Mashreq Fixed Income Daily - 8 July 2015

mashreqFixed Income Trading Daily Market Update Wednesday, July 08, 2015 Market Update • Greece given Sunday deadline to agree to the bailout terms, otherwise risk an exit from Eurozone European leaders set a Sunday deadline for Greece to accept a rescue, saying otherwise they will take the unprecedented step of propelling the country out of the euro. At a Brussels summit, Greece’s anti-austerity government was ordered to make new economic reform proposals that could earn it another aid package and head off financial ruin. Tsipras said after the summit that Greece had outlined its new proposals. “We have only a few days left to find a solution,” German Chancellor Angela Merkel told reporters late Tuesday after euro- area leaders met in Brussels. She conceded that she is “not especially optimistic.” “We have a Grexit scenario prepared in detail,” European Commission President Jean-Claude Juncker said. “Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system,” European Union President Donald Tusk said. “If someone has any illusions that it will not be so, they are naive.” Euro-zone finance ministers will hold a conference call Wednesday to weigh Greece’s new aid request and call for an evaluation by the commission. By 8:30 a.m. on Friday, Greece must spell out how it will make the economy more competitive and save money in the process, which would require it to stomach many of the reforms that Tsipras’s left-leaning Syriza party has resisted since coming to power in January. Expert assessment of that package would feed into a final set of meetings, culminating in summits of both euro-zone leaders and the broader 28-nation EU on Sunday. (Bloomberg) • Chinese equities’ rout deepens, forcing additional policy response China’s benchmark stock index fell to a three-month low on concern a raft of measures to stabilize equities is failing to stop the bear-market rout as traders unwind margin bets at a record pace. The Shanghai Composite Index plunged as much as 8.2%, the most since 2007, before recovering some of the losses. It is currently trading at 3,503, down almost 6% for the day. The latest attempts to stem declines, which include a wave of Chinese companies halting trading in their shares and regulators unveiling measures to prop up the value of small-cap stocks, have so far failed to convince investors that valuations are cheap enough after a 28% drop in the Shanghai Composite from this year’s high on June 12. The measures follow stock purchases by state-directed funds and interest-rate cuts by the central bank in recent weeks. State-backed China Securities Finance Corp. is seeking at least 500 billion yuan (USD81 billion) in liquidity to support the stock market, according to people familiar with the matter. It’s aiming to raise funds from the People’s Bank of China and the interbank market, according to sources. The final amount has yet to be set and may be far higher. The PBOC said Wednesday it will provide ample liquidity to the company, joining other arms of the government in measures to stem the selling. Traders cut 98.3 billion yuan (USD15.8 billion) worth of shareholdings purchased with borrowed money on the Shanghai exchange on Tuesday, an 8.5% drop from the previous day that’s the biggest on record. At least 1,301 companies have halted trading on mainland Chinese exchanges, locking up USD2.6 trillion of shares, or about 40% of China’s market capitalization. The China Financial Futures Exchange raised margin requirements for sell orders on CSI 500 index futures, while the central bank will provide “ample liquidity” to the stock market. China Securities Finance Corp. said it will buy more shares of small- and mid-cap companies. The government also ordered state-owned firms not to cut holdings in their listed companies. (Bloomberg) • UAE Cabinet approves draft law on bankruptcy, WAM reports The draft law aims to regulate accumulated debts, eases restructuring of companies as well as support troubled businesses, according to state-run WAM news agency earlier this week. It was stated that “the draft law aims to mitigate risk of bankruptcy and ensure a safe and attractive business environment in the UAE that nurtures and supports investments.” Furthermore the draft law has been prepared after detailed studies with federal and local entities as well as international consultancies in the field of bankruptcy and financial restructure. (Bloomberg) • Iran talks drag on with deadline pushed to Friday Diplomats missed another deadline for a nuclear deal with Iran and may prolong talks until the end of the week or beyond, as they spar over an arms embargo and what would happen if the accord is breached. World powers extended until July 10 the interim arrangement that freezes Iran’s most sensitive nuclear work in exchange for limited relief from sanctions. While the negotiators in Vienna are playing down talk of deadlines, the timetable for review by the US Congress means that any further easing of the curbs will be delayed by at least a month if a final agreement isn’t reached by Friday morning. All sides say they’re closer than ever to a deal after 11 straight days of high-level talks in the Austrian capital. For energy-rich Iran, an agreement would speed its return to world oil markets and the international financial system. The world powers say any deal must restrict the Islamic Republic’s ability to pursue nuclear weapons. The biggest remaining disputes are over Iranian demands to lift a United Nations arms embargo, and agreement over a mechanism that would allow the renewal of sanctions in case Iran violates the deal, Russian Foreign Minister Sergei Lavrov told reporters. Iran is also seeking “snap-back” arrangements so that it can resume uranium enrichment if the other side breaks its promises. Western diplomats say that a UN arms embargo and restrictions on Iran’s missile program will have to remain. A senior US official said that while it would be a “tragedy” for talks to collapse after two years, failure is a real possibility if Iran refuses to meet the terms needed for a strong and durable deal. French Foreign Minister Laurent Fabius said that disagreements also remain over limits on Iran’s nuclear research and development. (Bloomberg) • Arabtec replaces senior management Arabtec Holding has replaced senior management team as part of streamlining business and has accepted resignations of CFO Iyad Abdal Rahim, Chief HR & Administration Officer Yazan Hatamleh, and General Council Wassel Al Fakhoury, according to statement posted on Dubai stock market. Ravi Murthy is appointed as acting CFO. Resignations are a part of group reorganization to consolidate business functions and save costs, the company said. It will “continue implementing its strategy aiming to increase productivity and operational efficiency to win new projects”. The construction company, which helped build the Burj Khalifa, the world’s tallest tower in Dubai, reported a first-quarter loss of 279.8 million dirhams (USD76 million) compared with a 137.9 million-dirham profit in the same period last year, as direct costs rose 28%. (Arabtec and Bloomberg) Page 1 mashreq Fixed Income Trading Daily Market Update Wednesday, July 08, 2015 • Citigroup projects a rebound in MENA bond issuance during H2 2015 Citigroup sees Middle East bond sales rebounding from their slowest start since 2012 as companies rush to lock in cheap interest rates before next year. “We’ll see good volumes in the Middle East for the rest of the year as people look to refinance maturities coming up in 2016 and take advantage of current rates,” Iman Abdel Khalek, the bank’s director of Middle East debt capital markets, said by phone. “We’ll probably end up with higher volumes than last year.” Sales in the MENA region, which extends from Morocco to Iran, have fallen 18% to USD24.3 billion this year from a year earlier, according to data compiled by Bloomberg. About USD40 billion was raised in the region in 2014, according to the data. Many regional borrowers this year have opted for loan deals instead of bonds with rates near-record lows. With about USD20 billion in maturities due next year, Abdel Khalek expects issuers to refinance in the second half or early next year. Deals from North African countries will also help boost issuance levels, she said. (Bloomberg) • USD20 billion economic package needed to cushion the impact of GST hike in 2017 Etsuro Honda, who advises Japanese PM on economic matters, said that it would be difficult for the BOJ to taper its record monetary stimulus before a planned sales-tax hike in 2017 and the government may need to compile a 2.5 trillion yen (USD20 billion) economic package to cushion the blow to households. He said the government would need to “take a cautious approach” after an increase in the levy last year sparked a recession. Tapering before April 2017 “is a bit hard to imagine,” said Honda. “The BOJ will have to judge whether it can taper by looking at the degree of deceleration after the tax hike. When the economy is slowing, it can’t start tapering.” An increase in the tax from 5% to 8% in April last year sparked two quarters of economic contraction, even after Abe unveiled a 5.5 trillion yen stimulus package in December 2013. The next planned move would take the levy to 10%. Honda was instrumental in persuading Abe last year to postpone the next hike by 18 months to April 2017. (Bloomberg) • Auto sales in China slump for first time in two years China’s passenger-vehicle sales fell for the first time in more than two years as the nation’s economic growth slowed and a stock-market rout dented buying sentiment. Retail deliveries of cars, multipurpose vehicles and SUVs fell 3.2% in June from a year earlier to 1.43 million units, the China Passenger Car Association said Wednesday on its website. Carmakers including Volkswagen AG and General Motors Co., which count China as their largest market, have cut prices to defend market share as demand slows and domestic rivals lure increasingly value-conscious customers with cheaper sport- utility vehicles. (Bloomberg) • Energy junk bonds resume slide as oil price comes under pressure A slide in oil prices is bringing pain to the junk-bond market, as speculative-grade energy securities have tumbled more than 3% percent in just two weeks, dragging down the entire US market, according