feb EUR 1,000 1,346 3.035% 100.000 3.035% 21-Feb-18 Barclays, Commerzbank, ING, Societe Generale Russia BBB Baa1 BBB

3 Vnesheconombank (VEB) 18-Nov USD 1,150 1,150 5.942% 100.000 5.942% 21-Nov-23 Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Russia BBB NR BBB

4= African Development Bank 16-Jan USD 1,000 1,000 0.875% 99.655 0.955% 15-Mar-18 BNP Paribas, Deutsche Bank, JPMorgan, Nomura Supra-national AAA Aaa AAA

Dubai Islamic Bank 13-Mar USD 1,000 1,000 6.25%, variable 100.000 6.250% Perpetual Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi,

Standard Chartered UAE NR NR NR

Qatar National Bank 22-Apr USD 1,000 1,000 2.875% 99.216 3.000% 29-Apr-20 Deutsche Bank, HSBC, JPMorgan, Mitsubishi UFJ Securities, QNB Capital, Standard Chartered Qatar A+ Aa3 A+

Sberbank 16-May USD 1,000 1,000 5.250% 100.000 5.250% 23-May-23 BNP Paribas, JPMorgan, Sberbank, UBS Russia NR NR BBB-

Emirates NBD 22-May USD 1,000 1,000 5.75%, variable 100.000 5.750% Perpetual BofA-Merrill Lynch, Deutsche Bank, HSBC, ING, Morgan Stanley,

Emirates NBD Capital UAE NR NR NR

Islamic Development Bank 29-May USD 1,000 1,000 1.535% 100.000 1.535% 04-Jun-18 Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital, Royal Bank of Scotland, Standard Chartered

Saudi Arabia NR NR NR

African Development Bank 25-Sep USD 1,000 1,000 1.625% 99.933 1.639% 02-Oct-18 Citigroup, Goldman Sachs, HSBC, Toronto Dominion Supra-national NR NR NR

5 Vnesheconombank (VEB) 18-Nov USD 850 850 4.224% 100.000 4.224% 21-Nov-18 Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Russia BBB NR BBB

6 Sberbank 24-Jan RUB 25,000 827 7.000% 100.000 7.000% 31-Jan-16 Barclays, Sberbank Russia NR A3 BBB

7 Russian Agricultural Bank (RSHB) 18-Jul USD 800 800 5.100% 100.000 5.100% 25-Jul-18 JPMorgan, Royal Bank of Scotland, VTB Capital Russia NR Baa3 BBB

8= Turkiye Halk Bankasi 29-Jan USD 750 750 3.875% 98.901 4.057% 05-Feb-20 Commerzbank, Goldman Sachs, JPMorgan, Standard Chartered Turkey NR Baa2 BBB-

Abu Dhabi Commercial Bank (ADCB) 26-Feb

USD 750 750 2.500% 99.636 2.578% 06-Mar-18 Abu Dhabi Commercial Bank, Barclays, ING, JPMorgan, National Bank of Abu Dhabi, Royal Bank of Scotland UAE

A NR A+

USD 750 750 4.500% 99.127 4.610% 06-Mar-23 A- NR A

Emirates NBD 25-Mar USD 750 750 4.875%, variable 100.000 4.875% 28-Mar-23 Citigroup, Emirates NBD, HSBC, JPMorgan, National Bank of Abu Dhabi,

Societe Generale UAE NR NR A

Gazprombank 24-Sep USD 750 750 7.496%, variable 100.000 7.496% 28-Dec-23 Barclays, BNP Paribas, BOC International, Gazprombank, Goldman Sachs,

Societe Generale Russia BBB- Baa3 BBB-

Hungarian Development Bank 11-Oct USD 750 750 6.250% 99.481 6.343% 21-Oct-20 Citigroup, Deutsche Bank, JPMorgan Hungary NR Ba1 BB+

Qatar National Bank 23-Oct

USD 750 750 Libor +1.25% 100.000 - 31-Oct-16

HSBC, JPMorgan, QNB Capital, Royal Bank of Scotland, Standard Chartered

A+ Aa3 A+ Qatar

USD 750 750 2.750% 99.459 2.867% 31-Oct-18 A+ Aa3 A+

9 OTP Mortgage Bank 17-Oct EUR 500 676 Euribor +1.9% 100.000 - 25-Oct-16 BNP Paribas Hungary NR Baa3 NR

10 Vnesheconombank (VEB) 14-Feb EUR 500 673 4.032% 100.000 4.032% 21-Feb-23 Barclays, Commerzbank, ING, Societe Generale Russia BBB Baa1 BBB

<< BACK TO CONTENTS

19

CEEMEA BOND ISSUANCE FY13│TOP CORPORATE DEALS BY SIZE



Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch

1 KazMunayGas NC 24-Apr USD 2,000 2,000 5.750% 99.293 5.800% 30-Apr-43 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital

Kazakhstan Energy BBB- Baa3 BBB-

2= Lukoil 17-Apr

USD 1,500 1,500 3.416% 100.000 3.416% 24-Apr-18 BNP Paribas, Citigroup Russia Energy

BBB Baa2 BBB-

USD 1,500 1,500 4.563% 100.000 4.563% 24-Apr-23 BBB Baa2 BBB-

Gazprom Neft 20-Nov USD 1,500 1,500 6.000% 100.000 6.000% 27-Nov-23 BofA-Merrill Lynch, Credit Agricole, Gazprombank, JPMorgan

Russia Energy BBB- Baa3 BBB

3 GRANVIA (R1 Expressway) 22-Nov EUR 1,243 1,356 4.781% 100.000 4.781% 30-Sep-39 Deutsche Bank, Natixis Slovakia Construction BBB+ NR NR

4 Russian Railways (RZD) 12-Apr EUR 1,000 1,309 3.374% 100.000 3.374% 20-May-21 Natixis, Royal Bank of Scotland, Societe Generale, VTB Capital

Russia Transport BBB Baa1 BBB

5 Gazprom 13-Mar EUR 1,000 1,303 3.389% 100.000 3.389% 20-Mar-20 Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB

6= AngloGold Ashanti 25-Jul USD 1,250 1,250 8.500% 100.000 8.500% 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa Metals & mining

BB+ Baa3 NR

Ooredoo (formerly: Qatar Telecom)

26-Nov USD 1,250 1,250 3.039% 100.000 3.039% 03-Dec-18 DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital

Qatar Telecoms A A2 A+

7 Gazprom 17-Jul EUR 900 1,179 3.700% 100.000 3.700% 25-Jul-18 BofA-Merrill Lynch, Deutsche Bank, Gazprombank, JPMorgan

Russia Energy BBB Baa1 BBB

8 Saudi Basic Industries Corporation (SABIC)

13-Nov EUR 750 1,006 2.750% 99.280 2.865% 20-Nov-20 Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities, Standard Chartered

Saudi Arabia Chemicals & materials

A+ NR A+

9= Sibur Holding 24-Jan USD 1,000 1,000 3.914% 100.000 3.914% 31-Jan-18 Citigroup, Credit Suisse, Gazprombank, JPMorgan, Royal Bank of Scotland, Sberbank

Russia Chemicals & materials

NR Ba1 BB+

VimpelCom 06-Feb USD 1,000 1,000 5.950% 100.000 5.950% 13-Feb-23 Barclays, Citigroup, ING, Royal Bank of Scotland Russia Telecoms BB Ba3 NR

Dubai Electricity & Water Authority (DEWA)

28-Feb USD 1,000 1,000 3.000% 100.000 3.000% 05-Mar-18 Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Royal Bank of Scotland, Standard Chartered

UAE Utilities NR NR NR

State Oil Company of Azerbaijan (SOCAR)

06-Mar USD 1,000 1,000 4.750% 100.000 4.750% 13-Mar-23 Deutsche Bank Azerbaijan Energy BB+ Ba1 BBB-

Emirates Airline 12-Mar USD 1,000 1,000 3.875% 99.331 4.024% 19-Mar-23 Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Standard Chartered Bank

UAE Transport NR NR NR

Saudi Electricity Company 26-Mar

USD 1,000 1,000 3.473% 100.000 3.473% 08-Apr-23 Saudi Arabia Energy

AA- A1 AA- Deutsche Bank, HSBC

USD 1,000 1,000 5.060% 100.000 5.060% 08-Apr-43 AA- A1 AA-

Metalloinvest 10-Apr USD 1,000 1,000 5.625% 100.000 5.625% 17-Apr-20 Credit Agricole, Credit Suisse, Deutsche Bank, Sberbank, Societe Generale, VTB Capital

Russia Metals & mining

BB- Ba2 BB-

Evraz Group 12-Apr USD 1,000 1,000 6.500% 100.000 6.500% 22-Apr-20 ING, JPMorgan, UBS Russia Metals & mining

B+ NR BB-

KazMunayGas NC 24-Apr USD 1,000 1,000 4.400% 99.600 4.450% 30-Apr-23 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital

Kazakhstan Energy BBB- Baa3 BBB-

KazAgro 17-May USD 1,000 1,000 4.625% 100.000 4.625% 24-May-23 HSBC, JPMorgan Kazakhstan Agriculture BBB+ NR BBB

Eskom 30-Jul USD 1,000 1,000 6.750% 99.107 6.875% 06-Aug-23 Barclays, Citigroup South Africa Energy BBB Baa3 NR

Saudi Basic Industries Corporation (SABIC)

26-Sep USD 1,000 1,000 2.625% 100.000 2.625% 03-Oct-18 Citigroup, HSBC, Mizuho, Royal Bank of Scotland Saudi Arabia Chemicals & materials

A+ A1 A+

Norilsk Nickel 18-Oct USD 1,000 1,000 5.550% 100.000 5.550% 28-Oct-20 Barclays, BofA-Merrill Lynch, Citigroup, Sberbank, Societe Generale


BBB- Baa2 BB+

10 Gazprom Neft 18-Apr EUR 750 985 2.933% 100.000 2.933% 26-Apr-18 BNP Paribas, Credit Agricole, Gazprombank, JPMorgan

Russia Energy BBB- Baa3 NR

<< BACK TO CONTENTS

20

QUARTERLY by amount (in USDbn) vs FY11-12

CEEMEA BOND ISSUANCE FY13│ISSUER BREAKDOWN BY TYPE

QUARTERLY by number of issues vs FY11-12

2214

5 918 12

20

38 3543

1728

1322

6

12

1820

35

44 45 33

12

3015 19

4

11

1915

14

17 1814

13

1250

55

15

32

5547

69

99 9890

42

70

0

20

40

60

80

100

120

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Sovereigns Financial institutions CorporatesNo. of issues

14.87.5

1.87.2 10.4

4.711.0

20.1 21.826.9

10.716.9

5.510.5

2.7

4.6

9.811.8

15.3

24.9 17.713.2

4.7

13.4

19.316.0

2.5

11.5

24.1

11.1

16.3

18.120.9

13.8

15.9

15.4

39.6

34.0

7.1

23.2

44.3

27.6

42.6

63.160.4

53.9

31.2

45.7

0

20

40

60

80

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Sovereigns Financial institutions Corporatesin USDbn

<< BACK TO CONTENTS

21

MONTHLY by amount (in USDbn) vs FY12


1.9 3.25.4

1.4 0.82.6

6.1

0.3

4.6 4.75.9

9.4

5.8 5.4

10.6

19.3

5.9

1.8

6.2

0.5

4.06.3

10.1

0.5

3.5

3.6

2.7

4.6

1.8

5.5

7.0

3.7

4.6

12.610.1

2.37.2

6.6

3.9

6.4

6.1

0.8

1.3

0.2

3.1

7.9

5.1

0.4

10.7

4.9

8.4

4.2

1.9

5.0

7.2

2.1

7.0

7.4

6.9

3.8

8.6 10.2

2.1

5.3

8.2

0.3

4.3

11.7

4.6

9.2

1.6

16.1

11.7

16.5

10.1

4.5

13.1

20.4

6.0

16.2

24.7

22.9

15.4

21.522.2

16.6

30.9

20.2

2.8

11.8

0.6

18.8 18.8

24.4

2.5

0

5

10

15

20

25

30

35

Sovereigns Financial institutions Corporatesin USDbn

<< BACK TO CONTENTS

22

MONTHLY by number of issues vs FY12


4 68

3 2

7 84

810 10

18

10 9

16

25

14

4

9

1

7

11

15

2

5

8 5

8

4

8

19

7

9

21

17

6

1520

10

15

14

4

4

1

7

16

13

1

8

4 7

6

3

6

4

3

7

49

4

8

7

3

7

6

1

5

8

55

2

1718

20

17

9

21

31

14

24

3536

28

33

36

29

47

34

9

18

2

22

3233

5

0

5

10

15

20

25

30

35

40

45

50

Sovereigns Financial institutions CorporatesNo.of issues

<< BACK TO CONTENTS

23


MAJOR ISSUES BY SIZE/YIELD

Page 24 — FY13 by amount, by sub-region Page 25 — 1Q13 by amount, by sub-region Page 26 — 2Q13 by amount, by sub-region Page 27 — 3Q13 by amount, by sub-region Page 28 — 4Q13 by amount, by sub-region Page 29 — FY13 by re-offer yield, by sub-region Page 30 — 1Q13 by re-offer yield, by sub-region Page 31 — 2Q13 by re-offer yield, by sub-region Page 32 — 3Q13 by re-offer yield, by sub-region Page 33 — 4Q13 by re-offer yield, by sub-region

<< BACK TO CONTENTS

24

CENTRAL EUROPE

CEEMEA BOND ISSUANCE FY13│MAJOR ISSUES BY SIZE

Issuer Date priced Size (m) Size



Hungary (Govt of) 18-Nov EUR 2,000 2,699 5.750% 98.657 5.930% 22-Nov-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Ba1 BB+

Slovenia (Govt of) 02-May USD 2,500 2,500 5.850% 98.884 6.000% 10-May-23 BNP Paribas, Deutsche Bank, JPMorgan Slovenia Sovereign A- Ba1 A-

Slovakia (Govt of) 20-Feb EUR 1,750 2,337 3.000% 100.000 3.000% 28-Feb-23 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena Slovakia Sovereign NR A2 A

Slovenia (Govt of) 15-Nov EUR 1,500 2,019 4.700% 99.604 - 01-Nov-16 JPMorgan Slovenia Sovereign A- NR BBB+

Hungary (Govt of) 12-Feb USD 2,000 2,000 5.375% 99.564 5.432% 21-Feb-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Ba1 BB+




Russia (Govt of) 09-Sep USD 3,000 3,000 4.875% 98.162 5.112% 16-Sep-23 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Russia Sovereign BBB Baa1 BBB

KazMunayGas NC 24-Apr USD 2,000 2,000 5.750% 99.293 5.800% 30-Apr-43 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital Kazakhstan Energy BBB- Baa3 BBB-

Turkey (Govt of) 05-Nov EUR 1,250 1,687 4.350% 99.339 4.450% 12-Nov-21 Barclays, Credit Suisse, Deutsche Bank Turkey Sovereign BB+ Baa3 BBB-




Bahrain (Govt of) 24-Jul USD 1,500 1,500 6.125% 99.447 6.200% 01-Aug-23 BNP Paribas, Citigroup, Gulf International Bank, JPMorgan Bahrain Sovereign NR Baa1 BBB

Jordan (Govt of) 29-Oct USD 1,250 1,250 2.503% 100.000 2.503% 30-Oct-20 Citigroup, HSBC, JPMorgan Jordan Sovereign NR NR NR

Ooredoo (formerly: Qatar Telecom) 26-Nov USD 1,250 1,250 3.039% 100.000 3.039% 03-Dec-18 DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital Qatar Telecoms A A2 A+

Saudi Basic Industries Corporation (SABIC) 13-Nov EUR 750 1,006 2.750% 99.280 2.865% 20-Nov-20 Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities,

Standard Chartered Saudi Arabia Chemicals & materials A+ NR A+




Egypt (Govt of) 28-May USD 2,700 2,700 4.250% 100.000 4.250% 28-Nov-14 HSBC, Qatar National Bank Egypt Sovereign B- B3 B

South Africa (Govt of) 09-Sep USD 2,000 2,000 5.875% 98.422 6.062% 16-Sep-25 Deutsche Bank, Rand Merchant Bank, Standard Bank South Africa Sovereign BBB Baa1 BBB

Gabon (Govt of) 05-Dec USD 1,500 1,500 6.375% 100.000 6.375% 12-Dec-24 Citigroup, Deutsche Bank, Standard Chartered Gabon Sovereign BB- NR BB-

AngloGold Ashanti 25-Jul USD 1,250 1,250 8.500% 100.000 8.500% 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa Metals & mining BB+ Baa3 NR

EASTERN EUROPE

MIDDLE EAST

AFRICA

<< BACK TO CONTENTS

25

CENTRAL EUROPE

CEEMEA BOND ISSUANCE 1Q13│MAJOR ISSUES BY SIZE




Slovakia (Govt of) 20-Feb EUR 1,750 2,337 3.000% 100.000 3.000% 28-Feb-23 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena Slovakia Sovereign NR A2 A


Slovakia (Govt of) 08-Feb EUR 1,500 1,959 3.875% - - 08-Feb-33 HSBC Slovakia Sovereign NR A2 A

Romania (Govt of) 14-Feb USD 1,500 1,500 4.375% 98.963 4.500% 22-Aug-23 Barclays, BNP Paribas, Citigroup, HSBC Romania Sovereign BB+ Baa3 BBB-

Croatia (Govt of) 26-Mar USD 1,500 1,500 5.500% 99.054 5.625% 04-Apr-23 BofA-Merrill Lynch, Deutsche Bank, Goldman Sachs, JPMorgan Croatia Sovereign BB+ NR BBB-




Turkey (Govt of) 08-Jan USD 1,500 1,500 3.250% 98.093 3.473% 23-Mar-23 BNP Paribas, Deutsche Bank, Goldman Sachs Turkey Sovereign BB Ba1 BBB-

Serbia (Govt of) 14-Feb USD 1,500 1,500 4.875% 98.401 5.150% 25-Feb-20 Barclays, Deutsche Bank, JPMorgan Serbia Sovereign BB- NR BB-

Vnesheconombank (VEB) 14-Feb EUR 1,000 1,346 3.035% 100.000 3.035% 21-Feb-18 Barclays, Commerzbank, ING, Societe Generale Russia Financial services BBB Baa1 BBB

Gazprom 13-Mar EUR 1,000 1,303 3.389% 100.000 3.389% 20-Mar-20 Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB




Israel (Govt of) 28-Jan USD 1,000 1,000 3.150% 99.448 3.213% 15-Mar-18

Barclays, Citigroup, Goldman Sachs Israel Sovereign A+ A1 A

28-Jan USD 1,000 1,000 4.500% 98.574 4.588% 30-Jan-43 A+ A1 A Dubai Electricity & Water Authority (DEWA) 28-Feb USD 1,000 1,000 3.000% 100.000 3.000% 05-Mar-18

Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Royal Bank of Scotland, Standard Chartered UAE Utilities NR NR NR

Emirates Airline 12-Mar USD 1,000 1,000 3.875% 99.331 4.024% 19-Mar-23 Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Standard Chartered Bank UAE Transport NR NR NR

Dubai Islamic Bank 13-Mar USD 1,000 1,000 6.25%,

variable 100.000 6.250% perpetual

Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered UAE

Financial services NR NR NR

26-Mar USD 1,000 1,000 3.473% 100.000 3.473% 08-Apr-23 Deutsche Bank, HSBC Saudi Arabia Energy

AA- A1 AA- Saudi Electricity Company

26-Mar USD 1,000 1,000 5.060% 100.000 5.060% 08-Apr-43 AA- A1 AA-




African Development Bank 16-Jan USD 1,000 1,000 0.875% 99.655 0.955% 15-Mar-18 BNP Paribas, Deutsche Bank, JPMorgan, Nomura Supra-national

Financial services AAA Aaa AAA

Tanzania (Govt of) 27-Feb USD 600 600 Libor 100.000 - 08-Mar-20 Standard Bank Tanzania Sovereign NR NR NR

Sea Trucks Group 15-Mar USD 575 575 9.000% 100.000 9.000% 26-Mar-18 Pareto Securities Nigeria Transport NR NR NR

Edcon Holdings 08-Feb EUR 300 405 9.500% 96.500 10.415% 01-Mar-18 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan Morgan Stanley South Africa

Consumer: retail B B3 NR

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26

CENTRAL EUROPE





Slovenia (Govt of) 02-May USD 2,500 2,500 5.850% 98.884 6.000% 10-May-23 BNP Paribas, Deutsche Bank, JPMorgan Slovenia Sovereign A- Ba1 A-

