mashreq · mashreq Fixed Income Trading Daily Market Update Tuesday, January 19, 2015 Page 1 Market Update Saudi oil exports climb to seven-month high as refineries return Saudi Arabia,

mashreq Fixed Income Trading

Daily Market Update Tuesday, January 19, 2015

Page 1

Market Update

Saudi oil exports climb to seven-month high as refineries return

Saudi Arabia, the world’s largest crude exporter, shipped the most oil in seven months in November in a sign that overseas refineries were getting

prepared to put plants back on line after seasonal maintenance. Saudi shipments rose to 7.72 million barrels a day, the highest since April, from 7.364

million in October, according to data on the website of the Joint Organisations Data Initiative based in Riyadh. JODI is an industry group supervised by the

Riyadh-based International Energy Forum. Refineries are usually taken off line for repairs in September and October. Refined products exports from Saudi

Arabia rose in November, to 1.18 million barrels a day from 1.09 million, according to JODI. The global oil surplus will persist at least until late 2016 as demand growth slows and OPEC shows “renewed determination” to maximize output, the International Energy Agency said last month. (Bloomberg)

EDB: Bahrain non-oil sector grows 4.2% in 9M2015 According to the latest Bahrain Economic Quarterly (BEQ) issued by the Economic Development Board (EDB), Bahrain ’s non-oil growth in 3Q2015 reached

3.3%, with growth in 9M2015 as a whole reaching 4.2%. Overall growth in the economy reached 2.4% in the 3Q2015 and 3% during January-September

2015 as a whole. Growth was driven by the continued resilience of the non-oil sector. This performance was underpinned by robust performance across a

number of sectors. In particular, the report revealed that the hotels & restaurants, and the social & personal services sectors were among the key drivers

of growth within the non-oil economy for 3Q2015, with a YoY growth rate of around 8% and 6.3%, respectively. The BEQ also highlighted expectations of

further growth in key sectors such as infrastructure, with nearly USD 6billion worth of projects allocated, USD 3.7billion tendered, and USD 1.3billion

commenced to date. This will have a positive impact on the construction sector in the upcoming years. In the banking sector, bank credit continued to grow

at a brisk pace with total bank credit increasing by 7% as of 3Q2015-end. (GulfBase.com)

MEED: Value of GCC project contract awards to drop 15% in 2016 According to a report by MEED, the value of construction contracts due to be awarded in 2016 would drop by 15% as government spending plans in the

GCC are hit by low oil prices. The value of projects is likely to decline to USD 140billion in 2016, as compared to USD 165billion in 2015. Saudi Arabia

would be one of the hardest-hit markets, with new contract awards may drop by almost 20%, or about USD 10billion, to USD 40.7billion. Contract awards

in Qatar may fall by 24% to USD 22.2billion and Kuwait by 23% to USD 24.3billion from an all-time high of USD 31.5billion in 2015. Meanwhile, the UAE

would experience a drop of only 2.4%, or USD 900mn, in contract awards to USD 36.5billion from USD 37.4billion. MEED said that the market would be

buoyed by continued spending on real estate and infrastructure in Dubai, and by long-term strategic spending on oil & gas projects in Abu Dhabi.

(GulfBase.com)

Saudi Arabia's Kingdom Holding closes refinancing of EUR 350 million loan

Saudi Arabia's Kingdom Holding , the investment firm of billionaire Prince Alwaleed bin Talal, has completed the refinancing of a EUR 350 million (USD

381.3 million) loan facility, it said on Monday. The loan, backed by the Four Season Hotel George V, was extended by a consortium of three banks,

Kingdom Holding said in an emailed statement. Credit Agricole Corporate and Investment Bank, Natixis Pfandbriefbank and Societe Generale Corporate and Investment Banking acted as co-lead arrangers, the statement said, while Credit Agricole acted as facility and security agent. (Reuters)