to Bank of America Merrill Lynch index data. Yields on the debt have climbed to an average 9.34%, the highest since February and approaching levels that indicate investors view the typical security at high risk of default. Demand for the debt is evaporating as the latest slump in oil revives concern that high-yield energy companies will struggle to service the record USD120 billion they borrowed in the past three years to finance production during the shale boom. Crude has dropped to levels last seen in April, falling to USD52.33 a barrel from USD61.43 on June 10. The extra yield investors demand to hold high-yield energy company debt rather than government securities rose to 860 basis points on Tuesday, up from 760 basis points a month ago, Bloomberg data show. That’s approaching the 10 percentage- point limit considered distressed. (Bloomberg) • Large speculators trimmed their short positions in Treasuries Hedge funds, which proved to be experts on getting the Treasury market wrong earlier this year, are becoming better at getting it right. Large speculators including hedge funds trimmed their short positions in 10-year notes to almost zero last week, according to the Commodity Futures Trading Commission. Investors who dropped their bets on bonds falling are reaping the reward as the market rises in July following a three-month rout. Greece’s struggle to stay in the euro currency bloc and tumbling Chinese shares are driving demand for the relative safety of US debt. Treasuries surged Monday, with 10-year yields falling 10 basis points, the steepest decline since June 29th. US government securities started the week with a rally after Greece voted on Sunday to reject spending cuts that its creditors are demanding, increasing concern the nation will be forced out of the euro. Speculators called Treasuries wrong earlier this year, increasing their net short position in 10-year notes to 261,282 contracts on the Chicago Board of Trade in the week ended December 30th. It was the biggest wager against Treasuries since May 2010. The 10-year yield slumped 53 basis points in January, the biggest monthly decline since August 2011. Investors reduced their shorts in early February, and 10- year yields climbed 35 basis points that month, the biggest increase in a year and a half. (Bloomberg) • Moody's: Indian base metal industry to benefit from rising demand, raw material availability Moody's Investors Service says that India's (Baa3 positive) base metals industry will benefit from increased demand, easing restrictions on raw material availability, and relatively low production costs. Moody's analysis is contained in its just-published report "Base Metals -- India: Rising Demand, Better Access to Raw Materials to Benefit Domestic Industry", by Alan Greene, a Moody's Vice President -- Senior Credit Officer. "We expect India's consumption of base metals to increase by 8%-10% annually over the next three years, driven primarily by demand from three sectors: power, construction and automotive," says Greene. "Our projections reflect domestic GDP growth--forecast at 7.5% in fiscal year 2016 and 7.6% in fiscal 2017-and the government's efforts to boost infrastructure spending." Moody's notes that India's installed capacity for all three base metals--aluminium, copper, and zinc-- is sufficient to meet demand growth, having grown sharply over the past decade. However, the aluminium sector will become oversupplied as large expansion projects come online over the next three years. That means aluminium manufacturers will continue to rely on exports to maintain high utilization rates, but increased demand for copper and zine will absorb some excess capacity, says the rating agency. (Bloomberg) Page 2 081.621 Arab Republic of Egypt 5Y 329.380 Source: Bloomberg Last (NAV) Change Change 1 Month 1 Year Mashreq Al-Islami Income Fund 15.280 1.750 -23.52 -34.00 -0.180 18.055 -0.505 47.51612 -0.081.52% -2.365 Dow Jones Industrial Avg Kingdom of Bahrain 5Y 276.02 Brent Crude 56.85 -2.530 5.67 -3.056 3.915 State of Qatar CDS 5Y 61.705 bps iTraxx Europe iTraxx Europe Crossover iTraxx SovX Western Europe EUR AED 1d Chg Source: Bloomberg CDS MISCELLANEOUS Change Change Last bps Spread Day YTD Emirate of Abu Dhabi 5Y 59.26 DFM General Index 4.01734 0.73 -49.290 0.270 1.20% Mashreq Al-Islami Arab Tigers 19.58 1.77% Source: Bloomberg Page 3 Change Day YTD (%) 2.692 5-Year 1.465 iTraxx Europe Senior Financial 100.92 Spot Silver 14.012 351.552 -0.326 47.115 Republic of Turkey 5Y 227.87 6.083 N/A N/A 31.16 ADX General Index 4.316 -0.885 3.990 Source: Bloomberg iTraxx SovX CEEMEA 319.647 -0.026 0.66 -0.98 Spot Gold 1.685 34.540 4.795 -0.961 5.295 0.000 Kingdom of Saudi Arabia 5Y 63.837 10-Year 2.95 -20.91 -8.81 -5.958 -0.285 3.119 -0.054 0.453 0.277 10.160 -3.715.24% 1.86 -0.816 -0.437 42.065 1.18 -3.004 1.086 iTraxx Europe Sub Financial 196.014 4.91 93.430 Qatar Exchange Index Lebanese Republic 5Y 354.32 S&P 500 Source: Bloomberg MUTUAL FUNDS Change .742 30-Year 2.34 12.226 33.006.21 -5.070 -2.790 1.mashreq Fixed Income Trading Daily Market Update Wednesday.12510 -4.002 CDX North America HY 354.960 0.336 -0.260 -3.13 11.63 4. July 08.03% 4.776.295 2.42 WTI Crude 51.624 -0.33 -0.521 3.855 2.01 TASI 9. 2015 CREDIT MARKETS SWAPS Change Change USD Spread Day YTD Last 1d Chg Last 1d Chg Last 81.004 2.149.010 -40.915.295 2-Year 0.63 8.065 1.212 -4.655 8.025 CDX North America IG 70.75% Makaseb Income Fund 13.485 4.45 -2.320 -3.750 Emirate of Dubai 5Y 203.571 8.09 17. 13 99.250 103.273 110.09 BBB.88 3.25 6.Fixed Income Trading July 8.88 109.88 4.13 3.38 BBB /Baa2 /- 02-May-17 600 200/1 100 USD Fixed 4.13 6.45 .63 Not Rated Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.38 2.75 103.25 5.125 110.250 89.34 .50 118.90 B.13 107.625 98.28 BBB.00 4.61 B /B1 /B Emirate of Ras Al Khaimah (S) XS1210507650 31-Mar-25 1000 200/1 100 USD Fixed 3.25 96.38 107.750 116./B3 /- Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.25 2.950 97././B3 /- Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6./.13 109. (000) Value at Maturity Coupon Type Coupon % Indic.875 102.25 4.38 104. 2015 ISIN Code Maturity Outst.001 100 USD Fixed 6./BBB- Security Name Currency Sovereign Page 4 .50 123.13 7.50 1./- Commonwealth Of Bahamas USP06518AF40 Dubai Government (S) XS0778097088 16-Jan-24 300 200/1 100 USD Fixed 5.20 Dubai Government (S) Not Rated XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3./B3 /B 100/1 100 USD Fixed 6.25 113.875 96.375 94.63 109.88 Not Rated Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.38 6.75 112.750 93./.450 118./B3 /B 750 100/1 100 USD Fixed 6.25 103.38 4./B3 /B 100 USD Fixed 5.900 105.53 B.13 100.92 B+ /.250 107./B Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.31 Not Rated Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6./B1 /B Ivory Coast XS1196517434 03-Mar-28 1000 200/1 100 USD Fixed 6.50 B.75 112.75 98.700 101. Amnt (Mn) Min Piece/ Incr.25 3.88 -1./.42 BBB.88 98.09 B.05 .875 95.875 103./B3 /- Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.74 B.125 101./B+ Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.23 .25 97.87 A+ /A1 /WD Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.375 93.07 Bahrain (CBB Int.38 6.75 106.25 103.75 3.22 Not Rated Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.591 112.75 4.75 97.63 3.75 95.750 121.88 6.64 AA /Aa2 /AA USD Fixed 5.500 108.25 6.38 95.25 5.75 6.60 Arab Republic Of Egypt XS1245432742 11-Jun-25 1500 200/1 B.00 105.) (S) XS0708899272 22-Nov-18 B.125 110.750 107./B3 /- Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.25 4.875 96.38 99.13 Not Rated Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Abu Dhabi Govt Int'L XS0422754258 08-Apr-19 1500 100/1 100 Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 6.75 5.90 Not Rated Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.31 BBB.75 3./B3 /- Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.000 102.93 B+ /.75 8.00 B.750 101.200 105.88 112.75 103.750 103.07 B+ /Ba3 /B+ Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.38 101./B1 /B Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.50 2./B3 /- Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7. Bid Indic./A Gabonese Republic XS0333225000 12-Dec-17 161 100/1 100 USD Fixed 8.75 1.12 Dubai Government (S) XS0778097674 Not Rated 02-May-22 650 200/1 100 USD Fixed 6.094 97././NR /BBB- Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.854 105.25 91./B+ Gabonese Republic XS1245960684 16-Jun-25 500 200/1 100 USD Fixed 6.63 4.25 Arab Republic Of Egypt XS0505478684 30-Apr-40 500 B.75 119.75 105.75 7.375 97./BBB- Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6. 13 4.000 103.25 6.65 BBB.50 9. Bid Indic.00 2.63 104./A3 /- Malaysia Sovereign Sukuk (S) USY5749LAB72 22-Apr-45 500 200/1 100 USD Fixed 4.38 6.39 A.001 100 USD Fixed 7./B3 /B Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.27 BBB.50 92.01 BBB.875 99./A Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.236 95.07 BB+ /Baa3 /BBB- Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3./BBB- Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.25 5.125 90./BBB- Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.63 99.25 B.125 89.14 B+ /Ba2 /- Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.500 109./BBB- Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.38 4.297 102.88 2.89 B.88 97./A3 /- Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.38 4./B3 /B Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.50 4. 