Slovakia (Govt of) 23-May EUR 1,000 1,291 1.500% 99.522 1.592% 28-Nov-18 Tatra Banka, CSOB, Vseobecna Uverova Banka Slovakia Sovereign A A2 A+ Slovenia (Govt of) 02-May USD 1,000 1,000 4.750% 99.124 4.950% 10-May-18 BNP Paribas, Deutsche Bank, JPMorgan Slovenia Sovereign A- Ba1 A-

EP Energy 11-Apr EUR 600 785 4.375% 100.000 4.375% 01-May-18 JPMorgan, Societe Generale, Royal Bank of Scotland, UniCredit Czech Republic Energy NR NR BBB-

CEZ 28-May EUR 500 647 3.000% 98.815 3.100% 05-Jun-28 Commerzbank, Deutsche Bank, Erste Group, ING, Royal Bank of Scotland

Czech Republic Energy NR A2 A-




KazMunayGas NC 24-Apr USD 2,000 2,000 5.750% 99.293 5.800% 30-Apr-43 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital Kazakhstan Energy BBB- Baa3 BBB-

Turkey (Govt of) 09-Apr USD 1,500 1,500 4.875% 98.834 4.950% 16-Apr-43 Citigroup, Credit Suisse, JPMorgan Turkey Sovereign BB Ba1 BBB-

Lukoil 17-Apr USD 1,500 1,500 3.416% 100.000 3.416% 24-Apr-18

BNP Paribas, Citigroup Russia BBB Baa2 BBB-

Energy 17-Apr USD 1,500 1,500 4.563% 100.000 4.563% 24-Apr-23 BBB Baa2 BBB-

Russian Railways (RZD) 12-Apr EUR 1,000 1,309 3.374% 100.000 3.374% 20-May-21 Natixis, Royal Bank of Scotland, Societe Generale, VTB Capital Russia Transport BBB Baa1 BBB




Qatar National Bank 22-Apr USD 1,000 1,000 2.875% 99.216 3.000% 29-Apr-20 Deutsche Bank, HSBC, JPMorgan, Mitsubishi UFJ Securities, QNB Capital, Standard Chartered Qatar Financial

services A+ Aa3 A+

Emirates NBD 22-May USD 1,000 1,000 5.75%, variable 100.000 5.750% Perpetual BofA-Merrill Lynch, Deutsche Bank, HSBC, ING, Morgan Stanley,

Emirates NBD Capital UAE Financial services NR NR NR

Islamic Development Bank 29-May USD 1,000 1,000 1.535% 100.000 1.535% 04-Jun-18 Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital, Royal Bank of Scotland, Standard Chartered Saudi Arabia Financial

services NR NR NR

Bahrain Telecommunica-tions Company (Batelco) 29-Apr USD 650 650 4.250% 99.450 4.342% 01-May-20 BNP Paribas, Citigroup Bahrain Telecoms BBB- NR BBB-

Lebanon (Govt of) 23-Apr USD 600 600 4.500% 100.000 4.500% 22-Apr-16 Deutsche Bank Lebanon Sovereign NR NR NR

Israel Electric Corporation 18-Jun USD 600 600 5.625% 100.000 5.625% 21-Jun-18 Barclays, Citigroup Israel Energy BB+ Baa3 NR




Anglo American 22-Apr EUR 750 979 2.500% 99.379 2.587% 29-Apr-21 BBVA, BNP Paribas, Credit Agricole, Lloyds Banking Group, Santander Other Metals &

mining BBB Baa1 NR

African Development Bank 25-Apr USD 500 500 0.875% 100.120 - 15-Mar-18 Deutsche Bank, TD Securities Supra-national

Financial services AAA Aaa AAA

Millicom International Cellular 17-May USD 500 500 4.750% 99.266 4.875% 22-May-20 BNP Paribas, JPMorgan, Standard Bank Other Telecoms NR Ba2 BB+

Morocco (Govt of) 22-May USD 500 500 4.250% 100.263 4.216% 11-Dec-22 Barclays, BNP Paribas, Citigroup, Natixis Morocco Sovereign BBB- Ba1 BBB-

African Export-Import Bank 28-May USD 500 500 3.875% 99.282 4.035% 04-Jun-18 HSBC, Commerzbank, Mitsubishi UFJ Securities, Standard Bank Supra-national

Financial services BBB- Baa2 BBB-

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27

CENTRAL EUROPE





Romania (Govt of) 12-Sep EUR 1,500 1,991 4.625% 99.160 4.769% 18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale Romania Sovereign BB+ Baa3 BBB-

Eustream 11-Jul EUR 500 641 3.750% 99.390 3.851% 18-Jul-20 Citigroup, ING, JPMorgan, KBC, Slovenska Sporitelna Slovakia Transport A- Baa1 NR

TVN (Polish Television Holding group) 06-Sep EUR 430 566 7.375% 100.000 7.375% 15-Dec-20 JPMorgan, Deutsche Bank, Nomura, BNP Paribas Poland Media B+ B1 NR

Hungarian Export-Import Bank (Eximbank) 24-Sep EUR 380 514 2.125% 99.410 2.255% 13-Feb-19 Deutsche Bank, HSBC, Jefferies Hungary Financial

services NR NR AAA




09-Sep

USD 3,000 3,000 4.875% 98.162 5.112% 16-Sep-23 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Russia Sovereign

BBB Baa1 BBB

Russia (Govt of) USD 1,500 1,500 3.500% 99.195 3.664% 16-Jan-19 BBB Baa1 BBB

USD 1,500 1,500 5.875% 97.187 6.080% 16-Sep-43 BBB Baa1 BBB

Gazprom 17-Jul EUR 900 1,179 3.700% 100.000 3.700% 25-Jul-18 BofA-Merrill Lynch, Deutsche Bank, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB

Russia (Govt of) 09-Sep EUR 725 955 3.625% 99.533 3.702% 16-Sep-20 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Russia Sovereign BBB Baa1 BBB





Saudi Basic Industries Corporation (SABIC) 26-Sep USD 1,000 1,000 2.625% 100.000 2.625% 03-Oct-18 Citigroup, HSBC, Mizuho, Royal Bank of Scotland Saudi Arabia Chemicals &

materials A+ A1 A+

Ruwais Power Company (Shuweihat 2) 25-Jul USD 825 825 6.000% 100.000 6.000% 06-Aug-36 BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ Securities,

National Bank of Abu Dhabi, Standard Chartered UAE Energy A- A3 NR

02-Jul USD 150 150 5.625% 101.750 - 21-Jun-18

Barclays, Citigroup Israel Energy BB+ Baa3 NR

Israel Electric Corporation USD 150 150 6.875% 100.375 - 21-Jun-23 BB+ Baa3 NR




South Africa (Govt of) 09-Sep USD 2,000 2,000 5.875% 98.422 6.062% 16-Sep-25 Deutsche Bank, Rand Merchant Bank, Standard Bank South Africa Sovereign BBB Baa1 BBB


Egypt (Govt of) 01-Jul USD 1,000 1,000 3.500% 100.000 3.500% 01-Jul-16 HSBC, Qatar National Bank Egypt Sovereign B- B3 B


African Development Bank 25-Sep USD 1,000 1,000 1.625% 99.933 1.639% 02-Oct-18 Citigroup, Goldman Sachs, HSBC, Toronto Dominion Supra-national

Financial services NR NR NR

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28

CENTRAL EUROPE





Hungary (Govt of) 18-Nov EUR 2,000 2,699 5.750% 98.657 5.930% 22-Nov-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Ba1 BB+

Slovenia (Govt of) 15-Nov EUR 1,500 2,019 4.700% 99.604 - 01-Nov-16 JPMorgan Slovenia Sovereign A- NR BBB+

Croatia (Govt of) 19-Nov USD 1,750 1,750 6.000% 98.488 6.200% 26-Jan-24 Barclays, BNP Paribas, Deutsche Bank, JPMorgan Croatia Sovereign BB+ Ba1 BB+

GRANVIA (R1 Expressway) 22-Nov EUR 1,242.7 1,356 4.781% 100.000 4.781% 30-Sep-39 Deutsche Bank, Natixis Slovakia Construction BBB+ NR NR

Hungary (Govt of) 06-Dec EUR 903.8 1,230 3.375% - - 02-Apr-19 Deutsche Bank, UniCredit Bank Hungary Sovereign BB Ba1 NR




Turkey (Govt of) 05-Nov EUR 1,250 1,687 4.350% 99.339 4.450% 12-Nov-21 Barclays, Credit Suisse, Deutsche Bank Turkey Sovereign BB+ Baa3 BBB-

Gazprom Neft 20-Nov USD 1,500 1,500 6.000% 100.000 6.000% 27-Nov-23 BofA-Merrill Lynch, Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB- Baa3 BBB

Gazprombank 23-Oct EUR 1,000 1,371 3.984% 100.000 3.984% 30-Oct-18 Citigroup, Credit Agricole, Deutsche Bank, Gazprombank Romania Financial services BBB- Baa3 BBB-

Turkey (Govt of) 03-Oct USD 1,250 1,250 4.557% 100.000 4.557% 10-Oct-18 HSBC, Qinvest, Standard Chartered Turkey Sovereign NR Baa3 BBB-

Vnesheconombank (VEB) 18-Nov USD 1,150 1,150 5.942% 100.000 5.942% 21-Nov-23 Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Russia Financial services BBB NR BBB




Jordan (Govt of) 29-Oct USD 1,250 1,250 2.503% 100.000 2.503% 30-Oct-20 Citigroup, HSBC, JPMorgan Jordan Sovereign NR NR NR

Ooredoo (formerly: Qatar Telecom) 26-Nov USD 1,250 1,250 3.039% 100.000 3.039% 03-Dec-18 DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital Qatar Telecoms A A2 A+

Saudi Basic Industries Corporation (SABIC) 13-Nov EUR 750 1,006 2.750% 99.280 2.865% 20-Nov-20 Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities,

Standard Chartered Saudi Arabia Chemicals & materials A+ NR A+




Gabon (Govt of) 05-Dec USD 1,500 1,500 6.375% 100.000 6.375% 12-Dec-24 Citigroup, Deutsche Bank, Standard Chartered Gabon Sovereign BB- NR BB-

Millicom International Cellular 10-Oct USD 800 800 6.625% 100.000 6.625% 15-Oct-21 BNP Paribas, Citigroup, JPMorgan Other Telecoms NR Ba2 BB+

Tullow Oil 01-Nov USD 650 650 6.000% 100.000 6.000% 01-Nov-20 BNP Paribas, BofA-Merrill Lynch, Barclays, Credit Agricole, Deutsche Bank , JPMorgan, Societe Generale Other Energy BB- B1 NR

Edcon Holdings 08-Nov EUR 425 573 13.375% 100.000 13.375% 30-Jun-19 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, RMB Morgan Stanley South Africa Consumer:

retail CCC Caa2 NR

Transnet 06-Nov ZAR 5,000 491 9.500% 100.000 9.500% 13-May-21 Deutsche Bank South Africa Transport BBB A3 NR

EASTERN EUROPE

MIDDLE EAST

AFRICA

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29

CEEMEA BOND ISSUANCE FY13│MAJOR ISSUES BY RE-OFFER YIELD

CENTRAL EUROPE Issuer Date

priced Size (m) Size (USDm) Coupon Re-offer

price Re-offer

yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch

Polish Television Holding (PTH) 11-Sep EUR 300 398

11% (cash)/

12% (PIK) 100.000 11.000% 15-Jan-21 JPMorgan, Nomura, Deutsche Bank, BNP Paribas Poland Media B- NR NR

CEDC (Central European Distribution Corporation) (post-restructuring)

19-Jun (issue date)

USD 200 200 10% (PIK) - - 30-Apr-18 - Poland

NR NR NR Consumer: other USD 465 465 8%, - - 30-Apr-18 NR NR NR

Magyar Telecom (Invitel) (post-restructuring)

12-Dec (issue date)

EUR 150 207 7%

(cash), 9% (PIK)

100.000 - 15-Jun-18 - Hungary Telecoms CCC+ Caa1 NR

Bite Group 30-Jan EUR 200 269 Euribor +7.5% 99.000 7.974% 15-Feb-18 Deutsche Bank, Credit Suisse, Lithuania Telecoms B NR B-




CB Renaissance Credit 15-Nov USD 100 100 13.500% 100.000 13.500% 22-May-19 Goldman Sachs, Sberbank Russia Financial services NR B3 NR

CB Renaissance Capital 14-Feb USD 50 50 13.500% 103.250 12.630% 21-Jun-18 Goldman Sachs Russia Financial services NR NR NR

Tinkoff Credit Systems 14-Feb USD 75 75 14.000% 107.000 12.408% 06-Jun-18 Goldman Sachs, JPMorgan Russia Financial services NR B3 NR

UBRD 25-Jun USD 68 68 12.000% 100.000 12.000% 27-Dec-18 BCP Securities, BNP Paribas, Sberbank Russia Financial services B NR NR

Russian Standard Bank 10-Jul USD 200 200 11.500% 100.000 11.500% 17-Jan-24 Goldman Sachs, HSBC Russia Financial services NR NR B




Dana Gas (post-restructuring) 08-May USD 425 425 9.000% 100.000 9.000% 31-Oct-17 - UAE Energy NR NR NR

Millennium Offshore 08-Feb USD 225 225 9.500% 100.000 9.500% 15-Feb-18 Goldman Sachs UAE Energy B B2 NR

Topaz Energy and Marine 25-Oct USD 350 350 8.625% 100.000 8.625% 01-Nov-18 Goldman Sachs, HSBC, Standard Chartered UAE Energy B- B3 NR

Gems Education 18-Nov USD 200 200 12%, variable 100.000 12.000% Perpetual Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley UAE Services: other NR NR NR

ShaMaran Petroleum 29-Oct USD 150 150 11.500% - - 31-Dec-18 Pareto Securities Other Energy NR NR NR





retail CCC Caa2 NR

Edcon Holdings 08-Feb EUR 300 405 9.500% 96.500 10.415% 01-Mar-18 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan Morgan Stanley South Africa Consumer:

retail B B3 NR

Transnet 06-Nov ZAR 5,000 491 9.500% 100.000 9.500% 13-May-21 Deutsche Bank South Africa Transport BBB A3 NR



EASTERN EUROPE

MIDDLE EAST

AFRICA

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30

CEEMEA BOND ISSUANCE 1Q13│MAJOR ISSUES BY RE-OFFER YIELD



price Re-offer


Bite Group 30-Jan EUR 200 269 Euribor +7.5% 99.000 7.974% 15-Feb-18 Deutsche Bank, Credit Suisse, Lithuania Telecoms B NR B-

New World Resources (NWR) 16-Jan EUR 275 367 7.875% 100.000 7.875% 15-Jan-21 Citigroup, Erste Bank, Goldman Sachs, Morgan Stanley Czech

Republic Energy B B3 NR

Croatia (Govt of) 26-Mar USD 1,500 1,500 5.500% 99.054 5.625% 04-Apr-23 BofA-Merrill Lynch, Deutsche Bank, Goldman Sachs, JPMorgan Croatia Sovereign BB+ NR BBB-


Romania (Govt of) 14-Feb USD 1,500 1,500 4.375% 98.963 4.500% 22-Aug-23 Barclays, BNP Paribas, Citigroup, HSBC Romania Sovereign BB+ Baa3 BBB-




CB Renaissance Capital 14-Feb USD 50 50 13.500% 103.250 12.630% 21-Jun-18 Goldman Sachs Russia Financial services NR NR NR

Tinkoff Credit Systems 14-Feb USD 75 75 14.000% 107.000 12.408% 06-Jun-18 Goldman Sachs, JPMorgan Russia Financial services NR B3 NR

PrivatBank 20-Feb USD 175 175 10.875% 100.000 10.875% 28-Feb-18 Credit Suisse, JPMorgan, UBS Ukraine Financial services NR B3 B

Ukrlandfarming 21/22-Mar USD 275 275 10.875% 100.000 10.875% 26-Mar-18 Citigroup, Deutsche Bank, Sberbank Ukraine Agriculture B- NR B

VimpelCom 06-Feb RUB 12,000 399 9.000% 100.000 9.000% 13-Feb-18 Barclays, Citigroup, ING, Royal Bank of Scotland Russia Telecoms BB Ba3 NR

Promsvyazbank 14-Feb USD 200 200 10.200% 105.919 9.000% 06-Nov-19 HSBC, JPMorgan, Promsvyazbank Russia Financial services NR Ba3 B+




Millennium Offshore Services Management Co. 08-Feb USD 225 225 9.500% 100.000 9.500% 15-Feb-18 Goldman Sachs UAE Energy B B2 NR

Dubai Islamic Bank 13-Mar USD 1,000 1,000 6.25%, variable 100.000 6.250% perpetual Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of

Abu Dhabi, Standard Chartered UAE Financial services NR NR NR

Dubai (Govt of) 22-Jan USD 500 500 5.250% 98.148 5.375% 30-Jan-43 Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered UAE Sovereign NR NR NR

Saudi Electricity Company 26-Mar USD 1,000 1,000 5.060% 100.000 5.060% 08-Apr-43 Deutsche Bank, HSBC Saudi Arabia Energy AA- A1 AA-

Emirates NBD 25-Mar USD 750 750 4.875%, variable 100.000 4.875% 28-Mar-23 Citigroup, Emirates NBD, HSBC, JPMorgan, National Bank of

Abu Dhabi, Societe Generale UAE Financial services NR NR A




Edcon Holdings 08-Feb EUR 300 405 9.500% 96.500 10.415% 01-Mar-18 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan Morgan Stanley South Africa Consumer:

retail B B3 NR


Tanzania (Govt of) 27-Feb USD 600 600 Libor +6.0% 100.000 - 08-Mar-20 Standard Bank Tanzania Sovereign NR NR NR

EASTERN EUROPE

MIDDLE EAST

AFRICA

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31




price Re-offer


CEDC (Central European Distribution Corporation) (post-restructuring)

19-Jun (issue date)

USD 200 200 10% (PIK) - - 30-Apr-18 Poland Consumer:

other

NR NR NR -

USD 465 465 8%, step-up - - 30-Apr-18 NR NR NR

Nitrogenmuvek 13-May USD 200 200 7.875% 100.000 7.875% 21-May-20 BNP Paribas, Raiffeisen Bank International Hungary Chemicals & materials BB- NR BB-

RPG Byty 19-Apr EUR 400 522 6.750% 100.000 6.750% 01-May-20 Goldman Sachs, JPMorgan Czech Republic Real estate NR Ba2 BB-




UBRD 25-Jun USD 68 68 12.000% 100.000 12.000% 27-Dec-18 BCP Securities, BNP Paribas, Sberbank Russia Financial services B NR NR

Ukrlandfarming 13-May USD 150 150 10.875% 100.000 10.875% 26-Mar-18 Deutsche Bank, Sberbank Ukraine Agriculture B- NR B

Mriya 11-Apr USD 400 400 9.450% 98.835 9.750% 19-Apr-18 Citigroup, Credit Suisse, Goldman Sachs, Sberbank Ukraine Agriculture B NR B

Ukrzaliznytsia 14-May USD 500 500 9.500% 100.000 9.500% 21-May-18 Barclays, Morgan Stanley, Sberbank Ukraine Transport B NR B-

Bank of Khanty-Mansiysk 14-Jun USD 200 200 9.150% 100.000 9.150% 13-Jun-23 Nomos Bank, VTB Capital Russia Financial services NR NR NR

Promsvyazbank 14-Feb USD 200 200 10.200% 105.919 9.000% 06-Nov-19 HSBC, JPMorgan, Promsvyazbank Russia Financial services NR Ba3 B+




Dana Gas 08-May USD 425.04 425 9.000% 100.000 9.000% 31-Oct-17 - UAE Energy NR NR NR

Israel Electric Corporation 18-Jun USD 500 500 6.875% 100.000 6.875% 21-Jun-23 Barclays, Citigroup Israel Energy BB+ Baa3 NR

12-Apr USD 500 500 6.750% 100.451 6.700% 29-Nov-27

Fransa Invest Bank, Natixis, Standard Chartered Lebanon Sovereign B B1 B

Lebanon (Govt of) USD 500 500 6.000% 98.882 6.150% 27-Jan-23 B B1 B

Dar Al Arkan Real Estate Development Company 21-May USD 450 450 5.750% 99.465 5.875% 24-May-18 Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD,

Masraf Al Rayan, Qinvest UAE Real estate B+ NR NR




Fidelity Bank 03-May USD 300 300 6.875% 99.480 7.000% 09-May-18 Citigroup, Deutsche Bank Nigeria Financial services B NR B

Rwanda (Govt of) 25-Apr USD 400 400 6.625% 98.213 6.875% 02-May-23 BNP Paribas, Citigroup Rwanda Sovereign B NR B

