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Credit NewsCorporate Bonds

Spreads narrow despite negativefundamentals

Lively Interest on primary market

Is Hypo Real Estate the next target fornationalization after Commerzbank?

Spreads expected to stay high

January 14, 2008

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Credit News Corporate Bonds

Erste Group Credit News January 15, 2009 Page 2

EUR Corporate Bond Market

Market commentary

Performance -2 Weeks -1 Month

Rating

AAA 0.6% 2.1%

AA 0.9% 2.5%

A 1.6% 3.7%

BBB 2.7% 4.9%

Invest. Grade 1.3% 3.2%

High Yield 8.9% 12.2%

Sectors

Basic Industry 3.7% 6.2%

Consumer Cyc 4.3% 6.8%

Consumer N-Cyc 1.7% 3.9%

Energy 2.9% 5.2%

Telecom 1.7% 3.8%

Prop & RealEst 3.1% 0.9%

Technology 1.9% 2.5%

Transport 1.4% 3.8%

Utilities 0.9% 3.5%

Financials 1.6% 3.3%

Supras & Sovs 0.80% 2.35%

Source: JPMorgan Credit Index, Erste Bank Research

In the first two weeks of the new year, the development of the EUR credit market was positive,even though business sentiment and fundamental company data remained weak. The reasonfor this in our view is to be found mainly in the search of investors for high returns anassumption supported by the very high demand for the numerous new issues since mid-December. Risk tolerance increased mainly because of the expected positive effects of thefiscal and monetary policy measures announced (e.g. aggressive economic stimulationprogramme by Obama and massive interest rate cuts by central banks). But it was also

positive news from the US automotive industry that helped to slightly calm the tense situation.Thus, the greatest fear of a default was averted for the time being by the US government'sconsent at the end of 2008 to grant an emergency loan of USD 13.4bn to General Motors andChrysler. Currently, the two companies are tapping the funds from the TARP programme. Inreturn, the two companies have to convince the government by mid-February of their capabilityto survive.

In an environment of very low yields on government bonds and volatile stock markets, theattractively priced corporate bonds from the investment-grade and high-yield segments aredrawing the attention of investors. Spread narrowing was recorded in all rating classes, withthe BBB bonds within the investment-grade segment being by far the biggest gainers. Thesehave clearly outperformed government bonds since the beginning of the year with an excessreturn of 2.5%.The current trend on the EUR corporate bond market is certainly positive, but still carries therisk of a setback. In this context, mention must be made of the high risk regarding the survivalof GM and Chrysler and the economic slump.

Spreads narrowdespite negativefundamentals

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Development: spreads to government

0

50

100

150

200

250

300

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

0

200

400

600

800

1000

1200

1400

Investment Grade, Government Spread High Yield-Index, Government Spread (r.s.)

Source: Bloomberg, Erste Bank Research

On the primary market for EUR corporate bonds, companies are taking advantage of thecurrently high demand from investors and have issued bonds with a volume of EUR 11.25bnsince the beginning of the year. New issues still carry very high risk premiums thus reflectingthe high level of defaults expected at simultaneously lower recovery rates. The spreads of thenew issues vary widely within the same credit rating category depending on the liquidity profileof the company and industry, but are still at a slightly lower level compared to November. Apositive aspect is also that bonds with long maturities are again in demand. While bonds withmaturities of a maximum of five years have been issued in the past few months, it has becomepossible to place bonds with longer maturities in the past few weeks.

The pipeline for new issues is filling up. Thus, France Telecom and E.ON plan to float five-yearbonds in EUR and GBP in the next few days.

New issuesCompany Date Maturity Volume in

EURm Coupon Spread overmid-swapsNational Grid 13 Jan. 2009

22Apr.2014

500 6.5% 365 bps

Sodexo 13 Jan. 200930 Jan.2015

650 6.25%

Vivendi 13 Jan. 200923 Jan.2014

1,000 7.75% 485 bps

Deutsche Telekom 13 Jan. 200920 Jan.2017

2,000 6% 265 bps

BMW US Capital 12 Jan. 200923 Jul.2012

1,500 6.375% 370 bps

Iberdrola 12 Jan. 200925 Nov.

2015550 7.5% 280 bps

Iberdrola 12 Jan. 200925

Nov.2011

450 6.375% 180 bps

Lively Interest onprimary market

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Company Date Maturity Volume inEURm Coupon Spread overmid-swaps

Vodafone 08 Jan. 200915 Jan.

2016

1,250 6.25%

Daimler Int. Finance 08 Jan. 200916 Jan.2014

2,000 7.875% 485 bps

GDF Suez 08 Jan. 200918 Jan.2021

1,000 6.375% 255 bps

E.ON Int. Finance 07 Jan. 200919 Jan.2016

1,500 5.5% 205 bps

Volkswagen Finance 07 Jan. 200915 Jan.2014

1,500 6.875% 375 bps

Schneider Electric 07 Jan. 200916 Jul.2013

750 6.75% 360 bps

Bayer AG 22 Dec. 200827 Jan.

2011200 4%

Verizon 11 Dec. 200818 Dec.

2015500 8.75% 510 bps

Verizon 11 Dec. 200819 Dec.

2011650 7.625% 450 bps

Thales 11 Dec. 200822 Jul.2011

275 4.375% 250 bps

Vivendi 11 Dec. 200803 Oct.2013

200 4.5%

The takeover of Dresdner Bank by Commerzbank clearly illustrates the consolidation underway in Germany in the banking sector. This takeover was in fact secured by the federalgovernment with a total of EUR 18bn from the government fund for banks, SoFFin, with thelargest share of the aid being dormant deposits bearing an annual interest of nine percent. Thegovernment has two seats on the supervisory board and these will be filled "as soon aspossible" according to the Ministry of Finance.

Moodys confirmed the long-term rating of Commerzbank, but lowered the outlook of thefinancial strength rating from stable to negative due to the low prospects of making profits inthe coming years. According to the rating agency, Commerzbank is struggling with the highcosts of the integration of Dresdner Bank and with the general worsening of the operatingbanking business.

After the partial nationalization of Commerzbank, the federal government is probablyinvestigating an entry into the ailing real estate bank Hypo Real Estate. The guaranteesconfirmed until mid-January of EUR 30bn were prolonged by SoFFin until mid-April. Accordingto news reports, in the case of Hypo Real Estate there is even a possibility of an extensivenationalization.

Outlook

The insecurity on the financial markets is still quite perceptible. The spreads on the EURcorporate bond market, which have decreased since the start of the year, are seeing some lightat the end of the tunnel, but we do not expect any major narrowing of risk premiums. Thecontinued weak data from the corporate sector, the economic downturn and volatile stock

markets are likely to soon put a damper on the euphoria on the credits markets.

Spreads expectedto stay high

Is Hypo Real Estatethe next target fornationalizationafterCommerzbank?

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Rating actionsName Sector Date Moodys S&P Fitch Before

Honda Motor Auto 14 Jan A A+ *-

Nissan Motor Auto 14 Jan A3 *- A3

Peugeot SA Auto 13 Jan Baa2 *- Baa2

Renault SA Auto 13 Jan Baa2 *- Baa2

EDF Utility 9 Jan A+ AA- AA- *-/AA *-

Volvo AB Auto 9 Jan A3 *- A3

Volkswagen Auto 8 Jan BBB+ *- A- *-

Alcoa Inc Industry 7 Jan BBB+ *- BBB+Marks&Spencer Retail 7 Jan BBB- BBB

BBB/BBB+

"*-" negative watchlist; "*+" positive watchlist

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JP Morgan Sector Indices, Spread to Benchmark

EUR JP Morgan Corporates Index

0

50

100

150

200

250

300

350

400

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

EUR Corporates

EUR JP Morgan Cyclicals

0

100

200

300

400

500

600

700

Jan-99

J

ul-99

Jan-00

J

ul-00

Jan-01

J

ul-01

Jan-02

J

ul-02

Jan-03

J

ul-03

Jan-04

J

ul-04

Jan-05

J

ul-05

Jan-06

J

ul-06

Jan-07

J

ul-07

Jan-08

J

ul-08

JP Morgan Cyclicals

EUR JP Morgan Non-Cyclicals

0

50

100

150

200

250

300

350

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Non-Cyclicals

EUR JP Morgan Telecoms

0

50

100

150

200

250

300

350

400

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Telecoms

EUR JP Morgan Utilities

0

50

100

150

200

250

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Utilities

EUR JP Morgan Financials

0

50

100

150

200

250

300

350

400

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Financials

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JP Morgan Rating Indices, Spread to Benchmark