2015 Security Name ISIN Code Maturity Outst.125 97.25 102.38 1.53 .88 94././.88 3.75 4.53 BB./A Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.25 103.92 A./.38 111.50 6.75 6.63 95.38 103.13 105./B1 /- Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.13 101.50 99.58 CCC.250 101.88 112. Amnt (Mn) Min Piece/ Incr.25 BBB.043 99./BBB- Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.200 100.75 0.650 101.50 5.00 97.21 A /.75 108.50 101.875 110.50 A.75 103.125 110.375 103.50 4.000 92.00 103./Baa3 /BBB- Republic Of Congo XS0334989000 30-Jun-29 409 1/1 100 USD Step Cpn 4.25 5.25 95.40 BB+ /Baa3 /BBB- Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.38 4./NR /B Lebanese Republic XS1196417569 26-Feb-25 800 1/1 100 USD Fixed 6.000 90.50 7.88 99.98 BB+ /Baa3 /BBB- Page 5 .500 100.75 94.646 110.13 9./B+ Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.75 3./Ba1u /BBB- Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4./B Lebanese Republic XS1196419854 26-Feb-30 1400 1/1 100 USD Fixed 6.38 2.25 91.44 Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.24 BB+ /Baa3 /BBB- Republic of Indonesia USY7133MAC39 05-May-25 1100 200/1 100 USD Fixed 4./. Offer Offer Yield % Credit Rating S&P /Moody /Fitch BBB.25 5.00 111.25 102./NR /B Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.Fixed Income Trading July 8.250 92.00 91.991 101./A3 /- Malaysia Sovereign Sukuk (S) USY5749LAA99 22-Apr-25 1000 200/1 100 USD Fixed 3./A3 /- Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.21 B+ /B2 /B+ Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.88 103.13 2.500 102.55 B+ /B2 /B+ Provincia De Buenos Aire XS0546539486 05-Oct-15 676 100/1 100 USD Fixed 11.25 0./B3 /B Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.750 99.68 A.13 4.75 104.25 BB+ /Baa3 /BBB- Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.375 106./BBB- Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.00 2.75 6.750 101./.43 (P)BB+ /Baa3 /BBB- Republic Of Indonesia USY20721BG36 15-Jan-25 2000 200/1 100 USD Fixed 4. (000) Value at Maturity Currency Coupon Type Coupon % Indic.000 97.239 102.875 90.350 97.25 105.00 111.00 -0.63 1.88 102.86 BBB.09 B./.13 92./Caa2 /- Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.00 102.13 0.57 BB+ /Baa3 /BBB- Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.28 B.29 B.84 A /.18 B.125 95.500 101.300 93.375 94./.40 .02 BB+ /Baa3 /BBB- Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5. 38 3./B1 /- Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.875 100.50 6.25 103.250 96.00 3.38 BBB./Baa2 /BBB Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.13 109.38 5.35 B+ /.88 114.86 BBB./Baa2 /BBB Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.875 113.30 BBB.25 BBB.13 108.17 B+ /B1 /- Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6./B+ Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.250 111.50 6./BB- Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6./Baa3 /BBB- Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5./BB- Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.65 B+ /.1/0.750 110.38 3.750 100.25 6.66 A.03 B+ /.88 117.750 115.500 102.38 103.25 103.13 114.79 .38 92.39 BB+ /Baa3 /BBB- Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.88 91./Baa2 /BBB Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5./B+ Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.38 5.87 A.01 BBB.38 1./Baa2 /BBB Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.50 103.51 .75 97.875 93. 2015 ISIN Code Maturity Outst.00 2.500 112.125 103.25 5.50 6.63 4./Baa2 /BBB Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.750 101.250 95./Baa2 /BBB Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.25 5.50 110.00 5./(P)Baa3 /BBB- Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.38 8.13 100.625 99.00 103.63 111.00 101.903 100.82 B+ /.75 6.90 B+ /B1 /BB- Page 6 .000 102.23 BBB.63 3.24 BBB.13 111.625 89.25 7.125 94./BB- Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6./Baa2 /BBB Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4./Baa2 /BBB Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.93 BBB.75 4.Fixed Income Trading July 8./Baa3 /BBB+ Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.13 6.50 98.63 3./Baa2 /BBB Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.75 96.89 BBB /Baa2 /BBB+ Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.88 5.24 BB+ /Baa3 /BBB- Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.14 .88 88.38 BB+ /Baa3 /BBB- Republic of Indonesia USY7133MAB55 05-May-45 500 200/1 100 USD Fixed 5.13 5. (000) Value at Maturity Currency Coupon Type Coupon % Indic.875 108.38 6.53 BB+ /Baa3 /BBB- Republic Of Indonesia USY20721BM04 15-Jan-45 2000 200/1 100 USD Fixed 5.50 4./Baa3 /BBB+ Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5./B+ Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 102.25 99.1 100 USD Step Cpn 7.58 B+ /B1 /- Republic Of Seychelles XS0471464023 01-Jan-26 169 0.00 98./B+ Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.875 84.250 108.94 .88 102.44 BBB.50 101.665 101.25 114.375 86.38 B+ /.500 108. Bid Indic.63 3.00 4.05 B+ /./Baa2 /BBB Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3. Offer Offer Yield % Republic of Indonesia (S) US71567RAD89 28-May-25 2000 200/1 100 USD Fixed 4.375 98.63 2./.38 85.50 105./Baa2 /BBB Security Name Credit Rating S&P /Moody /Fitch Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.25 100.75 4.500 107.50 -0.50 112.25 94.305 90.50 4.000 96.23 BBB.325 97. Amnt (Mn) Min Piece/ Incr.38 BBB.00 103.125 98.25 5.58 BBB /Baa2 /BBB+ Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 110.13 101.375 98.22 BB+ /Baa3 /BBB- Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6. 00 4.06 .88 100.125 98.25 4.33 AA /Aa2 /- State Of Qatar XS0615236188 20-Jan-42 1000 200/1 100 USD Fixed 5./Baa3 /BBB- Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.686 99.62 BB.00 104.625 66.88 6.000 113.11 CCC /Caa3 /CCC Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.Fixed Income Trading July 8. Amnt (Mn) Min Piece/ Incr. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.41 .750 107.557 104.803 98.50 2.44 NR /Baa3 /BBB- Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.00 104.38 105.63 86./B1 /BB-e Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.90 AA /Aa2 /- State Of Qatar XS0468535637 20-Jan-40 1000 100/1 100 USD Fixed 6.750 113.13 122. 2015 Security Name ISIN Code Maturity Outst.500 102.489 97.25 2.60 NR /Baa3 /BBB- Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.34 AA /Aa2 /- State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.88 117.74 AA /Aa2 /- State Of Qatar XS0468534580 20-Jan-20 2500 100/1 100 USD Fixed 5.45 .) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.75 104. Bid Indic.81 .09 AA /Aa2 /- State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.13 105.38 104.38 2.94 B /.50 5.13 100./Baa3 /BBB- Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.59 .38 4.25 4.50 112.75 107.375 83.00 113.099 101.38 101.75 5.11 AA /Aa2 /- State Of Qatar XS0615236006 20-Jan-22 2000 200/1 100 USD Fixed 4.25 3.92 B+ /B1 /BB- Republic of Turkey Hazine M.63 3./Baa3 /BBB- Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.38 3.00 99.25 165.500 98.06 A /A3 /- State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.50 1.43 Not Rated Tunisia (Banque Centrale de.750 163.50 AA /Aa2 /- State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.75 99.50 116./B1 /- Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.63 115.25 4./Baa3 /BBB- Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.00 0.875 89.00 2.750 119.75 94./B Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 104.75 3.38 4.38 5.19 .250 112.94 Republic Of Sri Lanka USY8137FAC24 03-Jun-25 650 200/1 100 USD Fixed 6.50 8.70 B+ /B1 /BB- Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 96.500 110.75 5.88 117./Baa3 /BBB- Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.13 .68 .61 AA /Aa2 /- Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.36 B+ /B1 /BB- Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.75 99./B Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.14 NR /Ba3 /WD Page 7 .52 NR /Baa3 /BBB- Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.250 102.13 4. Offer Offer Yield % Credit Rating S&P /Moody /Fitch B+ /B1 /BB- Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.241 102.50 6.00 131./Baa3 /BBB- Republic Of Turkey US900123CJ75 14-Apr-26 1500 200/1 100 USD Fixed 4.49 AA /Aa2 /- State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.250 99.800 99.250 94.38 1.52 NR /Ba3 /WD Tunisia (Banque Centrale de.41 B /.550 115.125 103.38 92.75 109.125 105.400 128.250 92.250 115.63 4.50 102.63 112.88 72./Baa3 /BBB- Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.00 1.00 5.13 7.88 96.13 2.66 NR /Baa3 /BBB- Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.00 101.13 3.88 27.125 99.125 110.38 2. (000) Value at Maturity Currency Coupon Type Coupon % Indic.75 102.00 100. 63 2. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.50 2.500 114.750 99.00 2.80 Not Rated Diversified Mumtalakat Sukuk Holding (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4. Amnt (Mn) Min Piece/ Incr.75 105. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.37 AA /Aa2 /AA IPIC XS0558268891 15-Nov-20 1500 250/1 100 USD Fixed 5.13 1.25 7.96 BBB.75 3.375 124. (000) Value at Maturity Currency Coupon Type Coupon % Indic.00 2./A2 /A+ Financial Institutions Page 8 .750 101.63 5.13 108.Fixed Income Trading July 8.18 AA /Aa2 /AA IPIC XS0558268628 15-Nov-15 1000 250/1 100 USD Fixed 3.63 1.53 AA /Aa2 /AA Mubadala XS1062852253 28-Apr-22 750 200/1 100 USD Fixed 3.13 104.47 AA /Aa2 /AA IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.01 BBB.25 103.875 104.02 A /A1u /A+ Abu Dhabi Comm.500 102.13 102.000 99.00 115.32 BBB.63 1.88 2.00 100.25 -0.99 AA /Aa2 /AA Mubadala XS0619200990 20-Apr-21 750 200/1 100 USD Fixed 5.745 99.071 103.63 7.375 104.750 103.875 103. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.397 100.63 0.875 123.75 96.500 114.44 AA /Aa2 /AA Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.75 -0.875 135.50 106.75 3.75 127. 2015 Security Name United Rep Of Tanzania ISIN Code Maturity Outst.38 1.06 .75 3. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.75 0.63 114.25 3.00 3.625 119.43 A /NR /A+ Adcb Finance Cayman Ltd XS1199968998 10-Mar-20 750 200/1 100 USD Fixed 2.63 120.51 A /. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.75 1.99 AA /Aa2 /AA IPIC XS0860584308 30-May-23 850 100/1 100 EUR Fixed 3.13 106.25 103.63 102./Baa3 /- Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.56 AA /Aa2 /AA IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.36 AA /Aa2 /AA Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7./Baa3 /- Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.63 AA /Aa2 /AA IPIC XS0701227075 01-Nov-41 750 200/1 100 USD Fixed 6.250 102.25 101.76 AA /Aa2 /AA Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.38 3./NR /A Abu Dhabi Comm. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.00 103. Bk./A+ Abu Dhabi Islm.000 111. Bk.38 -0. Bk.80 A /.13 112.05 AA /Aa2 /AA IPIC XS0860583912 30-May-18 800 100/1 100 EUR Fixed 2.13 2.25 2.88 1.875 107.93 A.59 B /Ba2 /- Abu Dhabi Comm./BBB- Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.800 104.000 101.24 A /NR /A+ Abu Dhabi Comm. Bk.38 104.38 124.500 100.63 4.750 101.60 .30 AA /Aa2 /AA IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.25 101. Bk.625 113. Offer Offer Yield % Credit Rating S&P /Moody /Fitch XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.48 NR /WR /WD IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.75 100.75 101.88 103.13 102././A+ Abu Dhabi Comm.78 BBB./Baa3 /- Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.125 100.63 1.500 94.38 104.750 99.75 101.63 137./B2 /B Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5. Bid Indic.30 AA /Aa2 /AA IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.000 102.82 A /A1u /A+ Abu Dhabi Comm.625 99.88 115.38 -0.88 101. 63 2.125 95.250 98./Ba2 /- Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.31 B. 2015 ISIN Code Maturity Outst.750 98.50 4.13 103.125 104.13 108./B Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9./Baa2 /BBB Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.50 4.35 .38 85.125 99.88 3./Baa3 /BBB- Akbank Tas XS1111101314 24-Jan-20 500 200/1 100 USD Fixed 4.850 99.1 7.50 100./- Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.88 28.875 100.13 1.25 101.500 101./.90 .250 99.63 103.500 106. (000) Value at Maturity Currency Coupon Type Coupon % Indic.45 . Bid Indic.750 101.16 BBB.64 NR /Baa2 /BBB- African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.13 2.38 21.13 102.13 BBB.13 3.41 BB+ /Baa3 /BBB- Bank Dhofar XS1233710380 Perpetual 300 200/1 100 USD Variable 6./Baa3 /BBB- Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.75 106.25 104.13 96. Amnt (Mn) Min Piece/ Incr.50 BBB.38 3./A2 /A+ Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.25 2.73 Not Rated Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.25 6.375 104.13 0.780 102.125 102.75 2.000 62./Baa3 /BBB- Security Name Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.267 101./Baa3 /BBB- Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6./Baa2 /BBB- AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.750 101.250 99.750 102.92 .63 4./Baa3 /BBB- Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6./Baa3 /BBB- Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.25 2.50 5.88 82.75 102./B- ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6./A1 /A+ Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.88 100.46 NR /Baa2 /BBB- African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4./A+ Astra Sedaya Finance Pt XS1210971682 01-Apr-18 300 200/1 100 USD Fixed 2.75 105.25 101.63 Not Rated Ahli United Bank XS1133289832 Perpetual 400 200/1 100 USD Variable 6.05 BBB.50 100./Baa3 /BBB- Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.25 1.28 ./Baa3 /- Page 9 .79 .50 2.83 .70 B /. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Abu Dhabi Islm./Baa3 /BBB- Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.375 100./.750 102.59 .25 103.88 7.03 ./Caa2 /- African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5./Baa3 /BBB- Akbank XS1210422074 31-Mar-25 500 200/1 100 USD Fixed 5./.13 101./- Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.31 B+ /.875 102.75 1.13 3.75 104.54 BB /.50 Not Rated Africa Finance Corp XS1225008538 29-Apr-20 750 200/1 100 USD Fixed 4.25 100.58 .88 99.75 1.68 .10 100.37 .50 -14.25 4.50 98.13 103.875 99.13 101.13 4.50 4./Caa2 /- African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.63 10.29 BBB.07 .00 100.75 5.13 101./A3 /- African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 98./Baa3 /BBB- Axis Bank/Dubai US05463EAC21 21-May-20 750 200/1 100 USD Fixed 3.250 97.13 105.63 5./BBB- Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.77 .63 96.31 .50 104./Baa3 /BBB- Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 96.54 Not Rated Banco Do Brasil XS0955552178 25-Jul-18 1000 100/1 100 EUR Fixed 3. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.91 .250 100.125 98.05 .38 102.50 102.250 94.Fixed Income Trading July 8.13 3.875 99.75 103.750 100.125 65.25 4.125 98. 46 . (000) Value at Maturity Currency Coupon Type Coupon % Indic.50 104.75 101.750 99.625 102.500 100./A Bawag P. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 118.60 BBB.25 4.63 12.91 .13 103.25 3.07 .625 101./C /- Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.13 101.66 .125 97.38 103.88 1.70 ./Baa3 /BBB- Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4./Baa3 /- Bank Of India/Jersey XS1227592703 06-May-20 750 200/1 100 USD Fixed 3./A1 /- Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.88 2./BBB+ Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2./Baa3 /- Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.13 2.500 98.63 3.13 123.375 102.00 107.50 2.00 102./Baa1 /A- Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.750 104.63 90.88 3. Bid Indic.500 71.13 3./Baa3 /BBB- Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.36 ./Baa1 /A- China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.19 BBB+ /Baa1 /- Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.57 BBB./A1 /- Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.50 2./Ba1 /- Bbk XS1207170736 24-Mar-20 400 200/1 100 USD Fixed 3. 2015 Security Name ISIN Code Maturity Outst.Fixed Income Trading July 8.63 -0.08 BB.13 99.75 17.15 B+ /B3 /- Bank Of Sharjah XS1117297272 08-Jun-20 500 200/1 100 USD Fixed 3. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.50 113.88 102.250 111.75 78./BB- Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.88 100.11 A.53 .25 5.63 4.13 0.63 105.500 99.89 ./NR /BB- Page 10 .13 4.00 4.875 106.994 101.21 BBB.50 3.63 103.50 101.250 99.38 104./Baa3 /BBB- Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.13 99.00 5.967 96.325 98.63 99./B1 /WD Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.38 103.13 104.250 104.24 .25 101./Baa3 /BBB- Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 113.13 2.750 99.58 BBB+ /Baa3 /BBB+ Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.99 A.00 101.44 .13 1.125 101.19 .63 101.50 101./B1 /BB- Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.500 98.24 .88 2.875 101.S.00 0.74 BBB+ /Baa1 /BBB+ Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.50 120.50 BBB+ /Baa1 /- Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8./.13 4.54 ./.63 103.83 .000 101.375 100.63 115.25 6.00 3.11 A /.00 2.16 A.125 122.374 98.24 BBB./Baa3 /- Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6. Amnt (Mn) Min Piece/ Incr./A1 /A- Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4./Baa3 /BBB- Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2./Baa3 /BBB- Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.750 99.13 104.50 3.75 101.48 BBB /Ba1 /- Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.69 .700 87.63 4.947 101.63 3./Baa3 /- Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.38 1.875 101.90 Not Rated Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.375 101./Ba2 /- Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4./Ba1 /- Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.13 0.000 102.50 .K.00 103.25 106.90 NR /Ba2 /B+ Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6. /Baa1 /A+ Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.250 99.46 .63 2.718 103.38 7.63 5.66 .147 103.43 Not Rated Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.625 103.38 4.75 2.97 Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8./Baa1 /A+ Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.38 104./B1 /BB Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.50 10.921 98.17 .700 96.00 92.88 BBB.17 Not Rated Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.25 104.63 105.38 3./Ba2 /BBB- Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.78 B.84 BBB.38 99.00 96./A2 /A+ Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.19 .80 .00 102.75 98.73 BBB.63 102./Baa1 /A Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6./Baa1 /A+ Emirates Nbd Pjsc XS1227814883 06-May-20 350 200/1 100 USD Fixed 3.75 1.38 99.13 4.00 9.63 2.63 1.75 3./.75 2./A2 /A+ Page 11 .13 2.50 2.25 101.750 104.13 95.00 10.000 99.50 5.150 99.87 . Offer Offer Yield % Credit Rating S&P /Moody /Fitch BB.50 93.83 .63 104./B- First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.62 BB+ /Baa3 /BBB- Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.750 100.750 94.478 93.75 100.00 5.25 104./Ba2 /BBB- First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.90 .75 2.13 102.38 1.75 104.862 101./B Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5./Baa3 /- Export-Import Bk India XS1165130219 12-Aug-20 500 200/1 100 USD Fixed 2.75 B.875 102.57 .71 BBB.55 ./Ba1 /BB Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.00 4. 2015 Security Name ISIN Code Maturity Outst.38 102.75 4.000 90.752 103.750 97.875 90.88 .750 91.49 B /./Ba2 /BBB- Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6./Baa1 /A Dib Sukuk Ltd (S) XS1241110300 03-Jun-20 750 200/1 100 USD Fixed 2.63 102./Baa1 /A+ Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3./Baa3 /- Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.25 100./NR /A Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.25 106.15 B.38 2.000 100./Baa3 /- Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.50 103.63 1./Baa1 /A+ Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5./B- Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6./.63 9.45 NR /Baa3 /A Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4. Bid Indic.94 Not Rated Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.75 1.00 102./Baa1 /A+ Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4./Baa3 /- First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.00 101.25 103.25 5.38 104.Fixed Income Trading July 8./.375 102.25 2.875 103.250 100. (000) Value at Maturity Currency Coupon Type Coupon % Indic.97 B /.250 93.63 105.84 .23 A.000 102.375 101.500 99.50 93./Baa1 /A+ Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.50 9.25 104.750 95.75 1.000 100.13 97.38 106.250 102.93 .750 104.500 102.38 2.71 .59 Not Rated Emirates Nbd Pjsc XS1207079499 23-Mar-22 550 100/1 100 EUR Fixed 1. Amnt (Mn) Min Piece/ Incr./B Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.47 ./- Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1. 875 76.000 100.63 3.000 101.52 Not Rated Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.625 98.00 108.80 BBB.38 3.38 -1.88 2.13 0./B2 /BB Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.25 102./Baa3 /BBB- Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.57 .00 6.88 105./B+ Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.960 90.17 BBB.508 98.63 86.797 101.38 2.25 3.61 .50 4.13 101.875 100.200 99./BB+ Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.25 2.63 103.00 3./Baa3 /- Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3./A2 /A+ First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4./A1 /- Int.50 3.00 2.13 2.250 106. 