mashreq · 2017. 4. 4. · mashreq fixed income trading daily bond market update • rating update...

mashreqFixed Income Trading

Daily Market Update

Market Update

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• Tsipras gears up for ‘real’ fight after initial aid extension

Greek Prime Minister Alexis Tsipras began the task of selling domestically a provisional deal with euro- area partners to extend bailout funds after securing

a reprieve from the prospect of the country’s insolvency. “We won a battle, but not the war as the difficulties, the real difficulties, not only those related to

the discussions and the relationship with our partners, are ahead of us,” Tsipras said in a televised speech on Saturday. Talks in Brussels between officials

from the 19 euro-area countries concluded late Friday with an agreement to extend bailout funds to Greece for four months. Tsipras’s government must

submit a list of economic measures it will undertake on Monday. Finance chiefs will then decide whether his proposals go far enough. While the agreement

potentially frees up some money to meet at least some of the pledges made by Tsipras before last month’s election, the outcome may still prove politically

bruising for him. Even after Friday’s agreement, his policies are subject to validation by the International Monetary Fund, the European Central Bank and

the European Commission, the institutions collectively known as the troika from which Tsipras vowed to break free. (Bloomberg)

Sunday, February 22, 2015

Saudi Arabia oil production gains amid battle for market share

Saudi Arabia is boosting oil production, pursuing its policy to maintain market share as prices fall. Crude oil output is about 10 million barrels a day, New

York-based Pira Energy Group said in a weekly report, citing discussions with Saudi customers. That would be the highest since July and up from an

average of 9.7 million barrels a day in the second half of 2014, according to data from the Joint Organisations Data Initiative, an industry group supervised

by the Riyadh-based International Energy Forum. Saudi Arabia, the world’s largest crude exporter, led the Organization of Petroleum Exporting Countries’

decision in November to maintain its output target to preserve market share, rather than cut supply to boost prices. The fastest US crude production in

three decades helped trigger a global glut that pushed oil prices about 50% lower in the past year. Brent oil futures have trimmed gains of as much as

9.1% this year, trading on Thursday at USD58.75 a barrel. (Bloomberg)

Oil price narrowing divergence in MENA sovereign credit trends, according to Fitch

Fitch Ratings says in a new report that the divergence between the ratings of energy exporters and importers in the Middle East and North Africa (MENA) is

narrowing due to lower oil prices. Lower oil prices have changed the economic environment for the region's exporters. They will reduce fiscal and external

outturns and hit corporate and consumer confidence. Fitch expects Brent crude to average USD70/bbl in 2015 and USD80/bbl in 2016. The extent of the

impact on the fiscal position depends on the policy response, although in a region where growth is dependent on government spending, fiscal consolidation

is likely to have negative impacts on growth. Abu Dhabi and Saudi Arabia are the only Fitch-rated oil exporters to have released 2015 budgets so far. Abu

Dhabi cut budgeted spending by one-third. Saudi Arabia issued an expansionary budget, but overspending (which has averaged 25% over the past decade)

is likely to be curtailed. Capacity to absorb lower oil prices varies in line with ratings. Bahrain (BBB/Negative) seems the most strained, with a 2014 fiscal

breakeven oil price of USD130/b and debt/GDP already above the peer median, and was placed on a Negative Outlook in December. Oman also requires

more than USD100/b to balance its budget, but has sovereign wealth fund assets and a low debt burden. 'AA' rated Abu Dhabi and Kuwait are still

expected to post fiscal and external surpluses in 2015 and net sovereign foreign assets in excess of 150% of GDP provide vast buffers in the event of

prolonged low oil prices. In Saudi Arabia (AA), the impact on the fiscal position has been aggravated by a spending package worth 3.9% of 2014 GDP

announced by the new King. However, the Kingdom has exceptionally large buffers and virtually no debt, although it is examining debt financing options.

The smooth succession and appointment of a member of the third generation of the royal family in the line of succession removes a potential source of

political risk. Oil importers are benefiting from lower prices through reduced import bills and lower fuel subsidy costs. Jordan stands to gain the most, with

net fuel imports of 16% of GDP and fuel subsidies (transfers to the state electricity generating company) of around 8% of GDP. Net fuel imports for

Lebanon and Morocco both exceed 10% of GDP. Egypt is a small net importer, but spent around 6% of GDP on fuel subsidies in FY14 (to end June).

Subsidy reform combined with lower oil prices were a contributory factor to the recent upgrade of Egypt to 'B'. (Fitch)

Emirates Said to Plan USD1 Billion Islamic Bond for A380 Expansion

Emirates, the world’s biggest airline by international passenger traffic, plans to sell USD1 billion of Islamic bonds to pay for superjumbo jet deliveries,

according to two people with knowledge of the offering. UK Export Finance will guarantee the debt, which Emirates is set to issue this quarter as it expands

the world’s biggest fleet of Airbus Group NV A380s, the people said, asking not to be identified because the information is private. The Dubai-based carrier,

which last tapped Islamic debt markets almost two years ago, has splurged on wide-body aircraft orders to build the emirate into a hub for long-haul

transfer flights. The strategy siphoned traffic away from established carriers such as Deutsche Lufthansa and Air France-KLM and prompted U.S. rivals this

year to call for a renegotiation of bilateral air-service agreements with Persian Gulf airlines. The airport in Dubai took London Heathrow’s place as the

world’s busiest international air hub last year. Emirates has ordered a total of 140 A380 superjumbos, of which it’s received 58, according to data from the

company. The state-owned carrier added 10 A380 routes in 2014 alone and this year it expects to take delivery of 26 planes, including the superjumbos

and Boeing Co. 777 planes, the company said. The UK’s export credit agency said in October it would guarantee an Islamic bond for an Airbus customer.

(Bloomberg)

US stocks rise to records in week on Greek deal, Fed rate bets

US stocks rose for the week, sending the Dow Jones Industrial Average to its first record of the year, as Greece reached a deal on its bailout program and

investors speculated the Federal Reserve will keep rates lower for longer. The Standard & Poor’s 500 Index climbed 0.6% to a record 2,110.3 in the holiday-

shortened week. The Dow average advanced 121.09 points or 0.7% to 18,140.44 to top its closing high from 26th December. The Nasdaq Composite

Index extended its rally to eight days in capping a 1.3% gain in the week. (Bloomberg)


Daily Bond Market Update

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Rating Update

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US prepared to halt Iran nuclear negotiations

US President Barack Obama is prepared to halt nuclear talks with Iran if he believes they aren’t making progress toward a “feasible” agreement, Secretary

of State John Kerry said. “There are still significant gaps; there is still a distance to travel” in the discussions, Kerry said Saturday in London. He is set to

travel to Geneva on Sunday for two days of talks with senior Iranian officials on Tehran’s disputed nuclear program before a March 24 deadline for a

framework agreement. “Now we will find out whether or not Iran is able to match its words about its willingness to show that its program is fully peaceful

with the verifiable actions and the verifiable decisions that are necessary to accomplish that goal,” Kerry said. He reaffirmed the late March target date and

said, “I am absolutely confident that President Obama is fully prepared to stop these talks if he feels that they’re not being met with the kind of productive

decision-making necessary to prove that a program is feasible.” (Bloomberg)

Russia gets second junk rating from Moody’s on Ukraine, oil

Russia’s credit rating was cut to below investment grade by Moody’s Investors Service, which joined Standard & Poor’s in ranking the country’s debt as

junk, citing the conflict in Ukraine and plunging oil prices. The rating company downgraded Russia one step to Ba1, the highest non-investment level and in

line with countries including Hungary and Portugal. Moody’s has a negative rating outlook on the country, according to a report released Friday. Standard &

Poor’s decision cut the country to speculative grade in January. “The existing and potential future international sanctions, the erosion of the country’s

foreign exchange buffers and persistently lower oil prices plus high and rising inflation will take a negative toll on incomes as well as business and consumer

confidence,” Moody’s said in the report. “While the fall in the oil price and the exchange rate have reversed somewhat since the start of the year, the

impact on inflation, confidence and growth is likely to be sustained.” The world’s biggest energy exporter is on the brink of a recession after crude fell to

the lowest since 2009 and the US and its allies imposed sanctions following President Vladimir Putin’s annexation of Crimea from Ukraine in March. The

penalties have locked Russian corporate borrowers out of international debt markets and curbed investor appetite for the ruble, stocks and bonds.

Downgrades to junk from at least two rating companies may force money managers whose investment guidelines prohibit them from holding debt rated

below investment grade to sell as much as USD5.8 billion of Russian dollar and local bonds, according to a January report from JPMorgan Chase & Co. The

decision by Moody’s ignores information provided by Russia’s finance ministry about the economy as well as the country’s fiscal and financial policies,

Finance Minister Anton Siluanov said in an e-mailed statement after the report. “The decision by Moody’s isn’t just negative beyond all reason, but it’s

based on an extremely pessimistic outlook,” Siluanov said. “The agency was guided primarily by political factors when deciding to cut the rating.” Moody’s

estimates capital outflow from Russia will reach USD400 billion in 2015-2016, while the economy will shrink 8.5% during that period, Siluanov said. The

figures weren’t included in the rating company’s statement. Russia’s Economy Ministry predicts gross domestic product will contract 3% with capital outflow

at USD115 billion this year, according to its forecast submitted to the government this month. GDP fell 1.5% in January from a year earlier, according to

the ministry’s preliminary estimates. (Bloomberg)

Moody's downgrades RussNeft's ratings to B2 from Ba3

Moody's Investors Service has today downgraded RussNeft's corporate family rating (CFR) to B2 from Ba3 and probability of default rating (PDR) to B2-PD

from Ba3-PD. Today's rating action reflects Moody's view that RussNeft's financial and liquidity profile has materially deteriorated compared with 2012, and

that event risk associated with opportunistic shareholder policies remains high. The ratings remain on review for downgrade pending clarification of the

evolving ownership and debt structure. (Moody’s)

S&P affirms Abu Dhabi 'AA/A-1+' ratings with stable outlook

Standard & Poor's has affirmed its 'AA' long-term and 'A-1+' short-term foreign and local currency sovereign credit ratings on the Emirate of Abu Dhabi, a

member of the United Arab Emirates (UAE). The outlook is stable. The ratings on Abu Dhabi are supported by its strong fiscal and external positions, which

afford it fiscal policy flexibility. The exceptional strength of its net asset positions also provides a buffer to counter the negative impact of oil price swings on

economic growth and government revenues, as well as on the external account. The ratings are constrained by S&P’s view that the emirate has less-

developed political institutions than nonregional peers in the same rating category. Limited monetary policy flexibility, in view of the UAE dirham's peg to

the U.S. dollar and the underdeveloped local currency domestic bond market, also weighs on the ratings. The stable outlook reflects S&P’s view that Abu

Dhabi's economy will remain resilient and its fiscal policy prudent and flexible, but the rating agency also anticipates continued structural and institutional

weaknesses. (Standard and Poor’s)



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Moody's affirms Oman's A1 rating, changes outlook to negative

Moody's Investors Service has affirmed Oman's A1 government bond rating and changed the rating outlook to negative from stable. Key drivers for the

decision are: The rating affirmation is supported by Oman's intrinsic economic and fiscal strengths and the government's sizable asset buffers, which we

believe will not likely be significantly undermined over the next year or two in our base case oil price scenario. The negative rating outlook is driven by

uncertainty surrounding the effectiveness of the government's policy response to a multi-year period of low oil prices which exert downward pressures on

economic growth, government finances and the external payments position, especially if oil prices were to fall below our base case scenario. The rating

action does not affect Oman's foreign currency country ceilings, which remain unchanged at Aa3 for bonds and A1 for deposits. The short-term foreign

currency ceilings are unchanged at Prime-1, and Oman's local currency country risk ceilings remain unchanged at Aa3. (Moody’s)

Moody's affirms Abu Dhabi Commercial Bank's A1 deposit ratings and raises BCA to baa3 from ba1

Moody's Investors Service has affirmed Abu Dhabi Commercial Bank's (ADCB) A1 deposit and senior unsecured ratings and raised the standalone baseline

credit assessment (BCA) to baa3 from ba1. At the same time, Moody's upgraded the subordinated debt rating from Baa2 to Baa1. All long-term outlooks

remain stable. Moody's affirmation of ADCB A1 ratings reflects Moody's assumption of a very high probability of systemic support in case of need which

reflects (1) the bank's importance to the United Arab Emirates'(UAE) banking and payment system, as the fourth largest bank in terms of deposits; (2)

United Arab Emirates, Government of (Aa2) strong track record of supporting banks in times of stress and (3) its majority ownership by the Abu Dhabi

Government (58% equity held by ADIC). Moody's assumption of systemic support results in a five-notch uplift of the bank's deposit rating from its revised

BCA of baa3. (Moody’s)

Moody's reviews Finansbank and FinansLeasing's ratings for downgrade

Moody's Investors Service has placed the Ba2 long-term deposit ratings of Finansbank AS (Finansbank) and Ba3 issuer rating of Finansal Kiralama A.S.

(FinansLeasing) on review for downgrade. Finansbank's bank financial strength rating (BFSR) of E+ and short-term ratings of Not-Prime /(P)Not-Prime are

not affected by this action. The review for downgrade is due to a similar rating action on their ultimate parent, National Bank of Greece A.S. (NBG)

(deposits Caa2 RuRD /Not-Prime; BFSR E/BCA caa2). NBG is Finansbank A.S.'s controlling shareholder with 99% ownership. (Moody’s)

New Issue Update

ADCB looks to print 2015’s fourth UAE financial bond

Abu Dhabi Commercial Bank (ADCB), owned 58.1 percent by Abu Dhabi's government, has picked Barclays, ING, J.P. Morgan, Mizuho and Wells Fargo

Securities to arrange the fixed income investor meetings in Europe. The bank may issue a benchmark US dollar Reg S bond subject to market conditions.

