mashreq · brent oil slides to 11-year low as producers seen worsening glut brent crude slumped to...

mashreq Fixed Income Trading

Daily Market Update Monday, December 21, 2015

Market Update

Lower petrol prices drop inflation in Abu Dhabi

The consumer price index in Abu Dhabi dropped 0.2% in November 2015 in a month-on-month comparison, reflecting the adjustments in petroleum prices. The transport group, which is an important element in the CPI, dropped significantly by 3% in November. Another notable decline were reported in the

furnishings, household equipment and routine household maintenance segment, which dropped by 2%.On October 28, the UAE Ministry of Energy adjusted

petroleum prices by up to 5.5% with effect from November 1. In July this year, the government gradually withdrew the subsidies on petroleum products.

Gasoline prices at the pump during November were slightly less than the pre-August subsidized prices. Initially, the petroleum prices increased drastically

after the subsidies were withdrawn and in August as annual inflation reached 4.94% year-on-year, the highest since February 2009. (Khaleej Times)

GCC to raise USD265 billion for fiscal deficits Pressure is mounting on GCC countries to brace for an unprecedented fundraising drive in 2016 to cover estimated aggregate fiscal deficits close to

USD265 billion through the issuance of bonds, asset sales, introduction of taxes and subsidy cuts. With oil revenues plummeting to more than 60% over

the past one year, countries in the GCC are expected to need more than USD250 billion over the next two years. According to financial strategists, much of

that required funds will be raised through asset sales, sukuk or bonds, and new taxes, including a proposed introduction of value-added tax across the

GCC. In 2015 alone, GCC countries will record a deficit of USD145 billion in the public budgets, and more than USD750 billion between 2015 and 2020

amid the continued decline in oil prices, the International Monetary Fund forecasts. The oil price has plummeted to below USD40 a barrel, down from last

year's peak of USD115 a barrel, leading to widening fiscal deficits for the GCC. According to forecast, the GCC fiscal deficit will reach 13% of GDP this year,

versus the IMF's projection of an eight% in May. The IMF says the development of local debt instruments, which have liquidity in the Gulf markets, can lead to enhancing the ability of these economies to cope with the adverse shocks, indicating that sovereign borrowing represents an option to finance a fiscal

deficit. (Khaleej Times)

UAE to gain from China-Pakistan trade link

A new trade link between China and Pakistan will greatly benefit the UAE and other GCC countries over the next five to 10 years, according to the Pakistani

ambassador. Asif Durrani, who has been in the UAE for the past two years, said the China-Pakistan Economic Corridor, which was introduced in April, would significantly increase trade in the region. “Chinese trade will grow with GCC countries,” he said. “In five years, the corridor will become almost fully

operational, and Pakistan is the foremost transit country so this will enhance the trade with Pakistan and the GCC. It holds the best promise for GCC oil and

gas exports.” (The National UAE)

Further pain for UAE homeowners with mortgage rate rises in store The majority of mortgages in the UAE are linked to Eibor, either directly or through a proprietary rate the bank uses that is linked to the measure. Home

financers are set to come under pressure to raise mortgage costs for the first time since the financial crisis as interbank borrowing rates spike. It follows

the first rate rise by the US Federal Reserve in almost a decade, and a 17% jump in UAE interbank borrowing rates in the past month. Homeowners have

had a dismal year as property prices fell and the number of transactions slowed amid waning demand. Things may start getting worse as interest rates on

some mortgages rise after the US Fed began tightening its benchmark rate last week – a rate that the central bank of the UAE follows because the dirham

is pegged to the US dollar. The good news is that a quarter of a percentage point rise is unlikely to make a big dent in monthly mortgage payments but the

bad news is that if the Fed keeps raising rates next year, repayments will also rise. (The National UAE)

Lulu in USD300 million Egypt foray Retail major LuLu Group has opened its first hypermarket in Cairo and plans to open nine more stores in two years to offer jobs up to 10,000 people. The

group will spend USD300 million in North Africa's largest economy in two years. It plans to contribute to the local economy by procuring locally produced

fruits and vegetables. The group's 119th hypermarket was inaugurated by Khalid Hanafy, Egyptian minister for trade, in the presence of Galal El Saeed,

governor of Cairo, Mohamed Abdul Sayed, advisor to the prime minister, and Khalifa Thunaiji, Charge De Affairs at the UAE Embassy. Yusuffali M.A.,

chairman of LuLu Group, said he considers Egypt a very important market in the group's expansion strategy. (Khaleej Times)

Etisalat unit ordered to pay around USD450 million in damages Emirates Telecommunication Corporation’s (Etisalat) Africa-based subsidiary has been ordered to pay USD450.9 million in damages to a minority

shareholder in Telecel Benin. SARCI has sought damages relating to the period 2002-2007, taking its claim to arbitration. Atlantique Telecom, which is also

a shareholder in Telecel Benin, must pay the amount to SARCI. (Gulfbase.com)

KSA draws up new economic reforms amid low oil

According to sources, Saudi Arabian deputy crown prince has privately outlined plans to reshape the economy to withstand low oil prices, in what could be

the biggest policy shake-up since the Kingdom’s economy was last hurt by cheap oil over a decade ago. The strategy includes state spending reforms and

privatization in the world’s top oil exporting country. The plan is expected to be made public in January 2016. (Gulfbase.com)

IMF seeks tax regime overhaul in GCC

The International Monetary Fund (IMF), in its latest round of discussions with the GCC’s finance ministers and central bank governors, has stressed the

need to revive their strategies for reforming the domestic taxation systems. Raising more from domestic taxes and relying less on oil revenues would

enhance the GCC governments’ accountability to the population given the more direct link that would be established between revenues and service

provision. The IMF suggested that the GCC countries could choose a combination of modern tax options to meet their revenue needs. These include: a low-

rate, broad-based VAT, together with select excises, a tax on profits of incorporated and unincorporated enterprises and a recurrent property tax. A

combination of these taxes can ensure efficient and progressive tax systems in the region. Taxes should start at low rates with limited exemptions, such a

system would be easier to administer and would have little or no efficiency costs to the economy. (Peninsula Qatar)

Brent oil slides to 11-year low as producers seen worsening glut Brent crude slumped to the lowest level since 2004 amid speculation suppliers from the Middle East to the U.S. will exacerbate a record glut as they

continue fighting for market share. Futures fell as much as 1.9% in London after a 2.8% drop last week. Producers are focusing on reducing costs amid the

price decline, Qatar Energy Minister Mohammed Al Sada said Sunday at a meeting of Arab oil-exporting nations in Cairo. Drillers in the U.S. put the most

rigs back to work since July, adding 17, data from Baker Hughes Inc. showed. Oil has fallen below levels last seen during the 2008 global financial crisis on

signs the market’s oversupply will worsen. The OPEC effectively abandoned output limits at a December 4th meeting, while the U.S. on Friday passed

legislation that lifted a 40-year ban on crude exports. Front-month prices are down 36% this year, set for a third annual loss. West Texas Intermediate for

January delivery, dropped to USD34.73 on Friday, the lowest close since February 2009. The more active February contract was at USD35.77. Total volume

was close to the 100-day average. Crude is set to rise from current “very low” levels that are hurting producers, Iraq’s Oil Minister Adel Abdul Mahdi said

after the meeting of Arab petroleum-exporting nations, without providing a forecast on the timing of the rebound. Qatar’s energy minister told reporters

before the gathering there was no need to be pessimistic about prices. The number of drill rigs targeting oil rose to 541, Baker Hughes said on its website Friday. The Permian Basin in West Texas, led the gains with five rigs put back to work. U.S. crude stockpiles remain about 130 million barrels above the

mashreq Fixed Income Trading

Daily Market Update Monday, December 21, 2015

five-year average, according to data from the Energy Information Administration. (Bloomberg)

U.S. Senate ratifies reforms in budget bill

The US Senate has ratified reforms to boost the representation of emerging economies at the International Monetary Fund (IMF) as part of a budget bill that will clear the way for new industrial powerhouses like China and India to have more clout at the international lender. A sprawling budget deal to keep

the US government operating through September 2016 contained a measure to put Brazil, China, India and Russia among the IMF's top 10 shareholders

and give emerging markets more influence at the global lender. The legislation will now go to President Barack Obama. Plans agreed in 2010 to give

emerging markets more voting power and double the Fund's resources have been delayed by Congress. Under the new regime, China ’s vote at the IMF

would increase to 6% from 3.8%. (Reuters)

China's renminbi is plunging at a historic rate, raising fears for Chinese economy

China’s renminbi is falling at a record-setting pace. If Chinese central bankers fix the value of their currency at a lower rate Monday, it will mark the

longest stretch of consecutive weakenings since it was officially unpegged from the U.S. dollar in 2005. The depreciation helps China’s export-oriented

sector, but fuels investor concerns and ongoing frustrations over trade. It also comes as Chinese economic growth has slowed. The People’s Bank of China

has fixed the renminbi lower for 10 trading days in a row, tying similar streaks last month and during the crisis-ridden summer of 2008. In the past two

weeks, the value of the currency, aka the yuan, has dropped 1.49%, the Financial Times reported. In August, the renminbi fell 4% -- although in that case the depreciation took place over a shorter period. (International Business Times)