2015 ISIN Code Maturity Outst.13 17.88 97.66 BB+ /Baa3 /BBB- Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.75 2.17 BBB+ /Baa1 /A Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.33 BB+ /Baa3 /BBB- IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.13 79.21 . Offer Offer Yield % Credit Rating S&P /Moody /Fitch First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.83 .87 BB+ /Ba1 /- Ind & Comm Bk Chn/Dubai XS1237348070 26-May-20 500 200/1 100 USD Fixed 2./Ba3 /BB Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.000 103.25 3.87 BBB.95 BBB /.00 1.25 101.800 105.25 103.66 BBB /.90 BB.700 104.50 102.81 BB+ /(P)Ba1 /- Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.25 0.25 6./A2 /A+ First Gulf Bank XS1193304596 24-Feb-20 750 200/1 100 USD Fixed 2.75 100.06 .38 3./Ba2 /BB Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.75 2. Bid Indic.50 1.75 107.75 100. Amnt (Mn) Min Piece/ Incr.13 102.88 101.750 99.13 101.50 2./NR /B+ Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.046 103.16 .25 97./Baa3 /BBB- Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.125 100.496 81.625 102.25 2.63 12./A2 /- Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.30 BBB+ /Baa1 /A Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3./B+ Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.88 101.375 99.92 BB+ /Baa3 /BBB- IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.88 7.61 BB+ /Baa3 /BBB- IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4./- Haitong Intl Fin 2015 XS1170096454 29-Jul-20 700 200/1 100 USD Fixed 4.75 103. (000) Value at Maturity Currency Coupon Type Coupon % Indic./Baa2 /BBB Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.38 102.000 100.13 3.250 101.990 99./A2 /- GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2./NR /- GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.375 102.50 106./A2 /A+ Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.500 101.25 99.63 2.80 BBB.50 102./Baa2 /BBB- Security Name Page 12 .39 Not Rated Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.64 .000 103.61 B+ /.625 98./Baa3 /BBB- IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4./- Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.00 98.13 102.52 BB+ /.00 104.38 6.00 101.34 .250 93.75 2.00 104.Fixed Income Trading July 8.500 101.38 94.68 .00 1.750 99.625 96.000 95.625 98.01 .25 103.31 BBB.94 B+ /.75 4.375 101.35 .50 100.95 BBB+ /A3 /A Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.88 104. 88 8.50 2./BBB Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.50 0.50 103.875 103.788 98.88 7.90 .80 .38 103.63 3.688 101.13 101.69 B+ /.90 .25 104.75 104./Aa3 /AA- National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.250 101.63 1.400 85.75 1.63 87.298 97./.13 5.000 98.33 .38 104./A+ Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.75 3.13 102.13 5.500 82.51 ./Ba2 /BB+ Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3./Aa3 /AA- National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.715 102.38 5./Aa3 /AA- National Bk Of Abu Dhabi XS1186986904 11-Feb-20 750 200/1 100 USD Fixed 2.75 BBB /Baa2 /BBB Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 107. (000) Value at Maturity Currency Coupon Type Coupon % Indic.856 100./A- Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3. Amnt (Mn) Min Piece/ Incr.38 2.000 100./Ba1 /BBB- Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.75 3. 2015 ISIN Code Maturity Outst.93 .375 102.63 100.12 AA././A Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.00 99.50 84.91 ././.06 ./.250 98.250 99.13 -0./B3 /B Noor Sukuk Co Ltd (S) XS1224417847 28-Apr-20 500 200/1 100 USD Fixed 2.88 103.13 1.50 -1.49 .28 AA.88 81.250 95.38 2.11 AA.63 102./BBB Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.63 101.25 102.65 BBB./BB- Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.77 .13 96. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.63 1.13 -0./Baa3 /BBB- Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4./BB+ SIB Sukuk Co.125 100.71 .45 ./Ba1 /BBB- Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.500 101.250 101.88 86./Baa2 /A National Bank of Egypt XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.13 102.000 102./BBB+ Security Name Page 13 Credit Rating S&P /Moody /Fitch .402 94.25 103.63 103.250 79./BB+ Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.750 103.750 101.88 .86 .68 .88 3.03 A+ /Aa3 /AA- Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.63 4.38 2.13 AA.56 BBB /Ba2 /A- Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.63 1.180 95.40 AA.38 105.38 97.13 109.125 84./A2 /A+ Rakfunding Cayman Ltd XS1078355986 24-Jun-19 800 200/1 100 USD Fixed 3.100 94.33 A /././Aa3 /AA- National Bk Of Abu Dhabi XS1243334668 Perpetual 750 200/1 100 USD Variable 5.63 6./Baa3 /- National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8./Aa3 /AA- National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.69 BBB+ /.06 .250 102.88 4.50 10. Offer Offer Yield % Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.88 2./Ba2 /BB+ Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5./.Fixed Income Trading July 8.88 2.88 99.63 104.68 A+ /Aa3 /AA- QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.000 103./B3 /B National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3./Baa3 /- National Bank of Kuwait Tier 1 XS1206972348 Perpetual 700 200/1 100 USD Variable 5./A+ Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.13 101.13 99.25 2.250 98./Ba2 /BB+ Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.53 .88 101.50 100.13 -0. Bid Indic.162 103.63 -3.13 101.25 98.19 .10 A+ /Aa3 /AA- Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.63 13.75 5.750 104.38 100.31 ./Baa1 /BBB+ Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.125 99. 000 101.000 100./Baa3 /BBB- Turkiye Is Bankasi A.13 105.00 2./Baa3 /BBB- Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.875 101./Baa3 /BBB- Turkiye Sinai Kalkinma B XS1219733752 22-Apr-20 350 200/1 100 USD Fixed 5.00 4./Baa3 /BBB- Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5./Baa1 /A Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.13 4.52 BBB./Baa3 /BBB- Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.88 101.00 102.13 100.83 .00 103.94 BBB.99 .38 103.65 .875 97.500 99.439 101.125 102.15 BBB+ /.88 100.13 105./Baa3 /BBB- Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.88 6.52 .88 4.90 .750 101./Ba3 /BB+ Page 14 .750 100.38 4.75 101.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.75 99.140 102./Baa3 /BBB- State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.02 BB /B1 /B State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7./Baa3 /BBB- Turkiye Is Bankasi A.25 99.13 102.99 .25 3.25 5./Baa3 /BBB- Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.50 4.92 .13 101.750 99.38 102./BBB Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.88 3.25 2.88 103.13 .38 106.375 102.25 104./Baa3 /BBB- Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.13 102.750 98.93 BBB.25 6.88 99./Baa3 /BBB- Turkiye Is Bankasi A.13 3.80 .63 104.98 . Bid Indic.25 2.750 100.125 98.250 100./Ba2 /BB+ Turkiye Is Bankasi A./Baa3 /BBB- Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.75 104.75 4.622 101.83 ./Baa3 /BBB- State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.125 102.875 95.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.750 97.67 BBB.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.00 4.13 4.89 .90 ./Baa3 /BBB- State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.26 BBB. (000) Value at Maturity Currency Coupon Type Coupon % Indic.71 .38 BB /B1 /- Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.000 97.75 101.25 102.13 3.Fixed Income Trading July 8./Baa3 /BBB- State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.75 105.38 3./.04 .88 104.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.13 .68 BBB.38 97.13 1.250 98.950 99.75 4./Baa3 /BBB- Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4./Baa3 /- Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.79 .S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.38 1.88 2. Offer Offer Yield % Credit Rating S&P /Moody /Fitch SIB Sukuk Co.78 ./. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.154 103./Baa3 /BBB- Turkiye Is Bankasi A./Baa3 /- Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.50 102./Baa3 /BBB- Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.25 4. 2015 Security Name ISIN Code Maturity Outst.91 .13 2.04 .000 99./Ba2 /BB+ Turkiye Vakiflar Bankasi XS1175854923 03-Feb-25 500 200/1 100 USD Variable 6. Amnt (Mn) Min Piece/ Incr.88 2.25 3.63 2.00 104.60 .500 102.500 99./BBB+ State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.88 103.875 99.000 98./Baa3 /BBB- Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.38 4./Baa3 /BBB- Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.38 2.13 101.63 4./Baa3 /BBB- Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.950 101.50 102.19 .00 1.75 4.75 100.25 100.72 ./Baa3 /BBB- Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.375 101.250 101.52 ./BBB Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.875 105. 