Abu Dhabi inflation up 0.4% in December

Abu Dhabi inflation was up 0.4% in December 2015 compared to November, according to a report from Statistics Centre Abu Dhabi on Monday. This

reflects the net outcome of the rises and falls in the price of the goods and services of the consumer basket and during the aforesaid period. The rise last

month was mainly due to increase in prices of hotels and restaurants (up 3.8% month-on-month) and housing, water, electricity, gas and other fuels (up 1.6% month-on-month). (Reuters)

Kuwait inflation expected to average 3.3% in 2015

Inflation in consumer prices came marginally lower in November, easing from 3.2% year-on-year (y/y) in October to 3.1% y/y, as inflation in most

components was either unchanged or remained steady. Core inflation (which excludes food inflation) also eased slightly, from 2.9% y/y to 2.8% during the

same period. Subsequently, annual headline inflation is on track to average close to 3.3% in 2015, slightly higher than the 3% annual average in 2014. Inflation in local food prices was unchanged at 4.3% y/y in November; global food prices remained in decline. (Reuters)

Aldar buys Daman House in Abu Dhabi

Aldar has acquired Daman House, a commercial office building in Capital Centre Abu Dhabi. Daman House comprises 23,000 sqm GLA of Grade A

commercial space, fully leased on a long-term contract to a single government related entity. The transaction underscores Aldar ’s ambition to grow its

recurring revenue portfolio through investment in new and existing revenue producing assets. The purchase of Daman House is the first to be made as part

of an AED3 billion investment programme that Aldar is implementing to drive growth within its recurring revenue business to achieve its new target of 2.2

billion dirhams Net Operating Income (NOI) by 2020. The Company has already committed approximately 900 million dirhams of investment, representing

almost 30% of this programme, through the Daman House transaction, the forthcoming extension of Al Jimi Mall in Al Ain and the expansion within Aldar

Acadamies through the construction of the Al Mamoura School in Abu Dhabi, announced in November 2015. The 410 million dirham extension of Al Jimi Mall will bring an additional 33,000 sqm GLA of retail space to the existing 43,000 sqm GLA trading space as well as a renovation and face lift of the

existing mall. (Bloomberg/Reuters)

Dubai landlord sees budget rethinks as ‘Tough’ period hits plans

Hesham Al Qassim, chief executive officer of the state’s Wasl Asset Management, Dubai’s biggest landlord has stated that companies need to be “more

agile to sustain their businesses and survive the tough period ahead,”. Those who are mindful of the reality around them will manage, but those who

stretch themselves with billions worth of projects won’t.” Dubai’s property market was buffeted last year by falling oil prices, rising political tension in the

region and slowing economic growth from China to Brazil, all trends that are set to continue in 2016. Real estate developers, whose projects can take two

to four years to build, may see their markets change several times over that period. Wasl, which collects rent from around 35,000 households and holds

offices, hotels and golf courses across Dubai, is developing thousands of middle-income homes, a market that’s experiencing a severe shortage. Al Qassim

said he reviews the company’s plans often, shelving some and delaying or altering others to better respond to fast-changing demand and market

sentiment. (Bloomberg)

Shell to exit major Abu Dhabi gas field project

Royal Dutch Shell said on Monday it had decided to exit the multi-billion dollar plan to jointly develop the Bab sour gas field in Abu Dhabi, citing the

downturn in the oil market. The Anglo-Dutch company said that "following a careful and thorough evaluation of technical challenges and costs" it will stop further joint work on the project with the Abu Dhabi National Oil Co. (ADNOC). Shell won in 2013 a tender that was valued at the time at USD 10 billion to

develop over a 30-year venture the complex sour gas field that involves treating potentially deadly gasses. The joint venture was also seen at the time as a

stepping stone for Shell to renew a coveted concession to develop the United Arab Emirates' largest onshore oil field. The Bab sour joint venture envisaged

the construction of a 1 billion cubic feet sour gas processing plant for domestic market consumption. "The evaluation concluded that for Shell, the

development of the project does not fit with the company's strategy, particularly in the economic climate prevailing in the energy industry," Shell said in a

statement on Monday. ADNOC was expected to hold 60% of the Bab sour gas project, while Shell would have held 40%. (Reuters)