EUR JP Morgan AAA Index

0

10

20

30

40

50

60

70

80

90

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

AAA-Index

EUR JP Morgan AA Index

0

50

100

150

200

250

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

AA-Index

EUR JP Morgan A Index

0

50

100

150

200

250

300

350

Ja

n-99

Ju

l-99

Ja

n-00

Ju

l-00

Ja

n-01

Ju

l-01

Ja

n-02

Ju

l-02

Ja

n-03

Ju

l-03

Ja

n-04

Ju

l-04

Ja

n-05

Ju

l-05

Ja

n-06

Ju

l-06

Ja

n-07

Ju

l-07

Ja

n-08

Ju

l-08

Ja

n-09

A-Index

EUR JP Morgan BBB Index

0

100

200

300

400

500

600

Jan-9

9

Jul-9

9

Jan-0

0

Jul-0

0

Jan-0

1

Jul-0

1

Jan-0

2

Jul-0

2

Jan-0

3

Jul-0

3

Jan-0

4

Jul-0

4

Jan-0

5

Jul-0

5

Jan-0

6

Jul-0

6

Jan-0

7

Jul-0

7

Jan-0

8

Jul-0

8

Jan-0

9

BBB Spread to Government, in bps

EUR JP Morgan HY Index

0

200

400

600

800

1000

1200

1400

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

High Yield-Index

EUR JP Morgan Investment Grade Index

0

50

100

150

200

250

300

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Investment Grade

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iTraxx Europe

115

135

155

175

195

215

235

29-Sep-08

06-Oct-08

13-Oct-08

20-Oct-08

27-Oct-08

03-Nov-08

10-Nov-08

17-Nov-08

24-Nov-08

01-Dec-08

08-Dec-08

15-Dec-08

22-Dec-08

29-Dec-08

05-Jan-09

12-Jan-09

iTraxx Europe, Series10

iTraxx Europe HiVol

200

250

300

350

400

450

500

550

600

29-Sep-08

06-Oct-08

13-Oct-08

20-Oct-08

27-Oct-08

03-Nov-08

10-Nov-08

17-Nov-08

24-Nov-08

01-Dec-08

08-Dec-08

15-Dec-08

22-Dec-08

29-Dec-08

05-Jan-09

12-Jan-09

iTraxx Europe HiVol,Series10

iTraxx Europe Crossover

500

600

700

800

900

1000

1100

1200

29-Sep-08

06-Oct-08

13-Oct-08

20-Oct-08

27-Oct-08

03-Nov-08

10-Nov-08

17-Nov-08

24-Nov-08

01-Dec-08

08-Dec-08

15-Dec-08

22-Dec-08

29-Dec-08

05-Jan-09

12-Jan-09

iTraxx Europe Crossover, Series10

iTraxx Financials

80

90

100

110

120

130

140

150

160

170

29-Sep-08

06-Oct-08

13-Oct-08

20-Oct-08

27-Oct-08

03-Nov-08

10-Nov-08

17-Nov-08

24-Nov-08

01-Dec-08

08-Dec-08

15-Dec-08

22-Dec-08

29-Dec-08

05-Jan-09

12-Jan-09

iTraxx Financials Senior, Series10

iTraxx Financials Sub

115

135

155

175

195

215

235

255

275

29-Sep-08

06-Oct-08

13-Oct-08

20-Oct-08

27-Oct-08

03-Nov-08

10-Nov-08

17-Nov-08

24-Nov-08

01-Dec-08

08-Dec-08

15-Dec-08

22-Dec-08

29-Dec-08

05-Jan-09

12-Jan-09

iTraxx Financials Sub, Series10

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iTraxx Sectors: Generic time series

Autos, 5Y

0

100

200

300

400

500

600

700

800

Jul-04

Sep-04

Nov-04

Jan-05

Mar-05

May-05

Jul-05

Sep-05

Nov-05

Jan-06

Mar-06

May-06

Jul-06

Sep-06

Nov-06

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Telecom, 5Y

0

50

100

150

200

250

300

Jul-04

Se

p-04

No

v-04

Ja

n-05

Mar-05

Ma

y-05

Jul-05

Se

p-05

No

v-05

Ja

n-06

Mar-06

Ma

y-06

Jul-06

Se

p-06

No

v-06

Ja

n-07

Mar-07

Ma

y-07

Jul-07

Se

p-07

No

v-07

Ja

n-08

Mar-08

Ma

y-08

Jul-08

Se

p-08

No

v-08

Ja

n-09

Energy, 5Y

0

50

100

150

200

250

300

Jul-04

Sep-04

Nov-04

Jan-05

Mar-05

May-05

Jul-05

Sep-05

Nov-05

Jan-06

Mar-06

May-06

Jul-06

Sep-06

Nov-06

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Consumer, 5Y

0

50

100

150

200

250

300

350

Jul-04

Sep-04

Nov-04

Jan-05

Mar-05

May-05

Jul-05

Sep-05

Nov-05

Jan-06

Mar-06

May-06

Jul-06

Sep-06

Nov-06

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Industry, 5Y

0

50

100

150

200

250

300

350

400

450

500

Jul-04

Sep-04

Nov-04

Jan-05

Mar-05

May-05

Jul-05

Sep-05

Nov-05

Jan-06

Mar-06

May-06

Jul-06

Sep-06

Nov-06

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

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Euro Benchmark Bonds (IBOXX Non-financial Corporates)

Corpor

ateBonds

N

ame

ID

Volume,inmillions

Price(indicative)

Y

ield

Bloomber

gComposite

Rating

Spreadto

Benchmark

AssetSwapSpread

SpreadCh

angeweek-1

(ASS)

SpreadChangemonth-1

(A

SS)

TELECOM DT 6 1/2 10/07/09 DEUTSCHE TELEKOM INT FIN 957015 500 102.0 3.6 BBB+ 229 107 -25 -8

FRTEL 7 12/23/09 FRANCE TELECOM 393668 2500 103.5 3.1 A- 171 45 3 -39

DT 3 1/4 01/19/10 DEUTSCHE TELEKOM INT FIN A0DW8C 1250 100.2 3.1 BBB+ 173 45 -5 -22

TKA 3 3/8 01/27/10 TELEKOM FINANZMANAGEMENT A0DXAM 500 100.0 3.3 BBB+ 234 106 0 -35

VIVFP 3 5/8 04/10 VIVENDI A0D0PM 630 98.8 4.6 BBB 327 215 -11 -42

VOD 5 7/8 06/18/10 VODAFONE GROUP PLC A0TWZL 1250 103.0 3.6 BBB+ 226 142 -17 -56

TELECO 3 06/28/10 TELSTRA CORP LTD A0E6P4 500 98.2 4.3 A 298 209 8 -40

DT 6 5/8 07/06/10 DEUTSCHE TELEKOM INT FIN 614681 750 104.7 3.7 BBB+ 230 153 -12 -15

FRTEL 3 10/14/10 FRANCE TELECOM A0GGU7 1000 100.2 2.9 A- 148 66 -32 -63

FRTEL 6 5/8 11/10 FRANCE TELECOM 571412 1400 106.0 3.2 A- 181 101 -11 -34

TITIM 4 1/2 01/11 TELECOM ITALIA SPA A0ACAF 750 96.8 6.2 BBB 481 379 -36 -80

TELEFO 3 3/4 02/11 TELEFONICA EMISIONES SAU A0GMJC 2250 99.9 3.8 BBB+ 244 156 -2 -46

OTE 5 3/8 02/14/11 OTE PLC A0TQ6U 1500 99.2 5.8 BBB 439 345 7 -15

BRITEL 6 7/8 02/11 BRITISH TELECOM PLC 609813 1125 105.1 4.7 BBB+ 332 251 3 -44

DT 4 04/13/11 DEUTSCHE TELEKOM INT FIN A0GQZ7 750 101.0 3.5 BBB+ 213 125 -23 -21

TITIM 7 04/20/11 TELECOM ITALIA FIN SA 648822 2000 101.9 6.5 BBB 508 420 -8 -77

NTT 4 1/8 06/09/11 NIPPON TELEGR & TELEPH A0BC02 500 102.3 3.1 AA- 162 73 -12 -39

TELECO 6 3/8 06/11 TELSTRA CORP LTD 687890 1500 103.6 4.8 A 331 244 27 -3

DT 6 5/8 07/11/11 DEUTSCHE TELEKOM INT FIN 695451 3500 105.9 4.5 BBB+ 301 217 9 -30

KPN 4 1/2 07/21/11 KONINKLIJKE KPN NV A0DAHK 1425 100.9 4.1 BBB 258 167 6 -38

OTE 3 3/4 11/11/11 OTE PLC A0GJCY 650 94.8 5.8 BBB 418 310 9 -23

SINTEL 6 11/21/11 SING TELECOMMUNICATIONS 779027 500 102.3 5.1 A+ 357 266 n.a. -8

BELGBB 4 1/8 11/11 BELGACOM S.A. DROIT PUB A0G2GT 775 99.9 4.1 A+ 260 166 -10 -15

FRTEL 4 5/8 01/12 FRANCE TELECOM A0ABV6 750 102.8 3.6 A- 197 109 11 -9

TITIM 6 1/4 02/12 TELECOM ITALIA SPA 841186 1250 98.5 6.8 BBB 512 412 49 -69

VIVFP 3 7/8 02/12 VIVENDI A0DXQK 600 95.6 5.5 BBB 382 280 37 16

FRTEL 4 3/8 02/12 FRANCE TELECOM A0LMX9 1225 101.5 3.9 A- 220 132 20 -11

PORTEL 3 3/4 03/12 PORTUGAL TELECOM INT FIN A0D0PN 1000 92.1 6.6 BBB- 489 374 1 -33

TELEFO 4.393 04/12 TELEFONICA EMISIONES SAU A0GY9L 500 99.7 4.5 BBB+ 276 188 4 -53

TITIM 7 1/4 04/12 TELECOM ITALIA FIN SA 854784 1000 101.5 6.7 BBB 499 411 -49 -91

TLIASS 3 5/8 05/12 TELIASONERA AB A0D2QR 500 96.8 4.7 A- 294 202 18 -3


SFRSA 3 3/8 07/12 SFR SA A0E6W7 800 94.7 5.1 NR 316 224 n.a. n.a.