Morocco (Govt of) 22-May USD 250 250 5.500% 99.032 5.567% 11-Dec-42 Barclays, BNP Paribas, Citigroup, Natixis Morocco Sovereign BBB- Ba1 BBB-

Millicom International Cellular 17-May USD 500 500 4.750% 99.266 4.875% 22-May-20 BNP Paribas, JPMorgan, Standard Bank Other Telecoms NR Ba2 BB+

EASTERN EUROPE

MIDDLE EAST

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32




price Re-offer


Polish Television Holding 11-Sep EUR 300 398 11%

(cash)/ 12% (PIK)

100.000 11.000% 15-Jan-21 JPMorgan, Deutsche Bank, Nomura, BNP Paribas Poland Media B- NR NR

TVN (Polish Television Holding group) 06-Sep EUR 430 566 7.375% 100.000 7.375% 15-Dec-20 JPMorgan, Deutsche Bank, Nomura, BNP Paribas Poland Media B+ B1 NR

Hungarian Export-Import Bank (Eximbank) 24-Sep EUR 20 27 2.125% 78.483 7.000% 13-Feb-19 Deutsche Bank, HSBC, Jefferies Hungary Financial

services NR NR BB+

Romania (Govt of) 12-Sep EUR 1,500 1,991 4.625% 99.160 4.769% 18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale Romania Sovereign BB+ Baa3 BBB-




Russian Standard Bank 10-Jul USD 200 200 11.500% 100.000 11.500% 17-Jan-24 Goldman Sachs, HSBC Russia Financial services NR NR B

Borets International 19-Sep USD 420 420 7.625% 100.000 7.625% 26-Sep-18 Deutsche Bank, Morgan Stanley, Sberbank Russia Energy BB B1 NR

Gazprombank 24-Sep USD 750 750 7.496%, variable 100.000 7.496% 28-Dec-23 Barclays, BNP Paribas, BOC International, Gazprombank,

Goldman Sachs, Societe Generale Russia Financial services BBB- Baa3 BBB-

Armenia (Govt of) 20-Sep USD 700 700 6.000% 98.600 6.250% 30-Sep-20 Deutsche Bank, HSBC, JPMorgan Armenia Sovereign NR Ba2 BB-

Russia (Govt of) 09-Sep USD 1,500 1,500 5.875% 97.187 6.080% 16-Sep-43 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Russia Sovereign BBB Baa1 BBB





Ruwais Power Company (Shuweihat 2) 25-Jul USD 825 825 6.000% 100.000 6.000% 06-Aug-36 BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ Securities,

National Bank of Abu Dhabi, Standard Chartered UAE Energy A- A3 NR

02-Jul USD 150 150 5.625% 101.750 - 21-Jun-18

Barclays, Citigroup Israel Energy BB+ Baa3 NR

Israel Electric Corporation USD 150 150 6.875% 100.375 - 21-Jun-23 BB+ Baa3 NR





First Bank of Nigeria 31-Jul USD 300 300 8.250% 98.999 8.500% 06-Aug-20 Citigroup, Goldman Sachs Nigeria Financial services B NR B-

Ghana (Govt of) 25-Jul USD 750 750 7.875% 99.151 8.000% 07-Aug-23 Barclays, Citigroup Ghana Sovereign B B1 B+


Nigeria (Govt of) 02-Jul USD 500 500 6.375% 98.193 6.625% 12-Jul-23 Citigroup, Deutsche Bank Nigeria Sovereign BB- NR BB-

EASTERN EUROPE

MIDDLE EAST

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33




price Re-offer


Magyar Telecom (Invitel) (post-restructuring)

12-Dec (issue date)

EUR 150.051 207 7%

(cash), 9% (PIK)

100.000 - 15-Jun-18 - Hungary Telecoms CCC+ Caa1 NR

SBB/Telemach (Slovenia Broadband) 07-Nov EUR 475 641 7.875% 100.000 7.875% 15-Nov-20 BNP Paribas, Citigroup, Credit Suisse, ING, KKR, UniCredit Slovenia Telecoms B B2 NR

RCS & RDS 25-Oct EUR 450 621 7.500% 100.000 7.500% 01-Nov-20 JPMorgan, Erste Bank, Societe Generale, UniCredit Romania Telecoms B+ B1 NR

Hungarian Development Bank 11-Oct USD 750 750 6.250% 99.481 6.343% 21-Oct-20 Citigroup, Deutsche Bank, JPMorgan Hungary Financial

services NR Ba1 BB+




CB Renaissance Credit 15-Nov USD 100 100 13.500% 100.000 13.500% 22-May-19 Goldman Sachs, Sberbank Russia Financial services NR B3 NR

Bank Saint-Petersburg 15-Oct USD 100 100 10.750% 100.000 10.750% 22-Apr-19 JPMorgan, VTB Capital Russia Financial services NR NR B+

Home Credit & Finance Bank 10-Oct USD 200 200 10.500% 100.000 10.500% 19-Apr-21 Citigroup, Sberbank, UBS Russia Financial

services NR NR BB-

Bank Kaspi 24-Oct USD 200 200 9.875% 99.684 10.000% 28-Oct-16 JPMorgan, VTB Capital Kazakhstan Financial services BB- B1 NR

Vneshprombank (Foreign Economic Industrial Bank)

08-Nov/ 21-Nov USD 225 200 9.000% 100.000 9.000% 14-Nov-16 Otkritie Bank, Raiffeisen Bank International Russia Financial

services B+ B2 NR




Gems Education 18-Nov USD 200 200 12%, variable 100.000 12.000% Perpetual Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley UAE Services: other NR NR NR

ShaMaran Petroleum 29-Oct USD 150 150 11.500% - - 31-Dec-18 Pareto Securities Other Energy NR NR NR

Topaz Energy and Marine 25-Oct USD 350 350 8.625% 100.000 8.625% 01-Nov-18 Goldman Sachs, HSBC, Standard Chartered UAE Energy B- B3 NR

Majid Al Futtaim (MAF) Group 23-Oct USD 500 500 7.125%,

variable 100.000 7.125% perpetual BofA-Merrill Lynch, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, Standard Chartered UAE Real estate NR NR NR





retail CCC Caa2 NR

Transnet 06-Nov ZAR 5,000 491 9.500% 100.000 9.500% 13-May-21 Deutsche Bank South Africa Transport BBB A3 NR Millicom International Cellular 10-Oct USD 800 800 6.625% 100.000 6.625% 15-Oct-21 BNP Paribas, Citigroup, JPMorgan Other Telecoms NR Ba2 BB+

Afren 27-Nov USD 360 360 6.625% 100.000 6.625% 09-Dec-20 BofA-Merrill Lynch, Citigroup, Credit Suisse Other Energy B+ NR B+

Banque Marocaine du Commerce Exterieur 21-Nov USD 300 300 6.250% 98.947 6.500% 27-Nov-18 Barclays, BMCE Capital, BNP Paribas, Citigroup Morocco Financial

services NR Ba1 NR

EASTERN EUROPE

MIDDLE EAST

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34

Page 35 — FY13 maturity breakdown Page 36 — Quarterly maturity breakdowns Page 37 — FY13 currency breakdown Page 38 — Quarterly currency breakdowns Page 39 — Quarterly currency breakdowns, YoY


TENOR & CURRENCY

ANALYSIS

<< BACK TO CONTENTS

35

CEEMEA BOND ISSUANCE FY13│MATURITY BREAKDOWN << BACK TO CONTENTS

36

CEEMEA BOND ISSUANCE FY13│MATURITY BREAKDOWN

1Q13

2Q13

3Q13

4Q13

0.1 0.1 1.0 2.20.7

17.3

2.5

7.4

0.5 1.4

18.1

0.21.4 1.4 2.0

3.01.0

1 issue 2 issues5 issues 6 issues

3 issues

35 issues

4 issues

9 issues

2 issues 2 issues

18 issues

1 issue 2 issues 2 issues 1 issue 4 issues 1 issue

Amount issued (in USDbn) No. of issues

0.12.7

0.2 2.0 1.1

18.7

0.8

8.3

2.30.5

11.3

0.5 0.6 0.33.5

1.0

1 issue 1 issue 2 issues 6 issues3 issues

37 issues

2 issues

14 issues

2 issues 1 issue

15 issues

1 issue 1 issue 1 issue 2 issues 1 issue


0.15 1.00

5.77

2.04

9.71

0.40

7.65

0.202.00 0.83 1.50

2 issues1 issue

9 issues

3 issues

15 issues

1 issue

7 issues

1 issue 1 issue 1 issue 1 issue


4.70

0.77

14.86

3.27

6.96

3.186.68

3.25 1.360.7

10 issues

3 issues

26 issues

7 issues9 issues

4 issues6 issues

2 issues 1 issue 2 issues


<< BACK TO CONTENTS

37

FY13 SUMMARY

CEEMEA BOND ISSUANCE FY13│CURRENCY BREAKDOWN

USD EUR CHF RUB CNY TRY AUD GBP ZAR

Amount (original currency) 136.76bn 32.36bn 3.64bn 113.50bn 3.75bn 2.60bn 0.48bn 0.50bn 5.00bn

Number of issues 209 53 17 8 5 4 2 1 1

% of total issuance 69.7% 17.7% 5.7% 2.7% 1.7% 1.3% 0.7% 0.3% 0.3%

Amount (USD-equivalent) 136.76bn 42.94bn 3.96bn 3.75bn 0.60bn 1.46bn 0.48bn 0.80bn 0.49bn

% of total issuance 71.5% 22.5% 2.1% 2.0% 0.3% 0.8% 0.3% 0.4% 0.3%

Total amount issued (USD-equivalent) 191.23bn

Total number of issues 300

By number of issues By amount issued (in USDbn)

USD 69.7% EUR 17.7%

CHF 5.7%

RUB 2.7%

CNY 1.7%TRY 1.3%

AUD 0.7%

GBP 0.3%

ZAR 0.3%

USD 71.5%

EUR 22.5%

CHF 2.1%RUB 2.0%

CNY 0.3%TRY 0.8%

AUD 0.3%

GBP 0.4%ZAR 0.3%

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38

1Q13 SUMMARY

CEEMEA BOND ISSUANCE FY13│CURRENCY BREAKDOWN BY QUARTER

USD EUR RUB CHF CNY TRY AUD

Amount (original currency) 40.90bn 9.13bn 103.50bn 1.50bn 3.75bn 2.60bn 0.30bn

Number of issues 62 13 7 6 5 4 1

% of total issuance 63.3% 13.3% 7.1% 6.1% 5.1% 4.1% 1.0%

Amount (USD-equivalent) 40.90bn 12.06bn 3.43bn 1.61bn 0.60bn 1.46bn 0.31bn

% of total issuance 67.7% 20.0% 5.7% 2.7% 1.0% 2.4% 0.5%


98 Total number of issues

2Q13 SUMMARY USD EUR CHF RUB AUD

Amount (original currency) 45.37bn 5.40bn 0.75bn 10.00bn 0.18bn

Number of issues 73 10 5 1 1

% of total issuance 81.1% 11.1% 5.6% 1.1% 1.1%

Amount (USD-equivalent) 45.37bn 7.23bn 0.82bn 0.32bn 0.17bn

% of total issuance 84.2% 13.4% 1.5% 0.6% 0.3%



3Q13 SUMMARY USD EUR CHF GBP

Amount (original currency) 23.27bn 5.28bn 0.20bn 0.50bn

Number of issues 28 12 1 1

% of total issuance 66.7% 28.6% 2.4% 2.4%

Amount (USD-equivalent) 23.27bn 6.97bn 0.22bn 0.80bn




4Q13 SUMMARY USD EUR RUB ZAR

Amount (original currency) 27.24bn 12.55bn 1.19bn 5.00bn

Number of issues 46 18 5 1


Amount (USD-equivalent) 27.24bn 16.68bn 1.31bn 0.49bn




USD 63.3%

EUR 13.3%

RUB 7.1%

CHF 6.1%

CNY 5.1%

TRY 4.1%AUD 1.0%

USD 67.7%EUR 20.0%

RUB 5.7%

CHF 2.7%

CNY 1.0%TRY 2.4%

AUD 0.5%

USD 81.1%

EUR 11.1%

CHF 5.6%

RUB 1.1%AUD 1.1%

USD 84.2%

EUR 13.4%

CHF 1.5%RUB 0.6%

AUD 0.3%

USD 66.7%EUR 28.6%

CHF 2.4%GBP 2.4%

USD 74.5%EUR 22.3%

CHF 0.7%GBP 2.5%

USD 65.7%

EUR 25.7%

CHF 7.1%

ZAR 1.4%

USD 59.6%

EUR 36.5%

CHF 2.9%ZAR 1.1%

<< BACK TO CONTENTS

39

1Q12 vs 1Q13 2Q12 vs 2Q13

CEEMEA BOND ISSUANCE FY13│CURRENCY BREAKDOWN BY QUARTER, YoY

75.1%67.6%

81.6% 84.5%

69.3% 68.3%

16.1%

15.3%

13.2%15.5%

30.7%26.3%

1.5%

4.0%5.3%17.2%

1.2%

1.2%4.2%1.5%

0.4%

Jul-12 Aug-12 Sep-12 Jul-13 Aug-13 Sep-13

USD EUR RUB CHF GBP SGD MYR

69.5% 74.0%

90.1%

63.6%53.6%

87.5%

26.9% 21.8%

1.8%

31.1%43.1%

12.5%1.6% 4.7%1.3%

0.6%5.3% 1.3%

3.6%0.6%

3.4% 2.0%

Oct-12 Nov-12 Dec-12 Oct-13 Nov-13 Dec-13

USD EUR RUB CHF JPY CNY AUD ZAR

81.9%69.9%

75.9%

59.6%69.5%

75.9%

18.1%

24.2% 12.5%

20.6%

21.5%17.2%

2.8%5.2%

11.9%3.9%

3.0% 6.4%3.4% 1.2% 3.7%2.6% 2.1% 2.5%1.9% 0.4%

0.7%1.4%

Jan-12 Feb-12 Mar-12 Jan-13 Feb-13 Mar-13

USD EUR RUB CHF TRY CNY AUD

80.5%91.2% 88.5%

83.1% 84.9%90.6%

9.0%

11.5%14.8% 11.9%

9.4%1.0%8.8% 1.8%

1.0%2.4%

1.7% 0.9%7.0%

Apr-12 May-12 Jun-12 Apr-13 May-13 Jun-13

USD EUR RUB CHF TRY AUD JPY

3Q12 vs 3Q13 4Q12 vs 4Q13

<< BACK TO CONTENTS

40

Page 41 — 1Q13 data points Page 42 — 2Q13 data points Page 43 — 3Q13 data points Page 44 — 4Q13 data points