00 94.75 98.325 99.97 B+ /./- Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.50 8.291 101.98 ./- Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.49 BBB.84 BB+ /Ba1 /WD VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.63 97.625 101./- Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.63 35.50 104.41 .375 30.38 104.75 BB /Ba1 /- Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.19 BBB.500 102.65 BB /.63 102.25 4.50 106.00 5.38 2.83 BBB.88 4.38 103.04 BBB./Baa3 /BBB Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.13 76.950 87./Baa3 /BBB Country Garden Hldg Co USG24524AJ24 27-May-19 550 200/1 100 USD Fixed 7.67 .000 96.38 103.400 111.500 97.38 3.00 BBB.00 C /Ca /- Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.13 7.970 93.38 5.84 .84 CCC.88 75.00 3.500 104.74 BB./BBB- VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6./- Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.68 BB+ /Ba1 /- Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4./- Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.19 BBB.25 7.348 104.38 105./Baa2 /- Page 15 .315 98.13 5.50 105.750 100.00 2.75 4.95 B+ /./- Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.00 99.50 103.38 6.902 95.625 103.50 101.00 2.00 4.25 101./Baa3 /BBB Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5. Bid Indic.750 104. (000) Value at Maturity Currency Coupon Type Coupon % Indic.67 BBB.50 98.500 72.125 101. Amnt (Mn) Min Piece/ Incr.00 102./Ba3 /WD Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.92 CCC.21 BB+ /Ba1 /- Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.50 6./Caa1 /- Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9./Baa3 /BBB Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.00 3.63 4.13 101./Baa2 /BBB Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.25 5.25 98.50 106.50 107.76 B+ /.000 98.94 BBB.125 100.00 2./Ba2 /BBB- Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.28 BB+ /Ba1 /BB+ Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7./Baa3 /- Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.00 76./Baa3 /- Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.50 2.500 73.25 102.50 113.125 102.38 3.99 CCC.50 90.63 6.500 96.37 BBB.43 .29 BB+ /.88 106.24 ./B+ Security Name Real Estate / Tourism Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4./Caa1 /- Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Flat Trading 13.564 102.Fixed Income Trading July 8.24 B+ /.500 73.00 7.500 105././Ba1 /- Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.250 97.250 95.50 1.88 3.00 5.250 102./Baa3 /- China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.63 100.38 102.750 100.00 21.13 21.38 103./Ba1 /WD VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6. 2015 ISIN Code Maturity Outst./Caa1 /- Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9./Baa3 /- Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.88 21.875 103.33 BB+ /.63 55./Ba1 /- Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6. 88 102.875 101.50 -12.125 104./BBB- Bharti Airtel Ltd USY0889VAA80 10-Jun-25 1000 200/1 100 USD Fixed 4.26 BBB.98 BBB /Baa3 /BBB- Indiabulls .13 99.38 9.13 2.88 4.125 100.000 110.350 106./Baa3 /BBB- Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.13 AA.83 BBB /Baa3 /- Lodha Developers Intl Lt XS1148395582 13-Mar-20 200 200/1 100 USD Fixed 12./Aa3 /A+ Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.38 100.66 B /.38 2.500 99.50 4.375 104. Amnt (Mn) Min Piece/ Incr.50 3.75 114.49 BB.000 99.24 BBB.13 3.63 5.67 B.00 103.50 107.13 Not Rated Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.02 BB+ /.27 BBB.25 101.75 3./BB+ Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.49 BBB./B- Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.00 100.38 4./Ba1 /BBB- King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3./Baa3 /BBB- Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6./B Security Name Credit Rating S&P /Moody /Fitch Telecommunications / IT Bahrain Telecom.63 102./Ba3 /BB+ Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4./Baa3 /BBB- Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.25 102.750 102.13 103.04 AA.50 BBB /.63 101.50 86.375 99.50 3. Offer Offer Yield % FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.63 3./B1 /- Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.25 2.375 99.375 97././Baa3 /BBB- Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.84 B /B2 /BB- Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.00 .88 104.92 BBB.625 100.776 101.81 BBB /.63 103.88 4./BBB Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.13 2./Aa3 /A+ Page 16 .375 100./Baa3 /BBB- Etisalat XS1077881743 18-Jun-19 900 200/1 100 USD Fixed 2.38 7./Ba3 /BB+ Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.13 109.18 BBB /./Ba3 /BB+ Shimao Ppty Hldng Ltd XS1157365070 10-Feb-22 1100 200/1 100 USD Fixed 8.125 107./Baa3 /BBB- Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9./BBB Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.13 4.63 .Fixed Income Trading July 8.750 84.000 101. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.88 106.850 104.13 6.88 9.14 BBB.85 BB+ /.09 BBB /Baa3 /- King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.13 14.88 3.625 101.38 98.59 AA /Aa2 /- Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.75 3.37 AA /Aa2 /- Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6. 2015 ISIN Code Maturity Outst.13 101.75 106.25 11.63 8.75 1.88 112.500 99.625 103.25 101.00 BB. (000) Value at Maturity Currency Coupon Type Coupon % Indic.10 Not Rated Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.38 102.63 104.55 B+ /B1 /B+ Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.00 7.250 93./Baa3 /BBB- Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.625 97.25 101.000 105.70 BB.000 92.50 109.85 BB.13 4.50 106.13 95.63 11.63 108.50 106./Ba3 /B+ Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.750 104.250 100.84 BBB.13 95.50 13.00 2.250 107.500 101./BBB Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4. Bid Indic.250 101.75 3.000 112.94 B+ /B2 /B+ Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.88 105. 13 75.58 ./BBB- Vimpelcom Holdings XS0889401054 13-Feb-19 571 200/1 100 USD Fixed 5.950 87.01 BB+ /Ba2 /BB+ Ottawa Holdings Pte Ltd USY6589AAA44 16-May-18 365 200/1 100 USD Fixed 5.13 0.92 BB./.50 102.88 12.91 A.88 89./A2 /A+ Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.10 D /.13 45.38 98. Bid Indic.13 11.77 B /./BB Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.50 107.50 89.68 BB+ /Ba1 /BBB- Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.875 120./.22 .63 4.750 91.88 3.25 15.755 99.750 105.875 81.12 BB./Aa3 /A+ Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.500 98.87 A.375 105.750 86. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.25 102.38 94.13 103./BB Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Defaulted 11.81 BB /Ba3 /- Industrials / Energy Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.88 4.63 109.50 7.00 101.63 100./.50 109.875 98.50 122.88 4.00 3.00 .01 A.13 98. 2015 ISIN Code Maturity Outst.75 13./BB- Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.94 BB.45 D /.38 11.95 BB.750 101.38 37.44 A.750 99./C Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Defaulted 10.59 BB /.00 2.25 3./C Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Defaulted 6.25 110.750 107.375 102. (000) Value at Maturity Currency Coupon Type Coupon % Indic.48 BBB.375 108.25 6.625 43. Amnt (Mn) Min Piece/ Incr.250 95.25 109.38 100.50 101.50 93.07 AA.250 42.63 2.50 96.38 6.45 D /.56 BBB /Baa2 /- MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5./BBB- Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 77./A2 /A+ Millicom Intl Cellular XS1204091588 15-Mar-25 500 200/1 100 USD Fixed 6.50 4.Fixed Income Trading July 8./Baa3 /BB+ Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.13 5./Ba3 /BB- Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.38 97.88 46.13 3./B Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.250 96.25 79./A2 /A+ Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.75 84.50 2.13 6.45 BB+ /Ba1 /BB+ Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.200 94.500 100.38 96.38 223./A2 /A+ Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7./A2 /A+ Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.63 24.74 .63 88.63 106.50 6.500 73.31 AA./Ba2 /BB+ Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.50 1.375 86.63 8.50 2./B2 /- Security Name Reliance Communication XS1216623022 06-Nov-20 300 200/1 100 USD Fixed 6./BB- Tbg Global Pte Ltd XS1165340883 10-Feb-22 350 200/1 100 USD Fixed 5.000 88.000 108.88 45./.75 3.20 A.30 BB /Ba3 /- Vimpelcom Holdings Bv XS0889401724 13-Feb-23 983 200/1 100 USD Fixed 5.90 A./Aa3 /A+ Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2./A2 /A+ Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.79 BBB.875 94.000 96./Baa3 /BB+ Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.57 A./C Page 17 .50 6.99 BB+ /Ba1 /BB+ Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.500 43.500 91./A2 /A+ Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.000 106./.13 91. 000 100.00 4.93 BBB /./Baa2 /A- China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.88 2.96 ./.500 108.75 2.88 100.375 104.75 1.00 7.88 0./- Dolphin Energy Ltd USM28368AA21 15-Jun-19 657 100/1 100 USD Fixed 5.00 100.00 98.75 100.50 3.750 81./A3 /- Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.000 78.63 1./A1 /- China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.59 .29 .19 Not Rated DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.01 .88 103./BBB Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.72 B+ /B1 /- China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.63 4./BB Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.63 106.38 1.50 102.00 98.27 .67 BB /.01 100 USD Fixed 9.05 BB+ /Baa3 /- Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.63 110.50 3./Aa3 /A+ Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.02 AA./C Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.48 BB+ /Ba1 /- Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.88 7.00 42.500 91.75 100.00 97.875 109.625 98.25 27.00 4./Aa3 /A+ Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Defaulted 9.25 114.250 98.00 2.900 40.00 101.38 16.750 98.00 111.13 5.02 BB+ /Baa3 /- Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4./BB China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.00 109.75 14.28 BBB+ /A3 /- Cliffs Natural Resources US18683KAA97 15-Mar-20 327 2/1 100 USD Fixed 5.49 BB./Baa2 /WD DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7./Baa2 /WD DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.50 113.01 100 USD Fixed 7.38 108.52 AA.13 100.51 A+ /A1 /A+ Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.75 85.32 CCC+ /B3 /- Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.38 100.93 .175 98.000 95./A1 /A+ Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 365 200/1 100 USD Fixed 5.00 5.50 106.88 2.63 4.875 96.625 101.38 1./.64 D /.25 45.38 0.88 93.37 Not Rated Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.177 98./A1 /A+ Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8./Baa3 /BBB- Page 18 .37 BBB+ /A3 /- Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6./Baa3 /BBB- China Automation Group XS0615048260 20-Apr-16 72 200/1 100 USD Fixed 7.750 107.17 .88 121.38 100. 