KPN 5 11/13/12 KONINKLIJKE KPN NV A0TL95 1250 99.6 5.1 BBB 315 234 -6 -57

VOD 3 5/8 11/29/12 VODAFONE GROUP PLC A0GJ7J 1000 97.5 4.3 BBB+ 239 156 18 -34

TELNO 5 7/8 12/12 TELENOR ASA 250024 500 101.6 5.4 BBB+ 347 267 5 -16

BRITEL 5 1/4 01/13 BRITISH TELECOM PLC A0TMMW 1000 96.0 6.4 BBB+ 440 345 -4 -62


FRTEL 7 1/4 01/13 FRANCE TELECOM 727318 3500 109.3 4.7 A- 268 199 20 -23

TELEFO 5 1/8 02/13 TELEFONICA EUROPE BV 753896 1500 102.5 4.4 BBB+ 246 168 5 -46

T 4 3/8 03/15/13 AT&T INC A0LPUW 1250 94.3 6.0 A 395 298 -9 -56KPN 4 1/2 03/18/13 KONINKLIJKE KPN NV A0GPSR 850 96.2 5.6 BBB 353 263 9 -30

TELECO 6 04/08/13 TELSTRA CORP LTD. A0TTQV 500 102.4 5.3 A 334 255 6 -19

TELEFO 5.58 06/13 TELEFONICA EMISIONES SAU A0TWB8 1250 102.9 4.8 BBB+ 275 198 13 -32

TKA 5 07/22/13 TELEKOM FINANZMANAGEMENT 904073 750 100.4 4.9 BBB+ 303 220 -13 -62

OTE 5 08/05/13 OTE PLC 970681 1250 94.5 6.4 BBB 432 335 7 -13

VIVFP 4 1/2 10/13 VIVENDI A0GYX8 500 94.4 5.9 BBB 382 286 -4 -86

DT 4 1/2 10/25/13 DEUTSCHE TELEKOM INT FIN A0G0PD 1500 101.3 4.2 BBB+ 208 129 22 -15

DT 5 3/4 01/10/14 DEUTSCHE TELEKOM INT FIN A0TWHZ 500 103.2 5.0 BBB+ 284 206 31 4

TELEFO 4.674 02/14 TELEFONICA EMISIONES SAU A0LL22 1500 99.1 4.9 BBB+ 271 188 -1 -60

TELNO 4 1/2 03/14 TELENOR ASA A0GYYM 500 92.3 6.3 BBB+ 406 306 11 7

TITIM 4 3/4 05/14 TELECOM ITALIA SPA A0GSK4 750 90.1 7.0 BBB 479 369 -31 -60

FRTEL 5 1/4 05/14 FRANCE TELECOM A0TVLK 750 104.3 4.3 A- 208 135 7 -24

KPN 4 3/4 05/29/14 KONINKLIJKE KPN NV A0NWTQ 650 95.4 5.8 BBB 350 262 1 -33

BRITEL 5 1/4 06/14 BRITISH TELECOM PLC A0NX2B 750 92.8 6.9 BBB+ 460 360 13 -35

TELECO 4 3/4 07/14 TELSTRA CORP LTD A0DAB3 500 95.4 5.7 A 346 259 5 -18

DT 4 01/19/15 DEUTSCHE TELEKOM INT FIN A0DW8D 1750 97.4 4.5 BBB+ 207 133 27 -11

OTE 6 02/12/15 OTE PLC A0TQ6V 600 96.3 6.8 BBB 434 350 3 -14

T 6 1/8 04/02/15 AT&T INC A0TTHZ 1250 98.8 6.4 A 389 313 -8 -38

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Corporate

Bonds

Name

ID

Volume,in

millions

Price(indicative)

Yield

BloombergC

omposite

Ratin

g

SpreadtoBe

nchmark

AssetSwap

Spread

SpreadChang

eweek-1

(ASS

)

SpreadChangemonth-1

(ASS

)

TELECOM VOD 5 1/8 04/10/15 VODAFONE GROUP PLC 842913 500 100.3 5.1 BBB+ 261 191 20 -31

DT 5 3/4 04/14/15 DEUTSCHE TELEKOM INT FIN A0TT2M 1500 101.7 5.4 BBB+ 296 228 39 16

TLIASS 4 1/8 05/15 TELIASONERA AB A0D2QS 750 91.4 5.8 A- 332 246 12 1

KPN 4 06/22/15 KONINKLIJKE KPN NV A0E6GZ 1000 91.5 5.6 BBB 310 226 2 -30

BRITEL 6 1/2 07/15 BRITISH TELECOM PLC A0TW7P 1000 96.7 7.1 BBB+ 462 382 9 -32

TELECO 3 7/8 07/15 TELSTRA CORP LTD A0E6P5 500 88.8 6.0 A 350 258 12 -9

FRTEL 3 5/8 10/15 FRANCE TELECOM A0GGU8 1150 96.0 4.3 A- 175 108 15 -14

KPN 6 1/2 01/15/16 KONINKLIJKE KPN NV A0TTGS 925 101.7 6.2 BBB 357 294 0 -25

TELEFO 4 3/8 02/16 TELEFONICA EMISIONES SAU A0GMJD 1750 94.2 5.4 BBB+ 274 201 -3 -20

OTE 4 5/8 05/20/16 OTE PLC A0G179 900 86.5 7.0 BBB 433 333 8 -8

DT 4 3/4 05/31/16 DEUTSCHE TELEKOM INT FIN A0GTCB 500 97.1 5.2 BBB+ 256 189 36 31VOD 4 3/4 06/14/16 VODAFONE GROUP PLC A0GTNN 500 94.8 5.6 BBB+ 292 220 16 -10

BELGBB 4 3/8 11/16 BELGACOM S.A. DROIT PUB A0G2GL 950 95.4 5.1 A+ 236 168 -9 -43

KPN 4 3/4 01/17/17 KONINKLIJKE KPN NV A0G1UC 1000 90.7 6.3 BBB 352 268 -1 -23

TKA 4 1/4 01/27/17 TELEKOM FINANZMANAGEMENT A0DXAN 500 92.0 5.5 BBB+ 294 215 -2 -21

FRTEL 4 3/4 02/17 FRANCE TELECOM A0LMX4 1900 95.4 5.5 A- 271 201 11 -13

TLIASS 4 3/4 03/17 TELIASONERA AB A0LN2J 600 90.0 6.4 A- 361 275 -10 -17

TELECO 4 3/4 03/17 TELSTRA CORP LTD. A0LP00 1000 89.7 6.4 A 366 278 4 -2

PORTEL 4 3/8 03/17 PORTUGAL TELECOM INT FIN A0D0PP 500 82.3 7.3 BBB- 458 342 -8 -55

TELNO 4 7/8 05/17 TELENOR ASA A0NWAL 1000 86.7 7.0 BBB+ 428 326 12 4

DT 6 5/8 03/29/18 DEUTSCHE TELEKOM INT FIN 842464 500 108.1 5.5 BBB+ 267 209 58 24

FRTEL 5 5/8 05/18 FRANCE TELECOM A0TVLL 1550 98.7 5.8 A- 299 227 27 11

VOD 5 06/04/18 VODAFONE GROUP PLC 848762 750 100.4 4.9 BBB+ 210 143 -6 -53

TITIM 5 3/8 01/19 TELECOM ITALIA SPA A0ACAG 1250 96.9 5.8 BBB 289 216 -22 -51

VOD 5 3/8 06/06/22 VODAFONE GROUP PLC A0NW92 500 95.5 5.9 BBB+ 230 196 14 -22

PORTEL 4 1/2 06/25 PORTUGAL TELECOM INT FIN A0E52Z 500 68.7 8.0 BBB- 414 309 -1 -12



FRTEL 8 1/8 01/33 FRANCE TELECOM 727319 1500 120.5 6.4 A- 256 288 6 -1

TELEFO 5 7/8 02/33 TELEFONICA EUROPE BV 753897 500 96.2 6.2 BBB+ 233 221 7 13

TITIM 5 1/4 03/55 TELECOM ITALIA SPA A0DZ5M 680 63.2 8.4 BBB 463 334 -14 -20 AUTOS DAIGR 4 1/8 09/09 DAIMLER NORTH AMER CORP A0GXWM 1500 99.5 4.9 A- 358 234 -45 -125

DAIGR 4 1/8 11/09 DAIMLER NORTH AMER CORP A0GSCK 750 99.2 5.1 A- 375 245 -6 -37

VW 4 1/2 01/27/10 VOLKSWAGEN FIN SERV AG 586339 1500 100.6 3.9 BBB+ 247 121 4 11

TOYOTA 4 02/12/10 TOYOTA MOTOR CREDIT CORP 678455 1425 100.9 3.1 AA+ 179 58 -35 -47

FIAT6 1/4 02/24/10 FIAT FINANCE & TRADE 452075 1000 101.4 4.9 BBB- 359 241 -117 -134

DAIGR 4 3/8 03/10 DAIMLER NORTH AMER CORP A0LPMY 2000 98.9 5.4 A- 406 286 15 -136

RENAUL 4 5/8 05/10 RENAULT S.A. 892181 750 98.7 5.6 BBB 426 326 -67 -65

DAIGR 5 3/4 06/10 DAIMLER NORTH AMER CORP A0TWV4 1250 100.4 5.4 A- 409 320 13 -136

BMW 2 3/4 09/23/10 BMW US CAPITAL LLC A0GFP9 1000 97.8 4.1 A 275 188 19 -20

DAIGR 3 5/8 11/10 DAIMLER CANADA FINANCE A0GHZX 1000 98.8 4.3 A- 295 207 22 -77HNDA3 3/4 03/16/11 AMERICAN HONDA FINANCE A0GPP2 500 95.7 6.0 A+ 453 349 18 -25