China starts annual meeting to map out 2016 economic plans

China's top leaders have started an annual meeting to map out economic and reform plans for 2016.The annual Central Economic Work Conference is

keenly watched by investors for clues on policy priorities and key economic targets for the year ahead. Chinese leaders have pledged to keep the country's

economic growth in a "reasonable range" in 2016 by expanding domestic demand and making supply-side improvements. The government is expected to hold off from announcing 2016 economic targets, including GDP growth, investment and money supply growth, until the annual parliament meeting in

March 2016. Meanwhile, the National Bureau of Statistics (NBS) data showed that country’s home prices rose for the second straight month in November in

on-year terms, signaling further stabilization in the country's largest urban housing markets, although oversupply continues to plague smaller cities. The

two months of on-year increases follow 13 consecutive months of declines, providing tentative signs of an improving property market and easing fears of a sharper slowdown in the broad economy, which is heading for its weakest growth in 25 years in 2015. (Reuters)

Spain's ruling party set for tough negotiations after failing to win majority

Spain's ruling conservative party has walked away with the most seats in the country's general election but fallen short of winning a clear majority. Voters

came out Sunday to elect representatives to the lower house and senate. Partido Popular (PP), led by Prime Minister Mariano Rajoy, won 123 seats with

28.72% of the vote -- far from the 176 needed for the majority. The Socialist Party (PSOE) followed in second place, claiming 90 seats with 22%. Two new emerging parties, Podemos and Ciudadanos, won seats to challenge the dominant two parties in Spain for the first time in decades. The anti-austerity

Podemos led by Pablo Iglesias won 69 seats while pro-business Ciudadanos led by Albert Rivera won 40. Rajoy's tough austerity measures have helped the

nation recover from economic crisis. The Spanish economy is expected to grow 3.1% this year, about twice the average of the Eurozone. However Spain's

unemployment, hovering at 21.1%, is the second highest in the EU after Greece. PP now faces the difficult task of forming a coalition government given

that it is unable to achieve a majority with its most obvious partner, the center-right Ciudadanos. (CNN)

Brazil's new finance minister spurs instant rout, faces big test Nelson Barbosa could, of course, turn out to be the man who fixes Brazil’s finances, tames soaring inflation and revives the sinking economy, but investors

sure aren’t betting on it. As word spread across Sao Paulo trading floors Friday that Barbosa would be the country’s next finance minister, replacing the

beleaguered Joaquim Levy, markets plunged. By day’s end, the currency was down 2.6%, stocks 3%. That harsh reception is the exact opposite of the

broad rally that greeted Levy when he took the post a year earlier. Levy, though, was the market ’s golden boy, with his University of Chicago-training,

asset-manager experience and reputation as a fierce budget cutter. Barbosa, while generally respected by analysts for his technocratic skills, isn’t seen as

being quite as tight-fisted on spending, a perception he only reinforced when suggesting Friday that he was amenable to granting subsidies to some

industries. (Bloomberg)

Japan government eyes tax revenue at 25-year high in FY2016; BOJ plans to spend USD2.5 billion to buy non-existent ETFs According to sources, Japan's government is set to estimate tax revenue at a 25-year high of JPY57.6 trillion in FY2016, helped by rising corporate profits,

when it prepares the biggest-ever annual budget. The draft budget for FY2016 is expected to rise to JPY96.7 trillion, up from the current year's initial plan

worth JPY96.3 trillion, reflecting rising social welfare costs as well as military outlays. Prime Minister Shinzo Abe is counting on economic growth to boost

tax revenue, but the coming year's budget also highlights his struggle to curb bulging welfare costs of the fast-ageing population while he faces an upper

house election in 2016. The draft annual budget comes on the heels of a JPY3.3 trillion extra stimulus budget for the current fiscal year, which was

approved by Abe's cabinet. Meanwhile the Bank of Japan (BOJ) maintained its money printing drive at the current rate, but reorganized its massive stimulus program to advance

Premier Shinzo Abe's plans to prod reticent companies into boosting wages and investment. As widely expected, the BOJ kept intact its policy target of

increasing cash and deposits in circulation by ¥80tn and the pace at which it buys government bonds and trust funds investing in stocks and property.

However, it decided to extend the duration of the Japanese government bonds (JGBs) it buys from 10 to 12 years from 2016 and set up a ¥300bn fund to

buy exchange-traded funds (ETFs) that specifically target firms actively spending on capital expenditure and wages. Markets were roiled Friday after it

unveiled measures including purchasing exchange-traded funds that track companies which are “proactively making investment in physical and human

capital.” The central bank will spend JPY300 billion (USD2.5 billion) a year from April buying such securities to offset the market impact as it resumes

selling stocks purchased earlier from financial institutions. The only problem is such ETFs have never been made in Japan, at least not yet. Even as fund

providers start hundreds of so-called “smart beta” products that choose stocks based on everything from dividends to volatility, ETFs that pick companies

for how they deploy their cash are rare in global markets. (Reuters and Bloomberg)

Fixed Income Trading

USD INVESTMENT GRADE ISSUES (LONG TERM)

Security Name ISIN Code MaturityOutstanding

Amount (Mio)

Coupon

TypeCoupon % Indic. Bid

Indic.

Offer

Offer

Yield %

Credit Rating

S&P/Moody/FitchCountry Payment Rank Min. Size

Risk

Rating

ABBVIE INC US00287YAL39 6-Nov-2022 3071 FIXED 2.90 97.11 97.11 3.38 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

ABBVIE INC US00287YAQ26 14-May-2025 3750 FIXED 3.60 98.85 98.85 3.75 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AIRBUS GROUP FINANCE BV USN2823BBD21 17-Apr-2023 1000 FIXED 2.70 97.63 97.63 3.06 A/A2/A- FRANCE Sr Unsecured 1,000 P2

AMAZON.COM INC US023135AJ58 29-Nov-2022 1250 FIXED 2.50 97.43 97.43 2.91 AA-/Baa1/- UNITED STATES Sr Unsecured 2,000 P2

AMERICAN EXPRESS CO US025816BD05 2-Dec-2022 1266 FIXED 2.65 97.40 97.40 3.07 BBB+/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 67.00 67.00 12.92 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000 P4

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 62.27 62.27 12.59 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000 P4

APPLE INC US037833BG48 13-May-2025 2000 FIXED 3.20 101.50 101.50 3.01 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCM25 30-Jun-2022 2750 FIXED 3.00 98.90 98.90 3.19 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

AT&T INC US00206RCN08 15-May-2025 5000 FIXED 3.40 95.87 95.87 3.93 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GEU94 11-Jan-2023 4250 FIXED 3.30 99.84 99.84 3.33 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P2

BANK OF AMERICA CORP US06051GFP90 21-Apr-2025 2500 FIXED 3.95 97.72 97.72 4.25 BBB/Baa3/A- UNITED STATES Subordinated 2,000 P3

BARCLAYS PLC US06738EAE59 16-Mar-2025 2000 FIXED 3.65 96.60 96.60 4.10 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P2

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 85.64 85.64 6.60 BBB-/Baa3/- CANADA Sr Unsecured 2,000 P4

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 91.07 92.02 4.37 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BOSTON PROPERTIES LP US10112RAV69 1-Sep-2023 500 FIXED 3.13 98.22 98.22 3.39 A-/Baa2/BBB+ UNITED STATES Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 94.95 94.95 3.53 A/A2/- UNITED KINGDOM Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QDA31 17-Mar-2025 1000 FIXED 3.51 99.14 99.14 3.62 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P2

BPCE SA US05578UAD63 15-Mar-2025 1250 FIXED 4.50 96.59 96.59 4.97 -/Baa3/A- FRANCE Subordinated 200,000 P3

CITIGROUP INC US172967GT25 15-May-2023 1250 FIXED 3.50 98.63 98.63 3.71 BBB/Baa3/A- UNITED STATES Subordinated 1,000 P3

CITIGROUP INC US172967JL61 26-Mar-2025 1000 FIXED 3.88 97.71 97.71 4.18 BBB/Baa3/A- UNITED STATES Subordinated 1,000 P3

CITIGROUP INC US172967JP75 27-Apr-2025 1500 FIXED 3.30 98.37 98.37 3.51 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P2

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 93.16 93.16 3.52 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 93.46 93.46 4.24 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CRED SUIS GP FUN LTD USG25417AA79 26-Mar-2025 2500 FIXED 3.75 97.38 97.38 4.09 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000 P2

