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mashreq Fixed Income Trading
Daily Market Update Wednesday, December 16, 2015
Page 1
Market Update
Federal Reserve to announce its decision on interest rates today
Federal Reserve will announce its much awaited decision on interest rates today. The decision will be released at 1900 GMT, with markets prepared for an initial 25 basis points hike that would move the Fed’s target rate from the zero lower bound to a range of between 0.25% and 0.50%. The market is
currently assigning a probability of 78% to a 25 bps hike by the Fed tonight, as per the Fed Fund Futures contracts. The FOMC will also release its revised
3-year projections for the US economy
Saudi King Salman orders investments in excess of USD8 billion in Egypt Saudi Arabia's King Salman on Tuesday ordered the kingdom to help meet Egypt's petroleum needs for the next five years, Saudi state news agency SPA
reported. He also ordered that Saudi investments in Egypt be more than 30 billion Saudi riyals (USD8 billion), SPA said. The announcement followed a
meeting between Egyptian Prime Minister Sherif Ismail and Saudi Deputy Crown Prince Mohammed bin Salman, the king's son. A follow-up meeting
between Saudi and Egyptian officials will take place on Jan. 5, SPA reported. Egypt received pledges of USD12 billion from Gulf Arab allies at an investment
conference in March where President Abdel Fattah al-Sisi urged foreign investors to help Egypt recover from the turmoil since the 2011 uprising that overthrew Hosni Mubarak. About USD6 billion has been deposited in Egypt's central bank to help replenish its dwindling foreign currency reserves. Saudi
Arabia may support Egypt by buying local debt instead of depositing dollars in the Egyptian central bank, a government official said, part of a fresh aid
package to help the dollar-starved economy. The two governments are discussing plans for Saudi Arabia to buy Egyptian treasury bonds and treasury bills,
said the official, who asked not to be named because the proposal isn’t public. Egyptian Prime Minister Sherif Ismail told reporters Tuesday that all options
for Saudi support remain on the table, and that talks will take place in Riyadh on January 5. (Bloomberg)
OPEC says low oil price won't continue, may rise within a year
Global crude oil prices at seven-year lows will not continue and could swing upwards in as little as a year, OPEC Secretary-General Abdullah al-Badri said
on Tuesday, as the low-price cycle leads to cuts in output from some producers. Oil prices have fallen by about two-thirds since mid-2014, with Brent crude
on Monday flirting with its lowest level since 2004 at just above USD36 a barrel. Most analysts, however, don't expect oil prices to regain the USD100 mark until 2017 or later, arguing that producers will continue to pump out more crude than is being consumed. Badri said OPEC does not have a target price but
was looking for a fair value that meant "member countries can have a decent income and also where we can invest to (provide) more supply to the
consumers". The world is already producing up to 2 million bpd more oil than it consumes, with OPEC pumping at near-record levels in an attempt to drive
higher-cost producers such as US shale oil drillers out of the market. And its strategy appears to some extent to be working. Non-OPEC annual supply
growth shrank to below 300,000 bpd in November from 2.2 million bpd at the start of the year, according to the International Energy Agency (IEA). Oil
output could decline in the next two to three years as low prices have resulted in a planned USD130 billion in investment being cut this year, Badri said,
adding that non-OPEC supplies are set to decline by about 400,000 bpd next year. (Bloomberg)
Spending in sights as Saudi set to unveil budget amid oil slump With reserves sapped by more than a year of cheap oil, Saudi Arabia is expected to cut spending when it unveils its budget th is month, while steering clear
of the more painful reforms some economists argue are needed to ensure long-term financial stability. The 2016 plan will be the first under King Salman
and an economic council dominated by his increasingly powerful son. It follows a year in which a collapse in oil prices pushed the world’s largest crude
exporter to spend down reserves and issue bonds for the first time since 2007. Next year “is going to be a tough year for Saudi,” John Sfakianakis, a
Riyadh-based Middle East director at Ashmore Group Plc, said by phone. If the budget “doesn’t create a buzz and confidence,” business sentiment could
soon turn negative, he said. (Bloomberg)
China growth may slow to 6.6% in 2016, with further decline in pace until 2018 Economic growth in China will continue to slow next year to between 6.6 and 6.8%, according to the country ’s top government-backed research
organization. The Chinese Academy of Social Sciences predicted a “slow bull” market with the Shanghai Composite Index fluctuating between 3,200 and
4,000, according to a statement released at a briefing Wednesday. The think tank last year projected 2015 growth of 7%, then lowered the estimate to
6.9% in the middle of the year. According to a Bloomberg survey, China’s economy won’t arrest its downward trajectory until at least 2018. Six of 12
economists surveyed by Bloomberg last week say 2018 will be the turnaround year, while five said it will take until 2019 or after for growth to re-
accelerate. The outlook underscores the challenge facing President Xi Jinping as he aims for gross domestic product gains averaging at least 6.5% per year
for the next five years so he can deliver on his goal of doubling 2010 income and GDP levels. (Bloomberg)
US Congress reaches fiscal seal that ends US oil export ban Congressional leaders have agreed on a fiscal plan that would avert a US government shutdown and lift the 40-year-old ban on crude oil exports, House
Speaker Paul Ryan told fellow Republicans during a closed-door meeting on Tuesday night. Ryan said the House planned to vote on Thursday on the
USD1.1 trillion government spending bill and a separate measure to revive a series of expired tax breaks, according to Representative John Kline of
Minnesota. The measure would finance the government through September 2016. “Ryan laid out a compelling case to support the deal,” which includes
lifting the oil export ban, said Representative Reid Ribble of Wisconsin. Republican Representative Ann Wagner of Missouri said the proposal to lift the crude
oil export ban “is huge” and would have a “much bigger” effect than building the Keystone XL pipeline. The tax measure would extend credits for renewable
energy sources that begin construction by the end of 2016, and a USD1 per gallon biodiesel credit, measures sought by Democrats in exchange for lifting
the oil export ban. Current government funding runs out at the end of the day Wednesday. The House plans on Wednesday to pass another stopgap
spending bill, this time funding the government until December 22 to allow time for Congress to consider the full-year measure, according to a leadership
aide. (Bloomberg)
Consumer prices in US unchanged as energy costs decline The US cost of living held steady in November, underscoring scant inflation that is well below the Federal Reserve ’s goal. The consumer-price index was
unchanged after a 0.2% gain in October, Labor Department figures showed on Tuesday. Excluding volatile food and fuel, core inflation rose 0.2% for a third straight month. The CPI matched the median forecast in a Bloomberg survey. Estimates ranged from a decline of 0.1% to a gain of 0.2%. The gauge
increased 0.5% in the 12 months ended in November, the most this year, after a 0.2% year-over-year advance the prior month. The figure is expected to
pick up in coming months, reflecting easier comparisons with late last year and early in 2015, when oil prices were plunging. The core CPI measure
increased 2% from November last year, the most since May 2014, after rising 1.9% in the prior 12-month period. Energy costs decreased 1.3% from a
month earlier, the report showed. Food prices fell 0.1%, driven by cheaper meat, chicken, eggs and fish. (Bloomberg)
Airbus mulls A380 revamp ‘In Cold Blood’ as Emirates pushes case
Airbus Group SE said it’s still pondering whether to upgrade the A380 superjumbo to help end a sales drought, with production rates for the double-decker
set to dip below 30 planes this year as output is slowed to help manage a dwindling backlog. Chief Executive Officer Tom Enders said that commercial-
aircraft head Fabrice Bregier is “working on the business case” for an A380 revamp with Tim Clark, president of leading superjumbo operator Emirates.