(gulfbusiness.com)



Change Change USD EUR AED

Spread Day YTD Last 1d Chg Last 1d Chg Last 1d Chg

iTraxx Europe 53.959 -3.868 -9.041 2-Year 0.917 0.010 0.136 0.006 1.275 -0.020

iTraxx Europe Crossover 286.649 -20.399 -58.936 5-Year 1.745 0.005 0.321 0.011 2.340 -0.045

CDX North America IG 63.380 -1.848 -2.741 10-Year 2.241 -0.005 0.749 0.018 3.400 -0.040

CDX North America HY 327.700 -18.397 -29.254 30-Year 2.613 -0.025 1.299 0.026 N/A N/A

iTraxx SovX Western Europe 25.610 -1.050 -2.255 Source: Bloomberg

iTraxx SovX CEEMEA 345.215 17.075 29.795

iTraxx Europe Senior Financial 61.600 -5.492 -5.836

iTraxx Europe Sub Financial 134.306 -0.733 -14.561

Source: Bloomberg

Change Change Last Change

bps Spread Day YTD YTD (%)

Emirate of Abu Dhabi 5Y 68.260 0.360 4.720 S&P 500 2,110.30 2.50

Emirate of Dubai 5Y 218.110 -1.900 -8.785 Dow Jones Industrial Avg 18,140.44 1.78

Kingdom of Bahrain 5Y 278.745 -2.055 37.005 DFM General Index 3,846.72 1.93

State of Qatar CDS 5Y 77.500 0.000 0.000 ADX General Index 4,649.62 2.66

Kingdom of Saudi Arabia 5Y 76.800 1.120 10.090 Qatar Exchange Index 12,517.34 1.88

Lebanese Republic 5Y 373.100 -16.940 -21.975 TASI 9,357.08 12.29

Republic of Turkey 5Y 186.797 0.000 2.404 Spot Gold 1,201.94 1.48

Arab Republic of Egypt 5Y 310.035 0.005 28.255 Spot Silver 16.24 3.38

Source: Bloomberg WTI Crude 50.81 -4.62

Brent Crude 60.22 5.04

Source: Bloomberg

Change Change

1 Month 1 Year

Mashreq Al-Islami Income Fund 15.40963 0.67% 5.92%

Mashreq Al-Islami Arab Tigers 19.45500 3.46% 4.45%

Makaseb Income Fund 12.78544 0.70% 3.08%

Source: Bloomberg


CREDIT MARKETS SWAPS

56.87

bps

CDS MISCELLANEOUS

Change

Day

12.85

154.67

-10.94

-19.36

20.88

-4.90

-0.14

-1.02

0.01

MUTUAL FUNDS

Last (NAV)

Fixed Income Trading

February 22, 2015

Security Name ISIN Code MaturityOutst. Amnt

(Mn)

Min Piece/

Incr. (000)

Value at

MaturityCurrency Coupon Type Coupon % Indic. Bid Indic. Offer Offer Yield %

Credit Rating

S&P /Moody /Fitch

Abu Dhabi Govt Int'L XS0422754258 08-Apr-19 1500 100/1 100 USD Fixed 6.750 118.38 120.38 1.62 AA /Aa2 /AA

Arab Republic Of Egypt XS0505265859 29-Apr-20 1000 100/1 100 USD Fixed 5.750 103.38 107.38 4.15 B- /Caa1 /B

Arab Republic Of Egypt XS0505478684 30-Apr-40 500 100/1 100 USD Fixed 6.875 97.00 101.00 6.79 B- /Caa1 /B

Bahrain (CBB Int.) (S) XS0708899272 22-Nov-18 750 100/1 100 USD Fixed 6.273 112.75 114.25 2.28 BBB- /- /-

Commonwealth Of Bahamas USP06518AF40 16-Jan-24 300 200/1 100 USD Fixed 5.750 106.25 108.25 4.61 BBB /Baa2 /-

Dubai Government (S) XS0778097088 02-May-17 600 200/1 100 USD Fixed 4.900 106.88 107.88 1.24 Not Rated

Dubai Government (S) XS0778097674 02-May-22 650 200/1 100 USD Fixed 6.450 120.13 121.13 3.14 Not Rated

Dubai Government (S) XS0880424337 30-Jan-23 750 200/1 100 USD Fixed 3.875 102.50 103.50 3.37 Not Rated

Dubai Govt Int'L Bonds XS0546426528 05-Oct-15 500 100/1 100 USD Fixed 6.700 103.75 104.25 -0.21 Not Rated

Dubai Govt Int'L Bonds XS0546428144 05-Oct-20 750 100/1 100 USD Fixed 7.750 123.25 125.25 2.85 Not Rated

Dubai Govt Int'L Bonds XS0640032594 22-Jun-21 500 100/1 100 USD Fixed 5.591 113.13 114.13 3.11 Not Rated

Dubai Dof Sukuk Ltd (S) XS1062038143 30-Apr-29 750 200/1 100 USD Fixed 5.000 102.88 103.88 4.62 Not Rated

Dubai Govt Int'L Bonds XS0880597603 30-Jan-43 500 200/1 100 USD Fixed 5.250 94.25 96.25 5.51 Not Rated

Ethiopia XS1151974877 11-Dec-24 1000 200/1 100 USD Fixed 6.625 97.00 99.00 6.76 B /B1 /B

Gabonese Republic XS0333225000 12-Dec-17 185 100/1 100 USD Fixed 8.200 104.88 106.88 5.51 B+ /- /BB-

Gabonese Republic XS1003557870 12-Dec-24 1500 200/0.001 100 USD Fixed 6.375 94.88 96.88 6.81 B+ /- /BB-

Govt Of Bermuda USG10367AB96 06-Feb-24 750 200/1 100 USD Fixed 4.854 105.38 107.38 3.87 AA- /A1 /A+

Islamic Rep Of Pakistan USY8793YAK83 31-Mar-16 500 100/1 100 USD Fixed 7.125 101.00 103.00 4.29 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAM40 01-Jun-17 750 100/1 100 USD Fixed 6.875 100.50 102.50 5.68 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560763 15-Apr-19 1000 200/1 100 USD Fixed 7.250 100.13 102.13 6.65 B- /Caa1 /-

Islamic Rep Of Pakistan (S) XS1147732553 03-Dec-19 1000 200/1 100 USD Fixed 6.750 98.75 100.75 6.56 B- /Caa1 /-

Islamic Rep Of Pakistan XS1056560920 15-Apr-24 1000 200/1 100 USD Fixed 8.250 100.63 102.63 7.84 B- /Caa1 /-

Islamic Rep Of Pakistan USY8793YAL66 31-Mar-36 300 100/1 100 USD Fixed 7.875 90.75 92.75 8.63 B- /Caa1 /-

Ivory Coast XS1089413089 23-Jul-24 750 200/1 100 USD Fixed 5.375 93.63 95.63 5.99 - /B1 /B

Ivory Coast XS0496488395 31-Dec-32 2519 100/1 100 USD Step Cpn 5.750 93.50 95.50 6.35 - /- /B

Kingdom Of Bahrain XS0498952679 31-Mar-20 1250 100/1 100 USD Fixed 5.500 108.88 110.38 3.27 BBB- /NR /BBB

Kingdom Of Bahrain XS0794901727 05-Jul-22 1500 200/1 100 USD Fixed 6.125 113.00 114.50 3.84 BBB- /- /BBB

Kingdom Of Bahrain XS0956406135 01-Aug-23 1500 200/1 100 USD Fixed 6.125 112.88 114.38 4.09 BBB- /- /BBB

Kingdom Of Bahrain XS1110833123 19-Sep-44 1250 200/1 100 USD Fixed 6.000 98.00 99.50 6.04 BBB- /- /BBB

Kingdom Of Jordan XS0557127353 12-Nov-15 750 200/1 100 USD Fixed 3.875 99.50 101.50 1.76 BB- /B1 /-

Kingdom Of Morocco XS0307883891 27-Jun-17 500 50/1 100 EUR Fixed 5.375 108.00 110.00 1.02 BBB- /Ba1u /BBB-

Kingdom Of Morocco XS0546649822 05-Oct-20 1000 50/1 100 EUR Fixed 4.500 110.38 112.38 2.13 BBB- /- /BBB-

Sovereign


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Kingdom Of Morocco XS0850020586 11-Dec-22 1500 200/1 100 USD Fixed 4.250 102.25 104.25 3.62 BBB- /- /BBB-

Kingdom Of Morocco XS1079233810 19-Jun-24 1000 100/1 100 EUR Fixed 3.500 104.50 106.50 2.70 BBB- /- /BBB-

Kingdom Of Morocco US617726AG97 11-Dec-42 750 200/1 100 USD Fixed 5.500 106.25 109.25 4.89 BBB- /- /BBB-

Lebanese Republic XS0493540297 09-Mar-20 1200 1/1 100 USD Fixed 6.375 101.88 104.88 5.26 B- /NR /B

Malays Govt (S) USY9485PAA04 06-Jul-16 1200 250/1 100 USD Fixed 2.991 101.63 102.63 1.04 A- /A3 /-

Malays Govt (S) USY9485PAB86 06-Jul-21 800 250/1 100 USD Fixed 4.646 108.75 110.25 2.87 A- /A3 /-

Mongolia Intl Bond US60937GAA40 05-Jan-18 500 200/1 100 USD Fixed 4.125 89.75 92.25 7.17 B+ /B2 /B+

Mongolia Intl Bond US60937GAB23 05-Dec-22 1000 200/1 100 USD Fixed 5.125 83.00 85.50 7.63 B+ /B2 /B+

Provincia De Buenos Aire XS0546539486 05-Oct-15 1050 100/1 100 USD Fixed 11.750 98.75 101.25 9.56 CCC- /Caa2 /-

Rak Capital (S) XS0568993918 28-Jan-16 400 100/1 100 USD Fixed 5.239 103.75 104.75 0.12 A /- /A

Rak Capital (S) XS0981184541 21-Oct-18 500 200/1 100 USD Fixed 3.297 103.25 105.25 1.81 A /- /A

Republic of Angola XS0814512223 16-Aug-19 1000 250/1 100 USD Fixed 7.000 97.63 99.63 7.10 BB- /Ba2 /-

Republic Of Azerbaijan XS1044540547 18-Mar-24 1250 200/1 100 USD Fixed 4.750 99.75 101.25 4.58 - /Baa3 /BBB-

Republic Of Congo XS0334989000 30-Jun-29 418 1/1 100 USD Step Cpn 3.500 87.13 88.63 6.76 - /- /B+

Republic Of Ghana XS0323760370 04-Oct-17 531 100/1 100 USD Fixed 8.500 102.00 104.00 6.80 B- /B2 /B

Republic Of Ghana XS0956935398 07-Aug-23 1000 200/0.001 100 USD Fixed 7.875 94.75 96.75 8.42 B- /B2 /B

Republic Of Ghana XS1108847531 18-Jan-26 1000 200/1 100 USD Fixed 8.125 94.75 96.75 8.59 B- /B2 /B

Republic of Indonesia (S) USY68616AA22 21-Nov-18 1000 200/1 100 USD Fixed 4.000 103.88 105.88 2.35 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAB24 15-Mar-19 1500 200/1 100 USD Fixed 6.125 111.88 113.38 2.62 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAA41 21-Nov-22 1000 200/1 100 USD Fixed 3.300 96.75 98.25 3.56 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BD05 15-Apr-23 1500 200/1 100 USD Fixed 3.375 97.25 98.75 3.55 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BJ74 15-Jan-24 2000 200/1 100 USD Fixed 5.875 114.88 116.38 3.70 BB+ /Baa3 /BBB-

Republic of Indonesia (S) US71567RAC07 10-Sep-24 1500 200/1 100 USD Fixed 4.350 101.63 103.13 3.95 - /Baa3 /BBB-

Republic Of Indonesia USY20721BB49 17-Jan-42 2250 200/1 100 USD Fixed 5.250 103.50 105.00 4.91 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BE87 15-Apr-43 1500 200/1 100 USD Fixed 4.625 96.00 97.50 4.79 BB+ /Baa3 /BBB-

Republic Of Indonesia USY20721BK48 15-Jan-44 2000 200/1 100 USD Fixed 6.750 126.25 127.75 4.94 BB+ /Baa3 /BBB-

Republic Of Kazakhstan XS1120709669 14-Oct-24 1500 200/1 100 USD Fixed 3.875 92.00 93.50 4.72 BBB /Baa2 /BBB+

Republic Of Kazakhstan XS1120709826 14-Oct-44 1000 200/1 100 USD Fixed 4.875 88.25 89.75 5.59 BBB /Baa2 /BBB+

Republic Of Kenya XS1028951850 24-Jun-19 750 200/1 100 USD Fixed 5.875 101.25 102.75 5.16 B+ /- /B+

Republic Of Kenya XS1028952403 24-Jun-24 2000 200/1 100 USD Fixed 6.875 104.13 105.63 6.07 B+ /- /B+

Republic of Mozambique XS0969351450 11-Sep-20 850 200/1 100 USD Fixed 6.305 93.88 95.88 7.22 - /B1 /-

Republic Of Namibia XS0686701953 03-Nov-21 500 200/1 100 USD Fixed 5.500 107.13 108.63 4.02 - /Baa3 /BBB-

Republic Of Nigeria XS0944707651 12-Jul-18 500 200/1 100 USD Fixed 5.125 94.63 96.63 6.24 BB- /- /BB-


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Republic Of Nigeria XS0584435142 28-Jan-21 500 200/1 100 USD Fixed 6.750 96.13 98.13 7.14 BB- /- /BB-

Republic Of Nigeria XS0944707222 12-Jul-23 500 200/1 100 USD Fixed 6.375 92.00 94.00 7.34 BB- /- /BB-

Republic Of Rwanda XS0925613217 02-May-23 400 200/1 100 USD Fixed 6.625 100.38 102.38 6.25 B /- /B+

Republic Of Senegal XS0625251854 13-May-21 500 200/1 100 USD Fixed 8.750 113.88 115.88 5.68 B+ /B1 /-

Republic Of Senegal XS1090161875 30-Jul-24 500 200/1 100 USD Fixed 6.250 98.75 100.75 6.14 B+ /B1 /-

Republic Of Seychelles XS0471464023 01-Jan-26 169 0.1/0.1 100 USD Step Cpn 7.000 96.63 99.63 7.70 - /- /B+

Republic Of Slovenia XS0982708926 18-Feb-19 1500 200/1 100 USD Fixed 4.125 104.63 106.13 2.50 A- /Baa3 /BBB+