CREDIT AGRICOLE SA USF2R125AC99 17-Mar-2025 1500 FIXED 4.38 97.49 97.49 4.71 BBB/Baa3/A- FRANCE Subordinated 200,000 P3

DEUTSCHE BANK AG LONDON US25152RXA66 30-May-2024 1600 FIXED 3.70 100.55 100.55 3.62 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P2

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 98.30 98.30 3.73 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

FORD MOTOR CREDIT CO LLC US345397XA68 9-Jan-2022 750 FIXED 3.22 98.48 98.48 3.50 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FORD MOTOR CREDIT CO LLC US345397WW97 8-Sep-2024 750 FIXED 3.66 97.03 97.03 4.07 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P2

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 57.50 57.50 14.08 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P4

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 58.71 58.71 17.11 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P4

GENERAL MOTORS FINL CO US37045XAW65 10-Apr-2022 1250 FIXED 3.45 97.06 97.06 3.98 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GENERAL MOTORS FINL CO US37045XAS53 15-Jan-2025 1000 FIXED 4.00 95.64 95.64 4.59 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P2

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.50 76.50 76.50 9.21 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

=> All Conditions are Indicative and subject ot market changes and liquidity constrains


USD INVESTMENT GRADE ISSUES (LONG TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 73.95 73.95 9.01 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS1028955844 29-Apr-2024 1000 FIXED 4.63 69.80 69.80 10.06 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 90.90 90.90 5.23 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P2

GOLDMAN SACHS GROUP INC US38148LAC00 23-Jan-2025 2500 FIXED 3.50 100.25 100.25 3.47 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P2

JPMORGAN CHASE & CO US46625HJY71 10-Sep-2024 3000 FIXED 3.88 99.89 99.89 3.89 BBB+/Baa1/A UNITED STATES Subordinated 2,000 P3

JPMORGAN CHASE & CO US46625HKC33 23-Jan-2025 2500 FIXED 3.13 99.19 99.19 3.23 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P2

KINDER MORGAN INC/DELAWA US49456BAF85 1-Jun-2025 1500 FIXED 4.30 85.26 85.26 6.41 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 1,000 P4

LLOYDS BANK PLC US53944VAH24 14-May-2025 1250 FIXED 3.50 100.96 100.96 3.38 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

LOCKHEED MARTIN CORP US539830BE89 1-Mar-2025 750 FIXED 2.90 98.08 98.08 3.14 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 2,000 P2

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 79.56 79.56 6.56 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON OIL CORP US565849AL02 1-Jun-2025 900 FIXED 3.85 79.50 79.50 6.84 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON PETROLEUM CORP US56585AAG76 15-Sep-2024 750 FIXED 3.63 95.19 95.19 4.29 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P3

MCDONALD'S CORP US58013MEU45 26-May-2025 700 FIXED 3.38 99.32 99.32 3.46 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MERCK & CO INC US58933YAR62 10-Feb-2025 2500 FIXED 2.75 97.58 97.58 3.06 AA/A1/A UNITED STATES Sr Unsecured 2,000 P2

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 96.81 96.81 3.82 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2

MOTOROLA SOLUTIONS INC US620076BB42 15-May-2022 750 FIXED 3.75 94.04 94.04 4.85 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P2

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 97.31 97.31 3.84 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

OCEANEERING INTL INC US675232AA07 15-Nov-2024 500 FIXED 4.65 84.44 84.44 7.04 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000 P4

RABOBANK NEDERLAND NY US21688AAE29 21-May-2025 1000 FIXED 3.38 100.62 100.62 3.30 A+/Aa2/AA- NETHERLANDS Sr Unsecured 250,000 P2

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 89.86 90.92 4.96 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 90.30 90.30 4.58 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 98.69 98.69 3.41 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P2

SIEMENS FINANCIERINGSMAT USN82008AE85 27-May-2025 1500 FIXED 3.25 100.14 100.14 3.23 A+/A1/A GERMANY Sr Unsecured 250,000 P2

SOCIETE GENERALE USF8586CH211 14-Apr-2025 1500 FIXED 4.25 94.77 94.77 4.96 BBB/Baa3/A- FRANCE Subordinated 200,000 P3

STANDARD CHARTERED PLC XS1219971774 17-Apr-2025 750 FIXED 3.20 93.30 93.30 4.07 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P2

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 94.66 94.66 3.31 AA-/Aa2/- NORWAY Sr Unsecured 1,000 P2

TIME WARNER INC US887317AW59 15-Jul-2025 1500 FIXED 3.60 98.20 98.20 3.83 BBB/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 96.46 96.46 3.28 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000 P2

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 97.15 97.15 4.02 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2

VERIZON COMMUNICATIONS US92343VCR33 1-Nov-2024 2500 FIXED 3.50 98.57 98.57 3.69 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P2

VIACOM INC US92553PAT93 1-Sep-2023 1250 FIXED 4.25 97.25 97.25 4.68 BBB-/Baa2/BBB+ UNITED STATES Sr Unsecured 2,000 P2

VODAFONE GROUP PLC US92857WAZ32 26-Sep-2022 1000 FIXED 2.50 93.36 93.36 3.62 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P2

WELLS FARGO & COMPANY US94974BGH78 19-Feb-2025 2500 FIXED 3.00 98.71 98.71 3.16 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P2



USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

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 99.00 99.00 2.74 A/Baa1/- UNITED STATES Sr Unsecured 2,000 P1

ABN AMRO BANK NV XS1241945473 4-Jun-2020 1000 FIXED 2.45 99.43 99.81 2.50 A/A2/A NETHERLANDS Sr Unsecured 200,000 P1

AMERICAN EXPRESS CREDIT US0258M0DT32 26-May-2020 1750 FIXED 2.38 99.49 99.49 2.50 A-/A2/A+ UNITED STATES Sr Unsecured 2,000 P1

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 72.00 72.00 12.04 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

APPLE INC US037833BD17 6-May-2020 1250 FIXED 2.00 99.78 99.78 2.05 AA+/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

ASTRAZENECA PLC US046353AF58 18-Sep-2019 1000 FIXED 1.95 99.66 99.66 2.05 A-/A3/A UNITED KINGDOM Sr Unsecured 2,000 P1

AT&T INC US00206RCL42 30-Jun-2020 3000 FIXED 2.45 98.75 98.75 2.75 BBB+/Baa1/A- UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA CORP US06051GFN43 21-Apr-2020 2000 FIXED 2.25 97.79 97.79 2.80 BBB+/Baa1/A UNITED STATES Sr Unsecured 2,000 P1

BANK OF AMERICA NA US06050TMC35 5-Jun-2018 1750 FIXED 1.75 100.42 100.42 1.57 A /*+/A1/A+ UNITED STATES Sr Unsecured 250,000 P1

BANK OF NY MELLON CORP US06406HCZ01 24-Feb-2020 1250 FIXED 2.15 98.98 98.98 2.41 A/A1/AA- UNITED STATES Sr Unsecured 1,000 P1

BARCLAYS PLC US06738EAG08 8-Jun-2020 1000 FIXED 2.88 100.19 100.19 2.83 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 200,000 P1

BNP PARIBAS US05579TED46 21-May-2020 1500 FIXED 2.38 99.42 99.42 2.52 A+ /*-/A1/A+ FRANCE Sr Unsecured 200,000 P1

BP CAPITAL MARKETS PLC US05565QCX43 13-Feb-2020 1250 FIXED 2.32 98.98 98.98 2.58 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P1

BPCE SA US05578DAR35 27-Jan-2020 750 FIXED 2.25 99.55 99.55 2.37 A/A2/A FRANCE Sr Unsecured 250,000 P1

CATERPILLAR FINANCIAL SE US14912L6J50 5-Mar-2020 500 FIXED 2.00 99.56 99.56 2.11 A/A2/A UNITED STATES Sr Unsecured 1,000 P1

CHEVRON CORP US166764AR12 3-Mar-2020 1750 FIXED 1.96 98.59 98.59 2.32 AA/Aa1/- UNITED STATES Sr Unsecured 2,000 P1

CITIGROUP INC US172967JN28 27-Apr-2018 2500 FIXED 1.70 99.00 99.00 2.14 BBB+/Baa1/A UNITED STATES Sr Unsecured 1,000 P1

CONOCOPHILLIPS COMPANY US20826FAJ57 15-May-2020 500 FIXED 2.20 97.17 97.17 2.89 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P1

CRED SUIS GP FUN LTD USG25417AB52 26-Mar-2020 1500 FIXED 2.75 99.34 99.34 2.92 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 250,000 P1

CREDIT SUISSE NEW YORK US22546QAV95 27-Apr-2018 2750 FIXED 1.70 99.34 99.34 1.99 A/A1 /*-/A SWITZERLAND Sr Unsecured 250,000 P1