Emirates is seeking a fully re-engined A380 rather than a tweaked version, Enders said in Paris. That’s something Airbus may not be able to offer if other
buyers don’t come forward, though without a deal for as many as 200 more planes from the Dubai-based carrier the project itself may struggle to survive.
mashreq Fixed Income Trading
Daily Market Update Wednesday, December 16, 2015
Page 2
“We obviously want more than one customer and we’re looking at that in cold blood,” Enders said in a briefing on the Toulouse-based company’s
businesses. “This is not going to be an emotional decision. We’re building a plane for customers who want the aircraft and it’ll have to be at a good price.”
Fewer than 30 A380s will be handed over in 2015, Enders said. Enders said Airbus is set to deliver 14 of its latest A350 wide-body jets this year, one fewer
than targeted, as cabin- equipment suppliers struggle to meet production goals. The model, which had its first handover last December, achieved only 10
deliveries in the first 11 months. (Bloomberg)
Saudi Electricity signs a SAR2.5 billion loan facility Saudi Electricity Company has signed a SAR2.5 billion loan facility with NCB and Samba for a tenor of 3 years. This was disclosed in a statement sent to the
Saudi bourse. (Bloomberg)
Saudi Aramco seeks USD4.7 billion loan to extract Sinopec JV cash –sources
Saudi Aramco , the kingdom's state oil giant, is seeking to borrow USD4.7 billion from banks to refinance capital used to build a refinery in collaboration with China's Sinopec , three sources with knowledge of the matter said on Tuesday. The funds raised from banks will be used to replace some of the cash
Aramco invested to build the 400,000 barrel per day (bpd) refinery at Yanbu on the west coast of the kingdom, and release funds which can then be
deployed in other projects. The refinery is run by Yanbu Aramco Sinopec Refining Co (Yasref), with its ownership split 62.5/37.5% between Aramco and
Sinopec, and its products include 263,000 bpd of diesel and 90,000 bpd of gasoline, according to its website. Aramco referred Reuters to Yasref when it
sought comment. Yasref didn't respond to a request for comment. The seven-year facility will be partly amortizing, according to two of the sources, who
spoke on condition of anonymity as the information isn't public. One of the sources, a Gulf-based banker, said 30% of the total repayment would be made
at the end of the deal. Banks have been asked to suggest the interest rate that they want Aramco to pay on the loan, the two sources said, although the
company had requested a margin below 100 basis points over the London interbank offered rate (Libor) during informal preliminary talks held with banks.
Bankers viewed that rate as extremely aggressive, especially in the current market where pricing for Gulf loans is on the rise as liquidity at local banks is
squeezed and regional economic growth is expected to stumble due to the lower oil price. (Reuters)
Etisalat talking to banks over USD2 billion loan
United Arab Emirates-based Etisalat is talking to banks about raising a USD2 billion loan, sources aware of the matter told Reuters on Tuesday, as the
telecommunications firm seeks funding amid a shift in Gulf loan markets. It joins a flurry of regional companies seeking to secure funding before a likely
rise in US interest rates pushes up borrowing rates, while the availability of loan finance is also being impacted by a liquidity squeeze within GCC banks.
Etisalat is keen to close the loan, which will be structured as a revolving credit facility, in the first quarter of 2016, two of the sources said. One of the sources, at an international bank, said the loan would be classified as a stand-by facility, meaning Etisalat could ask for lower pricing as further fees would
be levied if the cash is utilised. Nobody was immediately available to comment from Etisalat . The majority government-owned firm provides services to
169 million subscribers in 18 countries across the Middle East, Asia and Africa, according to Etisalat's website. (Reuters)
Abu Dhabi utility embarks on renewable energy with solar project Abu Dhabi's power utility is building a 350 megawatt (MW) solar plant, two sources said on Tuesday, its first renewable project and part of a plan to
produce 7% of the emirates' power from renewables by 2020. State-owned Abu Dhabi Water & Electricity Authority (Adwea) is aiming to select a developer
by mid 2016 for the project at Sweihan, east of Abu Dhabi, the capital of the United Arab Emirates, the sources told Reuters. Oil-rich Abu Dhabi's green
energy company Masdar has launched some renewable energy projects, including solar plants in the emirate, but this will be Adwea's first foray beyond its
11 gas-fired, independent water and power projects (IWPPs). Adwea's power plants have sufficient capacity to meet peak summer demand now, but with
power needs expected to grow about 15% a year to reach some 21,000 MW by 2020, Abu Dhabi needs to build more generation capacity. The emirate is
also building nuclear power plants, with its first reactor scheduled for commissioning in 2017. (Bloomberg)
Videocon FCCB holders to accept half cash, half new bonds Videocon Industries Ltd on Tuesday said the holders of its foreign currency convertible bonds (FCCBs) worth USD200 million have approved receiving half
of the due amount in cash and rest in new convertible bonds before 30 December. The bonds with a coupon of 6.75% are due 16 December. The consumer
durables company did not disclose further details of the issuance. The company has executed a supplemental trust deed through the trustee for the
existing bonds in a bid to give effect to the resolution passed for such conversion, it said in an announcement on the Singapore Exchange. It has also
obtained approval from the Reserve Bank of India (RBI) for such settlement. On 1 December, the company had said it was launching a convertible bond
issue, in exchange for a part of an outstanding amount of the existing USD200 million convertible bonds. (Bloomberg)
Moody's: Fed rate rise would underscore US strength, but emerging markets face risks A potential increase in short-term interest rates by the Federal Reserve after this week's FOMC meeting would confirm that the US economic expansion
remains on track. However, higher rates could bring risks to some emerging market sovereigns, says Moody's Investors Service. The direct impact of any
rate increase on the US economy should be minimal. "A rise in the short-term interest rate target by the Federal Reserve now appears likely this
Wednesday," said Steven Hess, a Senior Vice President at Moody's. "Such a move would reinforce our view that the US economy is on track for above-
trend growth." While a Fed rate hike would remove an element of uncertainty for emerging market sovereigns, some will remain at risk to adverse capital flows and investor sentiment. The large emerging markets that will likely be most affected are those, such as Brazil, Russia, Turkey and to some extent
South Africa, where severe domestic challenges have contributed to exchange rate and financial market instability. These sovereigns have little policy room
to protect growth and buffer themselves from external shocks. (Bloomberg)
Moody's sharply lowers oil price assumptions on threat of prolonged oversupply Moody's Investors Service has significantly lowered its price assumptions for Brent crude and West Texas Intermediate crude as continued high levels of
production by global oil producers has significantly exceeded growth in oil consumption. The potential lifting of Iranian sanctions could add significant
supply to the market in 2016, offsetting or even exceeding expected declines in US production. The rating agency says this will lead to a prolonged period
of oversupply that will continue to keep oil prices low. Moody's has lowered its price assumption in 2016 for Brent crude oil, the international benchmark, to
USD43 from USD53 per barrel and for West Texas Intermediate (WTI) crude, the North American benchmark, to USD40 from USD48 per barrel. The rating