2015 Security Name ISIN Code Maturity Outst.00 5. Amnt (Mn) Min Piece/ Incr.88 4.500 113.00 8.38 100.125 104.62 BB /.88 97.888 108.38 102.500 99.750 98.750 43.700 98.38 86.88 .375 111.125 95.000 82. Bid Indic./BB Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.00 46.75 6./Baa3 /BBB- Bharat Petroleum Corp XS1227064430 08-May-25 500 200/1 100 USD Fixed 4.88 2.98 BB+ /Baa3 /- Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5. (000) Value at Maturity Currency Coupon Type Coupon % Indic.88 4.20 BB+ /Ba1 /- China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.75 2.375 119.98 A+ /A1 /A+ Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.625 101.36 BBB.950 98.79 AA.63 101./Aa3 /A+ Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.50 3.00 83.14 .Fixed Income Trading July 8.75 102.000 96.65 BB+ /Baa3 /- Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.375 99.72 .00 7. 63 9.25 1.125 101.63 5.26 BBB.26 BB+ /Ba1 /BBB- Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.44 Not Rated Emirates Airlines XS0885065887 06-Feb-25 714 200/1 100 USD Fixed 4.000 113.500 102.17 ./BBB- Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.04 BBB.88 101.50 3.125 100.45 BB+ /Ba1 /BBB- Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.86 BB+ /Ba1 /BBB- Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.874 99.25 102.63 ./B3 /B- Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.98 BBB.471 98./.750 93.250 106./B1 /BB- Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.00 105.88 103.38 Not Rated Emirates Airlines (S) XS0904232310 19-Mar-23 758 200/1 100 USD Fixed 3./Baa3 /BBB- Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4. (000) Value at Maturity Currency Coupon Type Coupon % Indic.50 4.750 97.50 100.25 6.950 89.38 102./Baa3 /BBB- Security Name Page 19 . 2015 ISIN Code Maturity Outst.Fixed Income Trading July 8./Ba1 /BBB- Gazprom (Gaz Capital Sa) XS0276455937 22-Mar-17 500 50/1 100 EUR Fixed 5.75 4.75 110. Bid Indic.43 Not Rated Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.88 100.38 6./Ba3 /- Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.25 110.50 7.80 BB+ /Ba1 /- Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.63 101.417 100.338 90.13 94.35 BB+ /Ba1 /BBB- Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.00 100.13 6.50 9.00 2./Baa3 /BBB- Indian Railways Finance Co./Baa3 /BBB- Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.45 BB.00 103. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.00 6.25 102.250 96. Amnt (Mn) Min Piece/ Incr.14 .000 92.75 5.38 6.63 6.750 97.88 3.13 6.88 3.500 98./.88 108.750 108./Baa3 /BBB- Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.40 .63 5.625 98.41 AA+ /A1 /- Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8. Offer Offer Yield % Credit Rating S&P /Moody /Fitch DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6./B- Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.850 109.38 1.41 BB+ /Ba1 /- Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.63 98.500 97.38 115.57 .250 99.63 2.13 111.25 6.50 99.13 3./B Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.50 99.65 B./.500 98.38 1.500 100.88 101.97 NR /Baa3 /BBB- DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.90 BB.71 BBB.88 93.63 95.38 102.600 90.125 89.50 5.75 93.13 102.93 .63 92.136 101.38 2.88 8.13 91.88 101.41 BB+ /Ba1 /- Eskom Holdings Soc Ltd XS1187065443 11-Feb-25 1250 200/1 100 USD Fixed 7.75 4.875 90.625 108.80 Not Rated General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.26 Not Rated Emirates Airlines (S) XS1203164782 31-Mar-25 898 200/1 100 USD Fixed 2.75 110./Baa3 /BBB- Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.90 .63 9.86 BB+ /Ba1 /- Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.91 NR /Baa3 /BBB- Dp World Ltd XS1234270921 18-May-20 500 200/1 100 USD Fixed 3./A3 /A- Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5./BB Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.63 B /.14 B+ /B2 /- Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.50 100.406 100.250 108./Ba1 /BB+ Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.875 101.44 BBB.250 99.38 101.88 4.13 95.750 100.88 4.88 4. 63 117.125 99.13 101.88 4.75 7.41 BBB.38 BBB.91 BBB.13 96.88 102.63 BBB.89 BBB.76 BBB./Ba2 /BBB- Petrobras Global Finance US71647NAN93 5-Jun-2115 2500 2/1 100 USD Fixed 6.38 4.38 99.625 104./CCC PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5./Ba2 /BBB- Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.375 94.375 99.875 94.13 103.25 3./Ba2 /BBB- Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.63 103./Baa2 /- Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.75 93./Ba2 /BBB- Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5./Ba1 /BBB- Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5./.875 100.00 98.88 100.63 111.75 98.38 96.63 4.75 6.63 4./Ba1 /BBB- Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.875 101.38 106.25 84.625 102.25 8./Ba2 /BBB- Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.500 98.375 106.13 29.75 4.63 2.88 BBB.75 101.38 3.63 66.37 BBB.24 BBB./Ba2 /BBB- Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.875 104.17 . Offer Offer Yield % Credit Rating S&P /Moody /Fitch A+ /A1 /A- Nakilat Inc USY62014AB48 31-Dec-33 267 100/1 100 USD Fixed 6.13 BBB.48 BBB.88 1.86 BB+ /Ba1 /BBB- NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.550 98.89 BBB. (000) Value at Maturity Currency Coupon Type Coupon % Indic.63 98./.47 BBB./Ba2 /BBB- Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.38 95.63 3.75 6./BBB- Office Cherifien Des Pho XS1221677120 22-Oct-25 1000 200/1 100 USD Fixed 4.13 3.50 3.75 108.163 93.63 106.25 100./.88 4./BBB- NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.85 .500 104.75 4.28 BB+ /Ba1 /BBB- Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.88 103.25 105.50 96. Amnt (Mn) Min Piece/ Incr.75 96./BBB- Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.14 BBB.250 97.38 4.75 5.97 BBB./BBB- Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6././BBB- NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4./BBB- NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.94 BBB.88 101.625 109.875 94.250 93.000 91.250 96.63 106.15 BBB.21 BBB.643 96.88 98.00 98./BBB- Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3./BB- Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4./Baa2 /BBB- Oman Electricity XS1117297355 07-May-25 1000 200/1 100 USD Fixed 3.375 86.450 96.13 4.75 4.267 114.81 Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.13 6.50 8.500 63./Ba2 /BBB- Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.958 96.63 3././Ba2 /BBB- Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.63 5./Baa2 /BBB- Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.75 95.96 BBB.62 BBB.25 BB /Baa3 /BBB- Page 20 .950 94.750 103./Baa2 /- Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.850 82.38 2. Bid Indic./Baa2 /- Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.00 5.1/0.77 B+ /.75 97.250 99.82 CCC /. 2015 Security Name ISIN Code Maturity Outst.88 2./.750 97.75 5.75 5.Fixed Income Trading July 8./Ba2 /BBB- Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.67 BBB./.38 2.375 99.1 100 USD Fixed 8./Baa2 /- Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.36 BBB.500 95.86 BBB.16 BBB+ /A3 /- Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.44 BBB./Ba2 /BBB- Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.75 88. 38 2.88 99.75 1.38 5.91 BBB.211 106.50 1.38 3.000 99.37 A /Aa3 /A+ Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.00 -0.14 BBB /Baa1 /- Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.750 106./A3 /- Page 21 .25 107.625 98./Baa3 /BBB- Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.12 AA.25 4.34 BBB+ /Baa2 /- Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.63 1.13 101./- Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.00 107.25 2.38 109./A1 /AA- Saudi Electricity Co (S) XS0908512410 08-Apr-23 1000 200/1 100 USD Fixed 3.250 100.63 5.40 A./BBB Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.875 36.25 5.27 AA.25 3./.875 101.50 105./A1 /AA- Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 652 200/10 100 USD Fixed 5.26 A /Aa3 /A+ Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 802 250/1 100 USD Fixed 5.88 96./BBB- Pratama Agung XS1179926750 24-Feb-20 300 200/1 100 USD Fixed 6.00 106. Bid Indic.38 3.25 99.20 BBB+ /Baa2 /- Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.88 1.25 3.63 102.000 99.29 A+ /A1 /A+ Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.250 110.125 103.750 100.50 112. Amnt (Mn) Min Piece/ Incr.63 102.875 115.13 3.38 109.25 107.500 104.00 101.97 A.63 5.04 A.25 102.88 2.250 114.875 105.58 A /A2 /A Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5./A1 /AA- Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5./Ba3 /BB Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 226 250/1 100 USD Fixed 5.50 1.50 101.500 100.25 3.832 102.75 102.89 BBB.63 105.298 107.625 100.88 115./A1 /AA- Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4./Baa3 /- TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.500 105.38 116.75 102.000 104.75 3.01 AA.88 100.25 104.92 .38 4.21 A+ /A1 /A+ Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.00 43.13 109./.63 2.75 7. 2015 Security Name ISIN Code Maturity Outst./A3 /- TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 94.06 AA.57 A.75 A./A1 /AA- Saudi Electricity Co (S) XS0767862914 03-Apr-22 1250 200/1 100 USD Fixed 4.34 A.00 21./A3 /- TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.165 108.250 113.125 97.25 4.83 A.80 CC /Ca /CC Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.00 115.88 A.25 3.50 5./A3 /- TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.63 101.300 94.25 103.875 97.500 100.94 A+ /A1 /A+ Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2./A3 /- TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.Fixed Income Trading July 8.473 101.25 99.22 ./A3 /- TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.50 0./A3 /- TAQA XS0328390702 25-Oct-17 500 100/1 100 USD Fixed 6.00 104./BB- Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.665 101.50 3./.50 2.060 100.14 AA.400 107.78 BBB+ /Baa2 /- Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.50 1.08 BBB.51 B+ /./A3 /- TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.375 94.98 AA.08 BB.13 1. (000) Value at Maturity Currency Coupon Type Coupon % Indic.25 101.75 96.00 BBB+ /Baa2 /- Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5./A1 /AA- Saudi Electricity Co (S) XS0911024635 08-Apr-43 1000 200/1 100 USD Fixed 5. 