DAIMLER FINANCE NA LLC USU2339CCA46 3-Aug-2018 1000 FIXED 2.00 99.63 99.63 2.15 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CAZ15 31-Jul-2019 750 FIXED 2.25 98.94 98.94 2.56 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DAIMLER FINANCE NA LLC USU2339CBW74 18-May-2020 1300 FIXED 2.45 98.92 98.92 2.71 A-/A3/A- GERMANY Sr Unsecured 150,000 P1

DEUTSCHE BANK AG LONDON US25152RYD96 13-Feb-2018 2000 FIXED 1.88 99.49 99.49 2.12 BBB+/A3/A- GERMANY Sr Unsecured 1,000 P1

EXXON MOBIL CORPORATION US30231GAG73 6-Mar-2020 1500 FIXED 1.91 99.16 99.16 2.12 AAA/Aaa/- UNITED STATES Sr Unsecured 2,000 P1

FORD MOTOR CREDIT CO LLC US345397XH12 15-Jun-2018 1000 FIXED 2.24 99.81 99.81 2.32 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FORD MOTOR CREDIT CO LLC US345397WY53 4-Nov-2019 1250 FIXED 2.60 98.34 98.34 3.06 BBB-/Baa3/BBB- UNITED STATES Sr Unsecured 200,000 P1

FREEPORT-MCMORAN INC US35671DBD66 15-Mar-2018 1500 FIXED 2.38 76.60 76.60 15.23 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 61.00 61.00 16.24 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P3

GENERAL MOTORS FINL CO US37045XAV82 10-Apr-2018 850 FIXED 2.40 99.41 99.41 2.67 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1

GENERAL MOTORS FINL CO US37045XAY22 13-Jul-2020 1500 FIXED 3.20 100.16 100.16 3.16 BBB-/Ba1/BBB- UNITED STATES Sr Unsecured 2,000 P1


GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 84.00 84.00 8.58 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3




USD INVESTMENT GRADE ISSUES (SHORT TERM TERM)


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

GOLDCORP INC US380956AC63 15-Mar-2018 500 FIXED 2.13 97.68 97.68 3.22 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P1

GOLDMAN SACHS GROUP INC US38148LAA44 23-Apr-2020 1700 FIXED 2.60 100.09 100.09 2.58 BBB+/A3/A UNITED STATES Sr Unsecured 2,000 P1

HSBC USA INC US40434CAC91 23-Jun-2019 750 FIXED 2.25 99.99 99.99 2.25 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

HSBC USA INC US40428HPR74 5-Mar-2020 1750 FIXED 2.35 99.28 99.28 2.53 A/A2/AA- UNITED STATES Sr Unsecured 100,000 P1

IBM CORP US459200HM60 15-May-2020 1250 FIXED 1.63 98.30 98.30 2.03 AA-/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNR17 20-Jul-2018 500 FIXED 2.05 99.57 99.57 2.22 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

IMPERIAL TOBACCO FINANCE USG4721VNS99 21-Jul-2020 1250 FIXED 2.95 100.97 100.97 2.72 BBB/Baa3/BBB UNITED KINGDOM Sr Unsecured 200,000 P1

JPMORGAN CHASE & CO US48127HAA77 22-Oct-2019 2000 FIXED 2.20 99.85 99.85 2.24 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

JPMORGAN CHASE & CO US46625HKA76 23-Jan-2020 3750 FIXED 2.25 99.17 99.17 2.46 A-/A3/A+ UNITED STATES Sr Unsecured 2,000 P1

LLOYDS BANK PLC US53944VAE92 17-Mar-2020 1000 FIXED 2.40 99.71 99.71 2.47 A/A1/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

MACQUARIE BANK LTD US55608RAM25 21-Jan-2020 750 FIXED 2.40 99.09 99.49 2.53 A/A2/A AUSTRALIA Sr Unsecured 2,000 P1

MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 88.87 88.87 5.57 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MCDONALD'S CORP US58013MET71 26-May-2020 700 FIXED 2.20 99.10 99.10 2.42 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 1,000 P1

MERCK & CO INC US58933YAS46 10-Feb-2020 1250 FIXED 1.85 99.63 99.63 1.94 AA/A1/A UNITED STATES Sr Unsecured 2,000 P1

MONSANTO CO US61166WAS08 15-Jul-2019 500 FIXED 2.13 99.61 99.61 2.24 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P1

MUFG AMERICAS HLDGS CORP US553794AB47 10-Feb-2020 1000 FIXED 2.25 98.61 98.61 2.61 A/A3/A UNITED STATES Sr Unsecured 2,000 P1

MUFG UNION BANK NA US90520EAF88 6-May-2019 500 FIXED 2.25 100.24 100.24 2.17 A+/A2/A UNITED STATES Sr Unsecured 250,000 P1

PEPSICO INC US713448CS53 30-Apr-2020 750 FIXED 1.85 99.08 99.08 2.07 A/A1/A UNITED STATES Sr Unsecured 2,000 P1

RABOBANK NEDERLAND NY US21688AAD46 14-Jan-2020 1000 FIXED 2.25 99.86 99.86 2.29 A+/Aa2/- NETHERLANDS Sr Unsecured 250,000 P1

ROYAL BANK OF CANADA US780082AA14 5-Feb-2020 2000 FIXED 1.88 98.77 98.77 2.19 -/Aaa/AAA CANADA Secured 1,000 P1

SANTANDER BANK NA US80280JDB44 12-Jan-2018 750 FIXED 2.00 99.63 99.63 2.19 BBB+/Baa2/- UNITED STATES Sr Unsecured 250,000 P1

SANTANDER HOLDINGS USA US80282KAD81 17-Apr-2020 1000 FIXED 2.65 98.41 98.41 3.05 BBB+/Baa2/- UNITED STATES Sr Unsecured 2,000 P1

SHELL INTERNATIONAL FIN US822582BG61 11-May-2020 2000 FIXED 2.13 98.60 98.60 2.46 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P1

SIEMENS FINANCIERINGSMAT DE000A1G0WD5 16-Aug-2019 1500 FIXED 1.65 98.26 99.11 1.90 A+/A1/A GERMANY Sr Unsecured 250,000 P1

SIEMENS FINANCIERINGSMAT USN82008AC20 27-May-2020 1000 FIXED 2.15 99.65 99.65 2.23 A+/A1/A GERMANY Sr Unsecured 250,000 P1

STANDARD CHARTERED PLC XS1219971931 17-Apr-2020 1250 FIXED 2.25 97.91 97.91 2.77 A-/Aa3 /*-/A+ UNITED KINGDOM Sr Unsecured 200,000 P1

UBS AG STAMFORD CT US90261XHK19 26-Mar-2020 1500 FIXED 2.35 99.78 99.78 2.40 A/A2 /*+/A SWITZERLAND Sr Unsecured 250,000 P1

VODAFONE GROUP PLC US92857WBE93 19-Feb-2018 1400 FIXED 1.50 99.12 99.12 1.92 BBB+/Baa1/BBB+ UNITED KINGDOM Sr Unsecured 1,000 P1

VOLKSWAGEN GROUP AMERICA USU9273AAM72 22-May-2020 750 FIXED 2.40 94.02 94.02 3.89 BBB+/A3/- GERMANY Sr Unsecured 200,000 P1

WELLS FARGO & COMPANY US94974BFU98 22-Apr-2019 1750 FIXED 2.13 99.93 99.93 2.15 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1

WELLS FARGO & COMPANY US94974BGF13 30-Jan-2020 2000 FIXED 2.15 99.66 99.66 2.24 A/A2/AA- UNITED STATES Sr Unsecured 1,000 P1



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABU DHABI NATIONAL ENERG XS0863523972 12-Jan-2018 750 FIXED 2.50 99.56 99.56 2.72 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2


ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.78 96.51 4.38 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453907 6-Mar-2018 750 FIXED 2.50 99.37 99.93 2.53 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1040257062 4-Mar-2019 750 FIXED 3.00 99.89 100.46 2.85 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1110651012 16-Sep-2019 600 FIXED 2.75 98.81 99.46 2.91 A/NR/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS1199968998 10-Mar-2020 750 FIXED 2.63 98.63 98.63 2.98 A/-/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ADCB FINANCE CAYMAN LTD XS0897453493 6-Mar-2023 750 FIXED 4.50 100.50 100.50 4.42 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

ADCB FINANCE CAYMAN LTD XS0937539921 28-May-2023 300 VARIABLE 3.13 98.69 99.67 3.27 A-/NR/A UNITED ARAB EMIRATES Subordinated 200,000 P3

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.98 97.84 2.86 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

BANK MUSCAT SAOG XS0908549685 26-Mar-2018 500 FIXED 2.50 98.93 99.75 2.62 BBB+/A1/BBB+ OMAN Sr Unsecured 200,000 P2

BATELCO INT FIN NO 1 LTD XS0927183441 1-May-2020 519 FIXED 4.25 100.00 100.00 4.25 BB+/-/BBB- BAHRAIN Sr Unsecured 200,000 P5