Republic Of Slovenia XS0982709221 18-Feb-24 2000 200/1 100 USD Fixed 5.250 111.50 113.00 3.55 A- /Baa3 /BBB+

Republic Of South Africa XS0250007498 05-Apr-16 750 50/1 100 EUR Fixed 4.500 103.63 105.13 -0.12 BBB- /Baa2 /BBB

Republic Of South Africa US836205AD62 23-Jun-17 141 1/1 100 USD Fixed 8.500 113.50 115.00 1.88 BBB- /Baa2 /BBB

Republic Of South Africa US836205AM61 27-May-19 2000 100/1 100 USD Fixed 6.875 113.63 115.13 3.05 BBB- /Baa2 /BBB

Republic Of South Africa US836205AN45 09-Mar-20 2000 100/1 100 USD Fixed 5.500 108.63 110.13 3.30 BBB- /Baa2 /BBB

Zar Sov Capital Fund (S) XS1113141441 24-Jun-20 500 200/1 100 USD Fixed 3.903 100.88 102.38 3.41 BBB- /Baa2 /BBB

Republic Of South Africa US836205AL88 30-May-22 1000 100/1 100 USD Fixed 5.875 112.75 114.25 3.62 BBB- /Baa2 /BBB

Republic Of South Africa US836205AQ75 17-Jan-24 1500 100/1 100 USD Fixed 4.665 104.50 106.00 3.86 BBB- /Baa2 /BBB

Republic Of South Africa US836205AR58 16-Sep-25 2000 200/1 100 USD Fixed 5.875 112.25 115.25 4.08 BBB- /Baa2 /BBB

Republic Of South Africa XS1090107159 24-Jul-26 500 100/1 100 EUR Fixed 3.750 106.50 109.50 2.77 BBB- /Baa2 /BBB

Republic Of South Africa US836205AP92 08-Mar-41 750 100/1 100 USD Fixed 6.250 118.00 121.00 4.82 BBB- /Baa2 /BBB

Republic Of South Africa US836205AS32 24-Jul-44 1000 200/1 100 USD Fixed 5.375 105.13 108.13 4.85 BBB- /Baa2 /BBB

Republic Of Sri Lanka USY8137FAA67 14-Jan-19 1000 200/1 100 USD Fixed 6.000 102.25 103.75 4.93 B+ /B1 /BB-

Republic Of Sri Lanka USY8137FAB41 11-Apr-19 500 200/1 100 USD Fixed 5.125 99.00 100.50 4.99 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAF12 04-Oct-20 1000 100/1 100 USD Fixed 6.250 102.38 104.38 5.33 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAG94 27-Jul-21 1000 200/1 100 USD Fixed 6.250 101.38 104.38 5.43 B+ /B1 /BB-

Republic Of Sri Lanka USY2029SAH77 25-Jul-22 1000 200/1 100 USD Fixed 5.875 99.50 102.50 5.46 B+ /B1 /BB-

Republic of Turkey Hazine M. (S) XS0975124180 10-Oct-18 1250 200/1 100 USD Fixed 4.557 104.88 105.88 2.84 - /Baa3 /BBB-

Republic Of Turkey US900123AX87 05-Jun-20 2000 2/1 100 USD Fixed 7.000 115.25 116.75 3.50 NR /Baa3 /BBB-

Republic Of Turkey XS0503454166 18-May-20 2000 50/1 100 EUR Fixed 5.125 114.13 115.63 1.95 NR /Baa3 /BBB-

Republic Of Turkey US900123CA66 23-Mar-23 1500 200/1 100 USD Fixed 3.250 94.63 96.13 3.81 - /Baa3 /BBB-

Republic Of Turkey XS1057340009 11-Apr-23 1000 100/1 100 EUR Fixed 4.125 110.50 112.00 2.48 - /Baa3 /BBB-

Republic Of Turkey US900123CF53 22-Mar-24 2500 200/1 100 USD Fixed 5.750 111.75 113.25 3.99 - /Baa3 /BBB-

Hazine Mustesarligi Varl (S) XS1141043296 25-Nov-24 1000 200/1 100 USD Fixed 4.489 101.38 102.88 4.13 - /Baa3 /BBB-

Republic Of Turkey US900123BG46 30-May-40 2000 100/1 100 USD Fixed 6.750 123.25 126.25 4.92 NR /Baa3 /BBB-


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Republic Of Turkey US900123CB40 16-Apr-43 3000 200/1 100 USD Fixed 4.875 98.38 101.38 4.78 - /Baa3 /BBB-

Republic Of Turkey (S) XS0831353361 26-Mar-18 1500 200/1 100 USD Fixed 2.803 98.88 100.38 2.67 NR /Baa3 /BBB-

Republic Of Venezuela US922646AT10 15-Aug-18 753 1/1 100 USD Fixed 13.625 50.13 57.13 36.29 CCC /Caa3 /CCC

Republic of Vietnam (Socialist) USY9384RAA87 19-Nov-24 1000 200/1 100 USD Fixed 4.800 103.75 105.75 4.08 BB- /B1 /-

Republic Of Zambia XS0828779594 20-Sep-22 750 200/1 100 USD Fixed 5.375 90.88 93.38 6.49 B+ /- /B

Republic Of Zambia XS1056386714 14-Apr-24 1000 200/1 100 USD Fixed 8.500 106.63 109.13 7.12 B+ /- /B

Sharjah Sukuk Ltd (S) XS1106137687 17-Sep-24 750 200/1 100 USD Fixed 3.764 105.75 107.25 2.89 A /A3 /-

State Of Qatar XS0615235537 20-Jan-17 2000 200/1 100 USD Fixed 3.125 103.50 104.50 0.74 AA /Aa2 /-

State Of Qatar XS0423038875 09-Apr-19 1000 100/1 100 USD Fixed 6.550 117.50 119.00 1.75 AA /Aa2 /-



State Of Qatar XS0113419690 15-Jun-30 1400 10/1 100 USD Fixed 9.750 164.63 167.13 3.89 AA /Aa2 /-



State Of Qatar (S) XS0801656256 18-Jan-18 2000 200/1 100 USD Fixed 2.099 101.63 102.63 1.17 AA /Aa2 /-

State Of Qatar (S) XS0801656330 18-Jan-23 2000 200/1 100 USD Fixed 3.241 102.63 104.13 2.66 AA /Aa2 /-

Tunisia US066716AG65 16-Jul-19 485 200/1 100 USD Fixed 1.686 99.25 101.25 1.39 Not Rated

Tunisia (Banque Centrale de.) XS0222293382 22-Jun-20 400 50/1 100 EUR Fixed 4.500 102.63 104.63 3.53 NR /Ba3 /WD

Tunisia (Banque Centrale de.) US066716AB78 19-Sep-27 150 1/1 100 USD Fixed 8.250 117.38 119.38 6.03 NR /Ba3 /WD

United Rep Of Tanzania XS0896119897 09-Mar-20 600 200/1 100 USD FRN 6.329 101.75 104.25 5.42 Not Rated

Aabar Investments Pjsc (C) XS0632138961 27-May-16 1250 100/100 100 EUR Fixed 4.000 134.13 137.13 -20.43 Not Rated

Bahrain Mumtalakat Hold (S) XS1143085014 25-Nov-21 600 200/1 100 USD Fixed 4.000 101.75 103.25 3.46 BBB /- /BBB

Dubai Holding Comm Op XS0285303748 01-Feb-17 500 50/50 100 GBP Fixed 6.000 101.13 102.63 4.55 NR /WR /WD

IPIC XS0860583672 30-Nov-15 750 200/1 100 USD Fixed 1.750 100.13 101.13 0.27 AA /Aa2 /AA


IPIC XS0605558856 14-May-16 1250 100/1 100 EUR Fixed 4.875 104.88 105.88 0.04 AA /Aa2 /AA

IPIC XS0701035320 01-Mar-17 1500 200/1 100 USD Fixed 3.750 104.25 105.25 1.11 AA /Aa2 /AA



IPIC XS0605559821 14-Mar-21 1250 100/1 100 EUR Fixed 5.875 127.50 129.00 0.92 AA /Aa2 /AA

IPIC XS0701035676 01-Mar-22 1500 200/1 100 USD Fixed 5.500 116.13 117.13 2.80 AA /Aa2 /AA


Diversified


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch


Kuwait Projects Co XS0457137841 17-Oct-16 500 100/1 100 USD Fixed 8.875 109.50 111.00 2.05 BBB- /Baa3 /-

Kuwait Projects Co XS1026105806 05-Feb-19 500 200/1 100 USD Fixed 4.800 105.13 106.63 3.01 BBB- /Baa3 /-

Kuwait Projects Co XS0526235535 15-Jul-20 500 100/1 100 USD Fixed 9.375 125.38 128.38 3.55 BBB- /Baa3 /-

Mubadala XS0613313104 20-Apr-16 750 200/1 100 USD Fixed 3.750 102.63 103.63 0.59 AA /Aa2 /AA

Mubadala XS0426993571 06-May-19 500 250/1 100 USD Fixed 7.625 122.25 123.25 1.85 AA /Aa2 /AA



Mumtalakat XS0521476118 30-Jun-15 750 100/1 100 USD Fixed 5.000 100.50 102.00 -0.70 BBB /- /BBB

Yasar Holdings XS1132450427 06-May-20 250 200/1 100 USD Fixed 8.875 102.63 105.13 7.55 - /B2 /B

Zagrebacki Holding Doo XS0309688918 10-Jul-17 300 50/50 100 EUR Fixed 5.500 93.25 94.75 7.99 B /Ba2 /-

Abu Dhabi Comm. Bk. (S) XS0708308845 22-Nov-16 500 200/1 100 USD Fixed 4.071 104.25 105.25 1.03 A /A1u /A+

Abu Dhabi Comm. Bk. XS0897453907 06-Mar-18 750 200/1 100 USD Fixed 2.500 99.88 101.38 2.03 A /A1u /A+

Abu Dhabi Comm. Bk. XS1040257062 04-Mar-19 750 200/1 100 USD Fixed 3.000 101.38 102.88 2.25 A /NR /A+

Abu Dhabi Comm. Bk. XS1110651012 16-Sep-19 600 200/1 100 USD Fixed 2.750 100.25 101.75 2.34 A /NR /A+

Abu Dhabi Comm. Bk. XS0897453493 06-Mar-23 750 200/1 100 USD Fixed 4.500 103.38 104.88 3.79 A- /NR /A

Abu Dhabi Comm. Bk. AU3CB0221414 28-May-19 250 10/10 100 AUD Fixed 4.750 102.25 103.75 3.79 A /- /A+

Abu Dhabi Islm. Bank (S) XS0556042405 04-Nov-15 750 100/1 100 USD Fixed 3.745 101.13 102.63 -0.04 - /A2 /A+

Abu Dhabi Islm. Bank (S) XS0711035286 30-Nov-16 500 200/1 100 USD Fixed 3.780 103.25 104.75 1.06 - /A2 /A+

Access Bank Plc XS0807677496 25-Jul-17 350 200/1 100 USD Fixed 7.250 85.25 87.25 13.60 BB- /- /B

Access Bank Plc XS1078208334 24-Jun-21 400 200/1 100 USD Variable 9.250 78.75 80.75 15.50 B /- /B-

ADIB Tier 1 (S) XS0851081660 Perpetual 1000 200/1 100 USD Variable 6.375 103.63 105.13 4.82 Not Rated

African Bank Limited XS0638008051 15-Jun-16 350 200/1 100 USD Flat Trading 6.000 55.63 75.63 31.17 - /Caa2 /-

African Bank Limited XS0751016865 24-Feb-17 350 200/1 100 USD Flat Trading 8.125 55.50 75.50 24.31 - /Caa2 /-

African Export-Import Ba XS0650262875 27-Jul-16 500 200/1 100 USD Fixed 5.750 103.13 105.13 2.08 NR /Baa2 /BBB-

African Export-Import Ba XS0938043766 04-Jun-18 500 200/1 100 USD Fixed 3.875 98.25 100.25 3.79 NR /Baa2 /BBB-

African Export-Import Ba XS1091688660 29-Jul-19 700 200/1 100 USD Fixed 4.750 99.00 101.00 4.50 - /Baa2 /BBB-

AK Lease XS0914394688 17-Apr-18 250 200/1 100 USD Fixed 4.125 98.63 100.63 3.91 - /- /BBB-

Akbank USM0300LAA46 22-Jul-15 1000 100/1 100 USD Fixed 5.125 99.75 101.75 0.82 - /Baa3 /BBB-

Akbank USM0300LAC02 09-Mar-18 500 150/1 100 USD Fixed 6.500 106.00 109.00 3.36 - /Baa3 /BBB-

Akbank USM0375YAK49 24-Oct-22 500 150/1 100 USD Fixed 5.000 99.88 102.88 4.55 - /Baa3 /BBB-

Akbank USM0375YAJ75 24-Oct-17 500 150/1 100 USD Fixed 3.875 100.00 102.00 3.09 - /Baa3 /BBB-

Albaraka Turk Katilim Ba (S) XS1082151868 30-Jun-19 350 200/1 100 USD Fixed 6.250 99.00 101.00 5.98 BB /- /-

Financial Institutions


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Albaraka Turk Katilim (S) XS0927211754 07-May-23 200 200/1 100 USD Fixed 7.750 98.10 100.1 7.71 B /- /-

Al Hilal Bank (S) XS0977488294 08-Oct-18 500 200/1 100 USD Fixed 3.267 102.63 104.63 1.94 - /A1 /A+

Al Hilal Bank Tier 1 (S) XS1073217561 Perpetual 500 200/1 100 USD Variable 5.500 101.63 103.63 4.57 Not Rated

Alternatifbank As XS1089556358 22-Jul-19 250 200/1 100 USD Fixed 3.125 98.50 100.50 3.00 - /- /A

Axis Bank/Dubai XS0463466028 30-Sep-15 350 100/1 100 USD Fixed 5.250 100.63 102.63 0.84 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAA64 02-May-16 500 100/1 100 USD Fixed 4.750 101.75 103.75 1.55 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAB48 05-Sep-17 750 200/1 100 USD Fixed 5.125 105.88 107.38 2.11 BBB- /Baa2 /BBB-