88 101.09 BB /Ba2 /BB- Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.65 BB.00 45.75 3.54 BBB.88 104.06 BB.000 94./BB+ 100 USD Fixed 8.38 95.75 5.80 BB.38 97.75 8.63 10.125 98.50 100.51 .99 BB /Ba2 /- USD Fixed 4.875 99.38 10.25 100.13 2.88 5.50 100.00 BB+ /Ba1 /BB+ Cosco Finance 2011 XS0858461758 03-Dec-22 1000 200/1 100 USD Fixed 4.25 3.88 5.38 91.00 93.08 BBB.75 102.250 95./Ba3 /WD Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8./A3 /- 6.25 0.63 BBB.75 4./BB+ Car Inc XS1163232900 04-Feb-20 500 200/1 100 USD Fixed 6.83 AA /Aa2 /AA Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.88 4.13 100.38 8.375 102.250 84.38 101.375 96.125 85.50 123.31 BB.125 89.11 BB.88 7.63 102. Bid Indic.18 BB /Ba2 /BB- Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.04 BB+ /Ba1 /- Noble Group USG6542TAE13 29-Jan-20 1209 100/1 100 USD Fixed 6./Ba1 /BBB- Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.250 88.00 8./BB+ Miscellaneous Arcelik As XS0910932788 03-Apr-23 500 200/1 100 USD Fixed 5.63 105./Baa2 /- 200/1 100 USD Fixed 4.750 100.750 100.625 97.625 100.88 3.461 96.47 BB.17 BB /Baa3 /BB+ Hikma Pharmaceuticals Pl XS1213834978 10-Apr-20 500 200/1 100 USD Fixed 4.50 97.000 95.75 3.00 5.000 89.13 8.63 89.38 8.77 A. Amnt (Mn) Min Piece/ Incr.50 Arcelik As XS1109959467 16-Sep-21 350 100/1 100 EUR Fixed 3.88 4.17 Not Rated Waha Aerospace XS0528721623 28-Jul-20 825 100/1 100 USD Fixed 3./Baa2 /BBB 650 200/1 100 USD Fixed 6. 2015 ISIN Code Maturity Outst.63 3.51 BB /.25 87.500 100.44 BB+ /Ba1 /BBB- 15-Apr-22 650 200/1 100 USD Fixed 6.80 .25 101.625 82.Fixed Income Trading July 8./B1 /BB Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7. Offer Offer Yield % Credit Rating S&P /Moody /Fitch 3.125 100.250 98./B3 /- 200/1 100 USD Fixed 4.49 B+ /.25 96.77 A.50 6.125 91.38 90./Ba3 /WD Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.13 B+ /B3 /- 02-May-18 700 200/1 100 USD Fixed 4./BB- BB+ /.850 99.000 91./B1 /BB Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.62 BB+ /.75 102./Ba3 /WD Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.13 8.500 121.50 8./BB+ USD Fixed 5.88 100./A1 /- Golden Eagle Retail Group USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.03 B+ /B3 /- 246 1/1 100 USD Fixed 7./Baa3 /BBB- Page 22 .13 87.875 99.38 3.750 81.00 86.88 102.76 BBB /Baa2 /BBB+ Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6./A3 /- Fixed 4.950 98.925 103.13 101.38 91.00 4.38 4.88 96. (000) Value at Maturity Currency Coupon Type Coupon % TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed TAQA XS0272949016 27-Oct-36 912 100/1 100 USD Fixed Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Tata Steel XS1092182606 31-Jan-20 500 200/1 100 Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 Transnet Soc Ltd XS0590902325 10-Feb-16 750 Transnet Soc Ltd XS0809571739 26-Jul-22 1000 Tullow Oil Plc USG91235AA22 01-Nov-20 Transocean Inc US893830AK59 15-Apr-18 Tullow Oil Plc USG91235AB05 Tupras-Turkiye Petrol Ra XS0849020556 Security Name Indic.63 6.000 100.57 B./Ba3 /WD Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.38 8.88 84.730 85.25 98.95 BB /. 39 Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed BBB.75 7.88 131.000 116.00 0.750 118.75 120./B2 /B+ US251525AP63 01-Apr-25 1500 200/1 100 USD Fixed 4.96 Deutsche Bank Ag .38 1./A3 /A Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.25 109.00 4.27 BBB /Baa2 /A- Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.250 110.000 99.89 BBB.38 121.13 115.82 Credit Agricole Sa USF22797RT78 BB+ /Ba2 /BBB- Perpetual 1750 200/1 100 USD Variable 7.85 A.00 4.13 110./Ba1 /A- Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.93 BBB /Baa2 /A- Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.00 109.125 99.25 102.38 104.13 2.75 0. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Fixed 6.38 5.38 3.23 Citigroup Inc XS0180008905 18-Nov-15 250 1/1 BB+ /NR /BBB- 100 GBP Fixed 5./Baa1 /A 10/10 100 GBP Fixed 6.38 102.64 BB+ /Ba2 /BBB- Commerzbank Ag DE000CB83CF0 16-Mar-21 Credit Agricole FR0010533554 Perpetual 1250 100/100 100 EUR Fixed 7.44 Credit Europe Bank NV BB /NR /BB+ XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.200 101.00 -0.750 112.25 112.88 3.50 2.38 6.88 4.45 BBB /Baa2 /A- Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.625 112.500 94.000 115. 2015 ISIN Code Maturity Outst.87 BB /Ba1 /BBB- Variable 14.63 A.375 101.13 108.250 106.00 4.75 0.88 112.38 113.63 129.75 101.49 A /A2 /- Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.88 113.38 114.75 3.250 99.04 A.Fixed Income Trading July 8.26 BBB+ /A3 /A Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.13 103./Baa1 /BBB+ Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.63 3.88 4.94 BBB /Baa2 /A- Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4. (000) Coupon % Indic.00 101.00 97.38 3.625 113.63 2./NR /A- 9./A3 /A Jaguar Land Rover Automo USG5002FAE63 15-Mar-20 500 200/1 100 USD Fixed 3.50 BB /Ba2 /- Jaguar Land Rover Automo USG50027AB03 15-May-21 84 150/1 100 USD Fixed 8.88 119.92 BB+ /Ba2 /BBB Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.00 2.38 1.14 BB /Ba2 /BB- KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8./NR /- Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.750 107.75 0.93 BBB.000 128.13 -3.60 A./Baa3 /A- Variable 6./A3 /A Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.59 Commerzbank Ag XS0101360161 30-Aug-19 150 A.375 99.88 1.250 101.98 . Bid Indic.00 102.00 101./.375 120.78 A.000 108.13 3.434 108./A3 /A Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.25 111.1 100 GBP Fixed 5.500 111. Amnt (Mn) Min Piece/ Incr.24 BB+ /NR /BBB- USD Variable 7.25 110.500 115.500 98.17 BB+ /Ba2 /BBB- Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6./BBB- Security Name Value at Maturity Currency Coupon Type Various Developed Market Issues Page 23 .13 118.50 105.84 A /A1 /A+ Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.125 109.00 3.50 100.875 101.625 109.65 BBB /Baa2 /A- Barclays XS0322792010 Perpetual 117 100/1 100 USD Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 7.13 2.38 116.75 3.25 3.500 99.750 113.75 101.375 103.00 117.06 BBB.89 BB /Ba1 /BBB- Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Fixed 7.64 BB+ /Ba2 /BBB- 500 2/2 100 USD Fixed 7.25 2.375 128.125 110. 13 4.48 8.49 8.52 92.50 105.73 BB /Ba2 /BBB Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.50 101.01 97.57 B/B2/B+ Egypt 1Y T Bills N/A 28-Jun-16 4500 500/25 100 EGP Zero Cpn N/A 88./BBB- Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.50 112.Fixed Income Trading July 8.29 B/B2/B+ Egypt 6M T Bills N/A 05-Jan-16 3500 500/25 100 EGP Zero Cpn N/A 94.60 B/B2/B+ (C) Denotes a Convertible bond (S) Denotes a Sukuk * Offer Yield adjusted for tax Page 24 .76 8.500 109.750 99.19 BB+ /Ba2 /BBB Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.91 90.81 .950 114.63 108.63 4.05 BBB /A2 /A+ UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.04 BBB /NR /BBB+ Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.00 8.13 116.25 111. Offer Offer Yield % Credit Rating S&P /Moody /Fitch Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.950 97. (000) Value at Maturity Currency Coupon Type Coupon % Indic.375 103.38 4.63 108.88 101. Bid Indic. Amnt (Mn) Min Piece/ Incr.11 95.25 2.27 BB /Ba1 /BBB Egypt T Bills Egypt 3M T Bills N/A 06-Oct-15 3000 500/25 100 EGP Zero Cpn N/A 97.63 3.45 B/B2/B+ Egypt 9M T Bills N/A 29-Mar-16 4500 500/25 100 EGP Zero Cpn N/A 91.400 106.50 2.88 4.32 BB /Ba1 /BBB Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.62 BB+ /NR /BBB Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.934 110.125 106.44 A /A2 /A Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.875 99.50 4. 2015 Security Name ISIN Code Maturity Outst.50 0.38 99./. other material considerations and any possible risks. and. would be involved in undertaking such a transaction. solicitation. particularly. Page 25 . product. consequential or other loss arising from any use of this memorandum and/or further communication in relation thereto. in any jurisdiction where such an offer or solicitation would be illegal. service or investment or to engage in or refrain from engaging in any transaction. however. opinions expressed are subject to change without notice. No representation is made that any returns/results indicated would be achieved or that all assumptions in achieving these returns/results have been considered. represent or notify the conclusive terms and conditions of any transaction. Investors are required to undertake their own assessment and seek appropriate financial.Fixed Income Trading July 8. financial situations or needs. Past performance is not necessarily indicative of future results. It does not constitute an investment advice. please visit our Bloomberg page MASH <GO> General Disclaimer: This note has been prepared solely for information purposes. Mashreq Bank nor any of its related parties accept any liability whatsoever for any direct. 2015 Contact: Mashreq Fixed Income Trading Mohammad Ahsan / Khizer Usmani / Zeeshan Ali / Usman Khan / Khurram Hussain / Yasmeen Rabbani / Shakoor Ahmed / Jean-Francois Bargiarelli Sali Al Khatib Telephone: +9714-2128822 For live prices. Mashreq Bank does not accept any obligation to correct or update the information or opinions in it. Mashreq Bank does not warrant accuracy of the information provided herein and views expressed in this research reflect personal views of the analyst(s) which does not take account of individual clients’ objectives. in some cases. The interest of Mashreq Bank may conflict with the interests of the investors in respect of any matter requiring its consent and Mashreq Bank will not be required to consider the interests of the investors in exercising such rights. This note is disseminated primarily electronically. offer or personal recommendation by Mashreq Bank or its affiliates to buy or sell any securities. indirect. financial resources and other relevant circumstances. direct or indirect. legal. Certain assumptions may have been made in the analysis that resulted in any information and results/returns detailed therein. objectives. The above terms are indicative and do not constitute solicitation or an offer to sell to the public. tax and regulatory advice to determine whether this investment is appropriate for them in light of their experience. in printed form. This document is not intended to identify.