BOS FUNDING LTD XS1117297272 8-Jun-2020 500 FIXED 3.37 94.63 95.36 4.54 -/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBD CAYMAN XS1321976950 17-Nov-2020 400 FIXED 4.00 100.26 100.84 3.81 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS0771860003 11-Apr-2017 500 FIXED 3.38 101.69 102.27 1.59 A-/A1/- QATAR Sr Unsecured 200,000 P2

CBQ FINANCE LTD XS1079720212 24-Jun-2019 750 FIXED 2.88 99.92 100.51 2.72 A-/A1/- QATAR Sr Unsecured 200,000 P2

COMMERCIAL BANK OF DUBAI XS0933999863 21-May-2018 500 FIXED 3.38 100.46 101.20 2.85 -/Baa1/A- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DEWA SUKUK 2013 LTD XS0897680558 5-Mar-2018 1000 FIXED 3.00 101.49 102.14 1.99 BBB/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.91 98.60 3.26 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.22 99.93 4.33 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DP WORLD LTD XS1234270921 18-May-2020 500 FIXED 3.25 99.02 99.75 3.31 -/Baa3/BBB- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 101.43 101.43 4.36 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES AIRLINES XS0885065887 6-Feb-2025 679 FIXED 4.50 101.55 101.55 4.11 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0765257141 28-Mar-2017 1000 FIXED 4.63 102.22 102.22 2.80 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS0632908314 31-May-2018 332 FLOATING 1.91 98.41 99.63 2.24 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1138457590 19-Nov-2019 1000 FIXED 3.25 99.87 100.54 3.10 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES NBD PJSC XS1227814883 6-May-2020 350 FIXED 3.00 99.16 99.79 3.05 -/Baa1/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077881743 18-Jun-2019 900 FIXED 2.38 99.75 99.75 2.45 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMIRATES TELECOM CORP XS1077883012 18-Jun-2024 500 FIXED 3.50 101.63 101.63 3.28 AA-/Aa3/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FGB SUKUK COMPANY LTD XS0731930797 18-Jan-2017 500 FIXED 4.05 101.83 102.36 1.78 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0840538994 9-Oct-2017 650 FIXED 2.86 100.76 101.39 2.06 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS0992167865 14-Jan-2019 500 FIXED 3.25 101.09 101.70 2.66 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

FIRST GULF BANK XS1193304596 24-Feb-2020 750 FIXED 2.63 98.20 98.83 2.93 -/A2/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HSBC BNK MIDDLE EAST LTD XS1114125534 1-Oct-2019 400 FIXED 2.75 100.09 101.03 2.46 -/A2/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

IBQ FINANCE LTD XS1325770722 25-Nov-2020 500 FIXED 3.50 99.54 100.08 3.48 -/A2/A+ QATAR Sr Unsecured 200,000 P2



USD GCC ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ICD FUNDING LTD XS1069870415 21-May-2024 300 FIXED 4.63 99.27 100.26 4.59 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.50 100.28 3.44 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1110833123 19-Sep-2044 1250 FIXED 6.00 75.52 77.12 8.05 BBB-/-/BBB- BAHRAIN Unsecured 200,000 P3

KINGDOM OF BAHRAIN XS1324932273 26-Jan-2021 700 FIXED 5.88 101.68 102.37 5.34 BBB-/-/BBB-e BAHRAIN Sr Unsecured 200,000 P2

KINGDOM OF BAHRAIN XS1324931895 26-Jan-2026 800 FIXED 7.00 100.00 100.80 6.89 BBB-/-/BBB-e BAHRAIN Sr Unsecured 200,000 P3

LAMAR FUNDING LTD XS1117297355 7-May-2025 1000 FIXED 3.96 88.66 89.74 5.37 BBB/A3/- OMAN Sr Unsecured 200,000 P2

MAF GLOBAL SECURITIES XS1064799841 7-May-2024 500 FIXED 4.75 102.02 102.02 4.46 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 99.39 99.97 4.50 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MASHREQBANK PSC XS0283928264 24-Jan-2017 354 FLOATING 1.44 97.39 98.96 2.68 BBB/Ba2/A- UNITED ARAB EMIRATES Subordinated 100,000 P3

MDC-GMTN B.V. XS1062852253 28-Apr-2022 750 FIXED 3.25 101.01 101.01 3.07 AA/Aa2/AA UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MUBADALA GE CAPITAL LTD XS1198082437 10-Nov-2019 0 FIXED 3.00 99.57 102.38 2.36 -/WR/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P5

MUMTALAKAT SUKUK HOLDING XS1143085014 25-Nov-2021 600 FIXED 4.00 94.27 95.32 4.92 BBB-/-/BBB- BAHRAIN Sr Unsecured 200,000 P2

NATIONAL BANK OF OMAN XS1117537172 7-Oct-2019 500 FIXED 3.13 99.90 100.76 2.91 -/A3/- OMAN Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS0815939656 13-Aug-2019 750 FIXED 3.00 101.85 101.85 2.46 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

NATIONAL BK OF ABU DHABI XS1186986904 11-Feb-2020 750 FIXED 2.25 98.61 98.61 2.61 AA-/Aa3/AA- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0866438475 21-Feb-2023 1000 FIXED 3.25 97.75 97.75 3.61 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

OOREDOO INTERNATIONAL FI XS0880134258 31-Jan-2028 500 FIXED 3.88 97.55 97.55 4.13 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO INTERNATIONAL FI XS0881740384 31-Jan-2043 500 FIXED 4.50 96.74 98.02 4.63 A-/A2/A+ QATAR Sr Unsecured 200,000 P3

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.36 101.99 2.33 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 98.05 98.73 3.04 -/-/A+ QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0748305017 22-Feb-2017 1000 FIXED 3.38 101.66 101.66 1.91 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0854469599 14-Feb-2018 1000 FIXED 2.13 99.50 99.50 2.37 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0987063566 31-Oct-2018 750 FIXED 2.75 100.51 101.03 2.37 A+/Aa3/AA- QATAR Sr Unsecured 200,000 P2

QNB FINANCE LTD XS0923450414 29-Apr-2020 1000 FIXED 2.88 100.66 100.66 2.71 -/Aa3/AA- QATAR Sr Unsecured 200,000 P2

RAK CAPITAL XS0981184541 21-Oct-2018 500 FIXED 3.30 102.16 102.80 2.26 A/-/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

RAKFUNDING CAYMAN LTD XS1078355986 24-Jun-2019 800 FIXED 3.25 98.19 98.98 3.56 -/Baa1/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SABIC CAPITAL II BV XS0971431613 3-Oct-2018 1000 FIXED 2.63 100.00 100.63 2.39 A+/A1/A+ SAUDI ARABIA Sr Unsecured 200,000 P2

SAUDI ELECTRICITY GLOBAL XS0764883806 3-Apr-2017 500 FIXED 2.67 100.75 100.75 2.06 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2



SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.04 100.87 3.65 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS0916902769 16-Apr-2018 500 FIXED 2.95 100.70 101.36 2.34 BBB+/-/BBB+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SIB SUKUK CO III LTD XS1202089428 17-Mar-2020 500 FIXED 2.84 97.92 98.74 3.16 -/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

SOQ SUKUK A Q.S.C XS0801656330 18-Jan-2023 2000 FIXED 3.24 103.41 104.06 2.61 AA/Aa2/- QATAR Sr Unsecured 200,000 P2

TAQA ABU DHABI NATL ENER XS0717839525 13-Mar-2017 750 FIXED 4.13 101.72 102.29 2.19 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

AMERICA MOVIL SAB DE CV US02364WBD65 16-Jul-2022 1600 FIXED 3.13 98.30 98.30 3.42 A-/A2/A MEXICO Sr Unsecured 200,000 P2

AMERICA MOVIL SAB DE CV US02364WBE49 16-Jul-2042 1150 FIXED 4.38 91.95 91.95 4.92 A-/A2/A MEXICO Sr Unsecured 200,000 P3

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 100.16 100.48 3.36 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

COMISION FED DE ELECTRIC USP30179AK43 14-Feb-2042 750 FIXED 5.75 88.59 89.84 6.57 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 79.59 79.59 7.24 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P2

ECOPETROL SA US279158AL39 26-Jun-2026 1500 FIXED 5.38 85.38 85.38 7.40 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P3

ECOPETROL SA US279158AJ82 28-May-2045 2000 FIXED 5.88 72.00 72.00 8.47 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P3

EMBRAER NETHERLANDS FINA US29082HAA05 15-Jun-2025 1000 FIXED 5.05 91.00 91.00 6.33 BBB/Baa3/- BRAZIL Sr Unsecured 2,000 P2

FOMENTO ECONOMICO MEX US344419AB20 10-May-2043 700 FIXED 4.38 89.15 89.15 5.12 A-/-/A MEXICO Sr Unsecured 150,000 P3