Axis Bank/Dubai US05463EAC21 21-May-20 500 200/1 100 USD Fixed 3.250 99.75 101.75 2.89 BBB- /Baa2 /BBB-

Axis Bank/Singapore XS0308100667 28-Jun-22 60 100/1 100 USD Variable 7.125 102.38 104.88 4.89 - /Ba2 /-

Banco Daycoval Sa XS1046809171 19-Mar-19 500 150/1 100 USD Fixed 5.750 99.25 101.25 5.40 BB+ /Baa3 /BBB-

Banco Industr E Comrcl XS0552649021 25-Oct-15 400 100/1 100 USD Fixed 5.250 99.38 101.38 3.14 - /Baa3 /-

Bank Asya Tier 2 (S) XS0907295942 28-Mar-23 250 200/1 100 USD Variable 7.500 63.75 70.75 20.77 - /C /-

Bk Of Moscow (Kuznetski) XS0236336045 25-Nov-15 300 100/1 100 USD Variable 5.967 93.88 98.88 7.51 - /Ba3 /WD

Bank Muscat Saog XS0908549685 26-Mar-18 500 200/1 100 USD Fixed 2.500 99.38 101.38 2.04 A- /A1 /A-

Bank of Bahrain & Kuwait XS0553706135 28-Oct-15 500 100/1 100 USD Fixed 4.500 101.00 102.50 0.79 - /Baa2 /BBB

Bank Of Baroda/London XS0483734298 07-Oct-15 350 100/1 100 USD Fixed 4.750 100.88 102.38 0.89 - /Baa3 /BBB-

Bank Of Baroda/London XS0594008517 24-Aug-16 500 200/1 100 USD Fixed 5.000 103.50 105.00 1.61 - /Baa3 /BBB-

Bank Of Baroda/London USY04342AA28 23-Jul-19 1000 200/1 100 USD Fixed 4.875 106.63 108.13 2.90 - /Baa3 /BBB-

Bank Of Baroda/London XS0301888615 25-May-22 300 100/1 100 USD Variable 6.625 103.00 105.50 4.04 NR /Ba2 /B+

Bank Of Ceylon USY0646EAR37 03-May-17 500 200/1 100 USD Fixed 6.875 101.38 103.88 4.98 - /B1 /BB-

Bank Of Ceylon XS0914798268 16-Apr-18 500 200/1 100 USD Fixed 5.325 97.63 100.13 5.28 - /- /BB-

Bank Of China US06120TAA60 13-Nov-24 3000 200/1 100 USD Fixed 5.000 104.13 105.63 4.28 BBB+ /Baa3 /BBB+

Bank Of China XS1122780106 Perpetual 39940 2000/10 100 CNY Variable 6.750 105.13 107.13 4.99 BB- /Ba2 /-

Bank Of India London XS0498932721 30-Sep-15 750 100/1 100 USD Fixed 4.750 100.75 102.25 0.98 BBB- /Baa3 /-

Bank Of India London USY06865AA04 21-Sep-18 500 200/1 100 USD Fixed 3.625 101.38 103.88 2.48 BBB- /Baa3 /-

Bank Of India London XS0592238876 16-Feb-21 500 200/1 100 USD Fixed 6.250 112.88 114.88 3.47 BBB- /Baa3 /-

Bank Of India/Jersey XS0294208235 Perpetual 85 100/1 100 USD Variable 6.994 99.75 101.75 6.09 BB /B2 /-

Bank Saudi Fransi (S) XS0784910431 22-May-17 750 200/1 100 USD Fixed 2.947 101.75 103.75 1.25 A /- /A

Bawag P.S.K. XS0987169637 30-Oct-23 300 100/100 100 EUR Fixed 8.125 120.88 121.88 4.96 - /Ba2 /-

Banque Marocaine Du Comm XS0998123037 27-Nov-18 300 200/1 100 USD Fixed 6.250 103.38 104.38 4.96 - /Ba1 /-

Burgan Bank XS0545106592 29-Sep-20 400 100/1 100 USD Fixed 7.875 116.38 118.38 4.16 BBB /Ba1 /-

Burgan Tier 1 Financing XS1106874198 Perpetual 500 200/1 100 USD Variable 7.250 97.38 99.38 7.41 Not Rated

Canara Bank London XS0595649608 09-Sep-16 350 200/1 100 USD Fixed 5.125 102.25 105.25 1.66 - /Baa3 /BBB-


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Cbq Finance Ltd XS1079720212 24-Jun-19 750 200/1 100 USD Fixed 2.875 101.50 102.50 2.27 A- /A1 /-

Charming Light Investmen XS1104029027 03-Sep-19 1100 200/1 100 USD Fixed 3.750 98.25 100.25 3.69 - /Baa1 /A-

China Overseas Finance XS0984184316 29-Oct-18 500 200/1 100 USD Fixed 3.375 99.13 101.13 3.05 BBB+ /Baa1 /BBB+

Citic Securities Fin Mtn XS1130968453 30-Oct-19 650 200/1 100 USD Fixed 3.500 98.63 100.13 3.47 BBB+ /Baa1 /-

Commercial Bank Of Dubai XS0933999863 21-May-18 500 200/1 100 USD Fixed 3.375 101.50 103.00 2.41 - /Baa1 /A-

Commercial Bank of Qatar XS0771860003 11-Apr-17 500 200/1 100 USD Fixed 3.375 102.75 104.75 1.11 A- /A1 /-

Commercial Bank of Qatar XS0466365383 18-Nov-19 600 100/1 100 USD Fixed 7.500 118.88 120.88 2.76 BBB+ /Baa1 /-

Credit Bank of Moscow XS0924078453 13-Nov-18 500 200/1 100 USD Fixed 8.700 73.50 76.50 17.55 - /NR /BB-

Credit Bank of Moscow XS0879105558 01-Feb-18 500 200/1 100 USD Fixed 7.700 85.50 88.50 12.49 BB- /B1 /BB

Diamond Bank Plc XS1069387923 21-May-19 200 200/1 100 USD Fixed 8.750 78.25 80.75 15.04 B /- /B

Doha Bank XS0757032445 14-Mar-17 500 200/1 100 USD Fixed 3.500 102.75 104.25 1.40 A- /A2 /A

Dubai Islamic Bank (S) XS0787130540 30-May-17 500 200/1 100 USD Fixed 4.752 104.25 106.25 1.92 - /Baa1 /A

Dib Tier 1 Sukuk Ltd (S) XS0902330769 Perpetual 1000 200/1 100 USD Variable 6.250 102.13 104.13 5.11 Not Rated

Dib Tier 1 Sukuk 2 Ltd (S) XS1167284436 Perpetual 1000 200/1 100 USD Variable 6.750 101.25 103.25 6.09 Not Rated

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 98.50 100.50 6.22 - /Ba1 /BB

Eastern & Southern Afric XS0998947500 06-Dec-18 300 200/1 100 USD Fixed 6.375 98.50 100.50 6.22 - /Ba1 /BB

Ebn Finance Co Bv XS1093771639 14-Aug-21 250 200/1 100 USD Variable 8.750 89.25 91.25 11.29 B- /- /-

Emirates Bank XS0272489187 31-Oct-16 83 100/1 100 USD FRN 1.453 90.75 95.75 4.05 NR /Baa3 /A

Emirates Bank XS0765257141 28-Mar-17 1000 200/1 100 USD Fixed 4.625 104.00 105.50 1.93 - /Baa1 /A+

Emirates Islamic Bank (S) XS0731642491 18-Jan-17 500 200/1 100 USD Fixed 4.718 104.25 105.75 1.63 - /Baa1 /A+

Emirates Islamic Bank (S) XS0803231827 11-Jan-18 500 200/1 100 USD Fixed 4.147 103.75 105.25 2.25 - /Baa1 /A+

Emirates Nbd Pjsc XS1138457590 19-Nov-19 1000 200/1 100 USD Fixed 3.250 100.13 101.63 2.88 - /Baa1 /A+

Emirates NBD XS0910935021 28-Mar-23 750 200/1 100 USD Variable 4.875 103.00 104.50 3.33 - /NR /A

Emirates NBD Tier 1 XS0935833292 Perpetual 1000 200/1 100 USD Variable 5.750 97.50 99.50 5.88 Not Rated

Emirates Nbd 2014 Tier 1 XS1111114135 Perpetual 500 200/1 100 USD Variable 6.375 100.50 102.50 5.84 Not Rated

Emirates Nbd Pjsc AU3CB0220861 08-May-19 400 10/10 100 AUD Fixed 5.750 104.50 106.50 4.05 - /Baa1 /A+

Export Credit Bank Of Tu XS1028943089 23-Sep-21 500 200/1 100 USD Fixed 5.000 100.25 102.25 4.60 BB+ /Baa3 /BBB-

Export-Import Bk India XS0813393849 07-Aug-17 500 200/1 100 USD Fixed 4.000 102.88 104.88 1.95 BBB- /Baa3 /-

Export-Import Bk India XS1050464996 02-Oct-19 500 200/1 100 USD Fixed 3.875 103.38 105.38 2.63 BBB- /Baa3 /-

Export-Import Bk India XS0872917660 14-Jan-23 750 200/1 100 USD Fixed 4.000 101.50 103.00 3.56 BBB- /Baa3 /-

First Bank of Nigeria XS0957590689 07-Aug-20 300 200/1 100 USD Variable 8.250 81.50 84.50 14.07 B /- /B-

First Bank of Nigeria XS1090370104 23-Jul-21 450 200/1 100 USD Variable 8.000 74.88 77.38 15.22 B /- /B-

Fidelity Bank Plc XS0928527257 09-May-18 300 200/1 100 USD Fixed 6.875 82.00 84.50 12.92 B /- /B


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Finansbank As XS0849733273 01-Nov-17 350 200/1 100 USD Fixed 5.150 99.00 102.00 4.35 - /Ba2 /BBB-

Finansbank As USM4R36CAA80 11-May-16 500 200/1 100 USD Fixed 5.500 99.25 102.25 3.58 - /Ba2 /BBB-

Finansbank As XS1063442484 30-Apr-19 500 200/1 100 USD Fixed 6.250 100.13 103.13 5.40 - /Ba2 /BBB-

First Gulf Bank XS0840538994 09-Oct-17 650 200/1 100 USD Fixed 2.862 101.88 102.88 1.73 - /A2 /A+

First Gulf Bank (S) XS0654587996 02-Aug-16 650 200/1 100 USD Fixed 3.797 102.75 104.25 0.82 - /A2 /A+

First Gulf Bank (S) XS0731930797 18-Jan-17 500 200/1 100 USD Fixed 4.046 104.13 105.63 1.05 - /A2 /A+

Firstrand Bank Ltd XS0635404477 09-Jun-16 500 200/1 100 USD Fixed 4.375 102.38 103.88 1.33 BBB- /Baa2 /BBB

GIC Funding Ltd XS0859236092 28-Nov-17 500 200/1 100 USD Fixed 3.250 101.88 103.38 1.99 - /A2 /-

GIC Funding Ltd CH0198380237 16-Nov-15 300 5/5 100 CHF Fixed 2.750 101.00 102.50 -0.66 - /A2 /-

Guaranty Trust Bank XS0628652884 19-May-16 500 200/1 100 USD Fixed 7.500 98.25 100.25 7.27 BB- /- /B+

Guaranty Trust Bank XS0992162635 08-Nov-18 400 200/1 100 USD Fixed 6.000 84.88 86.88 10.35 BB- /- /B+

Gulf International Bank XS0863496633 11-Dec-17 500 200/1 100 USD Fixed 2.375 99.13 101.13 1.96 BBB+ /A3 /A

Haitong Intl Fin 2014 XS1107172535 11-Sep-19 600 200/1 100 USD Fixed 3.990 99.50 101.50 3.63 BBB /- /-

Hdfc Bank Ltd/Bah XS0897434949 06-Mar-18 500 200/1 100 USD Fixed 3.000 100.50 102.50 2.14 BBB- /Baa2 /-

Huarong Finance Co Ltd XS1086081707 17-Jul-17 300 200/1 100 USD Fixed 3.000 98.88 100.38 2.83 BBB+ /Baa1 /A

Huarong Finance Co Ltd XS1088292815 17-Jul-19 1200 200/1 100 USD Fixed 4.000 100.00 101.50 3.63 BBB+ /Baa1 /A

Icd Sukuk Co Ltd (S) XS1069869839 21-May-20 700 200/1 100 USD Fixed 3.508 97.38 99.38 3.64 Not Rated

Icd Funding Ltd XS1069870415 21-May-24 300 200/1 100 USD Fixed 4.625 99.13 101.13 4.47 Not Rated

Icici Bank Ltd/Dubai US45112FAC05 21-Feb-18 1000 200/1 100 USD Fixed 4.700 105.63 107.13 2.22 BBB- /Baa2 /BBB-

Icici Bank Ltd/Dubai US45112FAE60 22-May-19 1000 200/1 100 USD Fixed 4.800 106.88 108.38 2.70 BBB- /Baa2 /BBB-

Icici Bank Ltd/Dubai US45112FAG19 18-Mar-20 700 200/1 100 USD Fixed 3.500 101.38 102.88 2.88 BBB- /Baa2 /BBB-

IDBI Bank XS0832492267 26-Mar-18 500 200/1 100 USD Fixed 4.375 102.63 104.13 2.97 BB+ /Baa3 /BBB-

IDBI Bank XS0908349912 25-Jan-19 500 200/1 100 USD Fixed 3.750 99.50 101.00 3.47 BB+ /Baa3 /BBB-

IDBI Bank XS1048474396 25-Sep-19 300 200/1 100 USD Fixed 5.000 104.00 105.50 3.68 BB+ /Baa3 /BBB-

IDBI Bank XS1128264758 23-Apr-20 350 200/1 100 USD Fixed 4.125 100.25 101.75 3.75 BB+ /Baa3 /BBB-

Indian Overseas Bank/Hk XS0615783239 19-Oct-16 500 200/1 100 USD Fixed 5.000 103.50 104.50 2.21 BB+ /(P)Baa3 /-