DAIGR 7 03/21/11 DAIMLER INTL FIN BV 611868 1000 102.6 5.7 A- 420 335 53 -11

BMW 3 7/8 04/06/11 BMW FINANCE NV A0AXMU 750 99.6 4.1 A 265 174 -19 -35

VW 5 1/8 05/19/11 VW CREDIT INC A0TVAE 1250 99.8 5.2 A- 372 280 13 8

FIAT6 3/4 05/25/11 FIAT FINANCE & TRADE 650002 1300 102.4 5.6 BBB- 418 330 -109 -159

RENAUL 5 1/4 05/11 RCI BANQUE SA A0TVL3 700 93.9 8.2 BBB+ 677 553 18 0

VW 4 1/8 05/31/11 VOLKSWAGEN LEASING GmbH A0AMFX 1000 99.4 4.4 A- 290 198 21 27

VW 4 3/4 07/19/11 VOLKSWAGEN FIN SERV AG 780427 1000 100.6 4.5 BBB+ 299 207 13 35

TOYOTA 5 3/8 07/11 TOYOTA MOTOR CREDIT CORP A0TZG2 1000 102.8 4.2 AA+ 267 178 6 -10

PEUGOT 5 7/8 09/11 GIE PSA TRESORERIE 720650 1500 98.4 6.5 BBB 502 399 -48 -61

DAIGR 4 1/4 10/11 DAIMLER NORTH AMER CORP A0DDFR 1250 99.2 4.6 A- 302 205 51 -65

FIAT5 5/8 11/15/11 FIAT FINANCE & TRADE A0GR9M 1000 80.6 14.2 BBB- 1322 1023 -15 -208

BMW 4 1/8 01/24/12 BMW FINANCE NV A0GVWJ 1000 98.3 4.8 A 312 217 93 -20

VW 5 3/8 01/25/12 VOLKSWAGEN FIN SERV AG 533248 1000 102.1 4.6 BBB+ 296 207 -3 12

RENAUL 4 1/2 04/12 RENAULT S.A. A0NRW1 500 91.3 7.6 BBB 594 469 59 -29

MICH6 1/2 04/16/12 MICHELIN FINANCE LUX SA 852987 500 101.2 6.1 BBB 437 349 -12 -32

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CorporateBonds

N

ame

ID

Volume,inmillions

Price(indicative)

Yield

Bloombe

rgComposite

R

ating

SpreadtoBenchmark

AssetS

wapSpread

SpreadChangeweek-1

(ASS)

SpreadCh

angemonth-1

(

ASS)

AUTOS TOYOTA 4 1/4 05/12 TOYOTA MOTOR CREDIT CORP A0NTU3 850 101.6 3.7 AA+ 197 113 8 -32

DAIGR 5 05/23/12 DAIMLER NORTH AMER CORP A0TVPP 750 96.6 6.1 A- 438 341 34 -68

HNDA5 1/8 10/03/12 AMERICAN HONDA FINANCE A0TKPC 750 95.7 6.5 A+ 454 360 13 6

BMW 4 7/8 10/18/12 BMW FINANCE NV A0TK8U 1000 100.0 4.9 A 295 215 55 9

VW 4 7/8 10/18/12 VOLKSWAGEN LEASING GmbH A0JCCL 1250 97.4 5.7 A- 370 284 15 -27

FIAT6 5/8 02/15/13 FIAT FINANCE & TRADE A0GNCU 1000 73.2 15.8 BBB- 1450 1072 4 -84

BMW 4 5/8 02/20/13 BMW US CAPITAL LLC 748052 750 97.8 5.2 A 325 238 81 -5

DAIGR 4 3/8 03/13 DAIMLER NORTH AMER CORP A0GPSA 1250 91.6 6.8 A- 472 365 55 -19

VW 4 7/8 05/22/13 VOLKSWAGEN INTL FIN NV 525872 1000 98.8 5.2 BBB+ 316 232 12 18

RENAUL 4 3/8 05/13 RENAULT S.A. A0GSH6 800 85.9 8.4 BBB 635 494 8 -1

VLOF3 3/4 06/24/13 VALEO A0E6AF 600 72.2 12.2 NR 1023 751 36 37

HNDA6 1/4 07/16/13 AMERICAN HONDA FINANCE A0TX6A 600 99.3 6.4 A+ 438 351 9 -10

BMW 4 1/4 01/22/14 BMW FINANCE NV A0G4YV 1400 95.5 5.3 A 317 226 67 -12

BMW 5 05/28/15 BMW US CAPITAL LLC A0TVE8 1750 91.7 6.6 A 417 325 42 -23

RBOSCH 4 3/8 05/16 ROBERT BOSCH GMBH A0JQYP 750 96.4 5.0 NR 229 162 169 153

FIAT5 5/8 06/12/17 FIAT FINANCE NORTH AMERI A0NXA9 1000 57.2 14.8 BBB- 1209 791 21 -40

VW 5 3/8 05/22/18 VOLKSWAGEN INTL FIN NV 525873 500 101.1 5.2 BBB+ 239 173 -38 -23

BMW 5 08/06/18 BMW FINANCE NV 970661 750 91.7 6.2 A 333 247 12 -12

PEUGOT 6 09/19/33 GIE PSA TRESORERIE 905497 600 64.4 9.9 BBB 606 430 0 -25 CONSUMER GOODS TSCOLN 4 3/4 04/10 TESCO PLC 348684 750 102.0 3.1 A- 170 66 -19 -68

COFP5 1/4 04/28/10 CASINO GUICHARD PERRACH 843498 500 99.9 5.3 BBB- 396 292 2 -17

MOET 5 04/29/10 LVMH MOET-HENNESSY 843715 750 101.5 3.8 BBB+ 235 136 11 -31

CAFP6 1/8 05/26/10 CARREFOUR SA 116945 1000 103.7 3.2 A 188 97 -39 -49

AUCHAN 3 06/28/10 GROUPE AUCHAN SA A0E6FX 600 99.8 3.1 NR 175 91 -13 -67

KINGFI 4 1/2 10/10 KINGFISHER PLC 916773 500 91.0 10.3 BBB- 897 745 n.a. -112

SCACAP 3 7/8 03/11 SCA FINANS AB A0GN59 700 95.3 6.3 BBB+ 491 384 -91 -60

TSCOLN 3 7/8 03/11 TESCO PLC A0GP1M 500 100.3 3.7 A- 230 141 10 -51

PRTP5 1/4 03/29/11 PPR SA A0AXHY 800 97.3 6.6 NR 510 408 -46 -101

BNFP5 1/4 05/06/11 GROUPE DANONE A0TUNP 1250 104.2 3.3 A- 187 101 23 2

PHG 6 1/8 05/16/11 KONINKLIJKE PHILIPS ELEC 649901 750 105.3 3.7 A- 227 142 -40 -57

METFNL 4 5/8 05/11 METRO FINANCE BV A0BCGN 750 100.7 4.3 BBB 284 194 25 -24

JAPTOB 4 5/8 06/11 JTI UK FINANCE PLC A0BC8R 800 100.9 4.2 A+ 278 188 8 -31

BATSLN 4 3/8 06/11 BAT HOLDINGS BV A0AXSG 1000 100.1 4.3 BBB+ 281 190 3 -36

CAFP4 3/8 06/15/11 CARREFOUR SA 844146 1100 102.2 3.4 A 194 106 16 2

MOET4 5/8 07/01/11 LVMH MOET-HENNESSY A0BDS0 600 101.5 4.0 BBB+ 246 156 10 -16

EEEKGA 4 3/8 07/11 COCA-COLA HBC FINANCE BV A0DACZ 500 102.9 3.2 A- 170 81 6 -59

PG 4 7/8 10/24/11 PROCTER & GAMBLE CO A0TLHV 1000 104.6 3.1 AA- 155 65 12 -7

COFP 6 02/27/12 CASINO GUICHARD PERRACH 846438 700 99.3 6.3 BBB- 456 361 -18 -57

SUEDZU 5 3/4 02/12 SUEDZUCKER INT FINANCE 846102 500 102.9 4.7 BBB 301 215 -31 -56

KFT 5 3/4 03/20/12 KRAFT FOODS INC A0TSXM 2000 103.0 4.7 BBB 302 217 -6 -30

METFNL 4 3/4 05/12 METRO FINANCE BV A0NV97 500 98.8 5.1 BBB 338 249 -15 -69

MOET3 3/8 06/22/12 LVMH MOET-HENNESSY A0E556 760 97.2 4.3 BBB+ 246 159 -4 -21

BATSLN 3 5/8 06/12 BAT INTL FINANCE PLC A0E6SB 750 96.9 4.6 BBB+ 283 194 -6 -50

UNANA 4 5/8 11/12 UNILEVER NV A0TMCQ 750 104.1 3.5 A+ 152 77 7 -12

KINGFI 4 1/8 11/12 KINGFISHER PLC A0GJU5 550 74.5 12.9 BBB- 1104 830 17 88

PG 3 3/8 12/07/12 PROCTER & GAMBLE CO A0GKLD 1400 99.5 3.5 AA- 156 78 17 -8

PRTP 4 01/29/13 PPR SA A0E6KU 600 89.3 7.1 NR 512 395 10 -68

FO 4 01/30/13 FORTUNE BRANDS INC A0GM1S 500 81.3 9.8 BBB 790 608 100 103

COFP6 3/8 04/04/13 CASINO GUICHARD PERRACH A0TTHB 950 95.8 7.6 BBB- 557 456 -14 -88

AUCHAN 5 04/29/13 GROUPE AUCHAN SA A0TUJE 800 101.2 4.7 NR 263 184 21 -7

CARGIL 4 3/8 04/13 CARGILL INC A0GRQ6 750 92.3 6.5 A 450 345 -42 -37

CAFP3 5/8 05/06/13 CARREFOUR SA A0GJ86 750 98.5 4.0 A 198 117 2 -31

UNANA 4 7/8 05/13 UNILEVER NV A0TVK9 750 104.7 3.7 A+ 164 88 11 -19

HENKEL 4 1/4 06/13 HENKEL AG & CO KGAA 664196 1000 102.8 3.5 A- 149 72 -24 -63

DIAG5 1/2 07/01/13 DIAGEO CAPITAL BV A0TTHY 1150 102.7 4.8 A- 272 195 9 -33

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Corporate

Bonds

Name

ID

Volume,in

millions

Price(indicative)