GERDAU TRADE INC USG3925DAA84 30-Jan-2021 1250 FIXED 5.75 80.13 80.13 10.95 BBB-/NR/BBB- BRAZIL Sr Unsecured 100,000 P3

GERDAU TRADE INC USG3925DAB67 15-Apr-2023 750 FIXED 4.75 70.05 70.05 10.78 BBB-/Baa3 /*-/BBB- BRAZIL Sr Unsecured 200,000 P3

GRUPO TELEVISA SAB US40049JBA43 13-May-2045 1000 FIXED 5.00 86.63 86.63 5.97 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 200,000 P3

LUKOIL INTL FINANCE BV XS0919502434 24-Apr-2018 1500 FIXED 3.42 97.75 97.75 4.44 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

LUKOIL INTL FINANCE BV XS0304274599 7-Jun-2022 500 FIXED 6.66 100.00 100.00 6.65 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 100,000 P2


MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.00 99.00 5.79 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 86.97 86.97 5.77 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBA62 15-Jan-2025 1000 FIXED 4.25 87.38 87.38 6.08 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71656MBD02 23-Jan-2026 1500 FIXED 4.50 87.65 87.65 6.16 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3

PETROLEOS MEXICANOS US71656MBE84 23-Jan-2046 3000 FIXED 5.63 76.23 76.23 7.66 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P3

PHILIPPINE GOVERNMENT PHY6972FTP53 4-Jun-2023 500 FIXED 2.75 97.49 98.76 2.94 -/Baa2/- PHILIPPINES Sr Unsecured 10,000 P2

REPUBLIC OF AZERBAIJAN XS1044540547 18-Mar-2024 1250 FIXED 4.75 92.69 93.67 5.73 -/Baa3/BBB- AZERBAIJAN Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA USP3772NHK11 15-Mar-2023 1000 FIXED 2.63 87.60 88.10 4.58 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325BQ70 26-Feb-2024 2100 FIXED 4.00 94.90 95.40 4.68 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P2

REPUBLIC OF COLOMBIA US195325CU73 15-Jun-2045 2500 FIXED 5.00 83.50 84.50 6.14 BBB/Baa2/BBB COLOMBIA Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1120709669 14-Oct-2024 1500 FIXED 3.88 94.05 94.72 4.61 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1263054519 21-Jul-2025 2500 FIXED 5.13 98.40 99.07 5.25 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P2

REPUBLIC OF KAZAKHSTAN XS1120709826 14-Oct-2044 1000 FIXED 4.88 83.32 84.16 6.04 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF KAZAKHSTAN XS1263139856 21-Jul-2045 1500 FIXED 6.50 98.16 98.97 6.58 BBB/Baa2/BBB+ KAZAKHSTAN Sr Unsecured 200,000 P3

REPUBLIC OF PANAMA US698299BE38 16-Mar-2025 1250 FIXED 3.75 97.87 98.65 3.93 BBB/Baa2/BBB PANAMA Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CA66 23-Mar-2023 1500 FIXED 3.25 91.73 92.23 4.52 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P2

REPUBLIC OF TURKEY US900123CJ75 14-Apr-2026 1500 FIXED 4.25 93.72 94.35 4.96 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

REPUBLIC OF TURKEY US900123CB40 16-Apr-2043 3000 FIXED 4.88 88.00 88.80 5.69 -/Baa3/BBB- TURKEY Sr Unsecured 200,000 P3

TRANSPORT DE GAS PERU USP9367RAG67 30-Apr-2028 850 FIXED 4.25 95.78 95.78 4.77 BBB+/Baa1/BBB+ PERU Sr Unsecured 200,000 P3

TURK TELEKOMUNIKASYON AS XS1028952155 19-Jun-2019 500 FIXED 3.75 100.13 100.13 3.71 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2



USD EMERGING MARKET INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

TURK TELEKOMUNIKASYON AS XS1028951264 19-Jun-2024 500 FIXED 4.88 96.38 96.38 5.41 BBB-/-/BBB- TURKEY Sr Unsecured 200,000 P2

TURKCELL ILETISIM HIZMET XS1298711729 15-Oct-2025 500 FIXED 5.75 96.50 96.50 6.23 BBB-/Baa3/BBB- TURKEY Unsecured 200,000 P2

UNITED MEXICAN STATES US91087BAA89 30-Jan-2025 3000 FIXED 3.60 96.95 97.95 3.87 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P2

UNITED MEXICAN STATES US91086QBB32 8-Mar-2044 4463 FIXED 4.75 91.25 92.25 5.28 BBB+/A3/BBB+ MEXICO Sr Unsecured 2,000 P3

UNITED MEXICAN STATES US91086QBF46 23-Jan-2046 3000 FIXED 4.60 88.90 89.90 5.27 BBB+/A3/BBB+ MEXICO Sr Unsecured 200,000 P3

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 73.75 73.75 10.33 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAH68 21-Nov-2036 2500 FIXED 6.88 66.95 66.95 10.92 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAK97 10-Nov-2039 1750 FIXED 6.88 67.00 67.00 10.73 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE SA US91912EAA38 11-Sep-2042 1500 FIXED 5.63 65.71 65.71 9.05 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

YAPI VE KREDI BANKASI XS0874840688 22-Jan-2020 500 FIXED 4.00 96.49 96.49 4.96 -/Baa3/BBB TURKEY Sr Unsecured 200,000 P2



USD INDIA INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADANI PORTS AND SPECIAL USY00130CZ88 29-Jul-2020 650 FIXED 3.50 99.21 99.21 3.69 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

AE ROTOR HOLDING BV XS0907891047 28-Mar-2018 647 FIXED 4.97 103.70 103.70 3.27 -/Baa3/- INDIA Sr Unsecured 200,000 P2

AXIS BANK/DUBAI US05463EAC21 21-May-2020 750 FIXED 3.25 101.14 101.14 2.97 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA LONDON USY06865AA04 21-Sep-2018 500 FIXED 3.63 102.03 102.03 2.84 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BANK OF INDIA/JERSEY XS1227592703 6-May-2020 750 FIXED 3.13 98.22 98.55 3.49 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP XS1227064430 8-May-2025 500 FIXED 4.00 97.56 98.32 4.22 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARAT PETROLEUM CORP LT XS0848436365 25-Oct-2022 500 FIXED 4.63 103.64 103.64 4.01 -/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

BHARTI AIRTEL LTD USY0889VAA80 10-Jun-2025 1000 FIXED 4.38 98.68 98.68 4.55 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0813393849 7-Aug-2017 500 FIXED 4.00 102.97 102.97 2.11 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1050464996 2-Oct-2019 500 FIXED 3.88 103.57 103.57 2.86 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1209864229 1-Apr-2020 500 FIXED 2.75 98.74 99.14 2.97 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS1165130219 12-Aug-2020 500 FIXED 2.75 98.61 99.08 2.96 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

EXPORT-IMPORT BK INDIA XS0872917660 14-Jan-2023 750 FIXED 4.00 102.17 102.17 3.65 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

HDFC BANK LTD/BAH XS0897434949 6-Mar-2018 500 FIXED 3.00 100.85 101.14 2.46 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI US45112FAG19 18-Mar-2020 700 FIXED 3.50 101.37 101.37 3.15 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

ICICI BANK LTD/DUBAI XS1274011102 12-Aug-2020 500 FIXED 3.13 99.83 100.25 3.07 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

IDBI BANK LTD/DIFC DUBAI XS1325600994 30-Nov-2020 350 FIXED 4.25 100.34 100.65 4.10 BB+/Baa3/BBB- INDIA Sr Unsecured 200,000 P5

INDIAN RAILWAY FINANCE C XS0836520717 10-Oct-2017 300 FIXED 3.42 101.58 101.83 2.36 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

INDIAN RAILWAY FINANCE C XS1016035476 26-Feb-2019 500 FIXED 3.92 102.80 103.09 2.89 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

NTPC LTD XS1143390679 26-Nov-2024 500 FIXED 4.38 101.95 101.95 4.11 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

OIL INDIA LTD XS1057074871 17-Apr-2019 500 FIXED 3.88 102.35 102.70 3.01 -/Baa2/BBB- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0927643030 7-May-2018 300 FIXED 2.50 99.53 99.53 2.70 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1084957155 15-Jul-2019 750 FIXED 3.25 100.38 100.38 3.14 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS0922882344 7-May-2023 500 FIXED 3.75 97.66 97.66 4.12 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

ONGC VIDESH LTD XS1079848369 15-Jul-2024 750 FIXED 4.63 102.60 102.60 4.26 BBB-/Baa2/- INDIA Sr Unsecured 200,000 P2

POWER GRID CORP OF INDIA XS0875759184 17-Jan-2023 500 FIXED 3.88 100.05 100.05 3.87 BBB-/-/BBB- INDIA Sr Unsecured 200,000 P2

RELIANCE INDUSTRIES LTD USY72596BU56 28-Jan-2025 1000 FIXED 4.13 98.16 98.16 4.37 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P2