agency expects both prices to rise USD5 per barrel in 2017 and 2018. "OPEC oil producers continue to produce without restraint as they compete for
market share, exacerbating the currently saturated markets," says Terry Marshall, a Moody's Senior Vice President. "Russia has also greatly increased
production, and the possibility that sanctions will be lifted on Iran in 2016 could flood the market with even more supply." Moody's has also significantly
reduced its medium-term price assumptions for Brent and WTI, to USD63 per barrel and USD60 per barrel, respectively. These reductions reflect the rating
agency's view that the supply-demand equilibrium will eventually be reached at around USD63 per barrel for Brent, but only at the end of the decade. Despite the reduction, Moody's says that these prices would still support some development of the world's most expensive oil in an environment of lower
development costs than in recent years. (Bloomberg)
Fitch: Saudi Banks under pressure from tougher operative environment
Fitch Ratings says in a new special report that the tougher domestic operating environment is putting pressure on the Saudi banking sector outlook. The
performance and financial metrics of the Saudi banks remained sound in 1H15, driven by business growth and lower impairment charges. However, prospects for Saudi Arabia's economy are under pressure due to the effect of lower oil prices on government spending and the knock-on effect on the rest
of the economy. Fitch expects the tougher economic environment to continue for at least the next two years and this will start to put pressure on the solid
mashreq Fixed Income Trading
Daily Market Update Wednesday, December 16, 2015
Page 3
standalone bank ratings in Saudi Arabia and could act as a cap on these ratings. Fitch forecasts real GDP growth to slow to 3.5% in 2015 and to 2.4% in
2016 and 2017 (2014: 3.6%), mainly due to lower oil prices. Fitch calculated loan book growth slowed to an annualised 8.8% in 1H15, compared with
13.5% in 2014, and forecasts 9% for the full year. We expect credit growth to remain at 7% to 8% in 2016. Despite strong asset growth, the Saudi banks
continue to be well-capitalised, with an average Fitch core capital ratio of 16% at end-1H15, a trend which we expect to continue, in light of expected lower
loan growth. Asset quality metrics are generally strong, but are likely to feel pressure over the next two years. Slower loan growth will mean that the loan
portfolios start to season more quickly. Fitch expects banks to tighten underwriting standards, particularly in more stressed segments, such as contracting
and construction, but also retail. High borrower and sector concentrations remain, which expose the banks to event risk. (Bloomberg)
Ratings Update
S&P revises Aldar Properties outlook to positive and affirms ratings
Standard & Poor's Ratings Services has revised to positive from stable its outlook on Abu Dhabi-based real estate group Aldar Properties PJSC (Aldar). At
the same time, it affirmed the 'BBB-' long-term and 'A-3' short-term corporate credit ratings. S&P also affirmed the 'BBB-' issue rating on the USD750 million 4.348% senior unsecured sukuk certificates due December 2018, issued by Aldar subsidiary Sukuk Funding (No. 3) Ltd. The outlook revision reflects
the rating agency’s view that Aldar could strengthen its financial risk profile more than we anticipated as a result of collection of government receivables
and stronger operating performance, despite softening market conditions. The rating also incorporates two notches of uplift, reflecting S&P’s opinion that
there is a moderately high likelihood that the government of the Emirate of Abu Dhabi (AA/Stable/A-1+) would provide timely and sufficient extraordinary
support to Aldar in the event of financial distress. S&P assesses Aldar's business risk profile as weak and its financial risk profile as intermediate. S&P
considers Aldar to be a government-related entity (GRE). (Bloomberg)
Moody's downgrades Indika to B3 with negative outlook Moody's Investors Service has downgraded the corporate family rating (CFR) of Indika Energy Tbk (P.T.) (Indika) and the ratings on the USD300 million
notes due 2018, issued by Indo Energy Finance B.V. and the USD500 million notes due 2023, issued by Indo Energy Finance II B.V. to B3 from B2. The two
bond issuing entities are wholly-owned subsidiaries of Indika and both notes are unconditionally guaranteed by Indika. The outlook on all ratings is
negative. This action concludes the review for downgrade initiated on 24 November 2015. "The ratings downgrade to B3 reflects Indika's weak credit
metrics, including a balance sheet that will remain highly leveraged following the proposed bond repurchase, and our view that continued low prices for
thermal coal will pressure Indika's earnings and cash flows in 2016 and 2017," says Brian Grieser, a Moody's Vice President and Senior Analyst. (Bloomberg)
Fitch affirms Lebanon's Bank Audi & Byblos Bank at 'B'
Fitch Ratings has affirmed Bank Audi's (Audi) and Byblos Bank's (Byblos) Long-term Issuer Default Ratings (IDR) at 'B' with Negative Outlooks. The
Viability Ratings (VR) have been affirmed at 'b'. The Negative Outlook on the Long-term IDRs is driven by Lebanon's sovereign rating (B/Negative), which
Fitch affirmed on 11 December 2015. The key driver of the sovereign's Negative Outlook is the country's continued high political risk. Recent bomb attacks highlights ongoing vulnerability to the spillover from the war in Syria, and the political deadlock shows no signs of easing. Fitch expects minimal real GDP
growth of 1.2% is 2015 and no major improvement in growth prospects before the end of the Syrian conflict. (Bloomberg)
Moody’s cuts MTN credit rating on Nigeria fine risk
MTN Group Ltd., Africa’s largest phone company, had its credit rating cut by Moody’s Investors Service because of the uncertainty regarding a USD3.9
billion fine in Nigeria, its largest market. The rating was lowered to Baa3 from Baa2, Ivan Palacios, an analyst at Moody’s in Madrid, said in an e-mailed
statement on Tuesday. The outlook is negative, signaling further rate cuts are possible. Fitch had also cut MTN ’s rating one level to BBB- last week because
of risks in Nigeria and South Africa. The outlook remains stable at Fitch. The company has a BBB- rating at Standard & Poor’s. The change reflects “the
increased operational and sovereign risks from one of its key markets, Nigeria,” Palacios said. “The outlook could be stabilized if matters surrounding the
Nigerian fine are clarified and resolved with limited or manageable implications to MTN’s Nigerian and group operations as well as to their credit and
liquidity profiles.” Nigeria’s telecommunications regulator has fined MTN USD3.9 billion for failing to switch off unregistered mobile-phone customers, which
was revised down from an original penalty of USD5.2 billion. MTN Group Chairman Phuthuma Nhleko has been running the company and leading talks over
the fine with Nigeria’s authorities since Chief Executive Officer Sifiso Dabengwa resigned last month. (Bloomberg)
Fixed Income Trading
USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 100.07 100.07 2.36 A/A1/A UNITED KINGDOM Sr Unsecured 1,000
ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 98.98 98.98 2.75 A/Baa1/- UNITED STATES Sr Unsecured 2,000
ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.49 99.86 2.48 A/A2/A NETHERLANDS Sr Unsecured 200,000
AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 100.70 100.70 2.20 A-/A2/A+ UNITED STATES Sr Unsecured 2,000
ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 71.00 71.00 12.41 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000
APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 99.98 99.98 2.01 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000
ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.87 99.87 1.99 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000
AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.69 98.69 2.76 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000
BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.88 98.88 2.53 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000
BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.45 99.45 1.98 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000
BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.20 99.20 2.35 A/A1/AA- UNITED STATES Sr Unsecured 1,000
BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.19 100.19 2.83 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000
BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.42 99.42 2.52 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000
BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 99.21 99.21 2.52 A/A2/A UNITED KINGDOM Sr Unsecured 1,000
BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 99.55 99.55 2.37 A/A2/A FRANCE Sr Unsecured 250,000
CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.60 99.60 2.10 A/A2/A UNITED STATES Sr Unsecured 1,000
CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 97.95 97.95 2.48 AA/Aa1/- UNITED STATES Sr Unsecured 2,000
CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.77 99.77 1.80 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000
CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 96.91 96.91 2.96 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000
CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.34 99.34 2.92 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000
CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 101.70 101.70 0.96 A/A1 /*-/A SWITZERLAND Sr Unsecured 250,000
DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.63 99.63 2.15 A-/A3/A- GERMANY Sr Unsecured 150,000
DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 98.94 98.94 2.56 A-/A3/A- GERMANY Sr Unsecured 150,000
DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 98.92 98.92 2.71 A-/A3/A- GERMANY Sr Unsecured 150,000
DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.60 99.60 2.07 BBB+/A3/A- GERMANY Sr Unsecured 1,000
EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 99.53 99.53 2.03 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000
FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.03 99.03 2.65 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000
FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.84 98.84 2.92 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000
FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 79.00 79.00 13.68 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000
FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 60.76 60.76 16.34 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000
GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.41 99.41 2.67 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000
GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 100.00 100.00 3.20 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000
GLENCORE FUNDING LLC XS1218431705 16-Apr-2018 500 FIXED 2.13 88.00 88.00 7.91 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 83.00 83.00 8.98 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 78.25 78.25 9.08 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 1
Fixed Income Trading
USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 97.68 97.68 3.22 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000
GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 100.25 100.25 2.54 BBB+/A3/A UNITED STATES Sr Unsecured 2,000
HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.99 99.99 2.25 A/A2/AA- UNITED STATES Sr Unsecured 100,000
HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.09 99.09 2.58 A/A2/AA- UNITED STATES Sr Unsecured 100,000
IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 97.87 97.87 2.14 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000
IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.57 99.57 2.22 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000
IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.97 100.97 2.72 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000
JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.60 99.60 2.31 A-/A3/A+ UNITED STATES Sr Unsecured 2,000
JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 98.93 98.93 2.53 A-/A3/A+ UNITED STATES Sr Unsecured 2,000
LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 99.71 99.71 2.47 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000
MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.21 99.61 2.50 A/A2/A AUSTRALIA Sr Unsecured 2,000
MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 88.80 88.80 5.59 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000
MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.10 99.10 2.42 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000
MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.41 99.41 2.00 AA/A1/A UNITED STATES Sr Unsecured 2,000
MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 100.55 100.55 1.96 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000
MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.87 98.87 2.54 A/A3/A UNITED STATES Sr Unsecured 2,000
MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.24 100.24 2.17 A+/A2/A UNITED STATES Sr Unsecured 250,000
PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.70 99.70 1.92 A/A1/A UNITED STATES Sr Unsecured 2,000
RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 99.86 99.86 2.29 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000
ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 98.77 98.77 2.19 -/Aaa/AAA CANADA Secured 1,000
SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.63 99.63 2.19 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000
SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.21 98.21 3.10 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000
SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 98.22 98.22 2.56 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000
SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.34 99.19 1.88 A+/A1/A GERMANY Sr Unsecured 250,000
SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.65 99.65 2.23 A+/A1/A GERMANY Sr Unsecured 250,000
STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 97.91 97.91 2.77 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000
UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.04 100.04 2.34 A/A2 /*+/A SWITZERLAND Sr Unsecured 250,000
VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 98.55 98.55 2.20 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000
VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 94.02 94.02 3.89 BBB+/A3/- GERMANY Sr Unsecured 200,000
WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.25 100.25 2.05 A/A2/AA- UNITED STATES Sr Unsecured 1,000
WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.46 99.46 2.29 A/A2/AA- UNITED STATES Sr Unsecured 1,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 2
Fixed Income Trading
USD GCC ISSUES
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.40 99.99 2.51 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 95.80 96.46 4.21 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.98 96.63 4.36 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.35 99.91 2.54 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.90 100.45 2.85 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.89 99.52 2.89 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 98.17 98.79 2.93 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 99.76 100.52 4.41 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000
ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 98.70 99.62 3.29 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000
BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.91 99.63 2.67 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000
BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 94.23 95.80 5.34 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000
BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.75 95.36 4.53 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000
CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.67 102.26 1.61 A-/A1/- QATAR Sr Unsecured 200,000
CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.98 100.50 2.72 A-/A1/- QATAR Sr Unsecured 200,000
COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.52 101.12 2.89 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000
DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.51 102.19 1.98 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.94 98.63 3.26 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000
DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.25 100.00 4.32 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 99.14 99.82 3.29 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.67 101.35 4.37 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 100.72 101.52 4.12 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 102.13 102.70 2.44 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.38 99.64 2.23 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 99.99 100.62 3.08 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.24 99.86 3.03 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.67 100.18 2.32 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.27 102.04 3.22 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.85 102.42 1.75 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.72 101.27 2.14 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.18 101.74 2.65 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 98.20 98.81 2.93 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.88 100.46 2.62 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000
ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.35 100.16 4.60 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.50 100.25 3.45 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000
KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 75.43 76.98 8.07 BBB-/-/BBB- BAHRAIN Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 3
Fixed Income Trading
USD GCC ISSUES
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 88.89 89.88 5.35 BBB/A3/- OMAN Sr Unsecured 200,000
MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 101.77 102.48 4.39 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000
MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.17 98.50 3.09 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000
MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 100.05 100.70 3.13 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000
MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 0 FIXED 3.00 99.79 102.31 2.37 -/WR/A UNITED ARAB EMIRATES Sr Unsecured 200,000
MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.38 95.56 4.87 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000
NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.99 100.71 2.93 -/A3/- OMAN Sr Unsecured 200,000
NATIONAL BK OF ABU DHABI XS0763531406 27-Mar-2017 750 FIXED 3.25 101.75 102.21 1.47 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000
NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.52 102.18 2.37 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000
NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.18 98.80 2.56 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000
OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.23 97.92 3.58 A-/A2/A+ QATAR Sr Unsecured 200,000
OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 94.76 95.50 4.36 A-/A2/A+ QATAR Sr Unsecured 200,000
OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 96.82 97.95 4.63 A-/A2/A+ QATAR Sr Unsecured 200,000
OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.41 102.00 2.33 A-/A2/A+ QATAR Sr Unsecured 200,000
QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.58 102.10 1.54 A+/Aa3/AA- QATAR Sr Unsecured 200,000
QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.42 99.97 2.14 A+/Aa3/AA- QATAR Sr Unsecured 200,000
QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.45 101.01 2.38 A+/Aa3/AA- QATAR Sr Unsecured 200,000
QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.49 101.01 2.63 -/Aa3/AA- QATAR Sr Unsecured 200,000
RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 102.20 102.78 2.28 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000
RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 98.24 98.98 3.56 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000
SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.08 100.59 2.40 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.46 101.06 1.82 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 98.15 98.90 3.65 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 85.97 87.12 6.03 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.16 100.98 3.63 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.73 101.35 2.34 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000
SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 98.11 98.85 3.14 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.01 101.50 1.36 AA/Aa2/- QATAR Sr Unsecured 200,000
SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.44 104.02 2.61 AA/Aa2/- QATAR Sr Unsecured 200,000
TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.72 102.29 2.21 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 4
Fixed Income Trading
USD EMERGING MARKET INVESTMENT GRADE ISSUES
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.18 99.04 3.29 A-/A2/A MEXICO Sr Unsecured 200,000
AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 90.22 92.04 4.92 A-/A2/A MEXICO Sr Unsecured 200,000
BANCO BTG PACTUAL/CAYMAN US05971BAB53 16-Jan-2020 1000 FIXED 4.00 71.80 74.94 11.99 -/Ba2 /*-/BB- /*- BRAZIL Sr Unsecured 200,000
#REF! #REF! perp #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! perp #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
BANCO NAC DE DESEN ECONO USP14486AJ63 26-Sep-2023 1440 FIXED 5.75 87.33 87.33 7.97 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000
CAIXA ECONOMICA FEDERAL US12803X2C42 3-Oct-2018 1250 FIXED 4.50 90.96 91.94 7.79 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 150,000
CAIXA ECONOMICA FEDERAL US12803X2D25 13-May-2019 1300 FIXED 4.25 87.51 88.52 8.21 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 150,000
COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 88.64 89.89 6.56 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000
ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 80.24 81.14 6.97 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000
ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 85.08 85.97 7.31 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000
ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 70.73 72.37 8.43 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000
EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 90.91 91.84 6.20 BBB/Baa3/- BRAZIL Sr Unsecured 2,000
FED REPUBLIC OF BRAZIL US105756BU30 5-Jan-2023 2150 FIXED 2.63 75.00 75.50 7.12 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000
FED REPUBLIC OF BRAZIL US105756BV13 7-Jan-2025 4300 FIXED 4.25 78.05 82.30 6.92 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000
FED REPUBLIC OF BRAZIL US105756BR01 7-Jan-2041 2504 FIXED 5.63 68.80 72.21 8.27 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 100,000
FED REPUBLIC OF BRAZIL US105756BW95 27-Jan-2045 3550 FIXED 5.00 64.25 65.00 8.17 BB+/Baa3 /*-/BB+ BRAZIL Sr Unsecured 200,000
FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 93.12 95.72 4.65 A-/-/A MEXICO Sr Unsecured 150,000
GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 78.58 79.93 11.00 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000
GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 69.60 71.67 10.38 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000
GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 86.75 88.00 5.86 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000
LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.25 97.98 4.33 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000
LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 102.50 103.33 6.03 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000
LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 89.63 90.53 6.19 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000
MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.06 100.75 5.37 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000
PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 86.25 87.12 5.74 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 87.21 88.12 5.97 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 88.01 88.75 6.00 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 75.91 76.91 7.59 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.50 98.76 2.94 -/Baa2/- PHILIPPINES Sr Unsecured 10,000
REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 92.71 93.78 5.71 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000
REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 87.75 88.25 4.55 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000
REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 94.88 95.38 4.69 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000
REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 83.50 84.50 6.14 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BC22 25-Apr-2022 2000 FIXED 3.75 95.82 96.47 4.39 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 5
Fixed Income Trading
USD EMERGING MARKET INVESTMENT GRADE ISSUES
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
REPUBLIC OF INDONESIA USY20721BD05 15-Apr-2023 1500 FIXED 3.38 92.71 93.33 4.45 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BG36 15-Jan-2025 2000 FIXED 4.13 95.26 95.91 4.68 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BB49 17-Jan-2042 2250 FIXED 5.25 90.39 91.18 5.92 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BE87 15-Apr-2043 1500 FIXED 4.63 85.64 86.52 5.59 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF INDONESIA USY20721BM04 15-Jan-2045 2000 FIXED 5.13 90.21 91.00 5.77 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.01 94.69 4.61 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000
REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 98.40 99.06 5.25 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000
REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 83.36 84.23 6.04 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000
REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 98.10 98.98 6.58 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000
REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.85 98.62 3.93 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000
REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 91.98 92.48 4.48 -/Baa3/BBB- TURKEY Sr Unsecured 200,000
REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 93.90 94.55 4.93 -/Baa3/BBB- TURKEY Sr Unsecured 200,000
REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 88.41 89.24 5.65 -/Baa3/BBB- TURKEY Sr Unsecured 200,000
TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 93.12 94.69 4.91 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000
TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 98.95 99.73 3.83 BBB-/-/BBB- TURKEY Sr Unsecured 200,000
TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 94.29 95.21 5.59 BBB-/-/BBB- TURKEY Sr Unsecured 200,000
TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 96.15 96.95 6.17 BBB-/Baa3/BBB- TURKEY Unsecured 200,000
UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.95 97.95 3.87 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000
UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 90.90 91.90 5.31 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000
UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 88.75 89.75 5.28 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000
VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 73.21 74.14 10.22 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 67.17 68.65 10.64 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 67.22 68.44 10.50 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 65.11 66.39 8.95 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.81 96.65 4.92 -/Baa3/BBB TURKEY Sr Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 6
Fixed Income Trading
USD INDIA INVESTMENT GRADE ISSUES
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.85 99.15 3.70 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.92 103.54 3.35 -/Baa3/- INDIA Sr Unsecured 200,000
AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.68 101.09 2.98 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.91 102.24 2.77 BBB-/Baa3/- INDIA Sr Unsecured 200,000
BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.35 98.65 3.46 BBB-/Baa3/- INDIA Sr Unsecured 200,000
BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.92 98.66 4.17 -/Baa3/BBB- INDIA Sr Unsecured 200,000
BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.43 103.94 3.96 -/Baa3/BBB- INDIA Sr Unsecured 200,000
BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.40 98.85 4.53 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.71 102.95 2.13 BBB-/Baa3/- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.32 103.74 2.82 BBB-/Baa3/- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.93 99.27 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.79 99.23 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000
EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.84 102.39 3.61 BBB-/Baa3/- INDIA Sr Unsecured 200,000
HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.89 101.19 2.44 BBB-/Baa3/- INDIA Sr Unsecured 200,000
ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.44 101.77 3.05 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 100.03 100.42 3.03 BBB-/Baa3/- INDIA Sr Unsecured 200,000
IDBI BANK LTD/DIFC DUBAI XS0832492267 26-Mar-2018 500 FIXED 4.38 101.92 102.23 3.34 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000
INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.63 101.88 2.34 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.91 103.19 2.86 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.55 102.21 4.08 BBB-/-/BBB- INDIA Sr Unsecured 200,000
OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.58 102.92 2.94 -/Baa2/BBB- INDIA Sr Unsecured 200,000
ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.62 100.93 2.97 BBB-/Baa2/- INDIA Sr Unsecured 200,000
ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 98.08 98.57 3.98 BBB-/Baa2/- INDIA Sr Unsecured 200,000
ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.40 102.98 4.21 BBB-/Baa2/- INDIA Sr Unsecured 200,000
POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.75 100.45 3.80 BBB-/-/BBB- INDIA Sr Unsecured 200,000
RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 98.42 99.06 4.25 BBB+/Baa2/- INDIA Sr Unsecured 250,000
RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 91.85 92.68 5.37 BBB+/Baa2/- INDIA Sr Unsecured 250,000
STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 102.91 103.12 2.12 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.57 101.85 2.42 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.38 102.73 2.75 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000
SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.43 102.79 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000
SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.29 102.79 3.12 BBB-/Baa3/- INDIA Sr Unsecured 200,000
UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.29 103.67 2.36 BBB-/Baa3/- INDIA Sr Unsecured 200,000
UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.51 102.00 2.88 BBB-/Baa3/- INDIA Sr Unsecured 200,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 7
Fixed Income Trading
USD SUKUK
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 101.71 102.19 1.64 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000
EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 100.67 101.35 4.37 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 111.10 111.88 2.87 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000
EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.86 104.43 1.17 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000
HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 99.59 100.05 1.99 AAA/Aa1/- HONG KONG Unsecured 200,000
HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 98.81 99.19 2.09 AAA/Aa1/- HONG KONG Sr Unsecured 200,000
IDB TRUST SERVICES LTD XS0939694138 4-Jun-2018 1000 FIXED 1.54 99.61 99.99 1.54 AAA/Aaa/AAA SUPRANATIONAL Sr Unsecured 200,000
MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.06 96.69 3.46 A-/A3/- MALAYSIA Unsecured 200,000
MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 93.50 94.91 4.55 A-/A3/- MALAYSIA Unsecured 200,000
OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.41 102.00 2.33 A-/A2/A+ QATAR Sr Unsecured 200,000
ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 101.31 102.13 6.13 B-/B3/B PAKISTAN Sr Unsecured 200,000
PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.09 104.70 2.31 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 95.28 96.10 4.91 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000
PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 108.99 109.61 2.96 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 92.66 93.47 4.41 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000
PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 98.83 99.14 2.92 A-/A1/- MALAYSIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 102.78 103.49 3.58 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.46 101.06 1.82 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0911024635 8-Apr-2043 1000 FIXED 5.06 85.97 87.12 6.03 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 98.15 98.90 3.65 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 89.82 91.05 6.17 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 99.18 100.00 4.00 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000
SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.16 100.98 3.63 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.44 104.02 2.61 AA/Aa2/- QATAR Sr Unsecured 200,000
SOQ SUKUK A Q.S.C XS0801656256 18-Jan-2018 2000 FIXED 2.10 101.01 101.50 1.36 AA/Aa2/- QATAR Sr Unsecured 200,000
SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 103.09 103.78 3.00 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 108.41 108.81 2.91 A-/A3/- MALAYSIA Sr Unsecured 250,000
WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.77 100.91 1.23 A-/A3/- MALAYSIA Sr Unsecured 250,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 8
Fixed Income Trading
USD Commodity and Energy
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 95.80 96.46 4.21 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.98 96.63 4.36 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000
ALCOA INC US013817AW16 1-Oct-2024 1250 FIXED 5.13 90.63 90.63 6.55 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000
ANGLO AMERICAN CAPITAL USG03762CG79 27-Sep-2017 750 FIXED 2.63 88.38 88.38 10.04 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000
ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 71.00 71.00 12.41 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000
ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 67.00 67.00 12.91 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000
ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 62.27 62.27 12.58 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000
ANGLOGOLD HOLDINGS PLC US03512TAA97 15-Apr-2020 700 FIXED 5.38 87.54 88.61 8.60 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000
ANGLOGOLD HOLDINGS PLC US03512TAC53 1-Aug-2022 750 FIXED 5.13 79.22 80.48 9.13 BB+/Baa3/- SOUTH AFRICA Sr Unsecured 1,000
BARRICK GOLD CORP US067901AL20 1-Apr-2022 814 FIXED 3.85 84.79 84.79 6.88 BBB-/Baa3/- CANADA Sr Unsecured 2,000
BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 87.72 87.72 6.21 BBB-/Baa3/- CANADA Sr Unsecured 2,000
BARRICK NA FINANCE LLC US06849RAF91 30-May-2021 1329 FIXED 4.40 92.04 92.04 6.15 BBB-/Baa3/- CANADA Sr Unsecured 2,000
BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 91.08 92.09 4.35 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000
BP CAPITAL MARKETS PLC US05565QCB23 6-Nov-2022 1000 FIXED 2.50 94.01 94.01 3.49 A/A2/A UNITED KINGDOM Sr Unsecured 1,000
BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 95.19 95.19 3.50 A/A2/- UNITED KINGDOM Sr Unsecured 1,000
CNOOC FINANCE 2013 LTD US12625GAC87 9-May-2023 2000 FIXED 3.00 94.55 95.07 3.77 AA-/Aa3/- CHINA Sr Unsecured 200,000
CNOOC FINANCE 2015 US US12634MAB63 5-May-2025 2000 FIXED 3.50 95.66 96.18 3.99 AA-/Aa3/- CHINA Sr Unsecured 200,000
CODELCO INC USP3143NAN41 3-Nov-2021 1150 FIXED 3.88 96.55 97.14 4.43 AA-/A1/A+ CHILE Sr Unsecured 200,000
CODELCO INC USP3143NAP98 17-Jul-2022 1250 FIXED 3.00 90.13 90.85 4.64 AA-/A1/A+ CHILE Sr Unsecured 200,000
CODELCO INC USP3143NAW40 16-Sep-2025 2000 FIXED 4.50 94.75 95.47 5.10 AA-/A1/A+ CHILE Sr Unsecured 200,000
CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 91.75 91.75 3.76 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000
CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 92.09 92.09 4.44 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000
DOW CHEMICAL CO/THE US260543CH45 15-Nov-2022 1250 FIXED 3.00 97.12 97.12 3.47 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000
DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 97.48 97.48 3.84 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000
E.I. DU PONT DE NEMOURS US263534CK37 15-Feb-2023 1250 FIXED 2.80 95.87 95.87 3.46 A- /*-/A3/A /*- UNITED STATES Sr Unsecured 2,000
ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 80.24 81.14 6.97 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000
ENCANA CORP US292505AJ36 15-Nov-2021 600 FIXED 3.90 86.15 86.15 6.80 BBB/Baa2 /*-/- CANADA Sr Unsecured 2,000
FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 60.76 60.76 16.34 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000
FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 57.01 57.01 14.25 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000
FREEPORT-MCMORAN INC US35671DAZ87 15-Mar-2023 1999 FIXED 3.88 55.34 55.34 13.86 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000
FREEPORT-MCMORAN INC US35671DBL82 14-Nov-2024 850 FIXED 4.55 54.98 54.98 13.36 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000
FREEPORT-MCMORAN OIL&GAS US726505AN03 15-Nov-2020 617 FIXED 6.50 61.25 61.25 19.03 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000
FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 58.51 58.51 17.18 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000
GLENCORE FINANCE CANADA USC98874AN76 25-Oct-2017 1750 FIXED 2.70 93.38 93.38 6.61 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FINANCE CANADA USC98874AH09 15-Nov-2021 1000 FIXED 4.95 79.45 79.45 9.60 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 9
Fixed Income Trading
USD Commodity and Energy
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
GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.50 76.00 76.00 9.33 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 83.00 83.00 8.98 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS0938722583 15-Jan-2019 500 FLOATING 1.68 82.30 82.30 8.49 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS1028955760 29-Apr-2019 1000 FIXED 3.13 81.25 81.25 9.83 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 78.25 78.25 9.08 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 72.50 72.50 9.34 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 70.10 70.10 9.99 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000
GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 90.90 90.90 5.23 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000
HALLIBURTON COMPANY US406216BD29 1-Aug-2023 1100 FIXED 3.50 99.42 99.42 3.59 A/A2 /*-/A- UNITED STATES Sr Unsecured 2,000
KINROSS GOLD CORP US496902AJ65 1-Sep-2021 500 FIXED 5.13 67.42 67.42 13.53 BBB-/Ba1/BBB- CANADA Sr Unsecured 2,000
LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 89.63 90.53 6.19 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000
MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 88.80 88.80 5.59 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000
MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 81.39 81.39 6.17 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000
MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 100.06 100.75 5.37 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000
MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 96.90 96.90 3.80 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000
NEWMONT MINING CORP US651639AN69 15-Mar-2022 1500 FIXED 3.50 89.21 89.21 5.58 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000
OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 97.51 97.51 3.82 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000
PETROLEOS MEXICANOS US71656MBC29 23-Jul-2020 1500 FIXED 3.50 94.77 95.48 4.61 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 86.25 87.12 5.74 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000
PETRONAS CAPITAL LTD USY68856AM84 18-Mar-2022 750 FIXED 3.13 98.70 99.15 3.28 A-/A1/- MALAYSIA Sr Unsecured 200,000
PETRONAS CAPITAL LTD USY68856AN67 18-Mar-2025 1500 FIXED 3.50 96.84 97.25 3.86 A-/A1/- MALAYSIA Sr Unsecured 200,000
POTASH CORP-SASKATCHEWAN US73755LAL18 15-Mar-2024 750 FIXED 3.63 100.00 100.00 3.62 A-/A3/- CANADA Sr Unsecured 2,000
POTASH CORP-SASKATCHEWAN US73755LAM90 1-Apr-2025 500 FIXED 3.00 93.36 93.36 3.86 A-/A3/- CANADA Sr Unsecured 2,000
RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 90.07 90.98 4.95 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000
RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 91.25 91.25 4.41 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000
SCHLUMBERGER INVESTMENT USL81445AD75 1-Aug-2022 1000 FIXED 2.40 93.25 93.25 3.56 AA-/Aa3/- UNITED STATES Sr Unsecured 2,000
SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 99.46 99.46 3.32 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000
SINOPEC CAPITAL 2013 LTD USG81877AA34 24-Apr-2023 1250 FIXED 3.13 95.62 96.13 3.73 AA-/Aa3/- CHINA Sr Unsecured 200,000
SINOPEC GRP OVERSEA 2015 USG8201JAC56 28-Apr-2025 1500 FIXED 3.25 95.17 95.63 3.81 AA-/Aa3/- CHINA Sr Unsecured 200,000
STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 94.66 94.66 3.31 AA-/Aa2/- NORWAY Sr Unsecured 1,000
STATOIL ASA US85771PAK84 15-Jan-2024 900 FIXED 2.65 94.49 94.49 3.44 AA-/Aa2/- NORWAY Sr Unsecured 1,000
TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 96.20 96.20 3.32 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000
VALE OVERSEAS LIMITED US91911TAL70 15-Sep-2020 1000 FIXED 4.63 81.20 82.81 9.20 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 73.21 74.14 10.22 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000
VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 95.01 95.01 4.31 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 10
Fixed Income Trading
EUR INVESTMENT GRADE ISSUES
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 95.81 96.33 1.42 A/A2/A NETHERLANDS Sr Unsecured 1,000
ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 69.20 70.44 9.87 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000
AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.95 97.44 1.66 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000
BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 95.59 96.09 1.84 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000
BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.92 94.65 1.60 A+/A1u/A- SPAIN Secured 100,000
BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.28 99.66 1.56 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000
BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.64 97.21 1.15 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000
BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 93.37 94.14 1.66 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000
BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.12 96.89 1.61 AA-/A1/- UNITED STATES Sr Unsecured 100,000
BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.74 96.25 1.44 A+/A2/- GERMANY Sr Unsecured 1,000
BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 97.73 98.32 2.58 BBB+/Baa2/A FRANCE Subordinated 100,000
BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 97.60 98.16 1.38 A/A2/A UNITED KINGDOM Sr Unsecured 100,000
BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.88 95.27 2.84 BBB/Baa3/A- FRANCE Subordinated 100,000
BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 96.92 97.47 1.29 A+/A2/A- UNITED STATES Sr Unsecured 100,000
CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.34 97.93 1.49 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000
CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 98.91 99.38 1.82 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000
COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.72 98.11 1.02 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000
CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 97.07 97.45 1.68 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 100,000
CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 98.42 98.79 1.08 A/A2/A FRANCE Sr Unsecured 100,000
CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 98.66 98.95 1.06 A/A2/A FRANCE Sr Unsecured 100,000
CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 99.90 100.21 1.13 A/A2/A FRANCE Sr Unsecured 100,000
DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.27 97.78 1.39 A-/Baa1/- FRANCE Sr Unsecured 100,000
DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 93.13 94.00 3.53 BB+/Ba1/BBB+ GERMANY Subordinated 1,000
DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 93.44 93.95 1.84 BBB+/A3/A- GERMANY Sr Unsecured 100,000
EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 91.63 92.30 2.96 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000
ERSTE GROUP BANK AG AT000B002852 1-Jun-2021 359ZERO
COUPON0.00 94.50 94.75 1.00 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000
GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 98.93 99.28 0.92 AA+/A1/- UNITED STATES Sr Unsecured 100,000
GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 72.42 73.66 7.53 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000
GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 69.77 70.76 7.87 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000
GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 62.64 63.93 7.24 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000
GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 99.76 100.12 1.36 BBB+/A3/A UNITED STATES Sr Unsecured 1,000
IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.43 98.95 1.28 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000
INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 97.52 97.96 1.47 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000
JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 98.70 99.25 1.59 A-/A3/A+ UNITED STATES Sr Unsecured 100,000
LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 98.12 98.62 1.41 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 11
Fixed Income Trading
EUR INVESTMENT GRADE ISSUES
Security Name ISIN Code MaturityOutstanding
Amount (Mio)
Coupon
TypeCoupon % Indic. Bid
Indic.
Offer
Offer
Yield %
Credit Rating
S&P/Moody/FitchCountry Payment Rank Min. Size
MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.49 97.88 1.49 A/A2/A AUSTRALIA Sr Unsecured 100,000
MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.63 100.01 1.12 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000
METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.03 95.67 2.02 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000
MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 98.65 99.22 1.84 BBB+/A3/A UNITED STATES Sr Unsecured 100,000
ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 98.34 98.99 0.99 AA/A1/- SWITZERLAND Sr Unsecured 1,000
SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 94.22 95.03 3.13 BBB/Baa2/BBB+ SPAIN Subordinated 100,000
SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 97.37 98.01 1.23 A/A2/- GERMANY Sr Unsecured 1,000
SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 96.19 96.93 3.01 -/Baa3/A- FRANCE Subordinated 100,000
STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 96.54 97.47 3.46 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000
STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 96.91 97.39 1.26 AA-/Aa2/- NORWAY Sr Unsecured 100,000
TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 97.39 98.03 1.61 AA-/Aa1/AA- FRANCE Sr Unsecured 100,000
VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 91.99 92.73 1.99 BBB+/A3/- GERMANY Sr Unsecured 1,000
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Page 12