Yield

BloombergC

omposite

Ratin

g

SpreadtoBe

nchmark

AssetSwap

Spread

SpreadChang

eweek-1

(ASS

)

SpreadChangemonth-1

(ASS

)

CONSUMER GOODS BATSLN 5 1/8 07/13 BAT INTL FINANCE PLC 890743 1000 98.9 5.4 BBB+ 336 251 -3 -43

IMTLN 5 1/8 10/13 ALTADIS FINANCE BV 906726 500 93.6 6.8 BBB- 469 366 20 8

IMTLN 4 3/8 11/13 IMPERIAL TOBACCO FINANCE A0G1XY 1200 85.6 8.1 BBB- 599 460 -18 -38

JAPTOB 4 1/2 04/14 JTI UK FINANCE PLC A0GYUU 500 96.0 5.4 A+ 320 233 12 10

COFP4 7/8 04/10/14 CASINO GUICHARD PERRACH A0NQ9S 850 87.3 7.9 BBB- 574 446 -29 -68

PG 4 1/2 05/12/14 PROCTER & GAMBLE CO A0NUN5 1500 102.1 4.0 AA- 182 107 7 -7

DELH5 5/8 06/27/14 DELHAIZE GROUP A0NYJN 500 81.4 10.2 BBB- 794 619 11 n.a.

AUCHAN 5 1/8 07/14 GROUPE AUCHAN SA A0NZR3 650 103.2 4.4 NR 215 143 9 -38

BATSLN 4 3/8 09/14 BAT HOLDINGS BV A0GPP0 600 93.1 5.8 BBB+ 350 260 -4 -27

CARGIL 4 1/2 09/14 CARGILL INC A0DDDL 500 89.5 6.8 A 447 342 14 -52

CAFP5 1/8 10/10/14 CARREFOUR SA A0TKSC 1250 103.7 4.4 A 205 135 7 -33

BATSLN 5 7/8 03/15 BAT INTL FINANCE PLC A0TSJQ 1250 96.8 6.5 BBB+ 409 327 -8 -34

KFT 6 1/4 03/20/15 KRAFT FOODS INC A0TSY0 850 102.9 5.7 BBB 324 257 -4 -30

BNFP5 1/2 05/06/15 GROUPE DANONE A0TUNQ 1000 106.1 4.4 A- 187 125 24 -22

CAFP5 3/8 06/12/15 CARREFOUR SA A0TWMC 1000 102.4 4.9 A 244 179 7 -25

CARGIL 6 1/4 07/15 CARGILL INC A0TUJD 500 95.1 7.2 A 470 385 5 -6

UNANA 3 3/8 09/15 UNILEVER NV A0GFY7 750 96.4 4.0 A+ 144 78 -2 8

IMTLN 4 12/11/15 ALTADIS EMISIONES FINANC A0GKA3 500 83.8 7.0 BBB- 445 335 10 -14

CAFP4 3/8 11/02/16 CARREFOUR SA A0G0XP 600 94.6 5.2 A 250 180 10 4

CARGIL 4 7/8 05/17 CARGILL INC A0NWR2 500 82.4 7.8 A 507 384 15 32

BATSLN 5 3/8 06/17 BAT INTL FINANCE PLC A0NYWS 1250 90.8 6.8 BBB+ 409 318 -16 -38

PG 5 1/8 10/24/17 PROCTER & GAMBLE CO A0TLHW 1100 103.5 4.6 AA- 186 123 9 5

PG 4 1/8 12/07/20 PROCTER & GAMBLE CO A0GKLE 600 94.4 4.8 AA- 148 98 16 -3

PG 4 7/8 05/11/27 PROCTER & GAMBLE CO A0NULV 1000 87.1 6.1 AA- 217 189 4 3

TSCOLN 5 1/8 04/47 TESCO PLC A0NRKE 600 82.7 6.3 A- 253 232 n.a. n.a.

HENKEL 5 3/8 11/04 HENKEL AG & CO KGAA A0JBUR 1300 81.8 9.0 BBB 646 503 -36 -126 UTILITIES SZEFP 5 7/8 10/09 BELGELEC FINANCE SA 352737 1221 101.2 4.1 A+ 273 150 17 24

ELEPOR6.4 10/29/09 ENERGIAS DE PORTUGAL 353311 1000 101.9 3.8 A- 247 124 9 11

AGBAR 6 11/12/09 AGBAR INTERNATIONAL BV 353670 500 102.2 3.2 A 184 60 -1 23

GASSM 6 1/8 02/10 GAS NATURAL FINANCE BV 451755 525 102.4 3.8 A 241 121 1 -8

VATFAL 6 03/31/10 VATTENFALL TREASURY AB 108464 500 103.0 3.4 A 205 99 3 10

SZEFP 4 1/4 06/10 BELGELEC FINANCE SA 876057 650 100.9 3.6 A+ 221 136 6 -8

EDF 5 3/4 10/25/10 ELECTRICITE DE FRANCE 614276 1000 105.9 2.3 AA- 86 4 6 -17

IBESM 4 3/8 10/10 IBERDROLA INTL BV 920696 750 101.0 3.7 A- 232 149 -3 -17

FRTUM 4 5/8 11/10 FORTUM OYJ 814865 500 101.5 3.7 A 231 147 -1 -15

UNFSM 5 12/09/10 UNION FENOSA FINANCE A0AAG0 500 101.7 4.0 A- 267 182 23 -6

EDNIM 5 1/8 12/10 EDISON SPA A0AAGE 700 102.3 3.9 BBB 243 159 -4 -29

EDF 4 3/8 12/15/10 EDF ENERGY PLC 896751 500 101.5 3.6 A- 217 132 4 -12

ELEPOR 5 7/8 03/11 ENERGIAS DE PORTUGAL 612320 747 103.8 4.0 A- 261 176 1 -7

EDF 3 3/4 04/08/11 ELECTRICITE DE FRANCE A0AXU3 500 102.7 2.5 AA- 104 18 11 18

ENEL4 1/8 05/20/11 ENEL-SOCIETA PER AZIONI A0BB6L 750 101.5 3.5 A- 197 109 8 -8

DANGAS 4 5/8 06/11 DONG ENERGY A/S A0GSWM 500 99.8 4.7 BBB+ 322 229 -10 -2

NGGLN 6 1/8 08/11 NGG FINANCE PLC 702605 750 102.7 5.0 BBB+ 342 253 6 -5

VIEFP 5 7/8 02/12 VEOLIA ENVIRONNEMENT 830982 1000 103.5 4.6 BBB+ 293 207 -8 -40

ENBW5 7/8 02/28/12 ENBW INTL FINANCE BV 846098 1000 105.6 3.9 A- 225 142 6 -16

ELEPOR 4 1/4 06/12 EDP FINANCE BV A0GTET 500 99.9 4.3 A- 246 161 -14 -49

DANGAS 3 1/2 06/12 DONG ENERGY A/S A0E6QY 500 94.7 5.2 BBB+ 341 246 -4 -28

EOANGR 5 1/8 10/12 E.ON INTL FINANCE BV A0TKE9 1750 104.5 3.8 A 185 111 17 22

CEZCO 5 1/8 10/12 CEZ AS A0TKXB 500 97.5 5.9 A- 411 322 8 -15

RWE 6 1/8 10/26/12 RWE FINANCE BV 855327 1808 107.9 3.8 A+ 189 118 14 -5

IBESM 4 7/8 02/13 IBERDROLA INTL BV 755451 750 99.7 5.0 A- 294 211 47 -14

GSZFP 4 3/4 02/13 GDF SUEZ 734082 1250 102.9 4.0 AA- 195 117 4 20

ELESM 5 3/8 02/13 INTERNATIONAL ENDESA BV 752673 700 102.4 4.7 A- 270 192 -3 -18

NGGLN 4 1/8 03/13 NATL GRID PLC A0GPP4 1000 92.8 6.1 BBB+ 409 309 26 -11

EOANGR 5 1/8 05/13 E.ON INTL FINANCE BV A0TURL 1500 104.6 3.9 A 192 116 7 7

IBESM 5 1/8 05/13 IBERDROLA FINANZAS SAU A0TUZV 1000 101.6 4.7 A- 265 186 3 -25

NGGLN 5 1/8 05/13 NATL GRID GAS PLC A0TVAX 800 98.1 5.6 A- 358 271 -3 -19


ENEL4 1/4 06/12/13 ENEL-SOCIETA PER AZIONI 875248 750 102.9 3.5 A- 145 68 21 -42

SSELN 6 1/8 07/13 SCOTTISH & SOUTHERN ENER A0TYU3 600 103.2 5.3 A 321 244 8 -2

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Corporate

Bonds

Name

ID

Volume,in

millions

Price(indicative)