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Dollar pegs seen bending while reserves keep them from breaking

Countries with currencies pegged to the dollar are coming under increasing attacks by traders who bet it’s become too expensive for policy makers to

continue defending exchange rates amid a soaring greenback and a collapse in commodities prices. Although Kazakhstan, Azerbaijan and Argentina have

been forced to devalue, and derivatives tied to the Saudi Arabia riyal and Hong Kong dollar suggest traders expect it won ’t be long before the same

happens to those currencies, it may be the speculators who end up losing. Options prices put the odds of the Hong Kong dollar weakening beyond the

weaker end of its current trading range this year at 36%, Bloomberg data show. What traders may be underestimating are the hefty reserves available to

policy makers and their willingness to defend the pegs, which have anchored their economies for decades and helped them survive financial crises in 1997

and 2008, according to analysts at Deutsche Bank AG and Union Bancaire Privee Ubp SA. Together, Saudi Arabia and Hong Kong hold USD1 trillion in

foreign reserves, or enough to cover their imports and spending for years. Devaluations would only serve to destabilize their economies and could

undermine Hong Kong’s status as Asia’s financial center, the analysts say. Hong Kong Monetary Authority Chief Executive Norman Chan on Monday

reiterated his commitment to keeping the exchange rate’s existing link to the US dollar. Hong Kong’s 32- year-old dollar peg was threatened last week after

a slide in the Chinese yuan sparked speculation that the authorities may revise the system to tighten its link to the mainland. HKMA’s Chan said there is no

intention or need to reform the exchange rate and he expects the Hong Kong dollar to drop to the weak end of its trading range. Hong Kong holds a record USD359 billion in foreign reserves and can tap into China’s USD3.3 trillion coffer. Its currency board arrangement, which requires every Hong Kong dollar

in circulation to be backed by an equivalent amount of the US currency, means the money supply would shrink in case of capital outflows, pushing interest

rates higher and making the local currency more attractive. Hong Kong companies, in the past, were also able to slash costs and wages, to maintain their

competitiveness without having the city resort to devaluation. Twelve-month forwards for the Saudi Arabian riyal, which investors use to bet on or hedge the currency, tumbled to an all-time low of 3.87 per dollar this month. That was about 2% weaker than the country’s 3.75-per-dollar peg, suggesting

traders are betting on the end of the 30-year peg, according to data compiled by Bloomberg. The Saudi kingdom pledged last week to stick with the peg

and said “mis-perception” is driving forwards contracts higher. While Saudi Arabia, the world’s largest oil exporter, has burnt through 15% of its foreign

reserves since August to defend the riyal, the stockpile at USD636 billion, is still the third largest in the world after China and Japan. Instead of devaluing

the currency, the kingdom is cutting spending and subsidies to cope with the decline of oil revenue and may tap debt markets this year to fund a deficit.

(Bloomberg)

China records GDP growth of 6.9% in 2015 China’s economy slowed in December, capping the weakest quarter of growth since the 2009 global recession, as the leadership struggles to manage a

transition to consumer-led expansion. Industrial production, retail sales and fixed-asset investment all slowed at the end of the year, while GDP rose 6.8%

in the fourth quarter from a year earlier. Full-year GDP growth of 6.9%, the least since 1990, was in line with the government’s target of about 7%%.