RELIANCE INDUSTRIES LTD USY72570AM99 10-Feb-2045 750 FIXED 4.88 90.98 90.98 5.50 BBB+/Baa2/- INDIA Sr Unsecured 250,000 P3

STATE BANK INDIA/LONDON USU85528AB04 1-Aug-2017 1250 FIXED 4.13 103.10 103.10 2.13 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81636AC94 18-Apr-2018 1000 FIXED 3.25 101.55 101.55 2.55 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

STATE BANK INDIA/LONDON USY81647AA02 17-Apr-2019 750 FIXED 3.62 102.51 102.51 2.82 BBB-/Baa3/BBB- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK XS0841358103 12-Apr-2018 500 FIXED 4.13 102.36 102.69 2.90 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

SYNDICATE BANK/LONDON XS1073127901 4-Dec-2019 400 FIXED 3.88 102.18 102.61 3.16 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0819566182 22-Aug-2017 350 FIXED 4.63 103.26 103.26 2.59 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2

UNION BANK OF INDIA HK XS0923436264 25-Oct-2018 350 FIXED 3.63 101.49 101.89 2.92 BBB-/Baa3/- INDIA Sr Unsecured 200,000 P2



USD SUKUK


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ADCB ISLAMIC FINANCE CAY XS0708308845 22-Nov-2016 500 FIXED 4.07 102.40 102.40 1.38 A/A1u/A+ UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

APICORP SUKUK XS1310991424 28-Oct-2020 500 FIXED 2.38 96.98 97.84 2.86 -/Aa3/- SUPRANATIONAL Sr Unsecured 200,000 P2

AXIATA SPV2 BHD XS1316202255 19-Nov-2020 500 FIXED 3.47 100.16 100.48 3.36 BBB/Baa2/- MALAYSIA Sr Unsecured 200,000 P2

DIB SUKUK LTD XS1241110300 3-Jun-2020 750 FIXED 2.92 97.91 98.60 3.26 -/Baa1/A UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

DIFC SUKUK XS1120403313 12-Nov-2024 700 FIXED 4.33 99.22 99.93 4.33 BBB-/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMAAR SUKUK LTD XS0805885349 18-Jul-2019 500 FIXED 6.40 113.63 113.63 2.38 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMAAR SUKUK LTD XS0586840588 3-Aug-2016 500 FIXED 8.50 103.81 104.48 0.95 BBB-/Ba1/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

EMG SUKUK LTD XS1075401726 18-Jun-2024 750 FIXED 4.56 101.43 101.43 4.36 BBB-/Baa2/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

HONG KONG SUKUK USY35527AA11 18-Sep-2019 1000 FIXED 2.01 99.49 99.95 2.02 AAA/Aa1/- HONG KONG Unsecured 200,000 P2

HONG KONG SUKUK 2015 LTD XS1226268735 3-Jun-2020 1000 FIXED 1.89 98.68 99.05 2.12 AAA/Aa1/- HONG KONG Sr Unsecured 200,000 P2

ICD SUKUK CO LTD XS1069869839 21-May-2020 700 FIXED 3.51 99.50 100.28 3.44 -/-/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ISLAMIC REP OF PAKISTAN XS1147732553 3-Dec-2019 1000 FIXED 6.75 101.31 102.15 6.12 B-/B3/B PAKISTAN Sr Unsecured 200,000 P5

MAF SUKUK LTD XS1308713723 3-Nov-2025 500 FIXED 4.50 99.39 99.97 4.50 BBB/-/BBB UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAA99 22-Apr-2025 1000 FIXED 3.04 95.84 96.56 3.48 A-/A3/- MALAYSIA Unsecured 200,000 P2

MALAYSIA SOVEREIGN SUKUK USY5749LAB72 22-Apr-2045 500 FIXED 4.24 93.08 94.56 4.57 A-/A3/- MALAYSIA Unsecured 200,000 P4

OOREDOO TAMWEEL LTD XS0999501538 3-Dec-2018 1250 FIXED 3.04 101.36 101.99 2.33 A-/A2/A+ QATAR Sr Unsecured 200,000 P2

PERUSAHAAN PENERBIT SBSN USY68616AA22 21-Nov-2018 1000 FIXED 4.00 104.01 104.60 2.35 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P3

PERUSAHAAN PENERBIT SBSN US71567RAC07 10-Sep-2024 1500 FIXED 4.35 95.26 95.98 4.92 -/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PERUSAHAAN PENERBIT SBSN US71567RAB24 15-Mar-2019 1500 FIXED 6.13 109.00 109.60 2.97 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P3

PERUSAHAAN PENERBIT SBSN US71567RAA41 21-Nov-2022 1000 FIXED 3.30 92.73 93.42 4.42 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PERUSAHAAN PENERBIT SBSN US71567RAD89 28-May-2025 2000 FIXED 4.33 94.88 94.88 5.01 BB+/Baa3/BBB- INDONESIA Sr Unsecured 200,000 P4

PETRONAS GLOBAL SUKUK LT USY68868AA92 18-Mar-2020 1250 FIXED 2.71 98.73 98.73 3.03 A-/A1/- MALAYSIA Sr Unsecured 200,000 P2

QIB SUKUK LTD XS1310192031 27-Oct-2020 750 FIXED 2.75 98.05 98.73 3.04 -/-/A+ QATAR Sr Unsecured 200,000 P2

SAUDI ELEC GLOBAL SUKUK XS1054250318 8-Apr-2044 1000 FIXED 5.50 91.65 91.65 6.12 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P3

SAUDI ELEC GLOBAL SUKUK XS1054250235 8-Apr-2024 1500 FIXED 4.00 99.74 99.74 4.04 A+/A1/AA- SAUDI ARABIA Sr Unsecured 200,000 P2





SHARJAH SUKUK LTD XS1106137687 17-Sep-2024 750 FIXED 3.76 100.04 100.87 3.65 A/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2



SUKUK FUNDING NO3 LTD XS0993959583 3-Dec-2018 750 FIXED 4.35 103.16 103.78 2.99 BBB-/Baa3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

WAKALA GLOBAL SUKUK BHD USY9485PAB86 6-Jul-2021 800 FIXED 4.65 108.28 108.70 2.93 A-/A3/- MALAYSIA Sr Unsecured 250,000 P2

WAKALA GLOBAL SUKUK BHD USY9485PAA04 6-Jul-2016 1200 FIXED 2.99 100.72 100.82 1.40 A-/A3/- MALAYSIA Sr Unsecured 250,000 P2



USD Commodity and Energy


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating


ABU DHABI NATIONAL ENERG XS1017435352 6-May-2024 750 FIXED 3.88 95.78 96.51 4.38 A-/A3/- UNITED ARAB EMIRATES Sr Unsecured 200,000 P2

ALCOA INC US013817AW16 1-Oct-2024 1250 FIXED 5.13 89.00 89.00 6.81 BBB-/Ba1/BB+ /*+ UNITED STATES Sr Unsecured 2,000 P2

ANGLO AMERICAN CAPITAL USG03762CG79 27-Sep-2017 750 FIXED 2.63 86.12 86.12 11.64 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

ANGLO AMERICAN CAPITAL USG0446NAH73 14-May-2020 850 FIXED 3.63 72.00 72.00 12.04 BBB- /*-/Baa3 /*-/- UNITED KINGDOM Sr Unsecured 200,000 P3

ANGLO AMERICAN CAPITAL USG0446NAG90 15-Apr-2021 500 FIXED 4.13 67.00 67.00 12.92 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000 P4

ANGLO AMERICAN CAPITAL USG03762CH52 27-Sep-2022 600 FIXED 4.13 62.27 62.27 12.59 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 200,000 P4

BARRICK GOLD CORP US067901AL20 1-Apr-2022 814 FIXED 3.85 86.40 86.40 6.53 BBB-/Baa3/- CANADA Sr Unsecured 2,000 P4

BARRICK GOLD CORP US067901AQ17 1-May-2023 1498 FIXED 4.10 85.64 85.64 6.60 BBB-/Baa3/- CANADA Sr Unsecured 2,000 P4

BARRICK NA FINANCE LLC US06849RAF91 30-May-2021 1329 FIXED 4.40 91.86 91.86 6.19 BBB-/Baa3/- CANADA Sr Unsecured 2,000 P4

BHP BILLITON FIN USA LTD US055451AQ16 24-Feb-2022 1000 FIXED 2.88 91.07 92.02 4.37 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 2,000 P2

BP CAPITAL MARKETS PLC US05565QCB23 6-Nov-2022 1000 FIXED 2.50 96.45 96.45 3.08 A/A2/A UNITED KINGDOM Sr Unsecured 1,000 P2

BP CAPITAL MARKETS PLC US05565QCD88 10-May-2023 1500 FIXED 2.75 94.95 94.95 3.53 A/A2/- UNITED KINGDOM Sr Unsecured 1,000 P2