Indian Overseas Bank/Hk XS0773015853 21-Feb-18 500 200/1 100 USD Fixed 4.625 102.50 104.00 3.21 BB+ /Baa3 /-

Int. Bank of Azerbaijan XS1076436218 11-Jun-19 500 200/1 100 USD Fixed 5.625 91.13 93.13 7.52 - /Ba3 /BB

Investcorp Sa XS0847495248 01-Nov-17 250 200/1 100 USD Fixed 8.250 104.38 106.88 5.46 - /Ba2 /BB

Investec Bank Ltd XS0807715098 24-Jul-17 300 200/1 100 USD Fixed 3.875 101.25 103.25 2.48 - /Baa2 /BBB-

Itau Unibanco Hldg Sa/Ky US46556MAB81 22-Jan-21 1250 100/1 100 USD Fixed 5.750 103.50 105.00 4.77 - /Baa3 /BBB

Korea Exchange Bank XS1120608713 14-Oct-24 300 200/1 100 USD Fixed 4.250 102.88 104.88 3.64 BBB /Baa2 /BBB

Kuveyt Turk (S) XS0698260758 31-Oct-16 350 200/1 100 USD Fixed 5.875 104.00 105.50 2.51 - /- /BBB


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Kuveyt Turk (S) XS1079236169 26-Jun-19 500 200/1 100 USD Fixed 5.162 104.00 105.50 3.77 - /- /BBB

Mashreqbank XS0283928264 24-Jan-17 354 100/100 100 USD FRN 1.381 93.75 97.75 2.58 BBB /Ba2 /A-

Mubadala Ge Capital Ltd US62476BAA89 10-Nov-19 500 200/1 100 USD Fixed 3.000 98.63 100.63 2.86 - /Baa2 /A

National Bank of Egypt XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 98.38 103.38 -2.23 - /Caa1 /B

National Bk Of Abu Dhabi XS0497249341 25-Mar-15 750 100/1 100 USD Fixed 4.250 99.25 100.75 -4.35 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0763531406 27-Mar-17 750 200/1 100 USD Fixed 3.250 103.50 104.50 1.07 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0206068 07-Mar-18 300 10/10 100 AUD Fixed 5.000 104.00 105.00 3.25 AA- /Aa3 /AA-

National Bk Of Abu Dhabi AU3CB0219392 19-Mar-19 400 10/10 100 AUD Fixed 4.750 103.75 104.75 3.48 AA- /Aa3 /AA-

National Bk Of Abu Dhabi XS0815939656 13-Aug-19 750 200/1 100 USD Fixed 3.000 102.88 103.88 2.09 AA- /Aa3 /AA-

National Savings Bank USY62526AA99 18-Sep-18 750 200/1 100 USD Fixed 8.875 108.13 110.13 5.69 B+ /- /BB-

Nile Finance Ltd XS0531270378 05-Aug-15 600 100/1 100 USD Fixed 5.250 101.25 103.25 -1.95 - /Caa1 /B

Qatar Islamic Bank (S) XS0545395765 07-Oct-15 750 100/1 100 USD Fixed 3.856 101.50 102.50 -0.18 - /- /A

Qatar Islamic Bank (S) XS0841096497 10-Oct-17 750 200/1 100 USD Fixed 2.500 101.25 102.75 1.43 - /- /A

Qatar National Bank XS0559355135 16-Nov-15 1500 200/1 100 USD Fixed 3.125 101.00 102.00 0.37 A+ /Aa3 /A+

Qatar National Bank XS0748305017 22-Feb-17 1000 200/1 100 USD Fixed 3.375 102.75 104.25 1.21 A+ /Aa3 /A+

Qatar National Bank XS0854469599 14-Feb-18 1000 200/1 100 USD Fixed 2.125 99.38 100.88 1.82 A+ /Aa3 /A+

QIIB Sukuk Funding Ltd (S) XS0843912808 18-Oct-17 700 200/1 100 USD Fixed 2.688 101.88 102.88 1.57 - /A3 /A

Rakfunding Cayman Ltd XS1078355986 24-Jun-19 500 200/1 100 USD Fixed 3.250 100.88 102.38 2.66 - /Baa1 /BBB+

Russian Agricultural Bank XS0796426228 27-Dec-17 1300 200/1 100 USD Fixed 5.298 89.50 91.50 8.74 - /Ba1 /BB+

Russian Agricultural Bank XS0955232854 25-Jul-18 1300 200/1 100 USD Fixed 5.100 86.38 88.88 8.94 - /Ba1 /BB+

Saudi British Bank XS0559277743 12-Nov-15 600 100/100 100 USD Fixed 3.000 101.25 102.25 -0.14 A /- /A

Sberbank (Sb Cap Sa) XS0799357354 28-Jun-19 1000 200/1 100 USD Fixed 5.180 90.13 92.13 7.32 - /Baa3 /BBB

Sberbank (Sb Cap Sa) XS0897427570 04-Mar-18 550 300/1 100 TRY Fixed 7.400 77.75 79.75 16.11 - /Baa3 /BBB-

Sberbank (Sb Cap Sa) XS0848530977 29-Oct-22 2000 200/1 100 USD Fixed 5.125 79.88 81.88 8.37 - /Ba1 /BB+

Sberbank (Sb Cap Sa) XS0935311240 23-May-23 1000 200/1 100 USD Fixed 5.250 71.00 73.00 10.16 - /- /BB+

Sberbank (Sb Cap Sa) XS1032750165 26-Feb-24 1000 200/1 100 USD Variable 5.500 70.63 72.63 14.80 - /- /BB+

SIB Sukuk Co. Ltd (S) XS0625554836 25-May-16 400 200/1 100 USD Fixed 4.715 104.00 105.00 0.70 BBB+ /- /BBB+

SIB Sukuk Co. Ltd (S) XS0916902769 16-Apr-18 500 200/1 100 USD Fixed 2.950 101.88 102.88 2.00 BBB+ /- /BBB+

State Bank India/London USU85528AB04 01-Aug-17 1250 200/1 100 USD Fixed 4.125 103.63 105.13 1.96 BBB- /Baa3 /BBB-

State Bank India/London USY81636AC94 18-Apr-18 1000 200/1 100 USD Fixed 3.250 101.75 103.25 2.18 BBB- /Baa3 /BBB-

State Bank India/London USY81647AA02 17-Apr-19 750 200/1 100 USD Fixed 3.622 102.50 104.00 2.60 BBB- /Baa3 /BBB-

State Bank India/London USY81647AB84 17-Apr-24 500 200/1 100 USD Fixed 4.875 107.50 109.00 3.71 BBB- /Baa3 /BBB-

State Bank Of India XS0287244627 Perpetual 400 100/1 100 USD Variable 6.439 98.88 101.88 5.52 BB /B1 /B


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

State Bank Of India XS0307996586 Perpetual 225 100/1 100 USD Variable 7.140 101.00 104.00 5.30 BB /B1 /-

Syndicate Bank/London XS0620328392 06-Nov-16 500 200/1 100 USD Fixed 4.750 101.63 104.63 1.97 BBB- /Baa3 /-

Syndicate Bank XS0841358103 12-Apr-18 500 200/1 100 USD Fixed 4.125 102.25 103.75 2.86 BBB- /Baa3 /-

Tamweel (S) XS0734046815 18-Jan-17 300 200/1 100 USD Fixed 5.154 104.13 106.13 1.85 - /Baa1 /A

Tc Ziraat Bankasi As XS1083936028 03-Jul-19 750 200/1 100 USD Fixed 4.250 98.50 100.50 4.12 - /Baa3 /BBB-

Turkiye Finans Varlik Kiralama (S) XS0922143382 02-May-18 500 200/1 100 USD Fixed 3.950 99.00 101.00 3.61 - /- /BBB

Turkiye Finans Varlik Kiralama (S) XS1057852912 24-Apr-19 500 200/1 100 USD Fixed 5.375 102.50 104.50 4.19 - /- /BBB

Turkiye Garanti Bankasi USM8931TAE93 13-Sep-17 600 200/1 100 USD Fixed 4.000 100.38 102.38 3.02 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS1057541838 17-Oct-19 750 200/1 100 USD Fixed 4.750 100.88 102.88 4.06 - /Baa3 /BBB-

Turkiye Garanti Bankasi USM8931TAF68 13-Sep-22 750 200/1 100 USD Fixed 5.250 101.88 103.88 4.63 - /Baa3 /BBB-

Turkiye Garanti Bankasi XS0935802495 23-May-18 175 200/1 100 AUD Fixed 5.500 98.88 100.88 5.19 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0806482948 19-Jul-17 750 200/1 100 USD Fixed 4.875 101.75 103.75 3.24 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1069383856 04-Jun-19 500 200/1 100 USD Fixed 4.750 99.63 101.63 4.33 - /Baa3 /BBB-

Turkiye Halk Bankasi XS0882347072 05-Feb-20 750 200/1 100 USD Fixed 3.875 95.25 97.25 4.50 - /Baa3 /BBB-

Turkiye Halk Bankasi As XS1188073081 11-Feb-21 500 200/1 100 USD Fixed 4.750 98.13 100.13 4.72 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0852697712 07-Nov-17 500 200/1 100 USD Fixed 3.875 99.50 102.00 3.10 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0982644774 21-Apr-19 500 200/1 100 USD Fixed 5.500 102.88 105.38 4.08 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS1079527211 25-Jun-21 750 200/1 100 USD Fixed 5.000 100.00 102.00 4.63 - /Baa3 /BBB-

Turkiye Is Bankasi A.S XS0847042024 24-Oct-22 1000 200/1 100 USD Fixed 6.000 98.88 101.38 5.77 - /Ba2 /BB+

Turkiye Is Bankasi A.S XS0808632250 10-Oct-18 750 200/1 100 USD Fixed 3.750 99.00 100.00 3.75 - /Baa3 /BBB-

Turkiye Sinai Kalkinma B XS1117601796 30-Oct-19 350 200/1 100 USD Fixed 5.375 101.50 103.50 4.54 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0916347759 15-Apr-18 600 200/1 100 USD Fixed 3.750 97.38 99.38 3.96 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0987355939 31-Oct-18 500 200/1 100 USD Fixed 5.000 101.00 103.00 4.11 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS1077629225 17-Jun-19 500 100/1 100 EUR Fixed 3.500 100.50 102.50 2.87 - /Baa3 /BBB-

Turkiye Vakiflar Bankasi XS0849728190 01-Nov-22 900 200/1 100 USD Fixed 6.000 98.13 100.13 5.98 - /Ba2 /BB+

Union Bank Of India Hk XS0819566182 22-Aug-17 350 200/1 100 USD Fixed 4.625 103.75 105.25 2.44 BBB- /Baa3 /-

Union Bank Of India Hk XS0923436264 25-Oct-18 350 200/1 100 USD Fixed 3.625 101.75 103.25 2.69 BBB- /Baa3 /-

Union Bank Of India Hk XS1062051161 28-Oct-19 350 200/1 100 USD Fixed 4.500 104.75 106.25 3.06 BBB- /Baa3 /-

Vnesheconombank(Veb) XS0524610812 09-Jul-20 1600 100/1 100 USD Fixed 6.902 83.38 86.38 10.26 BB+ /- /BBB-

VTB Bank XS0592794597 22-Feb-18 698 200/1 100 USD Fixed 6.315 89.75 92.75 9.14 BB+ /Baa3 /WD

VTB Bank XS0772509484 12-Apr-17 2000 200/1 100 USD Fixed 6.000 92.13 95.13 8.54 - /Baa3 /WD

VTB Bank XS0842078536 17-Oct-22 1500 200/1 100 USD Fixed 6.950 74.75 77.75 11.38 BB- /Ba2 /WD

Yapi Ve Kredi Bankasi As XS0994815016 03-Dec-18 500 200/1 100 USD Fixed 5.250 102.38 103.88 4.13 - /Baa3 /BBB

Yapi Ve Kredi Bankasi As XS1028938915 22-Oct-19 550 200/1 100 USD Fixed 5.125 101.25 102.75 4.46 - /Baa3 /BBB


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Yapi Ve Kredi Bankasi XS0874840688 22-Jan-20 500 200/1 100 USD Fixed 4.000 96.75 98.25 4.40 - /Baa3 /BBB

Yapi Ve Kredi Bankasi XS0861979440 06-Dec-22 1000 200/1 100 USD Fixed 5.500 96.13 97.63 5.88 - /Ba2 /BBB-

Zenith Bank Plc XS1057929645 22-Apr-19 500 200/1 100 USD Fixed 6.250 84.25 86.25 10.40 BB- /- /B+

Aldar Sukuk (S) XS0993959583 03-Dec-18 750 200/1 100 USD Fixed 4.348 104.50 106.00 2.67 BBB- /Baa3 /-

China Os Grand Ocean Fin XS0996662853 23-Jan-19 400 200/1 100 USD Fixed 5.125 100.38 101.88 4.59 BBB- /Baa2 /BBB

Coca-Cola Icecek Uretim XS0975576165 01-Oct-18 500 200/1 100 USD Fixed 4.750 105.25 106.75 2.77 - /Baa3 /BBB

Country Garden Hldg Co USG24524AH67 04-Apr-21 750 200/1 100 USD Fixed 7.250 95.50 98.00 7.66 BB+ /Ba2 /-

Country Garden Hldg Co USG24524AG84 10-Jan-23 750 200/1 100 USD Fixed 7.500 93.88 95.88 8.22 BB+ /Ba2 /-

Damac (S) XS1054932154 09-Apr-19 650 200/1 100 USD Fixed 4.970 88.38 89.88 7.89 BB /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0997146203 25-Nov-16 300 200/1 100 USD Fixed 5.750 99.38 101.38 4.91 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS0937237831 24-May-18 450 200/1 100 USD Fixed 5.750 96.75 98.75 6.18 B+ /- /-

Dar Al-Arkan Sukuk Co Lt (S) XS1072498006 28-May-19 400 200/1 100 USD Fixed 6.500 97.88 99.88 6.53 B+ /- /-

Delhi International Airp XS1165980274 03-Feb-22 289 200/1 100 USD Fixed 6.125 101.25 103.25 5.55 BB /(P)Ba1 /-

