mashreq Fixed Income Trading
Daily Market Update Thursday, January 21, 2016
Quote of the Day
"Either I will find a way, or I will make one.” (Philip Sidney)
Market Update UAE Central Bank halts foreign banks waivers on Government lending The UAE Central Bank has reportedly removed waivers given to foreign banks allowing them to use their group's capital reserves to calculate lending to the government and state-owned entities, sources aware of the matter told Reuters. The change, related to 2012 legislation to counter dangers to the Gulf state's banking system from lenders accumulating large exposures to single borrowers, means foreign banks can only use the reserves of their locally- registered units to calculate lending limits. Large international banks should be unaffected by the move, as they register the loans made in the UAE in central processing centres outside the country. However, the sources said many regional Gulf and Asian banks, which traditionally booked UAE business within local units and predominantly lend to government entities and large companies, would be significantly impacted. One, at a bank affected by the move, said his organisation had stopped nearly all lending to clients as it evaluated the move's implications. The UAE central bank did not respond to a request for comment. The 2012 rules were brought in after Dubai state-linked entities needed to restructure tens of billions of dollars of debt -- a move which forced banks to set aside large amounts of cash as provisions. According to the circular outlining the ruling, the exposure to the government and government-linked companies of branches of foreign banks in the UAE must not exceed 30% of the local capital base. But the 2012 circular also said the central bank may give certain exemptions to the rules. For banks which received such waivers, these were not renewed as of December 31, sources aware of the move said. It is unclear how many banks were given waivers. (Reuters) Saudi Arabia said to plan first debt sale of 2016 next week Saudi Arabia plans to hold a debt auction next week, its first bond sale of the year, as the world’s largest oil exporter seeks to plug a budget deficit, according to two people familiar with the matter. The auction, to raise as much as 20 billion riyals (USD5.3 billion), is the first indication Saudi Arabia will continue tapping the local debt market to fund a budget gap, forecast by the International Monetary Fund to be 14% of gross domestic product this year. The Saudi Arabian Monetary Agency plans to price the auction on Jan. 24, with settlement of the sale two days later, the people said, asking not to be identified as the information is private. Saudi Arabia will probably sell about 120 billion riyals of debt in 2016 to support its finances after oil’s slump, Saudi Fransi Capital said in October. Last year, the government planned to raise 90 billion riyals to 100 billion riyals from monthly debt sales to local institutions, people told Bloomberg in August. The five-year tranche may be priced from 40 basis points to 45 basis points above similar maturity U.S. Treasuries, the seven-year segment 50 basis points to 55 basis points and the 10-year securities 60 basis points to 65 basis points, the people said. (Bloomberg) Brookfield plans USD1 billion office tower in DIFC Brookfield Property Partners LP plans to start building the first commercial tower to be developed in Dubai’s financial district since the global credit crisis seven years ago. The New York-based company and Dubai’s sovereign wealth fund, Investment Corporation of Dubai, will split the cost of the 53-story tower in the Dubai International Financial Centre, the companies said in joint press conference Wednesday. Construction of the 1.5 million square-foot (139,000 square-meter) tower, designed by Foster + Partners, will start immediately and finish by the end of 2018, the companies said. The building is expected to have a value of more than USD1 billion when finished and will be financed by loans from various banks, Brookfield Chairman Ric Clark said. “Dubai’s economy doesn’t rely on the energy industry at all and I think, as a consumer, they are probably benefiting from low oil prices,” Clark said. Large companies looking to be in the region will use Dubai as a hub because of the great quality of life, creating demand for offices, he said. (Bloomberg) Saudi Aramco in advanced talks to buy China refinery stakes -chairman Saudi Aramco is in advanced talks to invest in refineries in China and the company was also in talks with CNPC and Sinopec for investment opportunities in refining, marketing and petrochemicals, the chairman of the state oil company said. Saudi Aramco Chairman Khalid al-Falih also told reporters on the sidelines of the official inauguration of Yasref, a 400,000 barrels per day oil refinery, that there may be opportunities for further expansion of the plant. The refinery, which began operations at full capacity in July, is a joint venture between Saudi Aramco , the world's biggest oil company, and China's Sinopec. "Yes we are in talks with CNPC and Sinopec to enter investment opportunities in China. There are many refineries inside China in advanced stages to negotiate for them," Falih said. The deal is estimated to be worth around USD1-USD1.5 billion, although final valuations, assets and stakes were subject to change. (Reuters) US economy seen growing 0.7% in fourth quarter according to Atlanta Fed The US economy is on track to grow 0.7% in the fourth quarter after reports on domestic consumer prices and housing starts in December, the Atlanta Federal Reserve's GDPNow forecast model showed on Wednesday. "The forecasts for fourth quarter real consumer spending growth and real residential investment growth each increased slightly," the Atlanta Fed said. (Reuters) US consumer prices fall in December on lower commodities prices The cost of living in the US dropped in December, led by a slump in commodities that’s roiling global markets. The CPI declined 0.1% after being little changed in November, a Labor Department report showed on Wednesday. The median forecast in a Bloomberg survey of economists called for a 0.1% increase. Excluding food and fuel, the so-called core index rose 0.1%, less than forecast and the smallest gain in four months. Core consumer prices were projected to rise 0.2% according to the median forecast in the Bloomberg survey of economists. For the year 2015, consumer prices climbed 0.7% after rising 0.8% in 2014. It was the smallest advance since 2008. Excluding food and energy, they rose 2.1% last year following a 1.6% increase in 2014. (Bloomberg) UK unemployment hits decade low as labor market tightens UK unemployment unexpectedly fell to the lowest in almost a decade and wage growth slowed less than economists forecast as the labor market continued to strengthen. Pay excluding bonuses rose 1.9% in the three months through November from a year earlier compared with 2% in the quarter through October, the Office for National Statistics said in London on Wednesday. Unemployment fell to 5.1%, the lowest since the three months through January 2006. (Bloomberg) China seen losing another USD300 billion in FX reserves in 2016 China’s foreign-exchange reserves are seen tumbling by USD300 billion this year to a level near what some analysts say risks undermining confidence in the central bank’s ability to defend the currency. Ten out of 12 economists in a Bloomberg survey last week forecast reserves will drop to USD3 trillion or less by the end of this year, and the median estimate is for that same amount. The holdings are projected to tumble further, to USD2.66 trillion by the end of next year, the lowest since 2010. Policy makers have been battling to hold up the yuan amid slower growth and slumping stocks, burning through reserves to reduce yuan volatility. The stockpile plunged USD513 billion last year to USD3.33 trillion, the first annual drop since 1992, as capital outflows accelerated and the yuan lost its status as a one-way bet on appreciation after a surprise devaluation in August. (Bloomberg) PBOC injects most cash in 3 years in an OMO The People’s Bank of China injected the most cash in almost three years in its open-market operations, helping ease a cash squeeze as the coming Chinese New Year holiday spurs demand for funds at a time when capital outflows are mounting. The central bank said it conducted 110 billion yuan (USD16.7 Page 1 mashreq Fixed Income Trading