Yield

BloombergC

omposite

Ratin

g

SpreadtoBe

nchmark

AssetSwap

Spread

SpreadChang

eweek-1

(ASS

)

SpreadChangemonth-1

(ASS

)

UTILITIES REDELE 4 3/4 09/13 RED ELECTRICA FINANCE BV 905766 800 101.0 4.5 A+ 242 162 -3 -4

AWLN4 5/8 10/07/13 ANGLIAN WATER SERV FIN 883075 650 96.7 5.4 A- 334 245 13 -6

CEZCO 4 1/8 10/13 CEZ AS A0GZSD 500 93.1 5.8 A- 406 303 12 -2

TAQAUH 4 3/8 10/13 TAQA ABU DHABI NATIONAL A0G0VA 750 87.4 7.6 AA- 554 426 n.a. -61

AEMSPA 4 7/8 10/13 A2M SPA 800633 500 102.8 4.2 NR 208 130 -1 -32

EDF 4 5/8 11/06/13 ELECTRICITE DE FRANCE 802640 500 105.3 3.4 AA- 130 54 -70 -2

FRTUM 5 11/19/13 FORTUM OYJ 814868 500 102.3 4.4 A 231 152 9 -2

TOKELP 4 1/2 03/14 TOKYO ELECTRIC POWER CO A0AWL0 1000 103.2 3.8 AA 163 87 5 -14

ELIASO 4 3/4 05/14 ELIA SYSTEM OP SA/NV A0BBRA 500 101.5 4.4 NR 217 141 -1 -12

AEMSPA 4 7/8 05/14 ASM A0BCXC 500 98.7 5.1 NR 289 209 10 -2

EDF 5 05/30/14 ELECTRICITE DE FRANCE A0TV22 600 103.5 4.2 AA- 200 126 11 -2

EOANGR 5 1/4 06/14 E.ON INTL FINANCE BV A0TV7M 1000 104.5 4.3 A 203 131 10 3

VERBND 5 06/25/14 VERBUND INTERNATIONAL FI A0V0W5 500 103.6 4.2 A 213 140 -8 -20

CEZCO 6 07/18/14 CEZ AS A0TX6B 600 99.7 6.1 A- 395 314 21 2

RWE 4 5/8 07/23/14 RWE FINANCE BV A0DAN1 530 102.3 4.1 A+ 187 114 17 -12

EWE 4 3/8 10/14/14 EWE AG A0DLU5 1000 99.3 4.5 A- 217 142 -21 -23

TRNIM 4 1/4 10/14 TERNA SPA A0DEEK 600 102.2 3.8 A+ 145 75 0 -10

NUONNV 4 1/8 12/14 NUON FINANCE BV A0DH5F 500 100.4 4.1 A 166 96 -55 -86

ENEL5 1/4 01/14/15 ENEL-SOCIETA PER AZIONI A0TN3J 1000 103.3 4.6 A- 216 149 n.a. n.a.

SZEFP 4 3/4 04/15 ELECTRABEL SA A0TTZA 600 98.8 5.0 A+ 249 177 n.a. n.a.

EDF 4 7/8 05/06/15 RTE EDF TRANSPORT S.A A0TUNK 1250 102.3 4.4 NR 197 131 14 5

ELEPOR 3 3/4 06/15 EDP FINANCE BV A0E6JQ 500 92.4 5.2 A- 268 189 7 5

IBESM 3 1/2 06/15 IBERDROLA FINANZAS SAU A0E59M 750 90.1 5.4 A- 287 203 5 -9

SZEFP 5 1/8 06/15 BELGELEC FINANCE SA 876058 750 103.6 4.5 A+ 195 131 14 -5

VIEFP 4 02/12/16 VEOLIA ENVIRONNEMENT A0GKLS 900 89.2 5.9 BBB+ 328 244 11 -27

HERIM 4 1/8 02/16 HERA SPA A0GNAJ 500 88.6 6.2 A 351 263 n.a. 46

SEVTRE 5 1/4 03/16 SEVERN TRENT WATER UTIL A0TSJE 700 97.0 5.8 A 311 241 7 8


ELEPOR 4 5/8 06/16 EDP FINANCE BV A0GTEU 500 95.1 5.4 A- 277 206 10 15

FRTUM 4 1/2 06/16 FORTUM OYJ A0GTTX 750 95.1 5.3 A 262 192 7 10

NEDG4 1/4 06/20/16 NV NEDERLANDSE GASUNIE A0GTPP 700 98.6 4.5 AA- 180 117 13 12

AWLN6 1/4 06/27/16 ANGLIAN WATER SERV FIN A0TW2W 500 101.6 6.0 A- 329 267 48 3

EDF 4 1/8 09/27/16 RTE EDF TRANSPORT S.A A0GYJA 1000 95.7 4.8 NR 209 143 15 11

ENBW4 1/4 10/19/16 ENBW INTL FINANCE BV A0GZ4C 500 95.9 4.9 A- 217 151 -12 -28

EDF 5 1/2 10/25/16 ELECTRICITE DE FRANCE 748603 1100 106.4 4.5 AA- 177 122 -11 -13

VIEFP 4 3/8 01/17 VEOLIA ENVIRONNEMENT A0G1XP 1140 88.2 6.3 BBB+ 355 266 4 -13

EOANGR 6 3/8 05/17 E.ON INTL FINANCE BV 857741 900 113.5 4.4 A 163 111 9 -19

ENEL5 1/4 06/20/17 ENEL-SOCIETA PER AZIONI A0NXZ0 1500 99.1 5.4 A- 260 193 0 -69

STATK 4 5/8 09/17 STATKRAFT AS A0LP4U 600 92.4 5.8 BBB+ 299 218 14 5

EOANGR 5 1/2 10/17 E.ON INTL FINANCE BV A0TKED 2375 103.8 4.9 A 217 155 3 0

EDF 5 02/05/18 ELECTRICITE DE FRANCE A0TQBL 1500 99.4 5.1 AA- 229 160 14 14

GSZFP 5 1/8 02/18 GDF SUEZ 734083 750 105.5 4.4 AA- 159 96 17 -37

IBESM 5 5/8 05/18 IBERDROLA FINANZAS SAU A0TUZW 750 98.7 5.8 A- 298 227 -3 -24

VIEFP 5 3/8 05/18 VEOLIA ENVIRONNEMENT 542649 750 95.0 6.1 BBB+ 325 246 0 -23

ENEL4 3/4 06/12/18 ENEL-SOCIETA PER AZIONI 875877 750 100.0 4.7 A- 190 123 26 1

VATFAL 5 06/18/18 VATTENFALL TREASURY AB 874323 500 101.8 4.8 A 190 125 12 -17

NGGLN 5 07/02/18 NATIONAL GRID PLC 878823 600 92.9 6.0 BBB+ 317 235 4 -13


ELIASO 5 1/4 05/19 ELIA SYSTEM OP SA/NV A0BBRB 500 104.6 4.7 NR 171 113 5 -13

EWE 4 7/8 10/14/19 EWE AG A0DLU6 500 96.8 5.3 A- 221 158 13 -9

UU 4 1/4 01/24/20 UNITED UTILIT WATER PLC A0DW6P 500 90.8 5.4 A- 225 157 11 0

NGGLN 4 3/8 03/20 NATIONAL GRID PLC A0DZLC 500 84.1 6.4 BBB+ 330 241 18 -20

EOANGR 5 3/4 05/20 E.ON INTL FINANCE BV A0TURM 1400 102.7 5.4 A 226 176 4 12

EDF 5 3/8 05/29/20 ELECTRICITE DE FRANCE A0TV23 1200 102.7 5.1 AA- 187 138 8 1

VIEFP 4 3/8 12/20 VEOLIA ENVIRONNEMENT A0GKLR 600 80.9 6.8 BBB+ 349 258 -8 8

SZEFP 5 3/4 06/23 GIE SUEZ ALLIANCE 876224 1000 108.2 4.9 A+ 117 114 24 -25

VATFAL 5 3/8 04/24 VATTENFALL TREASURY AB A0BA7Q 500 106.7 4.7 A 90 91 8 -16

ENEL5 1/4 05/20/24 ENEL-SOCIETA PER AZIONI A0BB6P 750 103.0 5.0 A- 111 108 0 -23TRNIM 4.9 10/28/24 TERNA SPA A0DEEL 800 105.7 4.4 A+ 52 51 n.a. -33

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Corporate

Bonds

Name

ID

Volume,in

millions

Price(indicative)

Yield

BloombergC

omposite

Ratin

g

SpreadtoBe

nchmark

AssetSwap

Spread

SpreadChang

eweek-1

(ASS

)

SpreadChangemonth-1

(ASS

)

UTILITIES ENBW4 7/8 01/16/25 ENBW INTL FINANCE BV A0DG9U 500 96.8 5.2 A- 132 122 0 -9

ENEL5 5/8 06/21/27 ENEL-SOCIETA PER AZIONI A0NX02 850 84.5 7.2 A- 326 280 20 21

RWE 5 3/4 02/14/33 RWE AG 748537 600 105.0 5.4 A+ 151 153 -8 8

EDF 5 5/8 02/21/33 ELECTRICITE DE FRANCE 755460 850 105.9 5.2 AA- 133 136 -3 2


VATFAL 5 1/4 06/49 VATTENFALL TREASURY AB A0E6PM 1000 87.4 6.4 BBB+ 528 416 n.a. n.a.