Industrial production posted one of the weakest gains in the past quarter century, increasing 5.9% in December from a year earlier. That compared with a 6% median estimate of analysts and November’s 6.2%. Retail sales increased 11.1% from a year earlier, compared with the 11.3% projected by

economists. Fixed- asset investment excluding rural areas expanded 10% last year, the slowest pace since 2000. China ’s top leadership has signaled in

recent months it may allow some additional slowness as they tackle delicate tasks such as reducing excess capacity, but nothing that could threaten

President Xi Jinping’s goal of at least 6.5% growth through 2020. The world’s second-largest economy will slow to 6.5% this year and 6.3%% next year,

according to the median of economist estimates. China’s economy is growing at two speeds, with old rust-belt industries from steel to coal and cement in

decline while consumption, services and technology do better. Services accounted for 50.5% of output last year. The policy response to last year’s

slowdown included accelerated monetary easing with six interest-rate cuts since late 2014 and increased fiscal spending. Through the turbulence, the

central bank forged ahead with interest-rate liberalization by removing a cap on deposit rates and won the International Monetary Fund ’s approval for the

yuan to enter its Special Drawing Rights basket of reserve currencies. This year, attention is likely to turn more to a new focus on supply-side reforms such

as slashing excess industrial capacity and labor in state enterprises, cutting taxes and boosting productivity. (Bloomberg)

ADNOC to receive around USD 3.3billion in loan from Japanese banks Japan Bank for International Cooperation (JBIC) has signed a loan agreement with the UAE’s state-owned Abu Dhabi National Oil Company (ADNOC) for up

to USD 2.1billion to help secure long-term oil supplies. Seven other Japanese firms, including the Bank of Tokyo-Mitsubishi UFJ, will provide additional

financing, taking the total loan amount to USD 3.3billion. The loans will help Japanese companies in their efforts to renew oil field concessions in Abu Dhabi, of which 60% will expire in 2018. JBIC and other Japanese banks have provided three other loan facilities to ADNOC since 2007. The other co-

financing firms are Sumitomo Mitsui Banking Corporation, Mizuho Bank, Mitsubishi UFJ Trust and Banking Corporation, Citibank Japan Limited, Sompo

Japan Nipponkoa Insurance, and Sumitomo Mitsui Trust Bank. Japan relies on Abu Dhabi for about a quarter of total crude imports. (Reuters)

BoE's Vlieghe 'patient' on rate hike, could back cut if slowdown worsens

The Bank of England's newest policymaker Gertjan Vlieghe said on Monday he would take a "patient" approach to raising interest rates and there was even a chance he might favour a cut if a slowdown in Britain's economy worsened. Underscoring how the mood at the BoE in the last few months has shifted

away from signalling a first rate hike since before the financial crisis, Vlieghe also said economic growth and interest rates might be permanently lower.

"For a given level of growth, real interest rates may remain significantly lower than in the past," he said in his first speech since joining the BoE from a

hedge fund in September. (Reuters)

Francois Hollande pledges to ‘redefine’ the French economic model to tackle unemployment crisis

Francois Hollande, the French president, has admitted that his country is in “a state of economic emergency”, as the country battles eye-wateringly high

unemployment rates. Mr Hollande has set out a raft of proposals aimed at “redefining” the French economic model, a plan that will require the French

government to spend more than €2 billion (£1.5 billion). His proposals include deregulation aimed at encouraging businesses to take on new staff, and

training schemes for half a million workers. The proportion of jobseekers out of work is at an 18-year high, and is more than twice the UK level. Under the

jobs plan, companies with under 250 workers will receive a €2,000 subsidy for hiring young and unemployed workers for periods of more than six months.

A further €1 billion will be allocated towards improving the skills of the workforce. (Telegraph.co.uk)

Asia Islamic bonds find new life in 2016 after worst year in five

Asian issuers are leading a promising start to the year for global Islamic bonds after the poorest annual showing since 2010. Malaysia’s sovereign wealth

fund Khazanah Nasional Bhd. started investor meetings in the Middle East, Asia and Europe on January 17. Indonesia’s government is due to pick banks for

an offering by the end of January, the sixth consecutive year it’s issued international sukuk. Kazakhstan and Bangladesh are also both considering sales.