Daily Market Update Thursday, January 21, 2016
billion) of seven-day reverse-repurchase agreements and 290 billion yuan of 28-day contracts. That compares with 160 billion yuan of contracts that matured and resulted in a net cash injection of 315 billion yuan for this week’s two auctions. Other lending tools were used to add about 700 billion yuan this week for terms ranging from three days to a year. China is trying to hold borrowing costs down to support its economy without spurring an exodus of funds that drove the yuan to a five-year low this month. Gross domestic product rose last year at the slowest pace in a quarter century and intervention to prop up the exchange rate led to a record USD513 billion plunge in the nation’s foreign-exchange reserves. The Chinese New Year holiday will shut China’s financial markets throughout the week starting February 8. (Bloomberg) Banking problems, growth worries hit southern European bonds Bond yields in the euro zone's indebted southern countries rose sharply on Wednesday, as worries over the banking sectors in Italy and Portugal added to global growth concerns and risk aversion sparked by a rapid fall in oil prices. The European Central Bank was not expected to ease monetary policy further on Thursday, so bond investors were left feeling more vulnerable than in recent months, knowing they will not benefit from any additional near-term support. In Italy, at the centre of the euro zone debt crisis in 2011-2012, concerns about EUR200 billion (USD218 billion) of non-performing loans that are unlikely to be repaid have helped push bank shares some 20% lower this year. The gap between yields on Portuguese bonds and benchmark German Bunds expanded to its widest since July. In Italy and Spain the gap is the widest since September, while in thrice-rescued Greece it is the widest since August. Spanish bonds, hit by political uncertainty after inconclusive general elections in December, were holding up better than their Italian and Portuguese peers. Madrid has already set up a bad bank, its banking sector has received a euro zone bailout and its economy is recovering faster. (Reuters) Tsipras Says Greece to Positively Surprise World Economy in 2016 Prime Minister Alexis Tsipras said investor trust in the Greek economy is returning as the country’s asset-sales fund announced the privatization of the port of Piraeus. “I believe 2016 will be the year that Greece will surprise the world economic community,” Tsipras said in an interview with Bloomberg Television in Davos Wednesday. “Even though the last year was a challenging year for Greece and Europe, I think that we have big opportunities ahead.” The Hellenic Republic Asset Development Fund announced Wednesday the sale of a 67% in Piraeus Port Authority to Cosco Pacific Ltd. for EUR386.5 million (USD421 million), with the deal expected to bring in EUR1.5 billion. “I believe that we are in a critical point, a critical point to recover,” said Tsipras, 41, stressing the need to wrap up review talks with the European Union and the International Monetary Fund. Tsipras is set to meet with IMF Managing Director Christine Lagarde on Thursday and European Central Bank President Mario Draghi on Friday at the World Economic Forum in Davos. (Bloomberg) Venezuela requests emergency OPEC meeting on oil price Venezuela has requested that OPEC hold an emergency meeting to discuss steps to prop up oil prices, which have fallen to their lowest since 2003, two OPEC sources said on Wednesday. But four other delegates from countries in the Organization of the Petroleum Exporting Countries said such a meeting was unlikely to happen. OPEC's Gulf members including Saudi Arabia have opposed earlier calls for emergency meetings. "Venezuela has requested an extraordinary meeting," said an OPEC delegate from a Middle East member-country. (Reuters) Taliban terrorists attack a university in Pakistan killing 19 people Militants from a Taliban splinter group attacked Bacha Khan University in a northwestern city of Pakistan yesterday resulting in at-least 20 deaths. The attack, at the Bacha Khan University in Charsadda, 20 miles from Peshawar, began just before 9 a.m. when the militants, using winter fog as cover, slipped through nearby fields and scaled a rear wall. Witnesses described scenes of carnage as gunmen sprayed bullets at students. Many staff members locked themselves in their offices. One junior chemistry lecturer, armed with a pistol, was reported to have returned fire and his actions helped several students escape before he, too, was killed. The assault ended after hours of pitched combat when the security forces cornered the attackers into two university buildings. The attackers were killed before they could explode their suicide vests, officials said. In a phone interview, Khalifa Omar Mansoor, the commander of the Taliban faction that orchestrated the Peshawar attack on APS in December 2014, said he had also ordered the bloodshed in Charsadda on Wednesday. Mr. Mansoor, who commands a faction based in a nearby tribal district, described the violence as retribution for the army’s harsh crackdown over the past year, calling it a “lesson to the military leadership of Pakistan.” But Pakistan’s main Taliban group quickly distanced itself from the attack. In a statement, a spokesman for the group, the Tehrik-e-Taliban said - “Tehrik-e-Taliban Pakistan condemns this un-Islamic act in strongest terms and disassociates itself from this entirely.” (Bloomberg) Iran sees USD50 billion in foreign investment driving post-sanction boom The removal of sanctions on Iran may trigger at least USD50 billion a year in foreign investment to finance a rebound in an economy hit by the oil slump, the country’s central bank governor said. “Our country can absorb a great deal of foreign investment, considering its potential,” Valiollah Seif said in an interview Wednesday at his office in Tehran, days after the trade and financial curbs were lifted last weekend. “I think more than USD50 billion per year isn’t far-fetched,” he said. The end of Iran’s isolation has triggered a wave of interest in a USD400 billion economy that’s home to some of the world’s biggest fossil-fuel reserves, and also a relatively untapped resource for global business because of its decade-long pariah status. (Bloomberg) Brazil Central Bank keeps rates on hold despite rising inflation In a surprise decision, Brazil Central Bank balked at raising interest rates as it wagers the nation’s worst recession in decades will be enough to damp double-digit inflation. The rate was kept at 14.25%. Just 15 of 57 analysts surveyed by Bloomberg predicted the outcome, which marks the fourth straight month that borrowing cost have remained unchanged at 14.25%. Twenty-eight economists expected a half-point increase to 14.75%, and 14 bet on a quarter-point hike. Since the bank’s last meeting in November, surging inflation and hawkish central bank commentary had most observers anticipating a half-point rate increase Wednesday. (Bloomberg) Turkey Central Bank keeps rates on hold On Tuesday Turkey Central