RE-OFFER RATES, TENORS &

RATINGS CENTRAL EUROPE


EASTERN EUROPE


MIDDLE EAST


AFRICA

<< BACK TO CONTENTS

41

CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│1Q13

CENTRAL EUROPE

Poland (A-/A2/A-) 1.705%

NWR (B/B3/NR) 7.875%

Lithuania (BBB/Baa1 /BBB) tap 2.631%

Bite (B/NR/B-) 7.974%

Hungary (BB/Ba1/BB+) 4.219%


Romania (BB+/Baa3/BBB-) 4.500%

Slovakia (NR/A2/A) 3.000%

Energa (NR/Baa1/BBB) 3.298%

Slovakia (NR/NR/NR) CHF 1.424%

Slovakia (NR/NR/NR) CHF 2.154%

Croatia (BB+/NR/BBB-) 5.625%

0.000%

1.000%

2.000%

3.000%

4.000%

5.000%

6.000%

7.000%

8.000%

9.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr

Re-offer rate

Order of ratings: S&P/Moody's/Fitch

Maturity

SovereignsFinancial institutionsCorporates

<< BACK TO CONTENTS

42

EP Energy (NR/NR/BBB-) 4.375%

RPG Byty (NR/Ba2/BB-) 6.750%

Slovenia (A-/Ba1/A-) 4.950%

Slovenia (A-/Ba1/A-) 6.000%

Nitrogenmuvek (BB-/NR/BB-) 7.875%

Slovakia (A/A2/A+) 1.592%

CEZ (NR/A2/A-) 3.100%City of Prague (A+/A1/NR) 3.194%

0.000%

1.000%

2.000%

3.000%

4.000%

5.000%

6.000%

7.000%

8.000%

9.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr

Re-offer rate


Maturity



CENTRAL EUROPE

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43


CENTRAL EUROPE

Eustream (A-/Baa1/NR) 3.851%

Eustream (A-/Baa1/NR) tap 3.599%

TVN (B+/B1/NR) 7.375%

PTH (B-/NR/NR) PIK, sen.sec. 11.000%

Romania (BB+/Baa3/BBB-) 4.769%

Eximbank (Hungary) (NR/NR/AAA ) secured 2.255%

Eximbank (Hungary) (NR/NR/BB+) secured 7.000%

0.000%

2.000%

4.000%

6.000%

8.000%

10.000%

12.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr

Re-offer rate


Maturity


<< BACK TO CONTENTS

44

ZSE (BBB+/NR/NR) 2.875%

ZSE (BBB+/NR/NR) 4.023%

Hungarian Dev. Bank (NR/Ba1/BB+) 6.343%

Poland (A-/A2/A-) tap 1.759%

Romania (BB+/Baa3/BBB-) tap 4.150%

RCS & RDS (B+/B1/NR) sen. sec. 7.500%

SBB/Telemach (B/B2/NR) sen. sec. 7.875%


Croatia (BB+/Ba1/BB+) 6.200%

GRANVIA (R1 Expressway) (BBB+/NR/NR) sen. sec. 4.781%

0.000%

1.000%

2.000%

3.000%

4.000%

5.000%

6.000%

7.000%

8.000%

9.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr

Re-offer rate


Maturity

Sovereigns

Financial institutionsCorporates


CENTRAL EUROPE

<< BACK TO CONTENTS

45


EASTERN EUROPE

Turkey (BB/Ba1/BBB-) 3.473%

Yapi ve Kredi (NR/Baa2/BBB) 4.078%

Ukreximbank (NR/B3/B) 8.750%

Gazprombank (BBB-/Baa3/NR) 7.875%

VTB (BBB/Baa1/BBB) tap, CNY 3.802%

Credit Europe Bank (NR/Ba3/BB-) T2 8.000%

RSHB (NR/Baa1/BBB) CNY 3.600%

Sibur (NR/Ba1/BB+) 3.914%

Sberbank (NR/A3/BBB) RUB 7.000%

Credit Bank of Moscow (NR/BB-/B1) 7.700%

RSHB (NR/NR/NR) RUB 7.875%

RZD (NR/Baa1/NR) CHF 2.177%

RZD (NR/Baa1/NR) CHF 2.730%

Halk Bank (NR/Baa2/BBB-) 4.057%Gazprom (NR/Baa1/BBB) 3.850%

Gazprom (NR/Baa1/BBB) 4.950%

Akbank (NR/Baa2/BBB) TRY 7.500%

Rus. Standard Bank (B+/Ba3/B+) CNY 8.000%

AHML/AIZhK (BBB/Baa1/NR) RUB 7.750%

BankPozitif (NR/NR/BBB-) 5.000%

Gazprombank (BBB-/Baa3/NR) CNY 4.000%

Ukraine (B/B3/B) tap 7.625%

Sberbank (NR/A3/BBB) CHF 2.065%

PhosAgro (NR/Baa3/BB+) 4.204% Dev. Bank of Kaz. (BBB+/Baa3/BBB) tap 4.125%

VimpelCom (BB/Ba3/NR) 5.200%



VTB (NR/NR/NR) TRY 7.788%

NLMK (BBB-/Baa3/BBB-) 4.450%

Novatek (BBB-/Baa3/BBB-) RUB 7.750%

Promsvyazbank (NR/Ba3/B+) tap 9.000%

CB Ren. Cap. (NR/NR/NR) tap 12.630%

Tinkoff C.S. (NR/B3/NR) tap 12.408%

VEB (BBB/Baa1/BBB) 4.032%

VEB (BBB/Baa1/BBB) 3.035%

PrivatBank (NR/B3/B) 10.875%

Sberbank (NR/A3/BBB) TRY 7.400%

Garanti Bank (NR/Baa2/BBB) 7.500%

SOCAR (BB+/Ba1/BBB-) 4.750%

Severstal (BB+/NR/BB) 4.450%

Rus.Standard Bank (B+/Ba3/B+) tap, CNY 7.274%

Gazprom (BBB/Baa1/BBB) 3.389%


Oschadbank (NR/B3/B) 8.875%

MHP (B/NR/B) 8.250%

Bank Asya (NR/Ba3/NR) T2, sukuk 7.500%

Ukrlandfarming (B-/NR/B) 10.875%

Ukrlandfarming (B-/NR/B) add-on 10.875%

Tinkoff C.S. (n.a./n.a./n.a.) ECP 6.250%

TMK (B+/B1/NR) 6.750%

Arcelik (BB+/NR/BB+) 5.125%

DTEK (NR/B3/B) 8.125%

Ukreximbank (NR/B3/B) tap 8.375%

0.000%

2.000%

4.000%

6.000%

8.000%

10.000%

12.000%

14.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr

Re-offer rate


Maturity

Sovereigns


<< BACK TO CONTENTS

46


EASTERN EUROPE

Isbank (NR/Baa2/BBB) 3.888%Vakifbank (NR/Baa2/BBB-) 3.876%

Ukraine (B/B3/B) 7.500%

Turkey (BB/Ba1/BBB-) 4.950%

AKLease (NR/NR/BBB) 4.250%

Metalloinvest (BB-/Ba2/BB-) 5.625%

Eurasia Drilling (BB+/NR/BB) 4.875%

Eastcomtrans (NR/B3/B) 8.000%

Mriya (B/NR/B) 9.750%

Evraz Group (B+/NR/BB-) 6.500%

Rus.Rail./RZD (BBB/Baa1/BBB) 3.374%Lukoil (BBB/Baa2/BBB-) 3.416%

Lukoil (BBB/Baa2/BBB-) 4.563%

Alrosa (n.a./n.a./n.a.) ECP 2.250%

Alfa-Bank (BB+/Ba1/BBB-) RUB 8.625%

Polyus Gold (BB+/NR/BBB-) 5.625%

Gazprom Neft (BBB-/Baa3/NR) 2.933%

Koc Holding (BBB-/Baa3/NR) 3.568%

Nomos Bank (NR/Ba3/BB) 7.250%

Isbank (NR/Baa2/BBB) tap 3.550%Uralkali (NR/Baa3/BBB-) 3.723%

FESCO (BB-/NR/B+) 8.000%

FESCO (BB-/NR/B+) 8.750%

DTEK (NR/B3/B) tap 8.125%

Turkiye Finans (NR/NR/BBB) 3.950%

Alliance Oil (B+/NR/B) 7.125%

KazMunayGas (BBB-/Baa3/BBB-) 4.450%

KazMunayGas (BBB-/Baa3/BBB-) 5.800%

Norilsk Nickel (BBB-/Baa2/BB+) 4.375%

Credit Bank of Moscow (NR/NR/B+) sen.sub. 8.700%

Nord Gold (NR/Ba3/BB-) 6.375%

Albaraka Turk (NR/NR/NR) sukuk 7.750%

Sisecam (BB+/Ba1/NR) 4.373%

Ukrlandfarming (B-/NR/B) tap 10.875%

Ukrzaliznytsia (B/NR/B-) 9.500%

FESCO (BB-/NR/B+) tap 7.659%

FESCO (BB-/NR/B+) tap 8.209%

Gunvor (NR/NR/NR) 6.000%

Sberbank (NR/NR/BBB-) sen.sub. 5.250%

KazAgro (BBB+/NR/BBB) 4.625%

CB Ren.Credit (B/B2/B) 7.750%

MTS (BB/Ba2/BB+) 5.000%

Nomos (NR/B1/BB-) sub. 8.150%

Bank of K.-Mansiysk (NR/NR/NR) sub. 9.150%

UBRD (B/NR/NR) T2, sub. 12.000%

0.000%

2.000%

4.000%

6.000%

8.000%

10.000%

12.000%

14.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr 32yr

Re-offer rate


Maturity

Sovereigns


<< BACK TO CONTENTS

47


EASTERN EUROPE

Rus.Standard Bank (NR/NR/B) sen.sub. 11.500%


Rus.Agro (RSHB) (NR/Baa3/BBB) 5.100%

Mersin Int. Port (NR/Baa3/BBB-) 5.950%

Russia (BBB/Baa1/BBB) 3.664%




Gazprom (BBB/Baa1/BBB) GBP 5.338%EADB (BBB/A3/NR) 5.292%

Borets (BB/B1/NR) 7.625%

Armenia (NR/Ba2/BB-) 6.250%

Coca-Cola Icecek (NR/Baa3/BBB) 4.913%

Gazprombank (BBB-/Baa3/BBB-) sub. 7.496%

0.000%

2.000%

4.000%

6.000%

8.000%

10.000%

12.000%

14.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr 32yr

Re-offer rate


Maturity

Sovereigns


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48


EASTERN EUROPE

Turkey (NR/Baa3/BBB-) sukuk 4.557%

RSHB (NR/NR/NR) T2, sen. sub. 8.500%

HCFB (NR/NR/BB-) T2, sub. 10.500%

Isbank (NR/Baa2/BBB) 5.614%

Bank SPb (NR/NR/B+) sub. 10.750%

Gazprom (BBB/Baa1/BBB) CHF 2.850%

Norilsk Nickel (BBB-/Baa2/BB+) 5.550%

VTB (NR/NR/NR) CHF 2.902%

Gazprombank (BBB-/Baa3/BBB-) 3.984%

Bank Kaspi (BB-/B1/NR) 10.000%

Vakifbank (NR/Baa2/BBB-) 5.149%

Bank of Georgia (BB-/Ba3/BB-) tap 6.125%

Bulgarian Energy Holding (NR/NR/BB+) 4.287% Turkey (BB+/Baa3/BBB-) 4.450%

Gazprombank (BBB-/Baa3/BBB-) CHF 2.403%

VPB (B+/B2/NR) 9.000%

Domodedovo (BB+/NR/BB+) 6.000%

BTC/Vivacom (BB-/B1/NR) sen. sec. 6.625%

CB Ren. Credit (NR/B3/NR) T2, sen. sub. 13.500%

VEB (BBB/NR/BBB) 4.224%

VEB (BBB/NR/BBB) 5.942%

Alfa-Bank (NR/NR/BB+) CHF 4.000%

Gazprom Neft (BBB-/Baa3/BBB) 6.000%Serbia (BB-/B1/BB-) 6.125%

Kaz. Engineering (NR/Ba2/BBB-) 4.550%

VPB (B+/B2/NR) tap 9.000%

Yapi ve Kredi Bankasi (NR/Baa2/BBB) 5.402%

Isbank (NR/Ba1/BBB-) T2, sub. 7.850%

Uranium One (B+/Ba3/BB-) sen. sec. 6.500%

0.000%

2.000%

4.000%

6.000%

8.000%

10.000%

12.000%

14.000%

16.000%


Re-offer rate


Maturity

Sovereigns


<< BACK TO CONTENTS

49


MIDDLE EAST

Dubai (NR/NR/NR) sukuk 3.875%

Dubai (NR/NR/NR) 5.375%

Ooredoo (QTel) (A/A2/A+) 3.979%

Ooredoo (QTel) (A/A2/A+) 4.643%

Israel (A+/A1/A) 3.213%

Israel (A+/A1/A) 4.588%Emirates (NR/NR/NR) amortising 4.510%

Millennium Offshore Services (B/B2/NR) 9.500%

ADCB (A/NR/A+) 2.578%

ADCB (A-/NR/A) 4.610%

DEWA (NR/NR/NR) sukuk 3.000%

Eole Finance (Emirates) (NR/NR/AAA) amortising 2.341%

Emirates (NR/NR/NR) sukuk, amortising 4.024%

DIB (NR/NR/NR) T1, sukuk 6.250%

BankMuscat (A-/A1/NR) 2.650%

Emirates NBD (NR/NR/A) 4.875%

Saudi Electricity Co. (AA-/A1/AA-) sukuk 3.473%

Saudi Electricity Co. (AA-/A1/AA-) sukuk 5.060%

0.000%

1.000%

2.000%

3.000%

4.000%

5.000%

6.000%

7.000%

8.000%

9.000%

10.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr 32yr 33yr 34yr 35yr 36yr 37yr

Re-offer rate


perpetuity Maturity


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50


MIDDLE EAST

Sharjah Isl.Bank (BBB+/NR/BBB+) sukuk 2.950%

Lebanon (B/B1/B) tap 6.150%

Lebanon (B/B1/B) tap 6.700%

Qatar Nat.Bank (A+/Aa3/A+) 3.000%

Lebanon (NR/NR/NR) 4.500%

Lebanon (NR/NR/NR) 5.500%

Batelco (BBB-/NR/BBB-) 4.342%

Dana Gas (NR/NR/NR) sukuk 9.000%

Com.Bank of Dubai (NR/Baa1/A-) 3.479%

Dar Al Arkan (B+/NR/NR) sukuk 5.875%Emirates NBD (NR/NR/NR) T1, jr. sub., hybrid 5.750%

ADCB (A-/NR/A) LT2, sub. 3.178%

Islamic Dev.Bank (NR/NR/NR) sukuk 1.535%

Israel Electric (BB+/Baa3/NR) 5.625%

Israel Electric (BB+/Baa3/NR) 6.875%

0.000%

1.000%

2.000%

3.000%

4.000%

5.000%

6.000%

7.000%

8.000%

9.000%

10.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr

Re-offer rate


perpetuity Maturity


<< BACK TO CONTENTS

51


MIDDLE EAST

Bahrain (NR/Baa1/BBB) 6.200%

Shuweihat 2 (A-/A3/NR) amort., sen.sec. 6.000%

SABIC (A+/A1/A+) 2.625%

0.000%

1.000%

2.000%

3.000%

4.000%

5.000%

6.000%

7.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr

Re-offer rate


Maturity


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52


MIDDLE EAST

Al Hilal Bank (NR/A1/A+) sukuk 3.267%Ras Al Khaimah (A/NR/A) sukuk 3.297%

MAF Group (NR/NR/NR) sub. 7.125%

Qatar National Bank (A+/Aa3/A+) 2.867%

Topaz Energy & Marine (B-/B3/NR) Nico Middle East 8.625%

Jordan (NR/NR/NR) US-guaranteed 2.503%

First Gulf Bank (NR/A2/A+) 3.405%

Guaranty Trust Bank (BB-/NR/B+) 6.125%

SABIC (A+/NR/A+) 2.865%

Gems Education (NR/NR/NR) sukuk, sub. 12.000%

DAAR (B+/NR/NR) sukuk 6.000%

Aldar Properties (BB/Ba2/NR) sukuk 4.348%

Ooredoo (A/A2/A+) sukuk 3.039%

0.000%

2.000%

4.000%

6.000%

8.000%

10.000%

12.000%

14.000%


Re-offer rate


perpetuity Maturity


<< BACK TO CONTENTS

53


AFRICA

Sea Trucks (NR/NR/NR) 9.000%

Afr.Dev.Bank (AAA/Aaa/AAA) 0.955%

Edcon (B/B3/NR) tap 10.415%

0.000%

2.000%

4.000%

6.000%

8.000%

10.000%

12.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr

Re-offer rate


Maturity

Sovereigns


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54

Afr.Dev.Bank (AAA/Aaa/AAA) tap 0.860%

Anglo American (BBB/Baa1/NR) 2.587%

Rwanda (B/NR/B) 6.875%Fidelity Bank (B/NR/B) 7.000%

Millicom (NR/Ba2/BB+) 4.875%

Morocco (BBB-/Ba1/BBB-) tap 4.216%

Morocco (BBB-/Ba1/BBB-) tap 5.567%

AfrEximBank (BBB-/Baa2/BBB-) 4.035%

Afr.Dev.Bank (AAA/Aaa/AAA) tap 0.909%

Egypt (B-/B3/B) 4.250%

0.000%

1.000%

2.000%

3.000%

4.000%

5.000%

6.000%

7.000%

8.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr

Re-offer rate


Maturity



AFRICA

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55


AFRICA

Egypt (B-/B3/B) 3.500%

Nigeria (BB-/NR/BB-) 5.375%

Nigeria (BB-/NR/BB-) 6.625%

Naspers (NR/Baa3/NR) 6.000%

Ghana (B/B1/B+) 8.000%

AngloGold Ashanti (BB+/Baa3/NR) 8.500%

Eskom (BBB/Baa3/NR) 6.875%

First Bank of Nigeria (B/NR/B-) T2, sub. 8.500%

South Africa (BBB/Baa1/BBB) 6.062%

Afr.Dev.Bank (NR/NR/NR) 1.639%

0.000%

1.000%

2.000%

3.000%

4.000%

5.000%

6.000%

7.000%

8.000%

9.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr

Re-offer rate


Maturity


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56


AFRICA

Millicom (NR/Ba2/BB+) 6.625%

Tullow Oil (BB-/B1/NR) 6.000%

Transnet (BBB/A3/NR) ZAR 9.500%

Edcon (CCC/Caa2/NR) sub. 13.375%

BMCE (NR/Ba1/NR) 6.500%Afren (B+/NR/B+) 6.625%

PTA Bank (NR/Ba1/BB) 6.375%

Gabon (BB-/NR/BB-) amort. 6.375%

0.000%

2.000%

4.000%

6.000%

8.000%

10.000%

12.000%

14.000%

16.000%

0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr

Re-offer rate


Maturity


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57

USD 0.2bn

USD 0.4bn

USD 0.5bn

USD 1.4bn

USD 0.7bn

USD 1.0bn

USD 1.0bn

USD 1.7bn

USD 2.9bn

USD 3.2bn

USD 28.1bn

1 issue

1 issue

1 issue

1 issue

2 issues

2 issues

2 issues

4 issues

5 issues

10 issues

20 issues


Metals & mining

Real estate

Construction

Consumer: other

Media

Transport

Telecoms

Energy

Financial services

Sovereign

DEALS BY SECTOR

USD 41.1bn

BY COUNTRY

CEEMEA BOND ISSUANCE FY13│CENTRAL EUROPE RETURN TO MAIN MAP

USD 0.8bn

USD 3.4bn

USD 4.8bn

USD 6.6bn

USD 3.0bn

USD 4.8bn

USD 8.3bn

USD 9.4bn

2 issues

3 issues

4 issues

6 issues

7 issues

8 issues

9 issues

10 issues

Lithuania

Croatia

Romania

Slovenia

Czech Republic

Poland

Hungary

Slovakia

Issuer Size (m) Size (USDm) Coupon Maturity Country Sector

Hungary (Govt of) EUR 2,000 2,699 5.750% 22-Nov-23 Hungary Sovereign

Slovenia (Govt of) USD 2,500 2,500 5.850% 10-May-23 Slovenia Sovereign

Slovakia (Govt of) EUR 1,750 2,337 3.000% 28-Feb-23 Slovakia Sovereign

Slovenia (Govt of) EUR 1,500 2,019 4.700% 01-Nov-16 Slovenia Sovereign

Hungary (Govt of) USD 2,000 2,000 5.375% 21-Feb-23 Hungary Sovereign

LARGEST DEALS

49 issues

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58

USD 0.1bn

USD 0.2bn

USD 2.0bn

USD 0.5bn

USD 1.0bn

USD 1.2bn

1 issue

1 issue

1 issue

2 issues

2 issues

3 issues

Slovenia

Croatia

Romania

Hungary

Slovakia

Poland

USD 0.3bn

USD 0.4bn

USD 1.5bn

USD 1.5bn

USD 0.8bn

USD 2.0bn

USD 3.3bn

USD 4.9bn

1 issue

1 issue

1 issue

1 issue

2 issues

2 issues

2 issues

4 issues

Slovenia

Czech Republic

Romania

Croatia

Lithuania

Poland

Hungary

Slovakia

USD 0.2bn

USD 1.3bn

USD 0.7bn

USD 3.5bn

USD 2.7bn

1 issue

1 issue

2 issues

2 issues

6 issues

Hungary

Slovakia

Poland

Slovenia

Czech Republic

1Q13 2Q13

CEEMEA BOND ISSUANCE COUNTRY BREAKDOWN│FY13

3Q13 4Q13

USD 0.9bn

USD 1.8bn

USD 1.3bn

USD 2.7bn

USD 2.2bn

USD 4.3bn

1 issue

1 issue

2 issues

2 issues

3 issues

4 issues

Poland

Croatia

Romania

Slovenia

Slovakia

Hungary

<< BACK TO CONTENTS

59

CEEMEA BOND ISSUANCE BOND ISSUES│1Q13

Issuer Date

priced Size (m) Coupon

Re-offer price

Re-offer yield

Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes

Poland (Govt of) 08-Jan EUR 1,000 1.625% 99.547 1.705% Senior unsecured

15-Jan-19 BNP Paribas, Deutsche Bank, HSBC, UniCredit

Poland Sovereign A- A2 A-

Slovakia (Govt of) 08-Feb EUR 1,500 3.875% - - Senior unsecured

08-Feb-33 HSBC Slovakia Sovereign NR A2 A Reg S

New World Resources (NWR)

16-Jan EUR 275 7.875% 100.000 7.875% Senior unsecured

15-Jan-21 Citigroup, Erste Bank, Goldman Sachs, Morgan Stanley

Czech Republic

Metals & mining

B B3 NR Make-whole call option before 15-Jan-17, call option from 15-Jan-17

Lithuania (Govt of) 28-Jan EUR 400 4.850% 110.270 2.631% Senior unsecured

07-Feb-18 Barclays, Citigroup Lithuania Sovereign BBB Baa1 BBB Tap of EUR 1bn 4.85% 2018, Reg S

Bite Group 30-Jan EUR 200 Euribor +7.5%

99.000 7.974% Senior secured

15-Feb-18 Deutsche Bank, Credit Suisse, Lithuania Telecoms B NR B- Make-whole call option and equity claw-back option before 2015, call option from 2015, change-of-control option, Reg S/144a

Hungary (Govt of) 12-Feb

USD 1,250 4.125% 99.580 4.219% Senior unsecured

19-Feb-18

BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs

Hungary Sovereign

BB Ba1 BB+

Dual-tranche


21-Feb-23 BB Ba1 BB+

Romania (Govt of) 14-Feb USD 1,500 4.375% 98.963 4.500% Senior unsecured

22-Aug-23 Barclays, BNP Paribas, Citigroup, HSBC Romania Sovereign BB+ Baa3 BBB- Reg S/144a

Slovakia (Govt of) 20-Feb EUR 1,750 3.000% 100.000 3.000% Senior unsecured

28-Feb-23 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena

Slovakia Sovereign NR A2 A Reg S

Energa 14-Mar EUR 500 3.250% 99.704 3.298% Senior unsecured

19-Mar-20 BofA-Merrill Lynch, BNP Paribas, HSBC Poland Energy NR Baa1 BBB Reg S

Slovakia (Govt of) 18-Mar

CHF 400 1.375% 99.702 1.424% Senior unsecured

16-Oct-19

BNP Paribas, UBS Slovakia

NR NR NR Dual-tranche, issue price = 100.427

Sovereign


16-Oct-23 NR NR NR Dual-tranche, issue price = 100.411

Croatia (Govt of) 26-Mar USD 1,500 5.500% 99.054 5.625% Senior unsecured

04-Apr-23 BofA-Merrill Lynch, Deutsche Bank, Goldman Sachs, JPMorgan

Croatia Sovereign BB+ NR BBB-

SID Banka (Slovenska izvozna in razvojna banka)

26-Mar EUR 200 Euribor +3.2%

100.000 - Senior unsecured

28-Mar-16 Berenberg Bank, Erste Bank Slovenia Financial services

NR NR NR Private placement, listed in Vienna

CENTRAL EUROPE

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60


Issuer Date


Re-offer price

Re-offer yield


EP Energy 11-Apr EUR 600 4.375% 100.000 4.375% Senior secured

01-May-18 JPMorgan, Societe Generale, Royal Bank of Scotland, UniCredit

Czech Republic

Energy NR NR BBB- Reg S/144a

RPG Byty 19-Apr EUR 400 6.750% 100.000 6.750% Senior secured

01-May-20 Goldman Sachs, JPMorgan Czech Republic

Real estate

NR Ba2 BB- Make-whole call option before 01-May-16, call option 01-May-16, Reg S/144a

Slovenia (Govt of) 02-May USD 1,000 4.750% 99.124 4.950%

Senior unsecured

10-May-18 BNP Paribas, Deutsche Bank, JPMorgan Slovenia Sovereign

A- Ba1 A- Dual-tranche, Reg S/144a


10-May-23 A- Ba1 A-

Ceska Exportni Banka (Czech Export Bank)

07-May EUR 100 Euribor +0.35%


16-May-18 Societe Generale Czech Republic

Financial services

NR A1 NR Reg S

Nitrogenmuvek 13-May USD 200 7.875% 100.000 7.875% Senior unsecured

21-May-20 BNP Paribas, Raiffeisen Bank International Hungary Chemicals & materials