The two entities will have to navigate emerging-market turmoil triggered by a sliding Chinese yuan and tumbling commodities. Indonesia is on high alert

after last week’s terrorist attacks in Jakarta, while Malaysia needs to repair confidence after its credit outlook was cut by Moody’s Investors Service. Sales

of global Shariah-compliant securities fell 30% to USD34.9 billion last year and there’s so far been no new offerings in 2016, data compiled by Bloomberg

show. Khazanah, which is rated A3 by Moody’s and the same level as the sovereign, last sold foreign-currency Islamic debt in 2014. It issued USD500

million of seven-year sukuk convertible into equities of state power company Tenaga Nasional Bhd. Moody’s cut Malaysia’s credit-rating outlook to stable

from positive earlier in January, citing an external environment that has crimped government revenue. Asia ’s only major net oil exporter has been hit by a

42% tumble in Brent crude prices over the past 12 months and stands to lose 300 million ringgit (USD68 million) for every USD1 drop in the price of the



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commodity, according to government estimates. Indonesia, which is rated three levels lower than Malaysia, plans to issue as much as USD2 billion of global

sukuk in 2016, Robert Pakpahan, director general for budget financing and risk management at the Finance Ministry, was citing as saying by the local daily

Kontan in October 2015. It sold USD2 billion of 10-year dollar Islamic notes in May at a coupon of 4.325% and drew USD6.8 billion in orders. The securities

were yielding 5.08% on Monday, compared with 4.96% at the end of 2015, data compiled by Bloomberg show. (Bloomberg)

African bonds suffer the most in EM bonds rout Emerging-markets bonds are experiencing the worst start to a year on record but the pain is greatest in sub-Saharan Africa. The world’s poorest continent

accounts for half of the 20 worst-performing dollar bonds issued by developing nations. It’s also the only region in the world where not one country’s debt

has produced a positive return, with African securities falling 5.4% this year, compared with the average 1.3% loss in emerging markets, the worst first

two weeks of a year since Bloomberg began compiling data in 2010. The malaise means governments will find it more expensive to issue debt just when

they most need financing to plug budget deficits that are widening amid a plunge in prices for commodities from oil to copper. Average yields on sub-

Saharan African Eurobonds have surged to 9.4%, compared with 5.8% in April last year, according to the Bloomberg USD Emerging Market Sovereign Bond Index. Yields on dollar debt in Zambia and Ghana have climbed above 15%, with only Venezuela and Ecuador paying more among emerging markets.

Zambian notes are the biggest losers in Africa, with declines of more than 14%, the most among 61 developing nations tracked by Bloomberg after

Venezuela. Economic growth in sub-Saharan Africa probably slowed to 3.8% last year, from 5% in 2014, accelerating to 4.3%% this year, according to the

IMF. Nigeria may sell debt for the first time since 2013 to fund a record spending plan, Finance Minister Kemi Adeosun said last month. Kenya is also

gauging investor support for further issuance, the Financial Times reported on January 14, citing Treasury Secretary Henry Rotich. African issuance in 2015

declined to USD6.75 billion, compared with a record USD8 billion a year earlier, according to data compiled by Bloomberg. (Bloomberg)

World's top steel industry shrinks for first time since 1991 Steel output in the world’s largest producer posted the first annual contraction in a quarter century. Mills in China, which make half of global supply,

churned out less last year for the first time since at least 1991 as local demand dropped, prices sank and producers struggled with overcapacity. Crude steel production shrank 2.3% to 803.83 million metric tons, the statistics bureau said Tuesday. December output fell 5.2% to 64.37 million tons from a

year earlier. Demand is weakening as policy makers seek to steer the economy away from investment toward consumption-led growth. The economy

expanded 6.9% last year, the slowest full-year pace since 1990, data showed. (Bloomberg)