Difc Sukuk (S) XS1120403313 12-Nov-24 700 200/1 100 USD Fixed 4.325 99.38 100.88 4.21 BBB- /- /-

Dip Sukuk Ltd (S) XS1035007530 20-Feb-19 300 200/1 100 USD Fixed 4.291 100.50 102.50 3.61 BB+ /- /-

Edcon Ltd XS0596919026 01-Mar-18 250 150/1 100 USD Fixed 9.500 79.38 82.38 17.22 B- /Caa1 /-

Edcon Ltd XS0888936118 01-Mar-18 300 100/1 100 EUR Fixed 9.500 80.13 83.13 16.85 B- /Caa1 /-

Edcon Ltd XS0596918135 01-Mar-18 317 100/1 100 EUR Fixed 9.500 80.38 83.38 16.73 B- /Caa1 /-

Edcon Holdings Ltd XS0982713173 30-Jun-19 425 100/1 100 EUR Fixed 13.375 31.13 36.13 51.21 CCC- /Caa3 /-

Emaar (S) XS0586840588 03-Aug-16 500 200/1 100 USD Fixed 8.500 108.75 110.75 0.97 BBB- /Ba1 /-

Emaar (S) XS0805885349 18-Jul-19 500 200/1 100 USD Fixed 6.400 112.75 114.75 2.81 BBB- /Ba1 /-

Emaar Mall Group Sukuk (S) XS1075401726 18-Jun-24 750 200/1 100 USD Fixed 4.564 104.00 105.50 3.86 BBB- /Baa2 /-

FlyDubai (S) XS1137967409 26-Nov-19 500 200/1 100 USD Fixed 3.776 99.25 100.75 3.60 Not Rated

Franshion Brilliant Ltd XS1038803190 19-Mar-19 500 200/1 100 USD Fixed 5.750 103.75 105.75 4.20 BBB- /Baa3 /BBB-

Golden Eagle Retail Grou USG3958RAB53 21-May-23 400 200/1 100 USD Fixed 4.625 84.63 86.63 6.77 BBB- /Baa3 /BBB-

Greenland Glb Invst XS1122384685 17-Oct-17 500 200/1 100 USD Fixed 3.500 97.00 99.00 3.90 BBB /Baa3 /BBB-

Indiabulls - Century Ltd XS1118059200 12-Nov-19 175 200/1 100 USD Fixed 10.250 93.25 95.75 11.43 B+ /B1 /B+

Jafz Sukuk Ltd (S) XS0794821453 19-Jun-19 650 200/1 100 USD Fixed 7.000 113.75 115.75 3.08 - /Ba1 /BB-

King Power Capital Ltd XS1125289626 03-Nov-19 300 200/1 100 USD Fixed 3.875 100.13 102.13 3.38 BBB /Baa3 /-

King Power Capital Ltd XS1125272143 03-Nov-24 700 200/1 100 USD Fixed 5.625 104.00 106.00 4.84 BBB /Baa3 /-

Real Estate / Tourism


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Maf Global Securities XS0800825845 05-Jul-19 500 200/1 100 USD Fixed 5.250 108.13 110.13 2.77 BBB /- /BBB

Maf (S) XS0742399198 07-Feb-17 400 200/1 100 USD Fixed 5.850 106.50 108.50 1.42 BBB /- /BBB

Maf Global Securities XS1064799841 07-May-24 500 200/1 100 USD Fixed 4.750 103.88 105.38 4.04 BBB /- /BBB

Maf Global Securities XS0939678792 Perpetual 500 200/1 100 USD Variable 7.125 107.63 109.63 4.27 BB+ /- /BB+

Marfrig Holding Europe B USN54468AC22 20-Sep-21 51 200/1 100 USD Fixed 11.250 96.25 98.75 11.52 B+ /B2 /B+

Nakheel Sukuk (S) XS0624017371 25-Aug-16 4390 500/10 100 AED Fixed 10.000 108.63 110.63 2.73 Not Rated

Qatari Diar XS0527351570 21-Jul-15 1000 100/1 100 USD Fixed 3.500 100.00 101.50 -0.17 AA /Aa2 /-

Qatari Diar XS0527351653 21-Jul-20 2500 100/1 100 USD Fixed 5.000 111.75 113.25 2.37 AA /Aa2 /-

Shimao Ppty Hldng Ltd XS0872804207 14-Jan-20 800 200/1 100 USD Fixed 6.625 96.00 98.00 7.11 BB- /Ba3 /BB+

Shimao Ppty Hldng Ltd XS1013209017 22-Jan-21 600 200/1 100 USD Fixed 8.125 101.00 103.00 7.38 BB- /Ba3 /BB+

Sino Ocean Lnd Trs Fin I XS1089807025 30-Jul-19 500 200/1 100 USD Fixed 4.625 98.50 100.50 4.50 BBB- /Baa3 /BBB-

Sino Ocean Lnd Trs Fin I XS1090864528 30-Jul-24 700 200/1 100 USD Fixed 6.000 101.00 103.00 5.59 BBB- /Baa3 /BBB-

Sunac China Holdings Ltd XS0909370651 05-Apr-18 500 200/1 100 USD Fixed 9.375 98.00 99.50 9.56 B+ /B1 /BB-

Vrg Linhas Aereas Sa USP98079AB59 12-Feb-23 35 200/1 100 USD Fixed 10.750 87.63 89.63 12.87 B- /- /B-

Xinyuan Real Estate XS0998964935 06-Jun-19 200 200/1 100 USD Fixed 13.000 81.38 84.38 18.40 B- /- /B+

Bahrain Telecom. XS0927183441 01-May-20 519 200/1 100 USD Fixed 4.250 99.38 100.88 4.06 BB+ /- /BBB-

Banglalink Digital Comm USY0629LAA53 06-May-19 300 200/1 100 USD Fixed 8.625 97.50 99.50 8.76 B+ /B1 /-

Bharti Airtel Internatio XS1028954953 20-May-21 750 100/1 100 EUR Fixed 3.375 109.38 110.88 1.53 BBB- /Baa3 /BBB-

Bharti Airtel USN1384FAA32 11-Mar-23 1500 200/1 100 USD Fixed 5.125 108.00 109.50 3.75 BBB- /Baa3 /BBB-

Bharti Airtel Internatio USN1384FAB15 20-May-24 1000 200/1 100 USD Fixed 5.350 110.00 111.50 3.86 BBB- /Baa3 /BBB-

Etisalat XS1077881743 18-Jun-19 500 200/1 100 USD Fixed 2.375 101.13 102.13 1.86 AA- /Aa3 /A+

Etisalat XS1077883012 18-Jun-24 500 200/1 100 USD Fixed 3.500 105.13 106.13 2.75 AA- /Aa3 /A+

Etisalat XS1077882121 18-Jun-21 1200 100/1 100 EUR Fixed 1.750 104.88 105.88 0.79 AA- /Aa3 /A+

Etisalat XS1077882394 18-Jun-26 1200 100/1 100 EUR Fixed 2.750 111.25 112.25 1.56 AA- /Aa3 /A+

Helios Towers Finance Nl XS1081230879 15-Jul-19 250 200/1 100 USD Fixed 8.375 90.38 92.88 10.43 B /- /B

Mtn Mauritius Invstments XS1128996425 11-Nov-24 750 200/1 100 USD Fixed 4.755 98.88 100.88 4.64 BBB /Baa2 /-

MTS International XS0921331509 30-May-23 500 200/1 100 USD Fixed 5.000 83.13 86.13 7.26 BB+ /Baa3 /BB+

Qatar Telecom XS0549116290 14-Oct-16 1000 200/1 100 USD Fixed 3.375 102.50 103.50 1.21 A- /A2 /A+

Qatar Telecom XS0432791571 10-Jun-19 600 100/1 100 USD Fixed 7.875 121.88 123.38 2.15 A- /A2 /A+

Qatar Telecom XS0549116530 16-Feb-21 1000 200/1 100 USD Fixed 4.750 108.75 110.75 2.79 A- /A2 /A+

Qatar Telecom XS0866438475 21-Feb-23 1000 200/1 100 USD Fixed 3.250 97.50 100.00 3.25 A- /A2 /A+

Qatar Telecom XS0551307100 19-Oct-25 750 200/1 100 USD Fixed 5.000 109.38 111.88 3.64 A- /A2 /A+

Telecommunications / IT


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Qatar Telecom XS0880134258 31-Jan-28 500 200/1 100 USD Fixed 3.875 96.00 98.50 4.02 A- /A2 /A+

Qatar Telecom XS0881740384 31-Jan-43 500 200/1 100 USD Fixed 4.500 100.38 102.88 4.32 A- /A2 /A+

Naspers USN5946FAA59 28-Jul-17 700 100/1 100 USD Fixed 6.375 107.75 109.75 2.22 - /Baa3 /BB+

Naspers USN5946FAB33 18-Jul-20 1000 200/1 100 USD Fixed 6.000 110.00 112.00 3.54 - /Baa3 /BB+

Rolta LLC USU77587AA83 16-May-18 127 200/1 100 USD Fixed 10.750 100.75 103.25 9.54 BB- /- /BB-

Rolta Americas Llc USU77583AA79 24-Jul-19 373 200/1 100 USD Fixed 8.875 96.63 98.63 9.26 BB- /- /BB-

Telecom Italia Spa XS0195160329 24-Jun-19 850 50/50 100 GBP Fixed 6.375 110.25 111.75 3.40 BB+ /Ba1 /BBB-

Telemar Norte Leste Sa USP9037HAL70 23-Oct-20 1787 100/1 100 USD Fixed 5.500 89.63 91.63 7.33 BB+ /Ba1 /BB+

Turk Telekomunikasyon As XS1028952155 19-Jun-19 500 200/1 100 USD Fixed 3.750 99.25 101.25 3.44 BBB- /- /BBB-

Turk Telekomunikasyon As XS1028951264 19-Jun-24 500 200/1 100 USD Fixed 4.875 100.13 102.13 4.59 BBB- /- /BBB-

Oi Sa USP18445AG42 10-Feb-22 1500 200/1 100 USD Fixed 5.750 87.25 89.25 7.78 BB+ /Ba2 /BB+

Vimpelcom Holdings XS0889401054 13-Feb-19 600 200/1 100 USD Fixed 5.200 87.75 90.75 7.96 BB /Ba3 /-

Vimpelcom Holdings Bv XS0889401724 13-Feb-23 1000 200/1 100 USD Fixed 5.950 81.75 83.75 8.83 BB /Ba3 /-

Ajecorp Bv USN01766AA73 14-May-22 450 150/1 100 USD Fixed 6.500 81.88 83.88 9.65 BB /- /BB+

Afren Plc USG01283AD52 01-Feb-16 253 200/1 100 USD Flat Trading 11.500 42.88 45.38 129.47 D /- /C

Afren Plc USG01283AF01 08-Apr-19 250 200/1 100 USD Fixed 10.250 41.88 44.38 37.94 CC /- /C

Afren Plc USG01283AG83 09-Dec-20 360 200/1 100 USD Fixed 6.625 41.88 44.38 25.50 CC /- /C

Anglogold Holdings Plc US03512TAD37 30-Jul-20 1250 1/1 100 USD Fixed 8.500 107.63 109.63 5.73 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAA97 15-Apr-20 700 1/1 100 USD Fixed 5.375 99.63 101.63 5.01 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAC53 01-Aug-22 750 1/1 100 USD Fixed 5.125 95.38 97.38 5.56 BB+ /Baa3 /-

Anglogold Holdings Plc US03512TAB70 15-Apr-40 300 1/1 100 USD Fixed 6.500 92.88 94.88 6.93 BB+ /Baa3 /-

Bharat Petroleum (BPCL) XS0848436365 25-Oct-22 500 200/1 100 USD Fixed 4.625 101.63 104.63 3.92 - /Baa3 /BBB-

China Automation Group XS0615048260 20-Apr-16 192 200/1 100 USD Fixed 7.750 93.13 95.13 12.38 BB- /B1 /-

China Construct Bk Asia XS1100009874 20-Aug-24 750 200/1 100 USD Variable 4.250 100.00 102.00 3.76 - /Baa1 /A-

China Hongqiao Group XS1081333921 26-Jun-17 400 200/1 100 USD Fixed 7.625 99.63 101.63 6.85 BB /- /BB

China Hongqiao Group XS1132125946 03-May-18 300 200/1 100 USD Fixed 6.875 97.38 99.38 7.09 BB /- /BB

Chinalco Finance XS1150454822 11-Dec-19 500 200/1 100 USD Fixed 3.625 100.38 101.88 3.20 - /A1 /-

China Oil And Gas Group USG2115XAA66 25-Apr-18 350 200/1 100 USD Fixed 5.250 100.25 102.25 4.48 BB+ /Ba1 /-

China Oil And Gas Group XS1132375897 07-May-20 300 200/1 100 USD Fixed 5.000 95.13 97.13 5.64 BB+ /Ba1 /-

Cnpc General Capital Ltd XS1143051115 25-Nov-17 300 200/1 100 USD FRN 1.128 98.00 100.00 1.16 AA- /Aa3 /A+

Cnpc General Capital Ltd XS1143073788 25-Nov-17 500 200/1 100 USD Fixed 1.950 97.88 99.88 1.99 AA- /Aa3 /A+

Industrials / Energy


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Cnpc General Capital Ltd XS1143081963 25-Nov-19 700 200/1 100 USD Fixed 2.700 97.63 99.63 2.78 AA- /Aa3 /A+

Cimento Tupi Sa USP9159EAA03 11-May-18 185 2/1 100 USD Fixed 9.750 57.00 60.00 29.95 B- /- /B-

Cimpor Financial Opertns USN20137AD23 17-Jul-24 750 200/1 100 USD Fixed 5.750 71.38 73.38 10.22 BB /- /BB

Citic Ltd XS0758793342 21-Jan-18 1100 200/1 100 USD Fixed 6.875 109.25 111.25 2.82 BBB+ /A3 /-

Citic Ltd XS0912154381 10-Apr-20 500 200/1 100 USD Fixed 6.375 110.63 112.63 3.65 BBB+ /A3 /-

Cliffs Natural Resources US18683KAA97 15-Mar-20 400 2/1 100 USD Fixed 5.900 73.00 78.00 11.80 B /B1 /-