Bank decided to keep all its interest rates on hold as excepted. Benchmark one-week repo rate was kept at 7.5%, overnight lending rate at 10.75% and overnight borrowing rate at 7.25%. (Bloomberg) Colombia's Central Bank turning eyes to growth as economy slows Colombia’s tightening monetary policy shouldn’t push growth below 3% percent, central bank co-director Adolfo Meisel said, as the price of oil, the main country’s export, tumbles in global markets. “Maintaining growth is the biggest challenge,” Meisel said Wednesday in an interview at his office in Bogota. “You don’t achieve 3% just through will-power.” After raising the key rate by 125 bps to 5.75% since September, there is still room for further increases, Meisel said. Consumer prices rose 6.77% in 2015, the fastest pace in seven years, and inflation won’t start to slow until the second half of this year, he said. Inflation will start to ease later this year once the dry weather caused by the El Nino weather phenomenon disappears, ending the year at about 4.5%, Meisel said. It should fall to within the 2% to 4% target range by the end of next year, he said. Long-term inflation expectations have started to react to the monetary policy tightening, he added. (Bloomberg) Anglo American to sell Australian Callide coal mine Global mining firm Anglo American will sell its Callide coal mine in Australia to Batchfire Resources, it said on Wednesday. "The transaction will be effected via a sale of shares in the subsidiary companies holding Anglo American's interest in Callide," the company said in a statement. Anglo said the terms of the deal were confidential. The company announced a major restructuring in December, saying it would offload three-fifths of its assets as it attempts to tackle
Page 2 mashreq Fixed Income Trading
Daily Market Update Thursday, January 21, 2016
sliding commodities prices. Callide, an open pit thermal coal mine that produced 5.6 million tonnes in the first nine months of 2015, is one of four Australian coal mines the company plans to sell. Anglo announced last month it would sell its majority interest in Dartbrook coal mine to Australian Pacific Coal Ltd in a deal worth up to AUSD50 million (USD34 million). The company is scheduled to give more details on its future global portfolio in February. (Reuters) Vedanta Resources trims bond buyback to USD227.40 million Metals and mining conglomerate Vedanta Resources has cut down its bonds repurchase offer to USD 227.40 million out of its outstanding USD1.13 billion convertible bonds due in July this year. Last week, the firm led by NRI billionaire Anil Agarwal announced its plans to repurchase in cash Bonds worth USD500 million. After the repurchase is finalised, the outstanding principal amount will be about USD907 million. Settlement of the offer is scheduled for today. On the firm's USD 500 million Bond repurchase, Moody's Investor Service had said the tender offer on convertible Bonds maturing in July 2016 is unlikely to be treated as a "distressed exchange". The offer impacts only around 3% of Vedanta Resources' total outstanding debt, it said. "The tender offer will be funded from the term loan raised at Vedanta Resources Plc and the funds received through the part repayment of an inter-company loan by Vedanta Ltd," it had said. (Economic times India) KKR, Birla Group looking to buy Jaiprakash cement assets KKR & Co. and Indian billionaire Kumar Mangalam Birla’s UltraTech Cement Ltd. have submitted initial bids for all the cement assets of Jaiprakash Associates Ltd., the builder of India’s only Formula One race track, people with knowledge of the matter said. JSW Cement Ltd., a unit of Indian industrial conglomerate JSW Group, also submitted an offer earlier this month for the cement operations of heavily-indebted Jaiprakash, the people said, asking not to be identified as the information is private. The bidders have started due diligence, which could be completed by the end of February, according to the people. Potential buyers have been asked to take on as much as INR200 billion (USD2.9 billion) of the cement business’s debt as part of the deal, the people said. Under the terms being discussed, Jaiprakash wouldn’t receive any cash proceeds from the sale, the people said. Jaiprakash is selling assets to help reduce its debt, which more than doubled to INR753 billion in the five years through March 2015, according to data compiled by Bloomberg. Any acquisition by UltraTech would help Birla’s conglomerate meet its target of increasing cement capacity to 100 million tons in a decade, a vision the billionaire outlined in November 2014. (Bloomberg)
New Issue Update Emirate of Sharjah prices USD500 million 5 year sukuk The Emirate of Sharjah has priced a USD500 million five-year Islamic bond issue on Wednesday, marking the first sukuk issuance from the Gulf region this year. Final pricing for the Islamic bond, which will carry a coupon of 3.839%, was set at a spread of 250 basis points over mid-swaps, the same level as the initial price guidelines set on Tuesday. Sharjah finished roadshows on Monday in London, following investor meetings in the Middle East and Asia last week. (Reuters)
Page 3 Fixed Income Trading January 21, 2016 USD INVESTMENT GRADE ISSUES (LONG TERM)
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 97.16 97.16 3.37 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2
ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 98.74 98.74 3.76 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2
ADOBE SYSTEMS INC US00724FAC59 1-Feb-2025 1000 FIXED 3.25 99.67 99.67 3.29 A-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2
AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 99.01 99.01 2.85 A/A2/A- FRANCE Sr Unsecured 1,000 P2
ALCOA INC US013817AV33 15-Apr-2021 1250 FIXED 5.40 89.80 89.80 7.81 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000 P2
AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 98.04 98.04 2.82 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2
AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.84 97.84 3.00 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000 P2
AMERICAN INTL GROUP US026874DD67 10-Jul-2025 1250 FIXED 3.75 97.62 97.62 4.06 A-/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2
AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 99.11 99.11 3.15 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2
AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 95.27 95.27 4.01 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2
BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 99.31 99.31 3.41 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P2
BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 95.07 95.07 4.31 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P2
BARRICK GOLD CORP US067901AQ17 1-May-2023 730 FIXED 4.10 86.65 86.65 6.43 BBB-/Baa3/- CANADA Sr Unsecured 2,000 P4
BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 91.70 92.37 4.32 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2
BHP BILLITON FIN USA LTD US055451AU28 30-Sep-2023 1500 FIXED 3.85 93.26 94.08 4.78 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2
BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 98.49 98.49 3.35 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000 P2
BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 93.43 93.43 3.79 A/A2/- UNITED KINGDOM Sr Unsecured 1,000 P2 BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 96.75 96.75 3.93 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P2
CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 85.91 85.91 4.83 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2
CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 83.68 83.68 5.74 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2 CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 115 FIXED 3.75 100.00 100.00 3.75 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P2