DANGAS 5 1/2 06/05 DONG ENERGY A/S A0E6QZ 1100 85.3 8.5 BBB- 603 476 -28 -72 OIL & GAS TOTAL 3 3/4 02/10 TOTAL CAPITAL SA A0ACPT 700 101.9 1.9 AA 55 -66 -8 -121

PEMEX 6 5/8 04/10 PEMEX PROJ FDG MASTER TR 842462 750 101.1 5.6 BBB+ 423 316 -11 -170

REPSM 6 05/05/10 REPSOL INTL FINANCE 108935 1175 102.2 4.2 BBB 284 188 -93 -79

ENIIM 6 1/8 06/10 ENI SPA 178148 500 104.6 2.7 AA- 127 40 -29 -45

GAZPRU7.8 09/27/10 GAZ CAPITAL SA 907343 1000 99.8 7.9 BBB 774 673 -16 -108

TECFP 4 5/8 05/11 TECHNIP SA A0BCSR 650 98.7 5.2 NR 374 279 9 -11

STOIL 5 1/8 06/11 STATOILHYDRO ASA 313379 500 105.2 2.9 AA- 144 57 9 5

TOTAL 3 7/8 09/11 TOTAL CAPITAL SA A0GXYY 1400 102.5 2.9 AA 133 43 2 -7

TOTAL 3 1/4 01/12 TOTAL CAPITAL SA A0DXAH 650 101.8 2.6 AA 98 11 6 -19

TNEFT 5.381 06/12 TRANSCAPIT (TRANSNEFT) A0NYKK 700 80.1 12.9 BBB+ 1268 975 -167 -177

BPLN4 1/2 11/08/12 BP CAPITAL MARKETS PLC A0TL3K 1000 104.3 3.3 AA 133 58 9 -14

GAZPRU 4.56 12/12 GAZ CAPITAL SA A0GKQQ 1000 83.7 9.8 BBB 871 679 -138 -129

TOTAL 4 1/8 01/13 TOTAL CAPITAL SA A0G4ZL 600 102.2 3.5 AA 155 78 12 6

ENIIM 4 5/8 04/13 ENI SPA 843677 1500 103.8 3.6 AA- 159 83 0 -21

REPSM 5 07/22/13 REPSOL INTL FINANCE 903857 1000 99.4 5.2 BBB 307 224 -55 -103

PEMEX 6 1/4 08/13 PEMEX PROJ FDG MASTER TR 970791 500 97.8 6.8 BBB 477 385 8 -89

GAZPRU 5.03 02/14 GAZ CAPITAL SA A0G0RY 780 68.7 14.0 BBB 1275 904 -8 -82

REPSM 4 5/8 10/14 REPSOL INTL FINANCE A0DDW6 1000 93.8 5.9 BBB 358 269 -25 -66GAZPRU 5.364 10/14 GAZ CAPITAL SA A0NWZ6 700 68.2 13.7 BBB 1195 851 -10 -71

GAZPRU 5 7/8 06/15 GAZ CAPITAL SA A0E5EK 1000 68.7 13.5 BBB 1192 849 45 -83

MOLHB 3 7/8 10/15 MOL HUNGARIAN OIL & GAS A0GGDD 750 61.5 12.7 NR 1094 731 -27 -89

PEMEX 6 3/8 08/16 PEMEX PROJ FDG MASTER TR A0DAXC 850 87.4 8.7 BBB 600 485 21 -60

REPSM 4 3/4 02/17 REPSOL INTL FINANCE A0LM7P 500 87.1 6.9 BBB 413 316 -17 -26

GAZPRU 5.136 03/17 GAZ CAPITAL SA A0G2KT 500 61.7 13.0 BBB 1094 730 14 -60

RDSALN 4 5/8 05/17 SHELL INTERNATIONAL FIN A0NWAW 1500 103.3 4.1 AA+ 138 78 3 12

GAZPRU 5.44 11/17 GAZ CAPITAL SA A0LPB6 500 62.8 12.7 BBB 1057 706 1 -74

ENIIM 4 3/4 11/17 ENI SPA A0TMCU 1250 100.5 4.7 AA- 188 122 7 11

GAZPRU 6.605 02/18 GAZ CAPITAL SA A0TLKL 1200 63.2 14.0 BBB 1189 799 16 -64

PEMEX 5 1/2 02/25 PEMEX PROJ FDG MASTER TR A0DY6J 1000 68.3 9.4 BBB+ 553 413 14 -51 INDUSTRIALS EADFP 4 5/8 03/10 EADS FINANCE B.V. 775935 1000 100.4 4.2 A- 287 169 0 -25

SGOFP 5 04/16/10 SAINT-GOBAIN NEDER B.V. 842823 1000 100.4 4.7 BBB+ 333 228 -94 -128

HOLZSW 4 3/8 06/10 HOLCIM FINANCE LUX SA 873940 750 99.4 4.8 BBB+ 348 259 -62 -125SUFP3 1/8 08/11/10 SCHNEIDER ELECTRIC SA A0GDKR 900 98.1 4.4 A- 294 210 -28 -32

SCANIA 3 5/8 02/11 SCANIA CV AB A0GNSF 600 93.0 7.4 NR 597 475 7 10

BOUY4 5/8 02/25/11 BOUYGUES SA 815185 750 100.5 4.4 BBB+ 294 205 -13 -45

ROLLS 4 1/2 03/11 ROLLS-ROYCE PLC A0AWKS 750 100.1 4.4 A- 303 214 3 -30

TKAGR 5 03/29/11 THYSSENKRUPP AG A0A3K7 750 101.0 4.5 BBB 302 214 9 11

CAT 5 1/4 05/09/11 CATERPILLAR INTL FIN LTD A0TUUE 600 101.6 4.5 A 308 219 45 4

CIMPPL 4 1/2 05/11 CIMPOR FINANCIAL OPERTNS A0BB3W 600 92.2 8.3 NR 681 550 -1 16

LGFP5 3/4 05/27/11 LAFARGE SA A0TVV6 750 98.9 6.3 BBB 478 380 -19 -164

SGOFP 4 1/4 05/11 COMPAGNIE DE ST GOBAIN A0GSUW 1100 97.9 5.2 BBB+ 379 281 -45 -147

DE 6 06/23/11 JOHN DEERE BANK SA A0TW4D 600 100.3 5.9 NR 442 348 14 -4

SIEGR 5 3/4 07/11 SIEMENS FINANCIERINGSMAT 687191 2000 105.3 3.5 A+ 197 110 3 -27

HOFP4 3/8 07/22/11 THALES SA A0BEXJ 500 102.2 3.4 A- 196 107 -73 -88

ABB 6 1/2 11/30/11 ABB INTL FINANCE LTD A0AA6M 650 105.3 4.5 BBB+ 298 209 -60 -95

SIEGR 5 1/4 12/11 SIEMENS FINANCIERINGSMAT A0TWJ0 1550 104.8 3.5 A+ 189 101 13 -15

HEIGR 6 3/8 01/12 HEIDELBERGCEMENT FIN BV A0TP7J 1000 67.3 24.0 B+ 2244 1613 -63 -669

OBRAS 5 05/18/12 OBRASCON HUARTE LAIN SA A0NUBG 600 64.9 20.5 BBB- 1881 1326 -3 -32

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Corporate

Bonds

Name

ID

Volume,in

millions

Price(indicative)

Yield

BloombergC

omposite

Ratin

g

SpreadtoBe

nchmark

AssetSwap

Spread

SpreadChang

eweek-1

(ASS

)

SpreadChangemonth-1

(ASS

)

INDUSTRIALS DPW 5 1/8 10/04/12 DEUTSCHE POST FINANCE 927904 679 104.2 3.9 BBB+ 198 123 8 -4

REXLN 4 3/8 03/13 REXAM PLC A0GPTM 700 82.8 9.6 BBB- 760 590 -54 n.a.

ADENVX 4 1/2 04/13 ADECCO INT FINANCIAL SVS A0GQ1R 500 95.0 5.8 BBB 384 290 19 -11

BOUY4 1/2 05/24/13 BOUYGUES A0GSKF 1150 95.9 5.6 BBB+ 353 263 -19 -56

ABB 4 5/8 06/06/13 ABB INTL FINANCE LTD A0GTCP 700 97.7 5.2 BBB+ 320 234 -4 -56

HUWHY 5 7/8 07/13 HUTCHISON WHAM FIN 03/13 896914 1000 95.4 7.1 A- 501 403 -7 n.a.

DHR 4 1/2 07/22/13 DANAHER EURO FIN CO EHF A0GVUS 500 88.4 7.6 A 551 428 n.a. n.a.