BB- NR BB- Call option from 21-May-17, change-of-control put option, Reg S/144a

Slovakia (Govt of) 23-May EUR 1,000 1.500% 99.522 1.592% Senior unsecured

28-Nov-18 Tatra Banka, CSOB, Vseobecna Uverova Banka

Slovakia Sovereign A A2 A+

CEZ 28-May EUR 500 3.000% 98.815 3.100% Senior unsecured

05-Jun-28 Commerzbank, Deutsche Bank, Erste Group, ING, Royal Bank of Scotland

Czech Republic

Energy NR A2 A-

Ceska Exportni Banka (Czech Export Bank)

28-May EUR 250 Euribor +0.35%


06-Jun-16 Ceskoslovenska Obchodni Banka, JPMorgan

Czech Republic

Financial services

NR A1 NR

19-Jun (issue date)

USD 465 8%,

step-up - -

Senior secured

30-Apr-18 -

Poland Con-sumer: other

NR NR NR Post-restructuring, guaranteed, int. rate step-up: 9% (01-May-14) and 10% (01-May-15), redeemable, change-on-control put option CEDC (Central European

Distribution Corporation)

USD 200 10% (PIK)

- - Junior secured

30-Apr-18 - NR NR NR Post-restructuring, PIK toggle, guaranteed, convertible from 01-Dec-14, redeemable

City of Prague (Govt of) 26-Jun EUR 200 3.125% 99.417 3.194% Senior unsecured

03-Jul-23 Ceskoslovenska Obchodni Banka (KBC group), UniCredit

Czech Republic

Sovereign A+ A1 NR Use of proceeds include refinancing debt and funding the expansion of the underground network

CENTRAL EUROPE

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61


Issuer Date


Re-offer price

Re-offer yield


Eustream 11-Jul EUR 500 3.750% 99.390 3.851% Senior unsecured

18-Jul-20 Citigroup, ING, JPMorgan, KBC, Slovenska Sporitelna

Slovakia Transport A- Baa1 NR

Issuer: SPP Infrastructure Financing BV (Slovensky Plynarensky Priemysel group), change-of-control put option, negative pledge provision, Reg S

Croatian Bank for Reconstruction and Development (HBOR)

13-Aug EUR 150 6.000% - - - 08-May-20 n.a. Croatia Financial services

n.a. n.a. n.a. Listed on the Vienna Stock Exchange

SID Banka (Slovenska izvozna in razvojna banka)

03-Sep EUR 100 3.340% - - - 31-Dec-14 Berenberg Bank Slovenia Financial services

n.a. n.a. n.a. Commercial paper, private placement

Eustream 04-Sep EUR 250 3.750% 100.894 3.599% Senior unsecured

18-Jul-20 Citigroup, ING, JPMorgan, KBC, Slovenska Sporitelna

Slovakia Transport A- Baa1 NR

Tap of EUR 500m 3.75% 2020, issuer: SPP Infrastructure Financing B.V. (Slovensky Plynarensky Priemysel group), change-of-control put option, negative pledge pledge, Reg S

TVN (Polish Television Holding group)

06-Sep EUR 430 7.375% 100.000 7.375% Senior unsecured

15-Dec-20 JPMorgan, Deutsche Bank, Nomura, BNP Paribas

Poland Media B+ B1 NR

Guaranteed, make-whole call option before 15-Dec-16, call options from 15-Dec-16, use of proceeds: together with the remaining restricted cash from the disposal of Onet.pl group to repurchase outstanding 2017 notes under the make-whole option, change-of-control put option if combined with a rating downgrade, Reg S/144a

Polish Television Holding (PTH)

11-Sep EUR 300

11% (cash)/

12% (PIK)

100.000 11.000% Senior secured

15-Jan-21 JPMorgan, Deutsche Bank, Nomura, BNP Paribas

Poland Media B- NR NR

Non-guaranteed, PIK toggle, make-whole call option before 15-Jan-17, call options from 15-Jan-17, change-of-control put option, Reg S/144a

Romania (Govt of) 12-Sep EUR 1,500 4.625% 99.160 4.769% Senior unsecured

18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale

Romania Sovereign BB+ Baa3 BBB- Reg S

Hungarian Export-Import Bank (Eximbank)

24-Sep EUR 380 2.125% 99.410 2.255% Secured 13-Feb-19 Deutsche Bank, HSBC, Jefferies Hungary Financial services

NR NR AAA

Dual-tranche, Class A1 tranche, notes benefit from security over a guarantee on Hungary's payment obligations under the statutory guarantee by MIGA (World Bank group), issuer: MAEXIM Secured Funding Ltd, Reg S/144a

CENTRAL EUROPE

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62


Issuer Date


Re-offer price

Re-offer yield


Hungarian Export-Import Bank (Eximbank)

24-Sep EUR 20 2.125% 78.483 7.000% Secured 13-Feb-19 Deutsche Bank, HSBC, Jefferies Hungary Financial services

NR NR BB+ Dual-tranche, Class A2 tranche, issuer: MAEXIM Secured Funding Ltd, Reg S/144a

BRE Bank 25-Sep CHF 200 2.500% 99.896 - Senior unsecured

08-Oct-18 UBS, Credit Suisse, Commerzbank Poland Financial services

BBB+ Baa3 A

CENTRAL EUROPE (continued)

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63


Issuer Date


Re-offer price

Re-offer yield


Zapadoslovenska Energetika (ZSE)

08-Oct

EUR 315 2.875% 100.000 2.875% Senior unsecured

14-Oct-18

Citigroup, Raiffeisen Bank International, Societe Generale

Slovakia Energy

BBB+ NR NR

Dual-tranche


14-Oct-23 BBB+ NR NR

Hungarian Development Bank (Magyar Fejlesztesi Bank)

11-Oct USD 750 6.250% 99.481 6.343% Senior unsecured

21-Oct-20 Citigroup, Deutsche Bank, JPMorgan Hungary Financial services

NR Ba1 BB+ Reg S/144a

Poland (Govt of) 17-Oct EUR 700 1.625% 99.334 1.759% Senior unsecured

15-Jan-19 BNP Paribas, Deutsche Bank, HSBC, UniCredit

Poland Sovereign A- A2 A- Tap of EUR 1bn 1.625% 2019

OTP Mortgage Bank 17-Oct EUR 500 Euribor +1.9%


25-Oct-16 BNP Paribas Hungary Financial services

NR Baa3 NR Guaranteed, Reg S

Romania (Govt of) 22-Oct EUR 500 4.625% 102.788 4.150% Senior unsecured

18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale

Romania Sovereign BB+ Baa3 BBB- Tap of EUR 1.5bn 4.625% 2020

RCS & RDS 25-Oct EUR 450 7.500% 100.000 7.500% Senior secured

01-Nov-20 JPMorgan, Erste Bank, Societe Generale, UniCredit

Romania Telecoms B+ B1 NR

Debut, guaranteed, use of proceeds: refinancing existing debt, make-whole call and equity claw-back (up to 35%) options before 01-Nov-16, call option from 01-Nov-16, certain covenants may be suspended if the notes are rated investment grade by S&P and Moody’s, change-of-control put option, issuer: Cable Communications Systems NV, Reg S/144a

SBB/Telemach (Slovenia Broadband)

07-Nov EUR 475 7.875% 100.000 7.875% Senior secured

15-Nov-20 BNP Paribas, Citigroup, Credit Suisse, ING, KKR, Unicredit

Slovenia Telecoms B B2 NR

Issuer: Adria Bidco BV, use of proceeds: refinancing a bridge loan in connection with a buyout by KKR from Mid Europa Partners, call option from Nov-17, Reg S/144a

Slovenia (Govt of) 15-Nov EUR 1,500 4.700% 99.604 - Senior unsecured

01-Nov-16 JPMorgan Slovenia Sovereign A- NR BBB+ Private placement (placed with one investor), Reg S/144a

CENTRAL EUROPE

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64


Issuer Date


Re-offer price

Re-offer yield


Hungary (Govt of) 18-Nov EUR 2,000 5.750% 98.657 5.930% Senior unsecured

22-Nov-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs

Hungary Sovereign BB Ba1 BB+

Croatia (Govt of) 19-Nov USD 1,750 6.000% 98.488 6.200% Senior unsecured

26-Jan-24 Barclays, BNP Paribas, Deutsche Bank, JPMorgan

Croatia Sovereign BB+ Ba1 BB+ Reg S/144a

GRANVIA (R1 Expressway)

22-Nov EUR

1,242.7 4.781% 100.000 4.781%

Senior secured

30-Sep-39 Deutsche Bank, Natixis Slovakia Construc-tion

BBB+ NR NR Amortising, 15.5-year duration, use of proceeds: refinancing existing debt, Reg S

Magyar Telecom (Invitel) 12-Dec (issue date)

EUR 150.051

7% (cash),

9% (PIK) 100.000 -

Senior secured

15-Jun-18 - Hungary Telecoms CCC+ Caa1 NR

Post-restructuring, PIK toggle, guaranteed, redeemable, issued together with shares as units, max. amount outstanding: EUR 257m, change-of-control put option, Reg S/144a

CENTRAL EUROPE (continued)

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65

DEALS BY SECTOR

USD 87.5bn

BY COUNTRY

CEEMEA BOND ISSUANCE FY13│EASTERN EUROPE RETURN TO MAIN MAP


Russia (Govt of) USD 3,000 3,000 4.875% 16-Sep-23 Russia Sovereign

KazMunayGas NC USD 2,000 2,000 5.750% 30-Apr-43 Kazakhstan Energy

Turkey (Govt of) EUR 1,250 1,687 4.350% 12-Nov-21 Turkey Sovereign

LARGEST DEALS

153 issues

USD 0.1bn

USD 0.2bn

USD 0.7bn

USD 1.0bn

USD 1.4bn

USD 0.7bn

USD 1.2bn

USD 2.5bn

USD 1.2bn

USD 4.9bn

USD 6.4bn

USD 15.8bn

USD 51.5bn

1 issue

1 issue

1 issue

1 issue

1 issue

2 issues

2 issues

2 issues

3 issues

7 issues

14 issues

27 issues

91 issues

Montenegro

Georgia

Armenia

Azerbaijan

Romania

Supranational

Bulgaria

Serbia

Other

Kazakhstan

Ukraine

Turkey

Russia

USD 0.2bn

USD 0.8bn

USD 1.0bn

USD 2.0bn

USD 3.0bn

USD 2.6bn

USD 7.7bn

USD 4.3bn

USD 18.5bn

USD 19.9bn

USD 27.6bn

1 issue

1 issue

2 issues

3 issues

5 issues

6 issues

11 issues

11 issues

15 issues

23 issues

75 issues

Defence


Consumer: other


Telecoms

Agriculture

Metals & mining

Transport

Sovereign

Energy

Financial services

<< BACK TO CONTENTS

66

USD 0.5bn

USD 0.7bn

USD 1.0bn

USD 11.2bn

1 issue

1 issue

2 issues

12 issues

Supranational

Armenia

Turkey

Russia

USD 0.2bn

USD 0.4bn

USD 0.4bn

USD 1.0bn

USD 1.5bn

USD 4.6bn

USD 3.9bn

USD 17.4bn

1 issue

1 issue

1 issue

1 issue

1 issue

8 issues

9 issues

38 issues

Supranational

Other

Kazakhstan

Azerbaijan

Serbia

Turkey

Ukraine

Russia

USD 0.5bn

USD 4.1bn

USD 2.5bn

USD 5.4bn

USD 15.8bn

1 issue

4 issues

5 issues

11 issues

26 issues

Other

Kazakhstan

Ukraine

Turkey

Russia

1Q13 2Q13


3Q13 4Q13

USD 0.1bn

USD 0.2bn

USD 0.3bn

USD 1.0bn

USD 1.4bn

USD 0.4bn

USD 1.2bn

USD 4.8bn

USD 7.1bn

1 issue

1 issue

1 issue

1 issue

1 issue

2 issues

2 issues

6 issues

15 issues

Montenegro

Georgia

Other

Serbia

Romania

Kazakhstan

Bulgaria

Turkey

Russia

<< BACK TO CONTENTS

67


Issuer Date


Re-offer price

Re-offer yield


Turkey (Govt of) 08-Jan USD 1,500 3.250% 98.093 3.473% Senior unsecured

23-Mar-23 BNP Paribas, Deutsche Bank, Goldman Sachs

Turkey Sovereign BB Ba1 BBB-

Yapi ve Kredi Bankasi 14-Jan USD 500 4.000% 99.529 4.078% Senior unsecured

22-Jan-20 BofA-Merrill Lynch, Mitsubishi UFJ Securities, Morgan Stanley, UniCredit

Turkey Financial services

NR Baa2 BBB

Ukreximbank 15-Jan USD 500 8.750% 100.000 8.750% Senior unsecured

22-Jan-18 Credit Suisse, Morgan Stanley Ukraine Financial services

NR B3 B Issuer: Biz Finance plc, change-of-control put option, LPN

Gazprombank 15-Jan RUB 20,000 7.875% 100.000 7.875% Senior unsecured

25-Jul-16 Barclays, Citigroup, Gazprombank Russia Financial services

BBB- Baa3 NR Euroclearable, Reg S

VTB Bank 18-Jan CNY 1000 4.500% 101.800 3.802% Senior unsecured

30-Oct-15 HSBC, VTB Capital Russia Financial services

BBB Baa1 BBB Tap of CNY 1bn 4.5% 2015, dim sum bond, Euroclearable, LPN

Credit Europe Bank 18-Jan USD 400 8.0%,

variable 100.000 8.000%

Sub-ordinated

24-Jan-23 Citigroup, Goldman Sachs, HSBC Other Financial services

NR Ba3 BB- Tier 2, make-whole call option on 24-Jan-18, coupon changes to USD swap rate+7.093% from 24-Jan-18, Reg S

Russian Agricultural Bank (RSHB)

23-Jan CNY 1,000 3.600% 100.000 3.600% Senior unsecured

04-Feb-16 JPMorgan, Royal Bank of Scotland Russia Financial services

NR Baa1 BBB Dim sum bond, Euroclearable, LPN, Reg S

Sibur Holding 24-Jan USD 1,000 3.914% 100.000 3.914% Senior unsecured

31-Jan-18 Citigroup, Credit Suisse, Gazprombank, JPMorgan, Royal Bank of Scotland, Sberbank


NR Ba1 BB+ Debut, Reg S/144a

Sberbank 24-Jan RUB 25,000 7.000% 100.000 7.000% Senior unsecured

31-Jan-16 Barclays, Sberbank Russia Financial services

NR A3 BBB Euroclearable, LPN

Credit Bank of Moscow 25-Jan USD 500 7.700% 100.000 7.700% Senior unsecured

01-Feb-18 Barclays, BofA-Merrill Lynch, Raiffeisen Bank International, Royal Bank of Scotland

Russia Financial services

NR B1 BB- LPN, Reg S/144a


29-Jan RUB 10,000 7.875% 100.000 7.875% Senior unsecured

07-Feb-18 Citigroup, Deutsche Bank, JPMorgan, VTB Capital


NR NR NR Euroclearable, LPN, Reg S

Russian Railways (RZD) 29-Jan


26-Feb-18

Barclays, Credit Suisse, VTB Capital Russia Transport

NR Baa1 NR

Dual-tranche, debut CHF


26-Feb-21 NR Baa1 NR

EASTERN EUROPE

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68


Issuer Date


Re-offer price

Re-offer yield


Turkiye Halk Bankasi 29-Jan USD 750 3.875% 98.901 4.057% Senior unsecured

05-Feb-20 Commerzbank, Goldman Sachs, JPMorgan, Standard Chartered


NR Baa2 BBB- Reg S/144a

EBRD 30-Jan RUB 7,500 ROISfix +0.45%


12-Feb-16 Raiffeisen Bank International Suprana-tional

Financial services

NR NR NR Linked to the Russian OIS index, Euroclearable

30-Jan

USD 800 3.850% 100.000 3.850% Senior unsecured

06-Feb-20

BNP Paribas, Gazprombank, JPMorgan Russia Energy

NR Baa1 BBB

Dual-tranche, LPN, Reg S/144a Gazprom


06-Feb-28 NR Baa1 BBB

Akbank 30-Jan TRY 1,000 7.500% 100.000 7.500% Senior unsecured

05-Feb-18 BofA-Merrill Lynch, Citigroup, Deutsche Bank, HSBC, JPMorgan


NR Baa2 BBB Euroclearable, Reg S/144a

Russian Standard Bank 31-Jan CNY 500 8.000% 100.000 8.000% Senior unsecured

14-Feb-15 BNP Paribas, HSBC Russia Financial services

B+ Ba3 B+ Dim sum bond, Euroclearable, Reg S

Agency for Housing Mortgage Lending (AHML/AIZhK)

31-Jan RUB 15,000 7.750% 100.000 7.750% Senior unsecured

13-Feb-18 Citigroup, Deutsche Bank, Raiffeisen Bank International, VTB Capital


BBB Baa1 NR Euroclearable, LPN, Reg S/144a

BankPozitif Kredi ve Kalkinma Bankasi

01-Feb USD 150 5.000% 100.000 5.000% Senior unsecured

07-Feb-18 Citigroup, Royal Bank of Scotland Turkey Financial services

NR NR BBB- Reg S

Gazprombank 04-Feb CNY 500 4.000% 100.000 4.000% Senior unsecured

24-Feb-16 BNP Paribas, Gazprombank Russia Financial services

BBB- Baa3 NR Dim sum bond, Euroclearable, LPN

Ukraine (Govt of) 04-Feb USD 1,000 7.800% 101.175 7.625% Senior unsecured

28-Nov-22 JPMorgan, VTB Capital Ukraine Sovereign B B3 B Tap of USD 1.25bn 7.8% 2022, Reg S/144a

Ural Bank for Reconstruction and Development (UBRD)

05-Feb USD 50 0.000% - - - 07-Aug-13 BCP Securities, VTB Capital Russia Financial services

- - - Debut six-month ECP, issued under USD 200m ECP programme

Sberbank 06-Feb CHF 200 2.065% 100.000 2.065% Senior unsecured

28-Feb-17 Credit Suisse, Sberbank, UBS Russia Financial services

NR A3 BBB LPN

EASTERN EUROPE (continued)

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PhosAgro 06-Feb USD 500 4.204% 100.000 4.204% Senior unsecured

13-Feb-18 Citigroup, Raiffeisen Bank International, Sberbank, VTB Capital


NR Baa3 BB+ Debut, LPN, Reg S/144a

Development Bank of Kazakhstan

06-Feb USD 425 4.125% 100.000 4.125% Senior unsecured

10-Dec-22 Halyk Finance, JPMorgan, VTB Capital Kazakh-stan

Financial services

BBB+ Baa3 BBB Tap of USD 1bn 4.125% 2022, Reg S/144a

06-Feb


13-Feb-19

Barclays, Citigroup, ING, Royal Bank of Scotland

Russia Telecoms

BB Ba3 NR Three-tranche, Reg S/144a Three-tranche, Reg S/144a

VimpelCom USD 1,000 5.950% 100.000 5.950% Senior unsecured

13-Feb-23 BB Ba3 NR

RUB 12,000 9.000% 100.000 9.000% Senior unsecured

13-Feb-18 BB Ba3 NR Three-tranche, Euroclearable, Reg S/144a

BIN Bank (B&N Bank) 07-Feb USD 60 0.000% - - - 12-Feb-14 BCP Securities, VTB Capital Russia Financial services

- - - ECP, issuer: B&N Finance Ltd.