Cnpc General Capital Ltd USG22004AF54 14-May-17 750 200/1 100 USD FRN 1.157 98.25 100.25 1.05 A+ /A1 /A+

Cnpc General Capital Ltd USG22004AG38 14-May-19 750 200/1 100 USD Fixed 2.750 97.88 99.88 2.78 A+ /A1 /A+

Colbun Sa USP2867KAE66 10-Jul-24 500 200/1 100 USD Fixed 4.500 101.75 103.75 4.01 BBB- /- /BBB

Dana Gas (C) (S) XS0914266415 31-Oct-17 364 45/0.01 100 USD Fixed 7.000 80.50 87.50 12.56 Not Rated

Dana Gas (S) XS0914266845 31-Oct-17 425 45/0.01 100 USD Fixed 9.000 86.38 90.38 13.32 Not Rated

DEWA XS0504040725 22-Apr-15 1000 100/1 100 USD Fixed 8.500 100.75 101.75 -2.26 - /Baa2 /WD

DEWA XS0551313926 21-Oct-16 500 100/1 100 USD Fixed 6.375 106.50 108.50 1.18 - /Baa2 /WD

DEWA XS0551313686 21-Oct-20 1500 100/1 100 USD Fixed 7.375 121.38 123.38 2.87 - /Baa2 /WD

DEWA (S) XS0897680558 05-Mar-18 1000 200/1 100 USD Fixed 3.000 101.13 103.13 1.93 BBB /- /-

Dolphin Energy Ltd USM28368AA21 15-Jun-19 714 100/1 100 USD Fixed 5.888 109.00 110.50 3.25 - /A1 /A+

Dolphin Energy Ltd USM28368AB04 15-Dec-21 1300 200/1 100 USD Fixed 5.500 114.50 116.00 2.89 - /A1 /A+

Doric Nimrod Air 2012-1A US258258AA01 30-Nov-22 379 200/1 100 USD Fixed 5.125 104.50 106.00 4.21 - /A3 /-

Dp World Ltd (C) XS1078764302 19-Jun-24 1000 200/200 100 USD Fixed 1.750 105.00 106.50 1.02 - /Baa3 /BBB-

DP World XS0308427581 02-Jul-37 1750 100/10 100 USD Fixed 6.850 115.25 116.75 5.53 NR /Baa3 /BBB-

DP World (S) XS0307408152 02-Jul-17 1500 100/10 100 USD Fixed 6.250 108.00 109.50 2.09 NR /Baa3 /BBB-

Emirates Airlines XS0632833553 08-Jun-16 1000 200/1 100 USD Fixed 5.125 103.50 105.00 1.20 Not Rated

Emirates Airlines XS0885065887 06-Feb-25 714 200/1 100 USD Fixed 4.500 100.75 102.25 4.22 Not Rated

Emirates Airlines (S) XS0904232310 19-Mar-23 805 200/1 100 USD Fixed 3.875 100.13 101.63 3.64 Not Rated

Eskom Holdings Soc Ltd XS0579851949 26-Jan-21 1750 200/1 100 USD Fixed 5.750 96.88 98.88 5.98 BBB- /Ba1 /-

Eskom Holdings Soc Ltd XS0958072240 06-Aug-23 1000 200/1 100 USD Fixed 6.750 100.88 102.88 6.30 BBB- /Ba1 /-

Exim Sukuk Malaysia (S) XS0981802738 19-Feb-19 300 200/1 100 USD Fixed 2.874 99.25 101.25 2.54 - /A3 /A-

Fibria Overseas Finance US31572UAE64 12-May-24 600 2/1 100 USD Fixed 5.250 99.38 101.38 5.06 BB+ /Ba1 /BBB-

Gazprombk (Gpb Finance) XS0779213460 03-May-19 500 200/1 100 USD Fixed 7.250 86.63 90.63 10.04 BB- /B1 /BB

Gazprombk (Gpb Finance) XS1040726587 05-Sep-19 750 200/1 100 USD Fixed 4.960 80.38 84.38 9.26 BB+ /- /BB+

Gazprom (Gaz Capital Sa) XS0805570354 19-Jul-22 1000 200/1 100 USD Fixed 4.950 83.63 86.63 7.32 BB+ /Baa3 /BBB-


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Gazprombk (Gpb Finance) XS0975320879 28-Dec-23 750 200/1 100 USD Variable 7.496 76.00 81.00 14.05 - /NR /B+

Gazprombk (Gpb Finance) XS0848137708 Perpetual 1000 200/1 100 USD Variable 7.875 77.75 80.75 15.82 - /NR /-

Gazprom (Gaz Capital Sa) XS0974126186 25-Sep-20 500 100/1 100 GBP Fixed 5.338 84.88 89.88 7.59 BB+ /Baa3 /BBB-

Gazprom (Gaz Capital Sa) XS1038646078 26-Feb-21 750 100/1 100 EUR Fixed 3.600 84.50 87.50 6.15 BB+ /Baa3 /BBB-

Gems Mea Sukuk Ltd (S) XS0995041539 Perpetual 200 150/1 100 USD Variable 12.000 112.50 114.50 7.48 Not Rated

General Electric XS0880289292 30-Jan-43 700 200/1 100 USD Fixed 4.625 101.63 103.63 3.32 AA+ /A1 /-

Global Liman Isletmeleri XS1132825099 14-Nov-21 250 200/1 100 USD Fixed 8.125 85.50 88.00 10.67 - /B1 /BB-

Gol Finance US38045UAC45 03-Apr-17 84 2/1 100 USD Fixed 7.500 97.13 99.63 7.69 - /B3 /B-

Gold Fields Orogen Hold XS0547082973 07-Oct-20 1000 200/1 100 USD Fixed 4.875 87.88 90.38 6.97 BB+ /Ba1 /-

Greenko Dutch Bv USN3700LAA37 01-Aug-19 550 200/1 100 USD Fixed 8.000 89.75 92.25 10.21 B /- /B

Indian Oil Corp Ltd XS0654493823 02-Aug-21 500 200/1 100 USD Fixed 5.625 108.50 111.50 3.61 - /Baa3 /BBB-

Indian Oil Corp Ltd XS0955024236 01-Aug-23 500 200/1 100 USD Fixed 5.750 110.00 112.00 4.06 - /Baa3 /BBB-

Indian Railway Finance C XS0602696618 30-Mar-16 200 200/1 100 USD Fixed 4.406 101.13 103.13 1.52 BBB- /Baa3 /BBB-

Indian Railways Finance Co. XS0836520717 10-Oct-17 300 200/1 100 USD Fixed 3.417 100.38 103.38 2.09 BBB- /Baa3 /BBB-

Jsw Steel Ltd XS1133588233 12-Nov-19 500 200/1 100 USD Fixed 4.750 95.75 97.75 5.29 - /Ba1 /BB+

Klabin Finance Sa USL5828LAA72 16-Jul-24 500 200/1 100 USD Fixed 5.250 96.13 98.13 5.51 BBB- /- /BBB-

Kuwait Energy Plc XS1086694111 04-Aug-19 250 200/1 100 USD Fixed 9.500 87.38 89.38 12.70 B- /- /B-

Maoye International Hold USG5804GAE47 19-May-17 300 200/1 100 USD Fixed 7.750 91.75 94.75 10.43 BB /Ba3 /-

Masisa USP6460HAA34 05-May-19 300 200/1 100 USD Fixed 9.500 95.00 98.00 10.09 BB- /- /BB

Millenium Offshore Services USY53653AA28 15-Feb-18 225 200/1 100 USD Fixed 9.500 102.00 105.00 6.75 B+ /B2 /-

Minsur Sa USP6811TAA36 07-Feb-24 450 150/1 100 USD Fixed 6.250 108.38 110.38 4.81 BBB- /Baa3 /BBB-

Nakilat Inc USY62014AB48 31-Dec-33 271 100/1 100 USD Fixed 6.267 114.63 117.63 4.83 A+ /A1 /A-

Nitrogenmuvek Vegyipari XS0928972909 21-May-20 200 200/1 100 USD Fixed 7.875 95.50 97.50 8.47 BB- /- /BB-

Norilsk Nickel OJSC XS0922134712 30-Apr-18 750 200/1 100 USD Fixed 4.375 95.38 97.38 5.28 BBB- /Baa3 /BBB-

Norilsk Nickel OJSC XS0982861287 28-Oct-20 1000 200/1 100 USD Fixed 5.550 93.88 96.38 6.32 BBB- /Baa3 /BBB-

Novolipetsk Steel OJSC XS0808632847 19-Feb-18 708 200/1 100 USD Fixed 4.450 92.38 94.38 6.55 BB+ /Baa3 /BBB-

Novolipetsk Steel OJSC XS0783934325 26-Sep-19 471 200/1 100 USD Fixed 4.950 90.25 92.75 6.81 BB+ /Baa3 /BBB-

NTPC Ltd XS0245398226 02-Mar-16 300 100/1 100 USD Fixed 5.875 102.38 104.38 1.54 BBB- /- /BBB-

NTPC Ltd XS0648477593 14-Jul-21 500 200/1 100 USD Fixed 5.625 111.00 113.00 3.35 BBB- /- /BBB-

NTPC Ltd XS0835676353 03-Oct-22 500 200/1 100 USD Fixed 4.750 105.13 107.13 3.67 BBB- /- /BBB-

NTPC Ltd XS1143390679 26-Nov-24 500 200/1 100 USD Fixed 4.375 102.25 104.25 3.85 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043011 25-Apr-24 1250 200/1 100 USD Fixed 5.625 106.75 108.25 4.52 BBB- /- /BBB-

Office Cherifien Des Pho XS1061043367 25-Apr-44 600 200/1 100 USD Fixed 6.875 111.50 113.00 5.93 BBB- /- /BBB-


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Oil India Ltd XS1057074871 17-Apr-19 500 200/1 100 USD Fixed 3.875 102.38 104.38 2.75 - /Baa2 /BBB-

Oil India Ltd XS1056232322 17-Apr-24 500 200/1 100 USD Fixed 5.375 108.38 110.38 4.01 - /Baa2 /BBB-

Ongc Videsh Ltd XS0927643030 07-May-18 300 200/1 100 USD Fixed 2.500 98.75 100.25 2.42 BBB- /Baa2 /-

Ongc Videsh Ltd XS1084957155 15-Jul-19 750 200/1 100 USD Fixed 3.250 100.13 101.63 2.85 BBB- /Baa2 /-

Ongc Videsh Ltd XS0922882344 07-May-23 500 200/1 100 USD Fixed 3.750 97.75 99.25 3.86 BBB- /Baa2 /-

Ongc Videsh Ltd XS1079848369 15-Jul-24 750 200/1 100 USD Fixed 4.625 104.00 105.50 3.92 BBB- /Baa2 /-

Petrobras Global Finance US71647NAJ81 17-Mar-17 1400 2/1 100 USD FRN 2.603 91.63 93.63 5.89 BBB- /Baa3 /BBB-

Petrobras Global Finance US71647NAL38 17-Mar-20 500 2/1 100 USD FRN 3.123 85.88 87.88 5.90 BBB- /Baa3 /BBB-

Petrobras Global Finance US71645WAL54 06-Oct-16 899 2/1 100 USD Fixed 6.125 97.25 101.25 5.30 BBB- /Baa3 /BBB-

Petrobras Global Finance US71647NAG43 17-Mar-17 1600 2/1 100 USD Fixed 3.250 92.50 94.50 6.13 BBB- /Baa3 /BBB-

Petrobras Global Finance US71647NAB55 15-Jan-19 2000 2/1 100 USD Fixed 3.000 85.88 87.88 6.58 BBB- /Baa3 /BBB-

Petrobras Global Finance US71647NAH26 17-Mar-20 1500 2/1 100 USD Fixed 4.875 89.38 91.38 6.92 BBB- /Baa3 /BBB-

Petrobras Global Finance US71645WAR25 27-Jan-21 5250 2/1 100 USD Fixed 5.375 89.63 92.63 6.91 BBB- /Baa3 /BBB-

Petrobras Global Finance US71647NAF69 20-May-23 3500 2/1 100 USD Fixed 4.375 83.63 85.63 6.67 BBB- /Baa3 /BBB-

Petrobras Global Finance US71647NAM11 17-Mar-24 2500 2/1 100 USD Fixed 6.250 92.50 94.50 7.08 BBB- /Baa3 /BBB-

Petrobras Global Finance US71647NAK54 17-Mar-44 1000 2/1 100 USD Fixed 7.250 92.75 94.75 7.70 BBB- /Baa3 /BBB-

Petroleos De Venezuela S USP7807HAK16 02-Nov-17 6150 0.1/0.1 100 USD Fixed 8.500 62.38 64.88 27.90 CCC /- /CCC

PLN Indonesia US71568QAA58 22-Nov-21 1000 200/1 100 USD Fixed 5.500 106.50 109.00 3.96 BB /Baa3 /BBB-

Power Grid Corp Of India XS0875759184 17-Jan-23 500 200/1 100 USD Fixed 3.875 97.63 100.13 3.86 BBB- /- /BBB-

Puma Intl Financing XS1022807090 01-Feb-21 1000 200/1 100 USD Fixed 6.750 99.13 101.13 6.42 - /Ba3 /BB

Ras Laffan Lng 3 USM8222MAB83 30-Sep-16 284 250/1 100 USD Fixed 5.832 102.63 104.63 2.84 A /Aa3 /A+

Ras Laffan Lng Ii USM8221WAA91 30-Sep-20 867 250/1 100 USD Fixed 5.298 107.00 109.00 3.51 A /Aa3 /A+

Reliance Holding USU75888AA26 19-Oct-20 1000 250/1 100 USD Fixed 4.500 104.63 106.63 3.21 BBB+ /Baa2 /-

Reliance Holding USU75888AC81 14-Feb-22 1500 250/1 100 USD Fixed 5.400 108.38 110.38 3.70 BBB+ /Baa2 /-

Reliance Industries Ltd USY72596BU56 28-Jan-25 1000 250/1 100 USD Fixed 4.125 98.88 100.38 4.08 BBB+ /Baa2 /-