BRIPL 4.797 09/13 BRISA FINANCE BV 908282 500 94.2 6.2 BBB+ 417 319 11 4

LGFP5.448 12/04/13 LAFARGE SA A0AA90 500 99.2 5.6 BBB 352 267 -84 -260

SKF 4 1/4 12/13/13 SKF AB A0G3MY 500 94.4 5.6 A- 342 249 n.a. -77

SUFP4 1/2 01/17/14 SCHNEIDER ELECTRIC SA A0GVKZ 500 95.9 5.5 A- 329 239 -25 -34

DPW 4 7/8 01/30/14 DEUTSCHE POST FINANCE 801650 926 101.4 4.6 BBB+ 242 162 10 -13

CEMEX 4 3/4 03/14 CEMEX FINANCE EUROPE BV A0LN0J 900 50.4 21.7 BB+ 1961 1206 -25 -146

RENTKL 4 5/8 03/14 RENTOKIL INITIAL PLC A0LQMQ 500 69.4 13.1 NR 1096 792 21 n.a.

SGOFP 5 04/25/14 SAINT-GOBAIN NEDER B.V. A0BDPN 501 94.1 6.3 BBB+ 415 319 23 -30

ATCOA 4 3/4 06/14 ATLAS COPCO AB A0NWVE 600 94.4 6.0 A- 376 284 9 -27

AUTSTR 5 06/09/14 ATLANTIA SPA A0BDA9 2750 100.3 4.9 A- 267 190 -29 -62

SIEGR 5 3/8 06/14 SIEMENS FINANCIERINGSMAT A0TWJ1 1000 105.6 4.2 A+ 195 124 -9 -33

MMM 5 07/14/14 3M COMPANY A0NZYC 1025 104.0 4.2 AA 191 119 1 -7

LGFP 5 07/16/14 LAFARGE SA A0DAD2 612 89.2 7.4 BBB 519 405 18 -72

ITW 5 1/4 10/01/14 ITW FINANCE EUROPE SA A0TKHU 750 99.2 5.4 AA- 305 228 n.a. n.a.

BOUY4 3/8 10/29/14 BOUYGUES SA A0DEGT 1000 93.0 5.8 BBB+ 346 257 -21 -41

HOLZSW 4 3/8 12/14 HOLCIM FINANCE LUX SA A0DG4M 600 88.7 6.8 BBB+ 440 335 -93 -133

SUFP5 3/8 01/08/15 SCHNEIDER ELECTRIC SA A0TKP0 600 96.7 6.0 A- 366 284 -9 1

TKAGR 4 3/8 03/15 THYSSENKRUPP AG A0EC91 750 95.7 5.2 BBB 273 196 -34 -177

URENCO 5 3/8 05/15 URENCO FINANCE NV A0TVRR 500 100.0 5.4 A 290 220 13 -8

LGFP6 1/8 05/28/15 LAFARGE SA A0TVV7 750 84.5 9.5 BBB 700 557 -32 -56

HUWHY 4 1/8 06/15 HUTCHISON WHAMPOA 05 A0E6U6 1000 82.6 7.6 A- 514 389 -2 -91

BOUY6 1/8 07/03/15 BOUYGUES A0TW6W 1000 98.1 6.5 NR 398 323 8 -26

LGFP4 1/4 03/23/16 LAFARGE SA A0GJM9 500 72.1 9.9 BBB 723 527 1 -43

BOUY4 3/4 05/24/16 BOUYGUES A0GSKG 600 89.4 6.6 BBB+ 393 304 2 -12

SGOFP 4 7/8 05/16 COMPAGNIE DE ST GOBAIN A0GSUV 700 83.6 7.9 BBB+ 523 404 9 -42

HUWHY 4 5/8 09/16 HUTCH WHAMPOA FINANCE 06 A0GYKR 1000 79.7 8.3 A- 554 419 n.a. n.a.

VINCI 5 7/8 10/16 COMPAGNIE FIN ET INDUS 721504 500 94.2 6.9 NR 410 331 n.a. n.a.

BRIPL 4 1/2 12/16 BRISA A0G2RN 600 84.3 7.2 BBB+ 445 338 11 n.a.

CMFP4 3/4 04/04/17 CIMENTS FRANCAIS A0NQ2M 500 74.4 9.3 BBB 661 486 n.a. n.a.

SGOFP 4 3/4 04/17 COMPAGNIE DE ST GOBAIN A0NRBY 1250 78.1 8.6 BBB+ 582 435 2 -24

NK 5 04/18/17 IMERYS SA A0NRDX 500 81.4 8.2 NR 538 409 n.a. n.a.

VLVY 5 05/31/17 VOLVO TREASURY AB A0NWVP 1000 68.7 10.9 A- 813 579 18 47

ABESM 5 1/8 06/17 ABERTIS INFRAESTRUCTURAS A0NW77 1000 86.4 7.3 A- 458 353 11 31

LGFP5 3/8 06/26/17 LAFARGE SA A0NX3L 500 73.4 10.2 BBB 745 549 3 -13

SUFP 4 08/11/17 SCHNEIDER ELECTRIC SA A0GDLT 600 85.7 6.2 A- 344 248 11 15

TNTNA 5 3/8 11/17 TNT NV A0TMGV 650 90.7 6.8 BBB+ 403 310 5 -16

VINCI 5 1/4 04/18 COMPAGNIE FIN ET INDUS 843195 600 89.8 6.8 NR 395 300 13 -6

SIEGR 5 5/8 06/18 SIEMENS FINANCIERINGSMAT A0TWJ2 1600 104.6 5.0 A+ 215 153 6 -7

DAAFIN6.5872 07/18 DAA FINANCE PLC A0TXXH 600 101.5 6.4 NR 349 282 n.a. n.a.

EADFP 5 1/2 09/18 EADS FINANCE B.V. 907315 500 95.6 6.1 A- 325 248 1 -88

FNCIM 5 3/4 12/18 FINMECCANICA FINANCE SA A0AAWX 500 102.6 5.4 BBB+ 252 187 -55 -97

LGFP4 3/4 03/23/20 LAFARGE SA A0DZ77 500 66.2 9.9 BBB 674 465 -8 6

ABESM 4 3/8 03/20 ABERTIS INFRAESTRUCTURAS A0D0JW 540 75.0 7.8 A- 469 336 36 36

BOUY4 1/4 07/22/20 BOUYGUES SA A0E63Y 1000 81.1 6.6 BBB+ 344 251 9 -19

VINCI 5 05/24/21 COMPAGNIE FIN ET INDUS A0GSJF 1100 80.2 7.5 NR 413 316 n.a. n.a.

ABESM 4 7/8 10/21 HIT FINANCE BV A0GZ4E 1500 71.9 8.6 NR 514 378 19 12

VINCI 5 5/8 07/22 ASF A0NYXH 1575 80.4 8.1 BBB+ 449 359 5 n.a.

AUTSTR 5 7/8 06/24 ATLANTIA SPA A0BDA7 1000 107.8 5.1 A- 127 129 -18 -39

FNCIM 4 7/8 03/25 FINMECCANICA SPA A0DZ7P 500 76.0 7.5 BBB 361 289 3 -23

VINCI 6 1/4 02/49 VINCI SA A0GNCV 500 67.6 9.6 BBB- 1135 820 n.a. n.a.

SIEGR 5 1/4 09/66 SIEMENS FINANCIERINGSMAT A0GXZH 900 81.3 6.3 A- 596 460 n.a. n.a. Source: Bloomberg 14.1.2009

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Head of Research Friedrich Mostbck +43 (0)5 0100 - 11902Bond Research Gudrun Egger Euroland +43 (0)5 0100 - 11909

Mildred Hager SW, Japan +43 (0)5 0100 - 17331Rainer Singer USA +43 (0)5 0100 - 11185Alihan Karadagoglu Corporate Bonds +43 (0)5 0100 - 19633Elena Statelov Corporate Bonds +43 (0)5 0100 - 19641

Sales Fixed Income Domestic Sales +43 (0)5 0100 - 83200Treasury Domestic Sales +43 (0)5 0100 - 84130Institiutional Sales +43 (0)5 0100 - 84300Corporate Sales +43 (0)5 0100 - 84100

Published by Erste Group Bank AG, Neutorgasse 17, 1010 Vienna, Austria.

Phone +43 (0)5 0100 - ext.

Erste Group Homepage: www.erstegroup.com On Bloomberg please type: ERBK .

This research report was prepared by Erste Group Bank AG (Erste Group) or its affiliate named herein. The information herein has been obtained from, and anyopinions herein are based upon, sources believed reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. Allopinions, forecasts and estimates herein reflect our judgement on the date of this report and are subject to change without notice. The report is not intended to be anoffer, or the solicitation of any offer, to buy or sell the securities referred to herein. From time to time, Erste Group or its affiliates or the principals or employees ofErste Group or its affiliates may have a position in the securities referred to herein or hold options, warrants or rights with respect thereto or other securities of suchissuers and may make a market or otherwise act as principal in transactions in any of these securities. Erste Group or its affiliates or the principals or employees ofErste Group or its affiliates may from time to time provide investment banking or consulting services to or serve as a director of a company being reported on herein.Further information on the securities referred to herein may be obtained from Erste Group upon request. Past performance is not necessarily indicative for futureresults and transactions in securities, options or futures can be considered risky. Not all transaction are suitable for every investor. Investors should consult their

advisor, to make sure that the planned investment fits into their needs and preferences and that the involved risks are fully understood. This document may not bereproduced, distributed or published without the prior consent of Erste Group. Erste Group Bank AG confirms that it has approved any investment advertisementscontained in this material. Erste Group Bank AG is regulated by the Financial Services Authority for the conduct of investment business in the UK.

Please refer to www.erstegroup.com for the current list of specific disclosures and the breakdown of Erste Groups investment recommendations.

2009-01-14 cn int

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