VTB Capital 07-Feb TRY 300 7.788% 100.000 7.788% Senior unsecured

02-Feb-15 Garantibank Russia Financial services

NR NR NR Istanbul Stock Exchange listing

NLMK (Novolipetsk Steel) 11-Feb USD 800 4.450% 100.000 4.450% Senior unsecured

19-Feb-18 Deutsche Bank, JPMorgan, Societe Generale


BBB- Baa3 BBB- Issuer: Steel Funding Ltd, Reg S/144a

Novatek 12-Feb RUB 14,000 7.750% 100.000 7.750% Senior unsecured

21-Feb-17 Barclays, Gazprombank, Goldman Sachs, Sberbank

Russia Energy BBB- Baa3 BBB- Euroclearable, LPN

Promsvyazbank 14-Feb USD 200 10.200% 105.919 9.000% Sub-ordinated

06-Nov-19 HSBC, JPMorgan, Promsvyazbank Russia Financial services

NR Ba3 B+ Tap of USD 400m 10.2% 2019, Tier 2, LPN, Reg S

Commercial Bank Renaissance Capital

14-Feb USD 50 13.500% 103.250 12.630% Sub-ordinate

21-Jun-18 Goldman Sachs Russia Financial services

NR NR NR Tap of USD 100m 13.5% 2018, Tier 2, issuer: Renaissance Consumer Funding Ltd, LPN, Reg S

Tinkoff Credit Systems 14-Feb USD 75 14.000% 107.000 12.408% Sub-ordinated

06-Jun-18 Goldman Sachs, JPMorgan Russia Financial services

NR B3 NR Tap of USD 125m 2018, Tier 2, issuer: Egidaco Investments plc, LPN, Reg S


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Vnesheconombank (VEB)

EUR 1,000 3.035% 100.000 3.035% Senior unsecured

21-Feb-18 Barclays, Commerzbank, ING, Societe Generale


BBB Baa1 BBB

Dual-tranche, Reg S 14-Feb


21-Feb-23 BBB Baa1 BBB

Serbia (Govt of) 14-Feb USD 1,500 4.875% 98.401 5.150% Senior unsecured

25-Feb-20 Barclays, Deutsche Bank, JPMorgan Serbia Sovereign BB- NR BB- Reg S/144a

Sberbank 18-Feb CHF 50 2.065% - - Senior unsecured

28-Feb-17 Credit Suisse, Sberbank, UBS Russia Financial services

NR A3 BBB Tap of CHF 200m 2.065% 2017, Euroclearable, LPN

PrivatBank 20-Feb USD 175 10.875% 100.000 10.875% Senior unsecured

28-Feb-18 Credit Suisse, JPMorgan, UBS Ukraine Financial services

NR B3 B Issuer: UK SPV Credit Finance plc, LPN, change-of-control put option, Reg S/144a

Vnesheconombank (VEB) 21-Feb USD 500 1.99%,

variable - - - 20-Feb-15 Gazprombank, Sberbank Russia

Financial services

- - -

MICEX listing, secondary placement, put op-tion on 20-Feb-14, initial two coupons = 3.3%, next two coupons = 1.99%, last two coupons will be set by the issuer

Sberbank 25-Feb TRY 550 7.400% 100.000 7.400% Senior unsecured

04-Mar-18 HSBC, JPMorgan, Sberbank Russia Financial services

NR A3 BBB Debut TRY issue, Euroclearable, LPN, Reg S

Turkiye Garanti Bankasi 01-Mar TRY 750 7.375% 99.487 7.500% Senior unsecured

07-Mar-18 BNP Paribas, Goldman Sachs, Deutsche Bank, Mitsubishi UFJ Securities, Standard Chartered


NR Baa2 BBB Reg S/144a

State Oil Company of Azerbaijan (SOCAR)

06-Mar USD 1,000 4.750% 100.000 4.750% Senior unsecured

13-Mar-23 Deutsche Bank Azer-baijan

Energy BB+ Ba1 BBB-

Change-of-status put option (incl. the state and/or any state agencies ceasing to own/control all of SOCAR's charter/share capital; and/or SOCAR ceasing to act as the state’s agent for existing or future (but one per year) domestic production-sharing agreements), Reg S

Severstal 12-Mar USD 600 4.450% 100.000 4.450% Senior unsecured

19-Mar-18 Citigroup, JPMorgan, Sberbank Russia Metals & mining

BB+ NR BB Reg S/144a

Russian Standard Bank 13-Mar CNY 750 8.000% 101.250 7.274% Senior unsecured

14-Feb-15 BNP Paribas, HSBC Russia Financial services

B+ Ba3 B+ Tap of CNY 500m 8% 2015, dim sum bond, LPN, Euroclearable, Reg S

Gazprom 13-Mar EUR 1,000 3.389% 100.000 3.389% Senior unsecured

20-Mar-20 Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB Dual-tranche, LPN, Reg S


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Gazprom 13-Mar EUR 500 4.364% 100.000 4.364% Senior unsecured

21-Mar-25 Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB Dual-tranche, LPN, Reg S

Oschadbank (State Savings Bank of Ukraine)

13-Mar USD 500 8.875% 100.000 8.875% Senior unsecured

20-Mar-18 Credit Suisse, Deutsche Bank, JPMorgan Ukraine Financial services

NR B3 B Issuer: SSB No.1 plc, LPN, change-of-control put option, Reg S

MHP 21-Mar USD 750 8.250% 100.000 8.250% Senior unsecured

02-Apr-20 JPMorgan, Morgan Stanley, VTB Capital Ukraine Agri-culture

B NR B Use of proceeds incl. financing a tender offer for 60% of USD 585m 10.25% 2015 notes and repaying short-term debt, Reg S/144a

Bank Asya 21-Mar USD 250 7.5%,

variable 100.000 7.500%

Sub-ordinated

28-Mar-23 BofA-Merrill Lynch, HSBC, Emirates NBD, National Bank of Abu Dhabi


NR Ba3 NR Sukuk, Tier 2, NC5 (call date 28-Mar-13), interest rate reset from 28-Mar-18, reset margin ms+6.525%, Reg S

Ukrlandfarming


26-Mar-18

Citigroup, Deutsche Bank, Sberbank Agri-culture

B- NR B

Debut, use of proceeds include refinancing USD 100m of the Deutsche Bank/Sberbank syndicated loan facility, change-of-control put option, Reg S/144a

Ukraine


26-Mar-18 B- NR B

Add-on to USD 250m 10.875% 2018, use of proceeds include refinancing USD 100m of the Deutsche Bank/Sberbank syndicated loan facility, change-of-control put option, Reg S/144a

Tinkoff Credit Systems 22-Mar USD 50 0.000% 94.072 6.250% n.a. 26-Mar-14 BCP Securities, UBS, VTB Capital Russia Financial services

n.a. n.a. n.a. ECP, issuer: Egidaco Investments plc

TMK 25-Mar USD 500 6.750% 100.000 6.750% Senior unsecured

03-Apr-20 Citigroup, Deutsche Bank, JPMorgan Russia Metals & mining

B+ B1 NR

Make-whole call option (only once), put option if TMK fails to procure certain additional loan guarantors to provide guarantees within 90 days of 03-Apr-13 (issue date), LPN, Reg S/144a

Arcelik 25-Mar USD 500 5.000% 99.031 5.125% Senior unsecured

03-Apr-23 BofA-Merrill Lynch, JPMorgan, Royal Bank of Scotland

Turkey Con-sumer: other

BB+ NR BB+ Debut, Reg S/144a

DTEK (Donbas Fuel and Energy)


04-Apr-18 Deutsche Bank, ING, JPMorgan, Sberbank, UniCredit, VTB Capital

Ukraine Energy NR B3 B Use of proceeds include repurchasing up to USD 321.25m of 9.5% notes due 2015

Ukreximbank 26-Mar USD 100 8.750% 101.438 8.375% Senior unsecured

22-Jan-18 Credit Suisse, Morgan Stanley Ukraine Financial services

NR B3 B Tap of USD 500m 8.75% 2018, issuer: Biz Finance plc, change-of-control put option, LPN, Reg S


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Turkiye Is Bankasi 04-Apr USD 500 3.750% 99.323 3.888% Senior unsecured

10-Oct-18 Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan



Turkiye Vakiflar Bankasi 08-Apr USD 600 3.750% 99.432 3.876% Senior unsecured

15-Apr-18 BofA-Merrill Lynch, BNP Paribas, Citigroup, Commerzbank, Deutsche Bank



Ukraine (Govt of) 09-Apr USD 1,250 7.500% 100.000 7.500% Senior unsecured

17-Apr-23 Citigroup, JPMorgan, Sberbank, VTB Capital

Ukraine Sovereign B B3 B Reg S/144a

Turkey (Govt of) 09-Apr USD 1,500 4.875% 98.834 4.950% Senior unsecured

16-Apr-43 Citigroup, Credit Suisse, JPMorgan Turkey Sovereign BB Ba1 BBB-

Ak Finansal Kiralama (AKLease)

10-Apr USD 250 4.125% 99.442 4.250% Senior unsecured

17-Apr-18 Emirates NBD, HSBC, National Bank of Abu Dhabi, Societe Generale


NR NR BBB Debut, Reg S

Metalloinvest 10-Apr USD 1,000 5.625% 100.000 5.625% Senior unsecured

17-Apr-20 Credit Agricole, Credit Suisse, Deutsche Bank, Sberbank, Societe Generale, VTB Capital


BB- Ba2 BB- Make-whole call option, change-of-control put option, Reg S/144a

Eurasia Drilling Company 11-Apr USD 600 4.875% 100.000 4.875% Senior unsecured

17-Apr-20 BofA-Merrill Lynch, Goldman Sachs, Sberbank

Russia Energy BB+ NR BB Reg S/144a

Eastcomtrans 11-Apr USD 100 7.750% 98.986 8.000% Senior secured

22-Apr-18 BNP Paribas, HSBC Kazakh-stan

Transport NR B3 B Debut, make-whole call option, change-of-control put option, Reg S

Mriya 11-Apr USD 400 9.450% 98.835 9.750% Senior unsecured

19-Apr-18 Citigroup, Credit Suisse, Goldman Sachs, Sberbank

Ukraine Agri-culture

B NR B

Make-whole call and equity claw-back options, change-of-control put option, issued in conjunction with a USD 178.4m 10.95% 2016 notes tender, Reg S/144a

Evraz Group 12-Apr USD 1,000 6.500% 100.000 6.500% Senior unsecured

22-Apr-20 ING, JPMorgan, UBS Russia Metals & mining

B+ NR BB- Make-whole call option, put option in the event of a rating downgrade following an issuer substitution, Reg S/144a

Russian Railways (RZD) 12-Apr EUR 1,000 3.374% 100.000 3.374% Senior unsecured

20-May-21 Natixis, Royal Bank of Scotland, Societe Generale, VTB Capital

Russia Transport BBB Baa1 BBB LPN, change-of-control put option, Reg S/144a

Lukoil 17-Apr


24-Apr-18

BNP Paribas, Citigroup Russia Energy

BBB Baa2 BBB- Dual-tranche, make-whole call option, Reg S/144a


24-Apr-23 BBB Baa2 BBB-

EASTERN EUROPE

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Re-offer yield


Alrosa 17-Apr USD 133 0.000% 98.504 2.250% n.a. 24-Dec-13 Goldman Sachs, UBS, VTB Capital Russia Metals & mining

n.a. n.a. n.a. ECP

Alfa-Bank 18-Apr RUB 10,000 8.625% 100.000 8.625% Senior unsecured

26-Apr-16 Alfa-Bank, Citigroup, HSBC Russia Financial services

BB+ Ba1 BBB- LPN, Reg S/144a

Polyus Gold International 18-Apr USD 750 5.625% 100.000 5.625% Senior unsecured

29-Apr-20 JPMorgan, Societe Generale, VTB Capital Russia Metals & mining

BB+ NR BBB- Debut, Reg S/144a

Gazprom Neft 18-Apr EUR 750 2.933% 100.000 2.933% Senior unsecured

26-Apr-18 BNP Paribas, Credit Agricole, Gazprombank, JPMorgan

Russia Energy BBB- Baa3 NR LPN

Koc Holding 18-Apr USD 750 3.500% 99.582 3.568% Senior unsecured

24-Apr-20 BofA-Merrill Lynch, BNP Paribas, Citigroup, Deutsche Bank

Turkey Industrial products & services

BBB- Baa3 NR Change-of-control put option, Reg S/144a

Nomos Bank 19-Apr USD 500 7.250% 100.000 7.250% Senior unsecured

25-Apr-18 Citigroup, Gazprombank, JPMorgan, Nomos Bank, VTB Capital


NR Ba3 BB LPN, Reg S/144a

Turkiye Is Bankasi 23-Apr USD 250 3.750% 100.983 3.550% Senior unsecured

10-Oct-18 Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan


NR Baa2 BBB Tap of USD 500m 3.75% 2018, Reg S/144a

Uralkali 23-Apr USD 650 3.723% 100.000 3.723% Senior unsecured

30-Apr-18 BofA-Merrill Lynch, Goldman Sachs, Sberbank, VTB Capital


NR Baa3 BBB- LPN, Reg S/144a

23-Apr USD 500 8.000% 100.000 8.000% Senior secured

02-May-18

Goldman Sachs, ING, Raiffeisen Bank International

Russia Transport

BB- NR B+

Dual-tranche, make-whole and equity claw-back options before 02-May-16, call option from 02-May-16, issued to refinance acquisition finance facilities and other pre-acquisition indebtedness, Reg S/144a Far Eastern Shipping

Company (FESCO)

USD 300 8.750% 100.000 8.750% Senior secured

02-May-20 BB- NR B+

Dual-tranche, make-whole and equity claw-back options before 02-May-17, call option from 02-May-17, issued to refinance acquisition finance facilities and other pre- acquisition indebtedness, Reg S/144a

DTEK (Donbas Fuel and Energy)


04-Apr-18 Deutsche Bank, ING, JPMorgan, Sberbank, UniCredit, VTB Capital

Ukraine Energy NR B3 B Tap of USD 600m 7.875% 2018

Turkiye Finans Katilim Bankasi


02-May-18 Citigroup, HSBC, NCB Capital, Noor Islamic Bank


NR NR BBB Sukuk, Reg S


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Re-offer yield


Alliance Oil 24-Apr USD 500 7.000% 99.320 7.125% Senior unsecured

04-May-20 Deutsche Bank, Gazprombank, Goldman Sachs, Raiffeisen Bank International

Russia Energy B+ NR B Make-whole call option, Reg S/144a

KazMunayGas NC 24-Apr


30-Apr-23 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital

Kazakh-stan

BBB- Baa3 BBB-

Dual-tranche, Reg S/144a Energy


30-Apr-43 BBB- Baa3 BBB-

Norilsk Nickel 25-Apr USD 750 4.375% 100.000 4.375% Senior unsecured

30-Apr-18 Barclays, Citigroup, Societe Generale Russia Metals & mining

BBB- Baa2 BB+ Issuer: MMC Finance Ltd, LPN, Reg S

Credit Bank of Moscow 25-Apr USD 500 8.700% 100.000 8.700% Senior subordi-nated

13-Nov-18 HSBC, Raiffeisen Bank International, Royal Bank of Scotland


NR NR B+ LPN, issuer: CBOM Finance plc, Reg S/144a

Nord Gold 29-Apr USD 500 6.375% 100.000 6.375% Senior unsecured

07-May-18 Citigroup, Goldman Sachs, Jefferies, Natixis, Sberbank, Societe Generale


NR Ba3 BB- Reg S/144a

Albaraka Turk Katilim Bankasi

29-Apr USD 200 7.750% 100.000 7.750% Sub-ordinated

07-May-23 Al Hilal Bank, Barwa Bank, BNP Paribas, Emirates NBD, Nomura


NR NR NR Sukuk, Tier 2, NC5, Reg S/144a

Turkye Sise ve Cam Fabrikalari (Sisecam)

02-May USD 500 4.250% 99.265 4.373% Senior unsecured

09-May-20 BNP Paribas, Citigroup, HSBC, JPMorgan Turkey Chemicals & materials

BB+ Ba1 NR Debut, change-of-control put option, Reg S/144a

Ukrlandfarming 13-May USD 150 10.875% 100.000 10.875% Senior unsecured

26-Mar-18 Deutsche Bank, Sberbank Ukraine Agri-culture

B- NR B Tap of USD 275m 10.875% 2018, change-of-control put option, Reg S/144a

Ukrzaliznytsia (State Administration of Railway Transport of Ukraine)


21-May-18 Barclays, Morgan Stanley, Sberbank Ukraine Transport B NR B- Debut, Reg S/144a

Far Eastern Shipping Company (FESCO)

14-May USD 50 8.000% 101.375 7.659% Senior secured

02-May-18 Goldman Sachs, ING, Raiffeisen Bank International

Russia Transport BB- NR B+

Tap of USD 500m 8% 2018, dual-tranche, make-whole and equity claw-back options before 02-May-16, call option from 02-May-16, issued to refinance acquisition finance facilities and other pre-acquisition indebtedness, Reg S/144a


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Re-offer price

Re-offer yield


Far Eastern Shipping Company (FESCO)

14-May USD 25 8.750% 102.500 8.209% Senior secured

02-May-20 Goldman Sachs, ING, Raiffeisen Bank International

Russia Transport BB- NR B+

Tap of USD 300m 8.75% 2020, dual-tranche, make-whole and equity claw-back options before 02-May-17, call option from 02-May-17, issued to refinance acquisition finance facilities and other pre-acquisition indebtedness, Reg S/144a

Gunvor Group 15-May USD 500 5.875% 99.467 6.000% Senior unsecured

21-May-18 Credit Suisse, Goldman Sachs Other Energy NR NR NR Debut, change-of-control put option, Reg S

Turkiye Garanti Bankasi 15-May CHF 100 Libor

+1.05% 100.000 -

Senior unsecured

26-May-15 Deutsche Bank Turkey Financial services

NR NR NR

Turkiye Garanti Bankasi 16-May AUD 175 5.500% - - Senior unsecured

23-May-18 HSBC Turkey Financial services

NR NR NR Kangaroo bond

Sberbank 16-May USD 1,000 5.250% 100.000 5.250% Senior subordi-nated

23-May-23 BNP Paribas, JPMorgan, Sberbank, UBS Russia Financial services

NR NR BBB- LPN, Reg S/144a

KazAgro 17-May USD 1,000 4.625% 100.000 4.625% Senior unsecured

24-May-23 HSBC, JPMorgan Kazakh-stan

Agri-culture

BBB+ NR BBB Debut, Reg S/144a

Commercial Bank Renaissance Credit


31-May-16 Goldman Sachs, Raiffeisen Bank International, Sberbank


B B2 B Reg S

Mobile TeleSystems (MTS)


30-May-23 Gazprombank, JPMorgan, Royal Bank of Scotland

Russia Telecoms BB Ba2 BB+ LPN, change-of-control put option, Reg S/144a, RUB-denominated tranche was cancelled

Nomos Bank 03-Jun USD 300 10.000% 109.221 8.150% Sub-ordinated

17-Dec-19 Gazprombank, Nomos Bank, VTB Capital Russia Financial services

NR B1 BB- LPN, Reg S/144a

Bank of Khanty-Mansiysk 14-Jun USD 200 9.150% 100.000 9.150% Sub-ordinated

13-Jun-23 Nomos Bank, VTB Capital Russia Financial services

NR NR NR Private placement, issuer: BKM Finance Ltd

Ural Bank for Reconstruction and Development (UBRD)

25-Jun USD 68 12.000% 100.000 12.000% Sub-ordinated

27-Dec-18 BCP Securities, BNP Paribas, Sberbank Russia Financial services

B NR NR Tier 2, LPN, Reg S


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Re-offer yield


Tinkoff Credit Systems 05-Jul USD 20 0.000% 94.950 - - 07-Jul-14 BCP Securities, UBS, VTB Capital Russia Financial services

n.a. n.a. n.a. ECP, issuer: Egidaco Investments plc

Russian Standard Bank 10-Jul USD 200 11.500% 100.000 11.500% Senior subordi-nated

17-Jan-24 Goldman Sachs, HSBC Russia Financial services

NR NR B LPN, Reg S/144a

Gazprom 17-Jul EUR 900 3.700% 100.000 3.700% Senior unsecured

25-Jul-18 BofA-Merrill Lynch, Deutsche Bank, Gazprombank, JPMorgan

Russia Energy BBB Baa1 BBB LPN, Reg S


18-Jul USD 800 5.100% 100.000 5.100% Senior unsecured

25-Jul-18 JPMorgan, Royal Bank of Scotland, VTB Capital


NR Baa3 BBB LPN, change-of-control put option, Reg S/144a

Mersin Int. Port (Mersin Uluslararasi Liman Isletmeciligi)

01-Aug USD 450 5.875% 99.576 5.950% Senior unsecured

12-Aug-20 Citigroup, DBS Bank, UniCredit Turkey Transport NR Baa3 BBB-

Debut, make-whole and equity claw-back options before 12-Aug-18, call option from 12-Aug-18, change-of-control put option, USD 79.5m commitment from EBRD, Mersin is a JV between Akfen Holdings SA (Turkey) and PSA International (Singapore), Reg S/144a

Russia (Govt of) 09-Sep


16-Jan-19

Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital

Russia

BBB Baa1 BBB Multi-tranche, Reg S/144a

Sovereign


16-Sep-23 BBB Baa1 BBB Multi-tranche, Reg S/144a


16-Sep-43 BBB Baa1 BBB Multi-tranche, Reg S/144a


16-Sep-20 BBB Baa1 BBB Multi-tranche, second EUR-tranche was cancelled due to high demand in USD-tranches, Reg S/144a