Reliance Holding USU75888AB09 19-Oct-40 500 250/1 100 USD Fixed 6.250 113.38 115.38 5.16 BBB+ /Baa2 /-

Rural Electrification XS0579361428 25-Jan-16 500 100/1 100 USD Fixed 4.250 101.00 102.50 1.50 - /Baa3 /BBB-

Sabic Capital I Bv XS0554434240 02-Nov-15 1000 200/1 100 USD Fixed 3.000 100.50 102.00 0.10 A+ /A1 /A+

Sabic Capital II Bv XS0971431613 03-Oct-18 1000 200/1 100 USD Fixed 2.625 101.38 102.88 1.80 A+ /A1 /A+

Sabic Capital I Bv XS0995811741 20-Nov-20 750 100/1 100 EUR Fixed 2.750 109.38 110.88 0.80 A+ /A1 /A+

Samarco Mineracao Sa USP84050AC02 26-Sep-24 500 200/1 100 USD Fixed 5.375 95.13 96.63 5.84 BBB- /- /BBB

Sasol Financing Int US803865AA25 14-Nov-22 1000 200/1 100 USD Fixed 4.500 99.38 100.88 4.36 BBB /Baa1 /-

Saudi Electricity Co (S) XS0764883806 03-Apr-17 500 200/1 100 USD Fixed 2.665 102.38 103.38 1.04 AA- /A1 /AA-


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch



Saudi Elec Global Sukuk (S) XS1054250235 08-Apr-24 1500 200/1 100 USD Fixed 4.000 106.38 107.38 3.07 AA- /A1 /AA-


Saudi Elec Global Sukuk (S) XS1054250318 08-Apr-44 1000 200/1 100 USD Fixed 5.500 112.13 113.13 4.67 AA- /A1 /AA-

Schahin Ii Finan Co Spv USG785ARAA65 25-Sep-22 675 200/10 100 USD Fixed 5.875 59.00 64.00 13.55 BB /Ba1 /BB+

Shanghai Elc Grp Glb Inv XS1092649620 14-Aug-19 500 200/1 100 USD Fixed 3.000 99.88 101.88 2.55 A /A2 /A

Srilankan Airlines Ltd XS1080090126 27-Jun-19 175 200/1 100 USD Fixed 5.300 97.13 99.13 5.53 B+ /- /-

Syndicate Bank/London XS1073127901 04-Dec-19 400 200/1 100 USD Fixed 3.875 99.75 101.75 3.47 BBB- /Baa3 /-

TAQA XS0272948554 27-Oct-16 1000 100/1 100 USD Fixed 5.875 106.38 107.88 1.11 A- /A3 /-

TAQA XS0717839525 13-Mar-17 750 200/1 100 USD Fixed 4.125 104.00 105.50 1.40 A- /A3 /-


TAQA XS0863523972 12-Jan-18 750 200/1 100 USD Fixed 2.500 100.38 101.88 1.83 A- /A3 /-

TAQA XS0380056183 01-Aug-18 500 100/1 100 USD Fixed 7.250 116.00 117.50 1.96 A- /A3 /-

TAQA XS0452300402 16-Sep-19 500 100/1 100 USD Fixed 6.250 115.63 117.13 2.27 A- /A3 /-

TAQA XS0717839871 13-Dec-21 750 200/1 100 USD Fixed 5.875 117.13 118.63 2.84 A- /A3 /-

TAQA XS0863524277 12-Jan-23 1250 200/1 100 USD Fixed 3.625 101.38 102.88 3.21 A- /A3 /-

TAQA XS1017435352 06-May-24 750 200/1 100 USD Fixed 3.875 102.38 103.88 3.38 A- /A3 /-


Tata Motors Ltd XS1121907676 30-Apr-20 500 200/1 100 USD Fixed 4.625 102.25 104.25 3.71 BB /Ba2 /-

Tata Steel XS1092182606 31-Jan-20 500 200/1 100 USD Fixed 4.850 101.75 103.25 4.11 BB /- /BB+

Tata Steel XS1090889947 31-Jul-24 1000 200/1 100 USD Fixed 5.950 101.13 102.63 5.59 BB /- /BB+

Topaz Marine Sa USL90608AA56 01-Nov-18 350 200/1 100 USD Fixed 8.625 79.50 82.50 14.96 B- /B3 /-

Transnet Soc Ltd XS0590902325 10-Feb-16 750 200/1 100 USD Fixed 4.500 101.75 103.25 1.09 BBB- /Baa1 /-

Transnet Soc Ltd XS0809571739 26-Jul-22 1000 200/1 100 USD Fixed 4.000 97.00 98.50 4.24 BBB- /Baa1 /BBB

Tullow Oil Plc USG91235AA22 01-Nov-20 650 200/1 100 USD Fixed 6.000 88.88 90.88 8.03 B+ /B2 /-

Tullow Oil Plc USG91235AB05 15-Apr-22 650 200/1 100 USD Fixed 6.250 87.75 89.75 8.17 B+ /B2 /-

Tupras-Turkiye Petrol Ra XS0849020556 02-May-18 700 200/1 100 USD Fixed 4.125 99.88 101.38 3.66 - /Ba1 /BBB-

Vale Overseas Limited US91911TAM53 11-Jan-22 2250 2/1 100 USD Fixed 4.375 96.13 97.63 4.78 BBB+ /Baa2 /BBB+

Vedanta Resources Plc USG9328DAF71 07-Jun-16 750 200/1 100 USD Fixed 6.750 98.25 100.25 6.53 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAH38 31-Jan-19 1200 200/1 100 USD Fixed 6.000 90.75 92.75 8.18 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAG54 07-Jun-21 900 200/1 100 USD Fixed 8.250 95.63 97.63 8.74 BB /Ba3 /WD

Vedanta Resources Plc USG9328DAJ93 31-May-23 500 200/1 100 USD Fixed 7.125 88.88 90.88 8.69 BB /Ba3 /WD


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Videocon Industries Ltd (C) XS0566786546 16-Dec-15 194 100/100 100 USD Fixed 6.750 78.00 83.00 32.10 Not Rated

Waha Aerospace XS0528721623 28-Jul-20 825 100/1 100 USD Fixed 3.925 104.25 105.75 2.78 AA /Aa2 /AA

Yancoal Intl Res Dev USY97279AA45 16-May-17 450 200/1 100 USD Fixed 4.461 97.00 99.50 4.70 BB+ /Ba2 /BB+

Yancoal Intl Res Dev USY97279AB28 16-May-22 550 200/1 100 USD Fixed 5.730 90.63 93.13 6.95 BB+ /Ba2 /BB+

Yingde Gases Invstmt Ltd USG9844KAA72 22-Apr-18 425 200/1 100 USD Fixed 8.125 85.50 89.50 12.22 BB- /B1 /BB

Yingde Gases Invstmt Ltd USG9844KAB55 28-Feb-20 250 200/1 100 USD Fixed 7.250 75.38 80.38 12.66 BB- /B1 /BB

Zoomlion Hk Spv Co Ltd USY9896RAB79 20-Dec-22 600 200/1 100 USD Fixed 6.125 89.75 91.75 7.54 BB /- /BB+

Abn Amro Bank Nv XS0619547838 27-Apr-22 595 200/1 100 USD Fixed 6.250 112.88 114.88 3.86 BBB- /Baa3 /A-

Abn Amro Bank Nv XS0827817650 13-Sep-22 1500 200/1 100 USD Variable 6.250 107.75 109.75 2.30 BBB- /NR /A-

Bank Of Scotland Plc XS0066120915 15-May-21 500 10/10 100 GBP Fixed 9.375 132.25 133.25 3.36 BBB- /Baa2 /BBB+

Barclays XS0322792010 Perpetual 117 100/1 100 USD Variable 7.434 109.50 112.00 2.95 BB /Ba1 /BBB-

Barclays XS0397801357 Perpetual 3000 50/1 100 GBP Variable 14.000 134.50 137.50 4.26 BB /Ba1 /BBB-

Barclays Bank Plc US06740L8C27 21-Nov-22 3000 200/1 100 USD Fixed 7.625 112.63 114.63 5.29 BB+ /NR /BBB-

Barclays Bank Plc US06739FHK03 10-Apr-23 1000 200/1 100 USD Variable 7.750 108.75 110.75 4.05 BB+ /NR /BBB-

Citigroup Inc XS0180008905 18-Nov-15 250 1/1 100 GBP Fixed 5.500 101.50 103.50 0.68 A- /Baa2 /A

Commerzbank Ag XS0101360161 30-Aug-19 150 10/10 100 GBP Fixed 6.625 109.38 111.38 3.83 BB /Ba2 /BBB-

Commerzbank Ag DE000CB83CF0 16-Mar-21 1250 100/100 100 EUR Fixed 7.750 123.38 125.38 3.09 BB /Ba2 /BBB-

Credit Agricole FR0010533554 Perpetual 500 2/2 100 USD Fixed 7.375 101.00 103.00 -11.62 BB+ /Ba2 /BBB-

Credit Agricole Sa USF22797RT78 Perpetual 1750 200/1 100 USD Variable 7.875 103.75 105.25 7.08 BB /NR /BB+

Credit Europe Bank NV XS0878492791 24-Jan-23 400 200/1 100 USD Variable 8.000 101.13 104.13 6.42 - /B1 /B+

Goldman Sachs Group Inc XS0212249014 15-Dec-15 600 1/1 100 GBP Fixed 5.250 102.63 103.63 0.71 A- /Baa1 /A

Jaguar Land Rover Automo USG50027AB03 15-May-21 410 150/1 100 USD Fixed 8.125 108.00 112.00 1.48 BB /Ba2 /BB-

KBC Bank NV BE6248510610 25-Jan-23 1000 200/200 100 USD Variable 8.000 111.75 113.25 3.21 BBB- /NR /-

Lloyds Bank Plc XS0517466198 07-Sep-15 75 1/0.1 100 GBP Fixed 5.375 100.63 102.63 0.41 A /A1 /A

Lloyds Bank Plc US53947QAA58 14-Sep-20 2000 100/1 100 USD Fixed 6.500 116.00 118.00 2.96 BBB- /Baa2 /BBB+

Lloyds Bank Plc XS0717735582 16-Dec-21 466 1/1 100 GBP Variable 10.750 115.75 116.75 1.31 BBB- /Baa3 /BBB+

Macquarie Bank Ltd US55608YAA38 07-Apr-21 1000 2/1 100 USD Fixed 6.625 114.38 117.38 3.45 BBB /Baa2 /A-

Macquarie Bank Ltd XS0543111768 21-Sep-20 600 50/50 100 EUR Fixed 6.000 119.13 122.13 1.79 BBB /Baa2 /A-

Mizuho Group XS0803109270 18-Jul-22 1500 200/1 100 USD Fixed 4.200 102.88 105.88 3.30 A /A2 /-

Morgan Stanley XS0236338504 30-Nov-15 325 50/1 100 GBP Fixed 5.125 101.38 103.38 0.67 A- /Baa2 /A

Morgan Stanley XS0531922465 10-Aug-20 1500 50/50 100 EUR Fixed 5.375 123.63 124.63 0.75 A- /Baa2 /A

Morgan Stanley US61747WAF68 25-Jan-21 2592 100/1 100 USD Fixed 5.750 114.50 116.50 2.71 A- /Baa2 /A

Various Developed Market Issues


February 22, 2015


(Mn)

Min Piece/

Incr. (000)

Value at


Credit Rating

S&P /Moody /Fitch

Natixis USF6483LHM57 Perpetual 186 100/1 100 USD Variable 10.000 116.38 119.38 3.50 BB+ /Ba2 /BBB-

Natl Westminster Bank XS0090254722 07-Sep-21 300 10/10 100 GBP Fixed 6.500 114.13 116.13 3.67 BB+ /Ba2 /BBB-

Prudential Plc XS0873630742 Perpetual 700 200/1 100 USD Fixed 5.250 103.00 105.00 3.53 A- /Baa1 /BBB+

Rabobank Nederland XS0826634874 14-Sep-22 1000 100/1 100 EUR Fixed 4.125 116.25 118.25 1.55 BBB+ /A2 /A+

Rabobank Nederland XS0583302996 Perpetual 2000 100/1 100 USD Variable 8.375 106.75 108.75 2.10 - /- /BBB

Rabobank Nederland XS0703303262 Perpetual 2000 100/1 100 USD Variable 8.400 109.88 111.88 3.11 - /- /BBB

Royal Bk Of Scotland Plc XS0356705219 09-Apr-18 2000 50/1 100 EUR Fixed 6.934 114.00 116.00 1.63 BB+ /Ba2 /BBB-

Royal Bk Of Scotland Plc XS0753308559 16-Mar-22 2132 1/1 100 USD Variable 9.500 112.00 114.00 2.49 BB+ /NR /BBB-

Royal Bk Scotlnd Grp Plc US780099CE50 15-Dec-22 2250 2/1 100 USD Fixed 6.125 110.63 112.63 4.21 BB /Ba3 /BBB-

Societe Generale XS0503530874 17-Dec-15 350 50/50 100 GBP Fixed 3.875 100.63 102.63 0.61 A /A2 /A

Societe Generale XS0454569863 Perpetual 1000 2/2 100 USD Fixed 8.750 99.75 101.75 -5.62 BB+ /Ba2 /-

Standard Chartered Plc XS0874014722 11-Jan-23 2000 200/1 100 USD Fixed 3.950 98.00 100.00 3.95 BBB /A3 /A+

UBS AG CH0214139930 22-May-23 1500 200/1 100 USD Variable 4.750 101.63 103.63 3.54 BBB /NR /BBB+

Unicredit Spa XS0849517650 31-Oct-22 1500 100/1 100 EUR Fixed 6.950 121.25 123.25 3.45 BB /Ba2 /BBB

Unicredit Spa XS0925177130 02-May-23 750 200/1 100 USD Variable 6.375 105.00 107.00 4.01 BB /Ba2 /BBB

42148 2500 500/25 100 EGP Zero Coupon N/A Zero Cpn 97.56227427 8.02 B/B2/B+ 8.12 B/B2/B+




(C) Denotes a Convertible bond

(S) Denotes a Sukuk

* Offer Yield adjusted for tax

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