Puerto Rico says shortfall to increase to USD23.9 billion

Puerto Rico said the island’s financial situation is worsening and increased estimates of how much the commonwealth will fall short of being able to make

debt payments over the next decade to USD23.9 billion. Revenue will fall short of covering principal and interest payments each year through 2025,

according to an updated fiscal and economic growth plan released by Governor Alejandro Garcia Padilla’s administration Monday. The payment deficit over

the next five years has widened to an estimated USD16.06 billion, up from a USD14 billion forecast in September. Creditors asked Puerto Rico to extend

the plan to 10 from five years, the administration said. The swelling gap is based in part on lower than anticipated revenue collections for this fiscal year,

the report said. The update was made as Puerto Rico engages in talks with bondholders to reduce the island’s USD70 billion debt burden. Without a debt

restructuring, there will be widespread defaults throughout the commonwealth’s debt stack, a senior Puerto Rico official reiterated in a phone call with

reporters Monday. uerto Rico expects to offer its creditors a debt-restructuring proposal ”soon,” a senior commonwealth official said during Monday’s call

with reporters. (Bloomberg)

Australian consumer confidence falls again amid Chinese economy worries Persistent worries over a slowdown in China’s economy and international stock market jitters are troubling Australian consumers. The ANZ-Roy Morgan

consumer confidence index fell 0.8% in the week ending January 17, after falling 1.9% the previous week. (The Guardian)

Earnings Update

Emirates Islamic net profit up 76% in 2015 Emirates Islamic Bank announced its full-year financial results for 2015 yesterday, with the bank reporting strong growth for the fourth consecutive year.

For the twelve months ending December 31st 2015, the bank reported a net profit of AED 641 million, a 76% year-on-year increase. The bank’s total net

income (net of customers’ share of profit) during the period rose to AED2.43 billion, up 25% compared to AED1.95 billion in 2014. Commenting on the

bank’s performance, Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said, "With consistently strong results and solid double-digit growth rates,

Emirates Islamic continues to drive the expansion of the Islamic banking sector in UAE. In just a short span of time, the bank has asserted its position as a

leading financial institution in the UAE, with strong contribution to the development of the Islamic finance sector. (Reuters)

Ratings Update

Fitch affirms Qatar National Bank at 'AA-' Fitch Ratings has affirmed Qatar National Bank's ( QNB ) Long-term Issuer Default Rating (IDR) at 'AA-' with a Stable Outlook. At the same time the

agency has placed QNB's Viability Rating (VR) of 'a' on Rating Watch Negative (RWN) following QNB's proposed acquisition of Finansbank. QNB's IDRs,

Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch's expectation of support from the Qatari authorities for domestic banks in case of need.

Fitch's expectation of support from the authorities reflects Qatar's strong ability to provide support to its banks, as indicated by its rating (AA/Stable),

combined with Fitch's belief that there would be a strong willingness to do so. The latter is based on a history of sovereign support including recent years'

measures to boost capital as well as asset purchases. The government has demonstrated strong commitment to its banks and key public-sector companies

and we expect this to continue despite the effects of lower oil prices. The sovereign's capacity to support the banking system is sustained by its sovereign

wealth funds and on-going revenues, mostly from its hydrocarbon production. Fitch makes a distinction between QNB's SRF and that of the other banks in Qatar as a result of its status as the flagship bank in the sector, its role in the Qatari banking sector and close business links with the state. In addition, the

government owns a 50% stake in QNB . The Stable Outlook reflects the Outlook on the Qatari sovereign. QNB's VR reflects its dominant franchise in Qatar,

close links to the Qatari government, strong funding profile with sound liquidity and solid capital position. Profitability is stronger than that of most peers.

Risk appetite is fairly conservative despite rapid growth and expansion into some higher-risk markets. High loan and deposit concentrations, which would

otherwise constrain the rating, are mitigated by QNB's largest borrowers and depositors being primarily lower risk Qatari government-related entities.

(Bloomberg)

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

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

Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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




USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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



USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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





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



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

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

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



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

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

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

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

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

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

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

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

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

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

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

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

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


Documents

mashreq · mashreq Fixed Income Trading Daily Market Update Tuesday, January 19, 2015 Page 1 Market Update Saudi oil exports climb to seven-month high as refineries return Saudi Arabia,