Russia (Govt of) 13-Sep EUR 25 3.625% - - Senior unsecured

16-Sep-20 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital

Russia Sovereign BBB Baa1 BBB Tap of EUR 700m 3.625% 2020, Reg S/144a

Gazprom 18-Sep GBP 500 5.338% 100.000 5.338% Senior unsecured

25-Sep-20 Deutsche Bank, JPMorgan Russia Energy BBB Baa1 BBB LPN, Reg S

EASTERN EUROPE

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Re-offer yield


Eurasian Development Bank

19-Sep USD 500 5.000% 98.310 5.292% Senior unsecured

26-Sep-20 BNP Paribas, Deutsche Bank, HSBC, JPMorgan

Supra-national

Financial services

BBB A3 NR Reg S/144a

Borets International 19-Sep USD 420 7.625% 100.000 7.625% Senior unsecured

26-Sep-18 Deutsche Bank, Morgan Stanley, Sberbank Russia Energy BB B1 NR

Guaranteed, use of proceeds include funding acquisition of a 35.61% stake in Borets International Ltd from Weatherford Bermuda Holdings Ltd (USD 370m) and the retirement of indebtedness, Reg S/144a

Armenia (Govt of) 20-Sep USD 700 6.000% 98.600 6.250% Senior unsecured

30-Sep-20 Deutsche Bank, HSBC, JPMorgan Armenia Sovereign NR Ba2 BB-

Negative pledge provision, use of proceeds incl. potentially the prepayment in full/part of the outstanding amount under the USD 500m loan from Russia, Reg S/144a

Coca-Cola Icecek (Anadolu Efes group)

24-Sep USD 500 4.750% 99.285 4.913% Senior unsecured

01-Oct-18 Barclays, Citigroup, HSBC, JPMorgan Turkey Con-sumer: other

NR Baa3 BBB Negative pledge provision, change-of-control put option, Reg S/144a

Gazprombank 24-Sep USD 750 7.496%, variable

100.000 7.496% Sub-ordinated

28-Dec-23 Barclays, BNP Paribas, BOC International, Gazprombank, Goldman Sachs, Societe Generale


BBB- Baa3 BBB- Step-up after 28-Dec-18 (floating coupon), LPN, Reg S


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Turkey (Govt of) 03-Oct USD 1,250 4.557% 100.000 4.557% Senior unsecured

10-Oct-18 HSBC, Qinvest, Standard Chartered Turkey Sovereign NR Baa3 BBB- Sukuk, issuer: Hazine Mustesarligi Varlik Kiralama AS, negative pledge provision, Reg S/144a


08-Oct USD 500 8.500% 100.000 8.500% Senior subordi-nated

16-Oct-23 BNP Paribas, Credit Agricole, Goldman Sachs, JPMorgan


NR NR NR Tier 2, LPN, Reg S/144a

Home Credit & Finance Bank

10-Oct USD 200 10.500% 100.000 10.500% Sub-ordinated

19-Apr-21 Citigroup, Sberbank, UBS Russia Financial services

NR NR BB- Tier 2, issuer: Eurasia Capital SA, LPN, Reg S/144a

Turkiye Is Bankasi 10-Oct USD 500 5.500% 99.467 5.614% Senior unsecured

21-Apr-19 BNP Paribas, Commerzbank, JPMorgan, Morgan Stanley, Standard Chartered


NR Baa2 BBB Negative pledge provision, Reg S/144a

Bank Saint-Petersburg 15-Oct USD 100 10.750% 100.000 10.750% Sub-ordinated

22-Apr-19 JPMorgan, VTB Capital Russia Financial services

NR NR B+ LPN

Gazprom 16-Oct CHF 500 2.850% 100.000 2.850% Senior unsecured

25-Oct-19 BNP Paribas, Gazprombank, UBS Russia Energy BBB Baa1 BBB LPN, issuer: Gaz Capital SA

Norilsk Nickel 18-Oct USD 1,000 5.550% 100.000 5.550% Senior unsecured

28-Oct-20 Barclays, BofA-Merrill Lynch, Citigroup, Sberbank, Societe Generale


BBB- Baa2 BB+ Reg S/144a

VTB Bank 22-Oct CHF 300 2.900% 100.000 2.902% Senior unsecured

25-May-18 Credit Suisse, Commerzbank, VTB Capital Russia Financial services

NR NR NR Long four-year bond, the first coupon is paid after 18 months

Gazprombank 23-Oct EUR 1,000 3.984% 100.000 3.984% Senior unsecured

30-Oct-18 Citigroup, Credit Agricole, Deutsche Bank, Gazprombank

Romania Financial services

BBB- Baa3 BBB- LPN

Bank Kaspi 24-Oct USD 200 9.875% 99.684 10.000% Senior unsecured

28-Oct-16 JPMorgan, VTB Capital Kazakh-stan

Financial services

BB- B1 NR Negative pledge provision, Reg S/144a

Turkiye Vakiflar Bankasi 25-Oct USD 500 5.000% 99.350 5.149% Senior unsecured

31-Oct-18 Barclays, ING, Goldman Sachs, HSBC, National Bank of Abu Dhabi, Scotiabank



Bank of Georgia 29-Oct USD 150 7.750% 105.249 6.125% Senior unsecured

05-Jul-17 BofA-Merrill Lynch, JPMorgan Georgia Financial services

BB- Ba3 BB- Tap of USD 250m 7.75% 2017, negative pledge provision, Reg S/144a

EASTERN EUROPE

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Issuer Date


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Re-offer yield


Bulgarian Energy Holding 31-Oct EUR 500 4.250% 99.837 4.287% Senior unsecured

07-Nov-18 Citigroup, Raiffeisen Bank International Bulgaria Energy NR NR BB+

Debut, use of proceeds incl. repaying a EUR 195m bridge facility, negative pledge provision, cross-default/cross-acceleration provision, change-of-control put option, Reg S

Turkey (Govt of) 05-Nov EUR 1,250 4.350% 99.339 4.450% Senior unsecured

12-Nov-21 Barclays, Credit Suisse, Deutsche Bank Turkey Sovereign BB+ Baa3 BBB- Reg S/144a

Gazprombank 06-Nov CHF 200 2.375% 99.921 2.403% Senior unsecured

09-Dec-16 Deutsche Bank, UBS Russia Financial services

BBB- Baa3 BBB- ‘No grow’ deal


08-Nov USD 200 9.000% 100.000 9.000% Senior unsecured

14-Nov-16 Otkritie Bank, Raiffeisen Bank International


B+ B2 NR Debut, issuer: VPB Funding Ltd, Reg S

Domodedovo International Airport


26-Nov-18 ING, Raiffeisen Bank International, UBS Russia Transport BB+ NR BB+ Debut, guaranteed, issuer: DME Airport Ltd, LPN, Reg S

Bulgarian Telecommunications Company (BTC/Vivacom)

15-Nov EUR 400 6.625% 100.000 6.625% Senior secured

15-Nov-18 Barclays, Credit Suisse, Deutsche Bank, VTB Capital

Bulgaria Telecoms BB- B1 NR

Guaranteed, use of proceeds: refinancing the existing senior credit facility, make-whole call option and equity claw-back option before 15-Nov-15, 10% of the notes is redeemable every 12 months before 15-Nov-15, call option from 15-Nov-15, change-of-control put option, Reg S/144a

Commercial Bank Renaissance Credit

15-Nov USD 100 13.500% 100.000 13.500% Senior subordi-nated

22-May-19 Goldman Sachs, Sberbank Russia Financial services

NR B3 NR Tier 2, issuer: Renaissance Consumer Funding Ltd, LPN, Reg S

Vnesheconombank (VEB) 18-Nov


21-Nov-18 Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities


BBB NR BBB

Dual-tranche, Reg S/144a


21-Nov-23 BBB NR BBB

Alfa-Bank 20-Nov CHF 85 4.000% 100.000 4.000% Senior unsecured

16-Jan-18 UBS Russia Financial services

NR NR BB+ Issuer: Alfa Holding Issuance plc, borrower: ABH Financial Ltd, LPN


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80


Issuer Date


Re-offer price

Re-offer yield


Gazprom Neft 20-Nov USD 1,500 6.000% 100.000 6.000% Senior unsecured

27-Nov-23 BofA-Merrill Lynch, Credit Agricole, Gazprombank, JPMorgan

Russia Energy BBB- Baa3 BBB Reg S/144a

Serbia (Govt of) 21-Nov USD 1,000 5.875% 98.937 6.125% Senior unsecured

03-Dec-18 Citigroup, Deutsche Bank Serbia Sovereign BB- B1 BB- Reg S/144a

Kazakhstan Engineering NC


03-Dec-16 UBS, VTB Capital Kazakh-stan

Defence NR Ba2 BBB- Debut



14-Nov-16 Otkritie Bank, Raiffeisen Bank International Russia Financial services

B+ B2 NR Tap of USD 200m 9% 2016, issuer: VPB Funding Ltd, Reg S

Yapi ve Kredi Bankasi 25-Nov USD 500 5.250% 99.342 5.402% Senior unsecured

03-Dec-18 BofA-Merrill Lynch, BNP Paribas, Citigroup, HSBC, Unicredit



Turkiye Is Bankasi 03-Dec USD 400 7.850% 100.000 7.850% Sub-ordinated

10-Dec-23 BNP Paribas, Commerzbank, JPMorgan, Morgan Stanley, Standard Chartered


NR Ba1 BBB- Tier 2, Reg S/144a

Montenegro (Govt of) 04-Dec EUR 80 Euribor +5.95%


09-Dec-16 Morgan Stanley Monte-negro

Sovereign BB- Ba3 NR Amortising (EUR 8.8m quarterly from 09-Dec-14 and EUR 9.6m on 09-Dec-16), negative pledge provision, Reg S

Uranium One 05-Dec USD 300 6.250% 98.947 6.500% Senior secured

13-Dec-18 Deutsche Bank, Sberbank, Societe Generale

Other Energy B+ Ba3 BB-

Guaranteed, call option from 13-Dec-16, make-whole call option and equity claw-back option before 13-Dec-16, change-of-control put option, Reg S/144a


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81

FY13│MIDDLE EAST

DEALS BY SECTOR

USD 37.7bn

BY COUNTRY

CEEMEA BOND ISSUANCE RETURN TO MAIN MAP


Bahrain (Govt of) USD 1,500 1,500 6.125% 01-Aug-23 Bahrain Sovereign

Jordan (Govt of) USD 1,250 1,250 2.503% 30-Oct-20 Jordan Sovereign Ooredoo (formerly: Qatar Telecom) USD 1,250 1,250 3.039% 03-Dec-18 Qatar Telecoms

Saudi Basic Industries Corporation (SABIC) EUR 750 1,006 2.750% 20-Nov-20 Saudi Arabia Chemicals &

materials

LARGEST DEALS

61 issues

USD 0.2bn

USD 1.0bn

USD 2.0bn

USD 1.8bn

USD 2.0bn

USD 2.9bn

USD 8.6bn

USD 6.6bn

USD 12.7bn

1 issue

1 issue

2 issues

2 issues

4 issues

4 issues

11 issues

13 issues

23 issues

Services: other

Utilities


Transport

Real estate

Telecoms

Sovereign

Energy

Financial services

USD 0.5bn

USD 1.3bn

USD 0.9bn

USD 2.2bn

USD 2.1bn

USD 3.4bn

USD 5.3bn

USD 5.7bn

USD 16.5bn

1 issue

1 issue

2 issues

2 issues

4 issues

6 issues

6 issues

9 issues

30 issues

Oman

Jordan

Other

Bahrain

Lebanon

Israel

Saudi Arabia

Qatar

UAE

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82

USD 0.8bn

USD 1.0bn

USD 1.5bn

USD 0.3bn

1 issue

1 issue

1 issue

2 issues

UAE

Saudi Arabia

Bahrain

Israel

USD 0.5bn

USD 1.0bn

USD 2.0bn

USD 2.0bn

USD 8.0bn

1 issue

2 issues

2 issues

2 issues

12 issues

Oman

Qatar

Saudi Arabia

Israel

UAE

USD 0.7bn

USD 1.0bn

USD 1.1bn

USD 1.4bn

USD 2.1bn

USD 3.9bn

1 issue

1 issue

2 issues

3 issues

4 issues

9 issues

Bahrain

Saudi Arabia

Israel

Qatar

Lebanon

UAE

1Q13 2Q13


3Q13 4Q13

USD 1.3bn

USD 0.9bn

USD 1.3bn

USD 3.3bn

USD 3.8bn

1 issue

2 issues

2 issues

4 issues

8 issues

Jordan

Other

Saudi Arabia

Qatar

UAE

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83


Issuer Date


Re-offer price

Re-offer yield


Dubai (Govt of) 22-Jan


30-Jan-23 Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered

UAE Sovereign

NR NR NR Dual-tranche, sukuk, Reg S


30-Jan-43 Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered

NR NR NR Dual-tranche, Reg S


23-Jan


31-Jan-28 BofA-Merrill Lynch, Citigroup, JPMorgan, QNB Capital, Royal Bank of Scotland

Qatar Telecoms

A A2 A+ Dual-tranche, change-of-control put option, Reg S/144a


31-Jan-43 A A2 A+ Dual-tranche, debut 30-year notes, Reg S/144a

Israel (Govt of) 28-Jan


30-Jun-23

Barclays, Citigroup, Goldman Sachs Israel Sovereign

A+ A1 A

Dual-tranche


30-Jan-43 A+ A1 A

Emirates Airline 31-Jan USD 750 4.500% 99.941 4.510% Senior unsecured

28-Feb-25 Citigroup, Deutsche Bank, Emirates NBD Capital, JPMorgan, Morgan Stanley, Standard Chartered

UAE Transport NR NR NR

Amortising at a rate of USD 47.62 per USD 1,000 on every coupon date from 06-Feb-15, change-of-control put option, Reg S/144a

Millennium Offshore Services Management Company

08-Feb USD 225 9.500% 100.000 9.500% Senior secured

15-Feb-18 Goldman Sachs UAE Energy B B2 NR Debut, make-whole call option before 15-Feb-15, call option from 15-Feb-15, RegS/144a

Abu Dhabi Commercial Bank (ADCB)

26-Feb


06-Mar-18 Abu Dhabi Commercial Bank, Barclays, ING, JPMorgan, National Bank of Abu Dhabi, Royal Bank of Scotland

UAE

A NR A+ Dual-tranche, change-of-control put option, Reg S

Financial services

USD 750 4.500% 99.127 4.610% Senior subordi-nated

06-Mar-23 A- NR A Dual-tranche, Reg S

Dubai Electricity & Water Authority (DEWA)

28-Feb USD 1,000 3.000% 100.000 3.000% Senior unsecured

05-Mar-18 Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Royal Bank of Scotland, Standard Chartered

UAE Utilities NR NR NR Sukuk, Nasdaq Dubai listing, Reg S

MIDDLE EAST

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84


Issuer Date


Re-offer price

Re-offer yield


National Bank of Abu Dhabi (NBAD)

28-Feb AUD 300 5.000% 99.607 - Senior unsecured

07-Mar-18 Australia and New Zealand Banking Group, BofA-Merrill Lynch, National Bank of Abu Dhabi

UAE Financial services

A+ Aa3 AA- Debut kangaroo bond

Eole Finance (Emirates Airline)

5-Mar (issue date)

USD 187.1 2.341% 100.000 2.341% Senior unsecured

24-Feb-24 JPMorgan UAE Financial services

NR NR AAA

Use of proceeds: to prepay the ECA loan linked to the Airbus A380-800 purchase in February 2012, amortising, initial average life: 5.82 years, issuer: Eole Finance SPC, guarantor: export credit agency Coface

Emirates Airline 12-Mar USD 1,000 3.875% 99.331 4.024% Senior unsecured

19-Mar-23

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Standard Chartered Bank

UAE Transport NR NR NR Sukuk, issuer: Medjool Ltd, amortising from 19-Sep-13, change-of-control put, Reg S

Dubai Islamic Bank 13-Mar USD 1,000 6.25%,

variable 100.000 6.250%

Sub-ordinated

perpetual Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered


NR NR NR Tier 1, sukuk, interest rate reset every six years from first call option date (20-Mar-19), reset margin ms+4.954%, Reg S

BankMuscat 19-Mar USD 500 2.500% 99.302 2.650% Senior unsecured

26-Mar-18 Bank Muscat, Citigroup, Credit Agricole, Deutsche Bank, HSBC, National Bank of Abu Dhabi, Standard Chartered

Oman Financial services

A- A1 NR

Emirates NBD 25-Mar USD 750 4.875%, variable


28-Mar-23 Citigroup, Emirates NBD, HSBC, JPMorgan, National Bank of Abu Dhabi, Societe Generale


NR NR A Interest rate reset on 28-Mar-18, reset margin ms+3.898%, call option on 28-Mar-18, Reg S

26-Mar


08-Apr-23

Deutsche Bank, HSBC Saudi Arabia

Energy

AA- A1 AA-

Dual-tranche, sukuk Saudi Electricity Company


08-Apr-43 AA- A1 AA-

MIDDLE EAST (continued)

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85


Issuer Date


Re-offer price

Re-offer yield


Sharjah Islamic Bank 09-Apr USD 500 2.950% 100.000 2.950% Senior unsecured

16-Apr-18 Al Hilal Bank, HSBC, Liquidity House, Standard Chartered


BBB+ NR BBB+ Sukuk, Reg S

First Gulf Bank 11-Apr CHF 100 Libor +0.6%


23-Apr-15 Deutsche Bank UAE Financial services

NR A2 NR

Lebanon (Govt of)


27-Jan-23

Fransa Invest Bank, Natixis, Standard Chartered

Lebanon

B B1 B Tap of USD 500m 6% 2023, Reg S

Sovereign


29-Nov-27 B B1 B Tap of USD 500m 6.75% 2027, Reg S

Qatar National Bank 17-Apr CHF 200 Libor

+0.53% 100.000 -

Senior unsecured

13-May-16 Barclays, Royal Bank of Scotland Qatar Financial services

A+ Aa3 A+

Qatar National Bank 22-Apr USD 1,000 2.875% 99.216 3.000% Senior unsecured

29-Apr-20 Deutsche Bank, HSBC, JPMorgan, Mitsubishi UFJ Securities, QNB Capital, Standard Chartered

Qatar Financial services

A+ Aa3 A+ Change-of-control put option

Lebanon (Govt of)


22-Apr-16

Deutsche Bank Lebanon Sovereign

NR NR NR

Dual-tranche


23-Apr-19 NR NR NR

Bahrain Telecommunications Company (Batelco)


01-May-20 BNP Paribas, Citigroup Bahrain Telecoms BBB- NR BBB- Reg S

Dana Gas 08-May

USD 425.04 9.000% 100.000 9.000% Senior unsecured

31-Oct-17

n.a.