DAIMLER FINANCE NA LLC USU2339CBX57 19-May-2025 650 FIXED 3.30 97.42 97.42 3.63 A-/A3/A- GERMANY Sr Unsecured 150,000 P2
DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 99.10 99.10 3.83 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P2
DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 96.58 96.58 3.97 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2
ELECTRICITE DE FRANCE SA USF2893TAS53 13-Oct-2025 1250 FIXED 3.63 100.17 100.17 3.60 A+/A1/A FRANCE Sr Unsecured 2,000 P2 FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 97.04 97.04 3.78 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2 FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 95.92 95.92 4.23 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2
GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 94.57 94.57 4.46 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2
GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 92.58 92.58 5.04 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2 GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.25 68.00 68.00 11.11 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4 GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 65.55 65.55 11.10 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4 GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 63.38 63.38 11.64 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4
GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 91.50 91.50 5.14 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P2
GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 99.70 99.70 3.54 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P2
JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 96.83 96.83 3.54 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P2
KINDER MORGAN INC/DELAWA US49456BAF85 1-Jun-2025 1500 FIXED 4.30 84.41 84.41 6.56 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P4
LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 101.76 101.76 3.28 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD INVESTMENT GRADE ISSUES (LONG TERM)
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 95.09 95.09 3.54 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2
MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 75.03 75.03 7.59 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2
MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 72.27 72.27 8.14 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2
MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 90.03 90.03 5.06 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P3 MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 99.72 99.72 3.41 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P2 MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 98.35 98.35 2.96 AA/A1/A UNITED STATES Sr Unsecured 2,000 P2
MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 95.02 95.02 4.08 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2
MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 92.16 92.16 5.23 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P2 MYLAN INC USU62472AF96 15-Jan-2023 750 FIXED 3.13 93.48 93.48 4.21 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P2 OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 93.99 93.99 4.28 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2
OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 82.67 82.67 7.36 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000 P4
QUALCOMM INC US747525AF05 20-May-2025 2000 FIXED 3.45 96.73 96.73 3.87 A+/A1/- UNITED STATES Sr Unsecured 2,000 P2
RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 100.59 100.59 3.30 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000 P2
RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 87.96 88.98 5.25 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2
RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 89.69 89.69 4.72 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2
ROLLS-ROYCE PLC USG76237AB53 14-Oct-2025 1000 FIXED 3.63 98.21 98.21 3.85 A/A3/A UNITED KINGDOM Sr Unsecured 200,000 P2
SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 95.60 95.60 3.82 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P2 SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 101.75 101.75 3.03 A+/A1/A GERMANY Sr Unsecured 250,000 P2 STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 94.60 94.60 3.90 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P2
STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 93.48 93.48 3.51 AA-/Aa2/- NORWAY Sr Unsecured 1,000 P2
TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 97.92 97.92 3.86 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2
TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 94.65 94.65 3.57 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000 P2
VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 94.90 94.90 4.33 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2
VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 98.70 98.70 3.67 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2
VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 98.33 98.33 4.51 BBB-/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2
VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.32 93.32 3.64 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2
VODAFONE GROUP PLC US92857WBC38 19-Feb-2023 1600 FIXED 2.95 93.58 93.58 4.00 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2
WALGREENS BOOTS ALLIANCE US931427AF53 18-Nov-2021 1250 FIXED 3.30 98.77 98.77 3.54 BBB/Baa2 /*-/- UNITED STATES Sr Unsecured 2,000 P2
WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 98.83 98.83 3.15 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
ABBEY NATL TREASURY SERV US002799AT16 16-Mar-2020 1000 FIXED 2.38 99.96 99.96 2.38 A/A1/A UNITED KINGDOM Sr Unsecured 1,000 P1
ABBVIE INC US00287YAT64 14-May-2020 3750 FIXED 2.50 98.79 98.79 2.80 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P1
ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 100.10 100.42 2.35 A/A2/A NETHERLANDS Sr Unsecured 200,000 P1
AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.99 99.99 2.38 A-/A2/A+ UNITED STATES Sr Unsecured 2,000 P1
ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 65.00 65.00 14.94 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3
APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 100.46 100.46 1.89 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P1
ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.44 99.44 2.11 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000 P1
AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 100.00 100.00 2.45 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P1
BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 98.28 98.28 2.68 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P1
BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 99.91 99.91 1.79 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000 P1
BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 99.63 99.63 2.25 A/A1/AA- UNITED STATES Sr Unsecured 1,000 P1
BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 99.84 99.84 2.91 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P1
BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.94 99.94 2.39 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000 P1
BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 98.81 98.81 2.63 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P1
BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 100.30 100.30 2.17 A/A2/A FRANCE Sr Unsecured 250,000 P1
CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.65 99.65 2.09 A/A2/A UNITED STATES Sr Unsecured 1,000 P1
CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.58 98.58 2.32 AA/Aa1/- UNITED STATES Sr Unsecured 2,000 P1
CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 100.10 100.10 1.66 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P1
CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 88.80 88.80 5.13 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P1
CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 12 FIXED 2.75 99.60 99.60 2.85 BBB+/Baa3/A SWITZERLAND Sr Unsecured 250,000 P1
CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.70 99.70 1.84 A/A2/A SWITZERLAND Sr Unsecured 250,000 P1
DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.89 99.89 2.05 A-/A3/A- GERMANY Sr Unsecured 150,000 P1
DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 99.50 99.50 2.40 A-/A3/A- GERMANY Sr Unsecured 150,000 P1
DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 99.16 99.16 2.66 A-/A3/A- GERMANY Sr Unsecured 150,000 P1
DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 100.40 100.40 1.67 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P1
EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 100.07 100.07 1.89 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000 P1
FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 97.75 97.75 3.23 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1
FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.72 98.72 2.96 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1
FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 61.63 61.63 27.22 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000 P3
FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 49.38 49.38 22.55 BBB-/Baa3 /*-/BBB- UNITED STATES Sr Unsecured 2,000 P3
GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.73 99.73 2.53 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1
GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 97.84 97.84 3.73 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1
GLENCORE FUNDING LLC XS1218431705 16-Apr-2018 500 FIXED 2.13 80.00 80.00 12.72 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3
GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 77.50 77.50 11.68 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3
GLENCORE FUNDING LLC XS1218432000 16-Apr-2020 1000 FIXED 2.88 70.00 70.00 12.16 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 98.15 98.15 3.03 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P1
GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 99.38 99.38 2.76 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P1
HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.67 99.67 2.35 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1
HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.16 99.16 2.57 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1
IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.59 98.59 1.97 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P1
IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.83 99.83 2.12 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1
IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.40 100.40 2.86 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1
JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 100.39 100.39 2.09 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1
JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 98.90 98.90 2.54 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1
LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 100.05 100.05 2.39 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P1
MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.65 100.11 2.37 A/A2/A AUSTRALIA Sr Unsecured 2,000 P1
MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 80.63 80.63 8.07 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2
MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.84 99.84 2.24 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P1
MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 100.23 100.23 1.79 AA/A1/A UNITED STATES Sr Unsecured 2,000 P1
MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 99.60 99.60 2.24 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P1
MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 99.23 99.23 2.45 A/A3/A UNITED STATES Sr Unsecured 2,000 P1
MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.40 100.40 2.12 A+/A2/A UNITED STATES Sr Unsecured 250,000 P1
PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.82 99.82 1.89 A/A1/A UNITED STATES Sr Unsecured 2,000 P1
RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 100.51 100.51 2.12 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000 P1
ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 99.68 99.68 1.96 -/Aaa/AAA CANADA Secured 1,000 P1
SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.69 99.69 2.16 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000 P1
SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 99.28 99.28 2.83 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000 P1
SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 98.16 98.16 2.58 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P1
SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 99.16 100.00 1.65 A+/A1/A GERMANY Sr Unsecured 250,000 P1
SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.83 99.83 2.19 A+/A1/A GERMANY Sr Unsecured 250,000 P1
STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 98.84 98.84 2.54 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P1
UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 100.04 100.04 2.34 A/A1/A SWITZERLAND Sr Unsecured 250,000 P1
VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 98.51 98.51 2.25 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P1
VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 95.19 95.19 3.61 BBB+/A3/- GERMANY Sr Unsecured 200,000 P1
WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 100.09 100.09 2.10 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1
WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 100.18 100.18 2.10 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD GCC ISSUES
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 98.07 98.73 3.17 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ABU DHABI NATIONAL ENERG XS0863524277 12-Jan-2023 1250 FIXED 3.63 90.78 91.61 5.07 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 90.85 91.73 5.11 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.02 99.65 2.67 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.24 99.87 3.04 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.06 98.70 3.13 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 97.21 97.85 3.19 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 97.70 98.56 4.74 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3
ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 97.06 98.03 4.02 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3
APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.21 97.04 3.06 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2
BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.08 98.89 3.03 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000 P2
BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 93.82 94.40 4.81 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
CBD CAYMAN XS1321976950 17-Nov-2020 400 FIXED 4.00 99.28 99.97 4.01 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 98.90 99.60 3.00 A-/A1/- QATAR Sr Unsecured 200,000 P2
COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 99.58 100.25 3.26 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 100.07 100.77 2.62 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.34 97.10 3.65 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 97.92 98.74 4.50 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 95.13 95.99 4.28 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.05 98.10 4.84 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 98.34 99.33 4.67 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 101.62 102.27 2.64 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 96.79 99.04 2.54 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 98.49 99.10 3.50 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 97.88 98.56 3.36 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 98.57 99.24 2.61 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 99.15 100.04 3.49 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.36 101.01 2.25 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 100.29 100.86 2.95 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 97.33 97.86 3.19 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 99.25 100.06 2.73 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
IBQ FINANCE LTD XS1325770722 25-Nov-2020 500 FIXED 3.50 99.09 99.80 3.55 -/A2/A+ QATAR Sr Unsecured 200,000 P2
ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 98.56 99.58 4.69 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.35 99.28 3.69 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
KINGDOM OF BAHRAIN XS0498952679 31-Mar-2020 1250 FIXED 5.50 99.74 100.63 5.33 BBB-/NR/BBB- BAHRAIN Sr Unsecured 100,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD GCC ISSUES
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
KINGDOM OF BAHRAIN XS1324932273 26-Jan-2021 700 FIXED 5.88 99.56 100.32 5.80 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2
KINGDOM OF BAHRAIN XS0794901727 5-Jul-2022 1500 FIXED 6.13 98.30 99.19 6.28 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2
KINGDOM OF BAHRAIN XS1324931895 26-Jan-2026 800 FIXED 7.00 97.68 98.52 7.21 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P3
KUWAIT PROJECTS CO XS1026105806 5-Feb-2019 500 FIXED 4.80 101.06 102.02 4.08 BBB-/Baa3/- KUWAIT Sr Unsecured 200,000 P2
LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 83.93 85.00 6.10 BBB/A3/- OMAN Sr Unsecured 200,000 P2
MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 98.70 99.62 4.81 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 96.71 97.59 4.81 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.75 97.69 98.57 3.19 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000 P3
MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 98.44 99.24 3.39 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.32 94.47 5.11 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2
NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 98.99 99.70 3.21 -/A3/- OMAN Sr Unsecured 200,000 P2
NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 99.86 100.51 2.85 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 96.81 97.52 2.90 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 93.80 94.67 4.13 A-/A2/A+ QATAR Sr Unsecured 200,000 P2
OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 89.96 91.09 4.86 A-/A2/A+ QATAR Sr Unsecured 200,000 P3
OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.33 100.95 2.69 A-/A2/A+ QATAR Sr Unsecured 200,000 P2
QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 96.61 97.31 3.37 -/-/A+ QATAR Sr Unsecured 200,000 P2
QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 98.48 99.12 2.57 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2
QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 99.36 100.03 2.74 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2
QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 98.68 99.34 3.04 -/Aa3/AA- QATAR Sr Unsecured 200,000 P2
RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 100.81 101.51 2.72 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
RAK CAPITAL XS1210507650 31-Mar-2025 1000 FIXED 3.09 90.89 91.75 4.18 -/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 97.36 98.19 3.82 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 98.47 99.21 2.93 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000 P2
SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 93.58 94.54 4.81 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2
SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 99.16 100.01 4.21 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2
SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 93.35 94.29 4.41 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2
SHARJAH SUKUK LTD XS1345635830 27-Jan-2021 500 FIXED 3.84 #N/A N/A #N/A N/A #N/A N/A -/A3e/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 95.92 96.85 4.20 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.07 100.83 2.56 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 96.82 97.63 3.46 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.46 101.16 3.06 AA/Aa2/- QATAR Sr Unsecured 200,000 P2
TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.09 101.68 2.61 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD EMERGING MARKET INVESTMENT GRADE ISSUES
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 99.01 99.93 3.14 A-/A2/A MEXICO Sr Unsecured 200,000 P2
AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 88.97 90.65 5.02 A-/A2/A MEXICO Sr Unsecured 200,000 P3
AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 101.09 101.47 3.14 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2
COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 88.50 90.33 6.53 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3
ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 70.07 71.13 8.85 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P2
ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 73.41 74.32 9.27 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3
ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 62.76 63.84 9.57 BBB/Baa3 /*-/BBB COLOMBIA Sr Unsecured 1,000 P3
EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 89.86 91.19 6.31 BBB/Baa3/- BRAZIL Sr Unsecured 2,000 P2
FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 88.54 92.67 4.86 A-/-/A MEXICO Sr Unsecured 150,000 P3
GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 77.02 78.23 11.60 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000 P3
GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 66.34 67.89 11.39 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000 P3
GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 86.08 90.52 5.67 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3
KINGDOM OF MOROCCO XS0850020586 11-Dec-2022 1500 FIXED 4.25 97.96 98.89 4.44 BBB-/-/BBB- MOROCCO Sr Unsecured 200,000 P2
LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 96.16 96.87 4.90 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2
LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 98.57 99.40 6.77 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000 P2
LUKOIL INTL FINANCE BV XS0919504562 24-Apr-2023 1500 FIXED 4.56 85.25 86.10 7.04 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2
MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 98.21 98.96 5.80 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2
PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 81.28 81.91 6.79 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2
PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 80.99 81.88 7.01 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2
PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 81.35 82.17 7.01 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3
PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 67.77 68.77 8.52 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3
PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 98.14 99.31 2.85 -/Baa2/- PHILIPPINES Sr Unsecured 10,000 P2
REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 86.76 87.93 6.69 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000 P2
REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 84.75 85.25 5.12 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2
REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 91.00 91.50 5.31 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2
REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 75.65 75.65 6.96 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P3
REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 92.15 92.90 4.88 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2
REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 96.56 97.33 5.49 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2
REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 84.35 84.35 6.03 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3
REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 93.07 94.02 6.98 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3
REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 96.43 97.13 4.13 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000 P2
REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 90.11 90.57 4.82 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2
REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 91.94 92.56 5.20 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3
REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 85.28 85.91 5.92 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3
TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 92.38 94.00 5.01 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000 P3
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD EMERGING MARKET INVESTMENT GRADE ISSUES
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 97.51 98.26 4.30 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2
TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 92.27 92.96 5.95 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2
TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 94.31 95.12 6.43 BBB-/Baa3/BBB- TURKEY Unsecured 200,000 P2
UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.00 96.50 4.07 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P2
UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 88.50 89.25 5.51 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000 P3
UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 86.50 87.25 5.47 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P3
VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 56.80 57.98 10.26 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3
YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 95.15 95.93 5.14 -/Baa3/BBB TURKEY Sr Unsecured 200,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD INDIA INVESTMENT GRADE ISSUES
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 98.93 99.40 3.65 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 102.06 102.70 3.69 -/Baa3/- INDIA Sr Unsecured 200,000 P2
AXIS BANK/DUBAI US05463EAB48 5-Sep-2017 750 FIXED 5.13 104.32 104.53 2.24 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 100.24 100.69 3.08 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 101.92 102.31 2.71 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.18 98.52 3.50 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.15 97.95 4.27 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.52 104.27 3.90 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
BHARTI AIRTEL INTERNATIO USN1384FAA32 11-Mar-2023 1500 FIXED 5.13 102.98 103.62 4.52 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 97.10 97.84 4.66 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.35 103.74 2.80 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.92 99.28 2.93 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.79 99.19 2.94 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
EXPORT-IMPORT BK INDIA XS1347434927 20-Jul-2021 500 FIXED 3.13 98.88 99.21 3.28 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 101.55 102.06 3.66 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.96 101.20 2.41 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
ICICI BANK LTD/DUBAI US45112FAC05 21-Feb-2018 1000 FIXED 4.70 104.24 104.45 2.48 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.11 101.42 3.13 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.52 99.97 3.13 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.73 102.01 2.21 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.86 103.27 2.80 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.67 102.41 4.05 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2
OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.32 102.69 2.99 -/Baa2/BBB- INDIA Sr Unsecured 200,000 P2
ONGC VIDESH LTD XS0927643030 7-May-2018 300 FIXED 2.50 99.47 99.73 2.62 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2
ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.43 100.83 3.00 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2
ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.18 97.85 4.09 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2
ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 100.32 100.99 4.48 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2
POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 99.73 100.43 3.80 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2
RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 97.76 98.41 4.34 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P2
RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 90.78 92.41 5.40 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P3
STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.50 101.79 2.42 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.06 102.39 2.84 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2
SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.41 102.76 2.83 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.24 102.64 3.14 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.56 102.00 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 USD SUKUK
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
AL SHINDAGHA SUKUK LTD XS1137967409 26-Nov-2019 500 FIXED 3.78 98.71 99.67 3.87 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.21 97.04 3.06 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2
AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 101.09 101.47 3.14 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2
DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 96.34 97.10 3.65 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 97.92 98.74 4.50 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
DUBAI DOF SUKUK LTD XS0880424337 30-Jan-2023 750 FIXED 3.88 95.86 96.81 4.41 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
DUBAI DOF SUKUK LTD XS1062038143 30-Apr-2029 750 FIXED 5.00 98.32 99.30 5.07 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 97.05 98.10 4.84 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
HAZINE MUSTESARLIGI VARL XS0975124180 10-Oct-2018 1250 FIXED 4.56 102.08 102.79 3.47 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2
HAZINE MUSTESARLIGI VARL XS1141043296 25-Nov-2024 1000 FIXED 4.49 95.19 96.00 5.06 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2
ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 98.35 99.28 3.69 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 96.71 97.59 4.81 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 96.66 97.39 3.37 A-/A3/- MALAYSIA Unsecured 200,000 P2
MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 93.32 94.47 5.11 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2
NOOR SUKUK CO LTD XS1224417847 28-Apr-2020 500 FIXED 2.79 94.45 95.36 3.98 -/-/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 100.33 100.95 2.69 A-/A2/A+ QATAR Sr Unsecured 200,000 P2
PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 96.88 96.88 4.80 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4
PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 99.07 99.41 2.86 A-/A1/- MALAYSIA Sr Unsecured 200,000 P2
QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 96.61 97.31 3.37 -/-/A+ QATAR Sr Unsecured 200,000 P2
RAK CAPITAL XS1210507650 31-Mar-2025 1000 FIXED 3.09 90.89 91.75 4.18 -/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 93.58 94.54 4.81 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2
SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 99.89 100.62 2.13 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2
SAUDI ELECTRICITY GLOBAL XS0767862914 3-Apr-2022 1250 FIXED 4.21 99.16 100.01 4.21 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2
SAUDI ELECTRICITY GLOBAL XS0908512410 8-Apr-2023 1000 FIXED 3.47 93.35 94.29 4.41 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2
SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 95.92 96.85 4.20 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SHARJAH SUKUK LTD XS1345635830 27-Jan-2021 500 FIXED 3.84 #N/A N/A #N/A N/A #N/A N/A -/A3e/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 96.82 97.63 3.46 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 100.46 101.16 3.06 AA/Aa2/- QATAR Sr Unsecured 200,000 P2
SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 102.08 102.86 3.29 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2
ZAR SOV CAPITAL FUND XS1113141441 24-Jun-2020 500 FIXED 3.90 94.45 95.45 5.07 BBB-/Baa2/BBB- SOUTH AFRICA Sr Unsecured 200,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 EUR INVESTMENT GRADE ISSUES
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
ABN AMRO BANK NV XS1218821756 16-Apr-2025 1450 FIXED 1.00 96.11 96.61 1.39 A/A2/A NETHERLANDS Sr Unsecured 1,000 P2
ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 58.90 60.08 13.60 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000 P3
AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.61 97.04 1.72 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000 P2
BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 93.47 94.09 2.09 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2
BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.12 93.96 1.68 A+/A1u/A- SPAIN Secured 100,000 P2
BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 98.57 98.94 1.68 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000 P2
BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 95.65 96.10 1.33 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000 P2
BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 90.44 91.19 2.16 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000 P2
BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 96.42 97.16 1.58 AA-/A1/- UNITED STATES Sr Unsecured 100,000 P2
BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.14 95.71 1.51 A+/A2/- GERMANY Sr Unsecured 1,000 P2
BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 95.47 96.15 2.86 BBB+/Baa2/A FRANCE Subordinated 100,000 P3
BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 94.82 95.41 1.81 A/A2/A UNITED KINGDOM Sr Unsecured 100,000 P2
BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.31 94.69 2.92 BBB/Baa3/A- FRANCE Subordinated 100,000 P3
BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 97.67 98.23 1.20 A+/A2/A- UNITED STATES Sr Unsecured 100,000 P2
CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.22 97.83 1.50 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000 P2
CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 97.06 97.60 2.04 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2
COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.58 97.99 1.04 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P2
CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 96.59 96.99 1.77 BBB+/Baa3/A SWITZERLAND Sr Unsecured 100,000 P2
CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 98.89 99.27 1.00 A/A2/A FRANCE Sr Unsecured 100,000 P2
CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 99.12 99.41 0.99 A/A2/A FRANCE Sr Unsecured 100,000 P2
CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 100.40 100.71 1.04 A/A2/A FRANCE Sr Unsecured 100,000 P2
DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 97.13 97.67 1.40 A-/Baa1/- FRANCE Sr Unsecured 100,000 P2
DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 87.32 88.20 4.35 BB+/Ba1/BBB+ GERMANY Subordinated 1,000 P5
DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 92.44 93.01 1.97 BBB+/A3/A- GERMANY Sr Unsecured 100,000 P2
EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 86.48 87.40 3.63 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000 P4 ZERO ERSTE GROUP BANK AG AT000B002852 1-Jun-2021 359 0.00 94.89 95.14 0.94 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000 P2 COUPON GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 99.41 99.77 0.84 AA+/A1/- UNITED STATES Sr Unsecured 100,000 P2
GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 64.26 65.18 10.31 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3
GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 62.22 63.07 10.17 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3
GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 56.71 57.91 8.58 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3
GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 98.38 98.80 1.57 BBB+/A3/A UNITED STATES Sr Unsecured 1,000 P2
IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 97.82 98.37 1.37 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000 P2
INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 94.86 95.38 1.93 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000 P2
JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 97.34 97.88 1.76 A-/A3/A+ UNITED STATES Sr Unsecured 100,000 P2
LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.51 98.07 1.48 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains Fixed Income Trading January 21, 2016 EUR INVESTMENT GRADE ISSUES
Outstanding Coupon Indic. Offer Credit Rating Risk Security Name ISIN Code Maturity Coupon % Indic. Bid Country Payment Rank Min. Size Amount (Mio) Type Offer Yield % S&P/Moody/Fitch Rating
MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 96.62 97.08 1.64 A/A2/A AUSTRALIA Sr Unsecured 100,000 P2
MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.57 99.98 1.13 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000 P2
METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 95.22 95.91 1.99 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000 P2
MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 96.88 97.42 2.07 BBB+/A3/A UNITED STATES Sr Unsecured 100,000 P2
ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 99.26 99.88 0.89 AA/A1/- SWITZERLAND Sr Unsecured 1,000 P2
SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 90.10 90.84 3.70 BBB/Baa2/BBB+ SPAIN Subordinated 100,000 P3
SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 98.50 99.09 1.10 A/A2/- GERMANY Sr Unsecured 1,000 P2
SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 94.07 94.84 3.29 -/Baa3/A- FRANCE Subordinated 100,000 P3
STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 88.46 89.41 4.61 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000 P3
STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 95.03 95.55 1.54 AA-/Aa2/- NORWAY Sr Unsecured 100,000 P2
TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 95.58 96.21 1.83 AA-/Aa1/AA- FRANCE Sr Unsecured 100,000 P2
VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 90.58 91.25 2.24 BBB+/A3/- GERMANY Sr Unsecured 1,000 P2
=> All Conditions are Indicative and subject ot market changes and liquidity constrains General Disclaimer:
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