UAE Energy NR NR NR Post-restructuring, sukuk, issued as part of refinancing of the USD 1bn sukuk notes

USD 425.04 7.000% - - Senior unsecured

31-Oct-17 UAE Energy NR NR NR Post-restructuring, sukuk, convertible, conversion price: AED 0.75, issued as part of refinancing of the USD 1bn sukuk notes

Commercial Bank of Dubai


21-May-18 Citigroup, HSBC, National Bank of Abu Dhabi


NR Baa1 A- Reg S/144a

MIDDLE EAST

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86


Issuer Date


Re-offer price

Re-offer yield



16-May CHF 150 1.875% 99.787 - Junior subordi-nated

13-Jun-23 Barclays, Royal Bank of Scotland UAE Financial services

NR NR A Issue price: 100.237 with yield-to-call 1.27%, call option on 13-Jun-23

Dar Al-Arkan Real Estate Development Company (DAAR)


24-May-18 Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD, Masraf Al Rayan, Qinvest

UAE Real estate

B+ NR NR Sukuk, guaranteed, Reg S/144a

Emirates NBD 22-May USD 1,000 5.75%,

variable 100.000 5.750%

Junior subordi-nated

perpetual BofA-Merrill Lynch, Deutsche Bank, HSBC, ING, Morgan Stanley, Emirates NBD Capital


NR NR NR Tier 1, hybrid, first call option on 30-May-19, coupon reset on the first call date and every six years thereafter (6yr ms+4.513%)


22-May USD 300 3.125% 99.757 3.178% Sub-ordinated

28-May-23 Standard Chartered UAE Financial services

A- NR A Lower Tier 2, call option on 28-May-18, Reg S

Qatar National Bank 28-May CHF 200 0.500% 99.911 - Senior unsecured

27-Jun-16 Deutsche Bank Qatar Financial services

NR NR NR Issue price: 100.511

Islamic Development Bank

29-May USD 1,000 1.535% 100.000 1.535% Senior unsecured

04-Jun-18

Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital, Royal Bank of Scotland, Standard Chartered

Saudi Arabia

Financial services

NR NR NR Sukuk, Reg S

Israel Electric Corporation

18-Jun


21-Jun-18

Barclays, Citigroup Israel Energy

BB+ Baa3 NR

Dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes’ ratings by two notches below the company’s foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moody’s)) and not restored within three months thereafter, Reg S/144a


21-Jun-23 BB+ Baa3 NR


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87


Issuer Date


Re-offer price

Re-offer yield


02-Jul USD 150 5.625% 101.750 - Senior secured

21-Jun-18

Barclays, Citigroup Israel Energy

BB+ Baa3 NR

Tap of USD 600m 5.625% 2018, dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes’ ratings by two notches below the company’s foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moody’s)) and not restored within three months thereafter, Reg S/144a

Israel Electric Corporation

USD 150 6.875% 100.375 - Senior secured

21-Jun-23 BB+ Baa3 NR

Tap of USD 500m 6.875% 2023, dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes’ ratings by two notches below the company’s foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moody’s)) and not restored within three months thereafter, Reg S/144a

Bahrain (Govt of) 24-Jul USD 1,500 6.125% 99.447 6.200% Senior unsecured

01-Aug-23 BNP Paribas, Citigroup, Gulf International Bank, JPMorgan

Bahrain Sovereign NR Baa1 BBB Reg S/144a

Ruwais Power Company (Shuweihat 2)

25-Jul USD 825 6.000% 100.000 6.000% Senior secured

06-Aug-36 BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ Securities, National Bank of Abu Dhabi, Standard Chartered

UAE Energy A- A3 NR Amortising bond

Saudi Basic Industries Corp. (SABIC)

26-Sep USD 1,000 2.625% 100.000 2.625% Senior unsecured

03-Oct-18 Citigroup, HSBC, Mizuho, Royal Bank of Scotland

Saudi Arabia


A+ A1 A+ Reg S

MIDDLE EAST

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88


Issuer Date


Re-offer price

Re-offer yield


Al Hilal Bank 01-Oct USD 500 3.267% 100.000 3.267% Senior unsecured

08-Oct-18 Citigroup, HSBC, National Bank of Abu Dhabi, Standard Chartered


NR A1 A+ Sukuk, issuer: AHB Sukuk Company Ltd

Petrofac 04-Oct USD 750 3.400% 99.627 - Senior unsecured

10-Oct-18 Barclays, Deutsche Bank, JPMorgan, Royal Bank of Scotland

Other Energy BBB+ Baa1 NR Debut, guaranteed, negative pledge provision, use of proceeds incl. paying down the RCF, change-of-control put option, Reg S/144a

Ras Al Khaimah (Govt of) 08-Oct USD 500 3.297% 100.000 3.297% Senior unsecured

21-Oct-18 Al Hilal Bank, Citigroup, Mashreqbank, National Bank of Abu Dhabi, Standard Chartered

UAE Sovereign A NR A Sukuk, issuer: RAK Capital, Reg S

Al Khalij Commercial Bank

09-Oct USD 500 3.250% 99.575 - Senior unsecured

22-Oct-18 BNP Paribas, HSBC, QNB Capital, Standard Chartered


NR NR A- Issuer: AKCB Finance Ltd, Reg S

Majid Al Futtaim (MAF) Group

23-Oct USD 500 7.125%, variable


Perpetual BofA-Merrill Lynch, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, Standard Chartered

UAE Real estate

NR NR NR

Guaranteed, coupon of 7.125% before the first call date (29-Oct-18), coupon reset to a new fixed rate every five years, following a change-of-control event: call option or interest margin increase of 5%, issuer: MAF Global Securities Ltd, Reg S

Qatar National Bank

USD 750 Libor

+1.25% 100.000 -

Senior unsecured

31-Oct-16

HSBC, JPMorgan, QNB Capital, Royal Bank of Scotland, Standard Chartered


A+ Aa3 A+

Dual-tranche, Reg S 23-Oct


31-Oct-18 A+ Aa3 A+

Topaz Energy and Marine 25-Oct USD 350 8.625% 100.000 8.625% Senior unsecured

01-Nov-18 Goldman Sachs, HSBC, Standard Chartered

UAE Energy B- B3 NR Debut, NC3, issuer: Topaz Marine SA, guarantors include Nico Middle East Ltd, Reg S/144a

Jordan (Govt of) 29-Oct USD 1,250 2.503% 100.000 2.503% Senior unsecured

30-Oct-20 Citigroup, HSBC, JPMorgan Jordan Sovereign NR NR NR Guaranteed by the US

ShaMaran Petroleum 29-Oct USD 150 11.500% - - Senior secured

31-Dec-18 Pareto Securities Other Energy NR NR NR

Use of proceeds incl. future capex related to development of the Atrush Block (20.1%-owned by ShaMaran via General Exploration Partners)

4Q13 MIDDLE EAST

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89


Issuer Date


Re-offer price

Re-offer yield


First Gulf Bank 05-Nov USD 500 3.250% 99.274 3.405% Senior unsecured

14-Jan-19 BofA-Merrill Lynch, Citigroup, Deutsche Bank, First Gulf Bank, HSBC


NR A2 A+ Change-of-control put option, Reg S

Guaranty Trust Bank 05-Nov USD 400 6.000% 99.469 6.125% Senior unsecured

08-Nov-18 JPMorgan, Morgan Stanley Nigeria Financial services

BB- NR B+ Guaranteed, Reg S/144a


12-Nov USD 500 Libor +1.3%


09-Jan-17 Deutsche Bank, JPMorgan, Standard Chartered Bank


A NR A+ Guaranteed, issuer: ADCB Finance (Cayman) Ltd, change-of-control put option, Reg S

Saudi Basic Industries Corp. (SABIC)

13-Nov EUR 750 2.750% 99.280 2.865% Senior unsecured

20-Nov-20 Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities, Standard Chartered

Saudi Arabia


A+ NR A+ Guaranteed, negative pledge provision, change-of-control put option, issuer: SABIC Capital I BV, Reg S

Gems Education 18-Nov USD 200 12%,

variable 100.000 12.000%

Subordi-nated

Perpetual Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley

UAE Services: other

NR NR NR Debut sukuk (mudaraba), call option on 21-Nov-18, fixed rate until first call date, issuer: GEMS MEA Sukuk Ltd

Dar Al-Arkan Real Estate Development Company (DAAR)


25-Nov-16 Bank Alkhair, BoA-Merril Lynch, Deutsche Bank, Emirates NBD, Goldman Sachs

Saudi Arabia

Real estate

B+ NR NR Sukuk, guaranteed

Aldar Properties 26-Nov USD 750 4.348% 100.000 4.348% Senior unsecured

03-Dec-18 Dubai Islamic Bank, First Gulf Bank, Goldman Sachs, National Bank of Abu Dhabi, Standard Chartered

UAE Real estate

BB Ba2 NR

Sukuk (musataha), issuer: Sukuk Funding (No. 3) Ltd, negative pledge provision, cross-acceleration provision, waiver of immunity, Reg S


26-Nov USD 1,250 3.039% 100.000 3.039% Senior unsecured

03-Dec-18 DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital

Qatar Telecoms A A2 A+ Sukuk, issuer: Ooredoo Tamweel Ltd, negative pledge provision, cross-default provision, change-of-control put option, Reg S


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90

FY13│AFRICA

DEALS BY SECTOR

USD 24.9bn

BY COUNTRY

CEEMEA BOND ISSUANCE RETURN TO MAIN MAP


Egypt (Govt of) USD 2,700 2,700 4.250% 28-Nov-14 Egypt Sovereign

South Africa (Govt of) USD 2,000 2,000 5.875% 16-Sep-25 South Africa Sovereign

Gabon (Govt of) USD 1,500 1,500 6.375% 12-Dec-24 Gabon Sovereign

AngloGold Ashanti USD 1,250 1,250 8.500% 30-Jul-20 South Africa Metals & mining

LARGEST DEALS

37 issues

USD 0.3bn

USD 0.4bn

USD 0.6bn

USD 0.8bn

USD 1.5bn

USD 3.7bn

USD 1.1bn

USD 3.3bn

USD 2.6bn

USD 3.9bn

USD 6.8bn

1 issue

1 issue

1 issue

1 issue

1 issue

2 issues

3 issues

5 issues

6 issues

7 issues

9 issues

Burundi

Rwanda

Tanzania

Ghana

Gabon

Egypt

Morocco

Other

Nigeria

Supranational

South Africa

USD 0.5bn

USD 0.6bn

USD 0.8bn

USD 1.5bn

USD 1.0bn

USD 1.1bn

1 issue

1 issue

1 issue

1 issue

2 issues

4 issues

Transport

Consumer: retail

Telecoms

Sovereign

Energy

Financial services

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91

USD 0.8bn

USD 1.0bn

USD 1.0bn

USD 1.3bn

USD 5.3bn

1 issue

1 issue

1 issue

3 issues

5 issues

Ghana

Egypt

Supranational

Nigeria

South Africa

USD 0.4bn

USD 0.6bn

USD 0.6bn

USD 1.3bn

1 issue

1 issue

1 issue

2 issues

South Africa

Nigeria

Tanzania

Supranational

USD 0.3bn

USD 0.4bn

USD 2.7bn

USD 0.8bn

USD 1.5bn

USD 1.6bn

1 issue

1 issue

1 issue

2 issues

2 issues

4 issues

Nigeria

Rwanda

Egypt

Morocco

Other

Supranational

1Q13 2Q13


3Q13 4Q13

USD 0.3bn

USD 0.3bn

USD 0.4bn

USD 1.5bn

USD 1.8bn

USD 1.2bn

1 issue

1 issue

1 issue

1 issue

3 issues

3 issues

Morocco

Burundi

Nigeria

Gabon

Other

South Africa

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92


Issuer Date


Re-offer price

Re-offer yield


African Development Bank

16-Jan USD 1,000 0.875% 99.655 0.955% Senior unsecured

15-Mar-18 BNP Paribas, Deutsche Bank, JPMorgan, Nomura

Supra-national

Financial services

AAA Aaa AAA

Edcon Holdings 08-Feb EUR 300 9.500% 96.500 10.415% Senior secured

01-Mar-18 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, Morgan Stanley

South Africa

Con-sumer: retail

B B3 NR

Tap of EUR 317m 9.5% 2018, issued to repurchase 2014 senior secured notes, make-whole call and equity claw-back options before 01-Mar-14, call option from 01-Mar-14


21-Feb USD 250 0.875% 99.347 n.a. Senior unsecured

15-Mar-18 BNP Paribas, Deutsche Bank Supra-national

Financial services

AAA Aaa AAA Tap of USD 1bn 0.875% 2018

Tanzania (Govt of) 27-Feb USD 600 Libor +6.0%

100.000 n.a. Senior unsecured

08-Mar-20 Standard Bank Tanzania Sovereign NR NR NR Debut, amortising equal semi-annual installments from 08-Mar-16, average life of five years

Sea Trucks Group 15-Mar USD 575 9.000% 100.000 9.000% Senior secured

26-Mar-18 Pareto Securities Nigeria Transport NR NR NR

Call options on 26-Mar-15 and every six months until 26-Dec-17, use of proceeds incl. repayment of ~USD 156.5m Bank of Scotland facility and USD 200m 13% convertible 2015 notes, quarterly coupon, Reg S/144a

AFRICA

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93


Issuer Date


Re-offer price

Re-offer yield




15-Mar-18 Standard Chartered, TD Securities Supra-national

Financial services

AAA Aaa AAA Tap of USD 1.25bn 0.875% 2018

Anglo American 22-Apr EUR 750 2.500% 99.379 2.587% Senior unsecured

29-Apr-21 BBVA, BNP Paribas, Credit Agricole, Lloyds Banking Group, Santander

Other Metals & mining

BBB Baa1 NR Reg S

Rwanda (Govt of) 25-Apr USD 400 6.625% 98.213 6.875% Senior unsecured

02-May-23 BNP Paribas, Citigroup Rwanda Sovereign B NR B Debut, Reg S/144a


25-Apr USD 500 0.875% 100.120 - Senior unsecured

15-Mar-18 Deutsche Bank, TD Securities Supra-national

Financial services


Fidelity Bank 03-May USD 300 6.875% 99.480 7.000% Senior unsecured

09-May-18 Citigroup, Deutsche Bank Nigeria Financial services

B NR B Reg S/144a

Millicom International Cellular


22-May-20 BNP Paribas, JPMorgan, Standard Bank Other Telecoms NR Ba2 BB+

Make-whole option and equity claw-back options before 22-May-17, call option from 22-May-17, to refinance existing debt of Millicom’s African subsidiaries; Reg S/144a

22-May


11-Dec-22

Barclays, BNP Paribas, Citigroup, Natixis Morocco Sovereign

BBB- Ba1 BBB- Tap of USD 1bn 4.25 2022, dual-tranche, Reg S/144a

Morocco (Govt of)


11-Dec-42 BBB- Ba1 BBB- Tap of USD 500m 5.5% 2042, dual-tranche, Reg S/144a

Egypt (Govt of) 28-May USD 2,700 4.250% 100.000 4.250% Senior unsecured

28-Nov-14 HSBC, Qatar National Bank Egypt Sovereign B- B3 B Series 1

African Export- Import Bank


04-Jun-18 HSBC, Commerzbank, Mitsubishi UFJ Securities, Standard Bank

Supra-national

Financial services

BBB- Baa2 BBB-


13-Jun USD 200 1.125% 100.791 0.909% Senior unsecured

15-Mar-17 Goldman Sachs, Standard Chartered Supra-national

Financial services


AFRICA

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94


Issuer Date


Re-offer price

Re-offer yield


Egypt (Govt of) 01-Jul USD 1,000 3.500% 100.000 3.500% Senior unsecured

01-Jul-16 HSBC, Qatar National Bank Egypt Sovereign B- B3 B Series 2

02-Jul


12-Jul-18

Citigroup, Deutsche Bank Nigeria Sovereign

BB- NR BB- Dual-tranche, negative pledge provision, Reg S/144a

Nigeria (Govt of)


12-Jul-23 BB- NR BB-

Naspers

11-Jul USD 750

6.000%

100.000 6.000%

Senior unsecured

18-Jul-20 Barclays, Citigroup, JPMorgan South Africa

Media NR Baa3 NR

Issuer: Myriad International Holdings BV, Reg S/144a

16-Jul USD 250 101.000 - ‘No grow’ tap of USD 750m 6% 2020, issuer: Myriad International Holdings BV, Reg S/144a

Ghana (Govt of) 25-Jul USD 750 7.875% 99.151 8.000% Senior unsecured

07-Aug-23 Barclays, Citigroup Ghana Sovereign B B1 B+ Country invited to exchange up to USD 219.5m of 2017 notes for USD 250m of new notes, Reg S/144a

AngloGold Ashanti 25-Jul USD 1,250 8.500% 100.000 8.500% Senior unsecured

30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa

Metals & mining

BB+ Baa3 NR

Equity claw-back option before 30-Jul-16, call option from 30-Jul-16, change-of-control put option, use of proceeds includes repurchasing some/all of the 2014 convertible notes

Eskom 30-Jul USD 1,000 6.750% 99.107 6.875% Senior unsecured

06-Aug-23 Barclays, Citigroup South Africa

Energy BBB Baa3 NR Reg S/144a

First Bank of Nigeria 31-Jul USD 300 8.250% 98.999 8.500% Sub-ordinated

06-Aug-20 Citigroup, Goldman Sachs Nigeria Financial services

B NR B- Tier 2, issuer: FBN Finance Company BV, call option on 07-Aug-18

South Africa (Govt of) 09-Sep USD 2,000 5.875% 98.422 6.062% Senior unsecured

16-Sep-25 Deutsche Bank, Rand Merchant Bank, Standard Bank

South Africa

Sovereign BBB Baa1 BBB


25-Sep USD 1,000 1.625% 99.933 1.639% Senior unsecured

02-Oct-18 Citigroup, Goldman Sachs, HSBC, Toronto Dominion

Suprana-tional

Financial services

NR NR NR

AFRICA

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95


Issuer Date


Re-offer price

Re-offer yield


African Bank 01-Oct CHF 105 5.500% - - Senior unsecured

11-Oct-17 Credit Suisse, UBS South Africa

Financial services

NR Baa3 NR ZAR/CHF hedge applied

Millicom International Cellular

10-Oct USD 800 6.625% 100.000 6.625% Senior unsecured

15-Oct-21 BNP Paribas, Citigroup, JPMorgan Other Telecoms NR Ba2 BB+

Make-whole call option before 15-Oct-17, call option from 15-Oct-17, equity claw-back option before 15-Oct-16, use of proceeds incl. funding a merger of Millicom Spain Cable (parent of Colombia Movil, 50%+1 share owned by Millicom) with UNE-EPM Telecomunicaciones (owned by Empresas Publicas de Medellin) in Colombia, change-of-control put option, Reg S/144a

Tullow Oil 01-Nov USD 650 6.000% 100.000 6.000% Senior unsecured

01-Nov-20 BNP Paribas, BofA-Merrill Lynch, Barclays, Credit Agricole, Deutsche Bank , JPMorgan, Societe Generale

Other Energy BB- B1 NR Upsized from USD 500m, NC3

Transnet 06-Nov ZAR 5,000 9.500% 100.000 9.500% Senior unsecured

13-May-21 Deutsche Bank South Africa

Transport BBB A3 NR Euroclearable, Reg S/144a

Edcon Holdings 08-Nov EUR 425 13.375% 100.000 13.375% Senior subordi-nated

30-Jun-19 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, RMB Morgan Stanley

South Africa

Con-sumer: retail

CCC Caa2 NR

Use of proceeds: refinancing senior 2015 notes, make-whole call and equity claw-back options before 30-Jun-15, call option from 30-Jun-15, Reg S/144a

Banque Marocaine du Commerce Exterieur (BMCE)


27-Nov-18 Barclays, BMCE Capital, BNP Paribas, Citigroup

Morocco Financial services

NR Ba1 NR Negative pledge provision, cross-default provision, Reg S

Afren 27-Nov USD 360 6.625% 100.000 6.625% Senior secured

09-Dec-20 BofA-Merrill Lynch, Citigroup, Credit Suisse

Other Energy B+ NR B+

Guaranteed, use of proceeds: purchase any/all of 2016 senior secured notes and up to USD 100m of 2019 senior secured notes, Reg S/144a

Eastern and Southern African Trade and Development Bank (PTA Bank)


06-Dec-18 BNP Paribas, Standard Chartered Burundi Financial services

NR Ba1 BB In conjunction with a tender offer for 2016 notes, Reg S

Gabon (Govt of) 05-Dec USD 1,500 6.375% 100.000 6.375% Senior unsecured

12-Dec-24 Citigroup, Deutsche Bank, Standard Chartered

Gabon Sovereign BB- NR BB-

Amortising in three equal annual installments from 12-Dec-22, issued in conjunction with an exchange offer on USD 1bn 8.2% 2017 notes, negative pledge provision, Reg S/144a

4Q13 AFRICA

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96

CEEMEA Research

Olzhas Akpambetov, Analyst +44 (0)20 7010 6394, [email protected]

Antigone Miltiadous, Analyst +44 (0)20 7010 5163, [email protected]

Elena Shutova, Analyst +44 (0)20 7010 6175, [email protected]

Andrew Cairncross, Research Editor +44 (0)20 7010 5157, [email protected]

CEEMEA Editorial

Nick Briggs, Editor +44 (0)20 7059 6244, [email protected]

Yulianna Vilkos, Deputy Editor +44 (0)20 7010 6273, [email protected]

Victoria Bakir, Head of Capital Markets +44 (0)20 7010 6223, [email protected]

Alesia Sidliarevich, Assistant Editor, Restructuring +44 (0)20 7010 6112, [email protected]

John Foster, Senior Reporter, Africa +44 (0)20 7010 6347, [email protected]

Rachel McGovern, Reporter, Syndicated Loans +44 (0)20 7010 6391, [email protected]

Davide Barbuscia, Reporter, Africa +27 (0) 603622291, [email protected]

Elias Lambrianos-Sabeh, Reporter, Middle East +44 (0)20 7010 6367, [email protected]

Debtwire Sales

Angus Codd, Head of Sales, Debtwire EMEA +44 (0)20 7010 6121, [email protected]

Daniel Kalyan, Sales, CEEMEA +44 (0)20 7010 6226, [email protected]

William Brayshaw, Sales, GCC +44 (0)20 7010 5151, [email protected]

Ralph Morales, Sales, Americas +1 212 500 1381, [email protected]

Jonathan Reed, Managing Director +1 212 686 5418, [email protected]

CEEMEA FY13

BOND ISSUANCE

Disclaimer: We have obtained the information provided in this report in good faith from sources which we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and DW intelligence.

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Documents

CEEMEA Bond Issuance FY13 Report