CNOOC FINANCE 2013 LTD US12625GAC87 9-May-2023 2000 FIXED 3.00 94.86 94.86 3.81 AA-/Aa3/- CHINA Sr Unsecured 200,000 P2

CNOOC FINANCE 2015 US US12634MAB63 5-May-2025 2000 FIXED 3.50 95.55 95.55 4.08 AA-/Aa3/- CHINA Sr Unsecured 200,000 P2

CODELCO INC USP3143NAN41 3-Nov-2021 1150 FIXED 3.88 97.85 97.85 4.29 AA-/A1/A+ CHILE Sr Unsecured 200,000 P3

CODELCO INC USP3143NAP98 17-Jul-2022 1250 FIXED 3.00 90.50 90.50 4.70 AA-/A1/A+ CHILE Sr Unsecured 200,000 P3

CODELCO INC USP3143NAW40 16-Sep-2025 2000 FIXED 4.50 94.90 94.90 5.17 AA-/A1/A+ CHILE Sr Unsecured 200,000 P3

CONOCOPHILLIPS COMPANY US20826FAA49 15-Dec-2022 1000 FIXED 2.40 93.16 93.16 3.52 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

CONOCOPHILLIPS COMPANY US20826FAD87 15-Nov-2024 1000 FIXED 3.35 93.46 93.46 4.24 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

DOW CHEMICAL CO/THE US260543CH45 15-Nov-2022 1250 FIXED 3.00 97.56 97.56 3.40 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

DOW CHEMICAL CO/THE US260543CJ01 1-Oct-2024 900 FIXED 3.50 98.30 98.30 3.73 BBB /*/Baa2/BBB /*+ UNITED STATES Sr Unsecured 2,000 P2

E.I. DU PONT DE NEMOURS US263534CK37 15-Feb-2023 1250 FIXED 2.80 95.95 95.95 3.45 A- /*-/A3/A /*- UNITED STATES Sr Unsecured 2,000 P2

ECOPETROL SA US279158AK55 16-Jan-2025 1200 FIXED 4.13 79.59 79.59 7.24 BBB/Baa2/BBB COLOMBIA Sr Unsecured 1,000 P2

ENCANA CORP US292505AJ36 15-Nov-2021 600 FIXED 3.90 86.02 86.02 6.83 BBB/Baa2 /*-/- CANADA Sr Unsecured 2,000 P2

FREEPORT-MCMORAN INC US35671DBG97 15-Mar-2020 998 FIXED 3.10 61.00 61.00 16.24 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN INC US35671DAU90 1-Mar-2022 2000 FIXED 3.55 57.50 57.50 14.08 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P4

FREEPORT-MCMORAN INC US35671DAZ87 15-Mar-2023 1999 FIXED 3.88 55.50 55.50 13.81 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P4

FREEPORT-MCMORAN INC US35671DBL82 14-Nov-2024 850 FIXED 4.55 57.50 57.50 12.65 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P4

FREEPORT-MCMORAN OIL&GAS US726505AN03 15-Nov-2020 617 FIXED 6.50 62.00 62.00 18.70 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P3

FREEPORT-MCMORAN OIL&GAS US726505AP50 15-Feb-2023 778 FIXED 6.88 58.71 58.71 17.11 BBB-/Baa3/BBB UNITED STATES Sr Unsecured 2,000 P4

GLENCORE FINANCE CANADA USC98874AN76 25-Oct-2017 1750 FIXED 2.70 91.67 91.67 7.68 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3

GLENCORE FINANCE CANADA USC98874AH09 15-Nov-2021 1000 FIXED 4.95 79.45 79.45 9.60 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FINANCE CANADA USC98874AM93 25-Oct-2022 1000 FIXED 4.50 76.50 76.50 9.21 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4

GLENCORE FUNDING LLC XS0938722401 15-Jan-2019 1500 FIXED 2.50 84.00 84.00 8.58 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3

GLENCORE FUNDING LLC XS0938722583 15-Jan-2019 500 FLOATING 1.68 82.30 82.30 8.52 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P3



USD Commodity and Energy


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating



GLENCORE FUNDING LLC XS0938722666 30-May-2023 1500 FIXED 4.13 73.95 73.95 9.01 BBB/Baa3/- SWITZERLAND Sr Unsecured 2,000 P4


GOLDCORP INC US380956AD47 15-Mar-2023 1000 FIXED 3.70 90.90 90.90 5.23 BBB+/Baa2/BBB CANADA Sr Unsecured 2,000 P2

HALLIBURTON COMPANY US406216BD29 1-Aug-2023 1100 FIXED 3.50 100.43 100.43 3.43 A/A2 /*-/A- UNITED STATES Sr Unsecured 2,000 P2

KINROSS GOLD CORP US496902AJ65 1-Sep-2021 500 FIXED 5.13 68.00 68.00 13.34 BBB-/Ba1/BBB- CANADA Sr Unsecured 2,000 P4


MARATHON OIL CORP US565849AN67 1-Jun-2020 600 FIXED 2.70 88.87 88.87 5.57 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MARATHON OIL CORP US565849AK29 1-Nov-2022 1000 FIXED 2.80 79.56 79.56 6.56 BBB/Baa1 /*-/BBB+ UNITED STATES Sr Unsecured 1,000 P2

MMC NORILSK NICK VIA MMC XS0982861287 28-Oct-2020 1000 FIXED 5.55 99.00 99.00 5.79 BBB-/Ba1/BBB- RUSSIAN FEDERATION Sr Unsecured 200,000 P2

MONSANTO CO US61166WAU53 15-Jul-2024 750 FIXED 3.38 96.81 96.81 3.82 BBB+/A3/A- UNITED STATES Sr Unsecured 2,000 P2

NEWMONT MINING CORP US651639AN69 15-Mar-2022 1500 FIXED 3.50 89.50 89.50 5.52 BBB/Baa2/- UNITED STATES Sr Unsecured 2,000 P2

OCCIDENTAL PETROLEUM COR US674599CG82 15-Jun-2025 750 FIXED 3.50 97.31 97.31 3.84 A/A2 /*-/A UNITED STATES Sr Unsecured 2,000 P2

PETROLEOS MEXICANOS US71656MBC29 23-Jul-2020 1500 FIXED 3.50 93.56 93.56 5.10 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETROLEOS MEXICANOS US71654QBG64 30-Jan-2023 2100 FIXED 3.50 86.97 86.97 5.77 BBB+/Baa1/BBB+ MEXICO Sr Unsecured 10,000 P2

PETRONAS CAPITAL LTD USY68856AM84 18-Mar-2022 750 FIXED 3.13 98.93 98.93 3.32 A-/A1/- MALAYSIA Sr Unsecured 200,000 P2

PETRONAS CAPITAL LTD USY68856AN67 18-Mar-2025 1500 FIXED 3.50 97.07 97.07 3.88 A-/A1/- MALAYSIA Sr Unsecured 200,000 P2

POTASH CORP-SASKATCHEWAN US73755LAL18 15-Mar-2024 750 FIXED 3.63 100.00 100.00 3.62 A-/A3/- CANADA Sr Unsecured 2,000 P2

POTASH CORP-SASKATCHEWAN US73755LAM90 1-Apr-2025 500 FIXED 3.00 93.36 93.36 3.86 A-/A3/- CANADA Sr Unsecured 2,000 P2

RIO TINTO FIN USA LTD US767201AS58 15-Jun-2025 1200 FIXED 3.75 89.86 90.92 4.96 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

RIO TINTO FIN USA PLC US76720AAF30 21-Aug-2022 1000 FIXED 2.88 90.30 90.30 4.58 A-/A3/A- UNITED KINGDOM Sr Unsecured 2,000 P2

SCHLUMBERGER INVESTMENT USL81445AD75 1-Aug-2022 1000 FIXED 2.40 93.25 93.25 3.56 AA-/Aa3/- UNITED STATES Sr Unsecured 2,000 P2

SHELL INTERNATIONAL FIN US822582BD31 11-May-2025 2750 FIXED 3.25 98.69 98.69 3.41 AA-/Aa1/AA /*- NETHERLANDS Sr Unsecured 1,000 P2

SINOPEC CAPITAL 2013 LTD USG81877AA34 24-Apr-2023 1250 FIXED 3.13 95.78 95.78 3.79 AA-/Aa3/- CHINA Sr Unsecured 200,000 P3

SINOPEC GRP OVERSEA 2015 USG8201JAC56 28-Apr-2025 1500 FIXED 3.25 95.74 95.74 3.80 AA-/Aa3/- CHINA Sr Unsecured 200,000 P3

STATOIL ASA US85771PAG72 17-Jan-2023 1100 FIXED 2.45 94.66 94.66 3.31 AA-/Aa2/- NORWAY Sr Unsecured 1,000 P2

STATOIL ASA US85771PAK84 15-Jan-2024 900 FIXED 2.65 94.99 94.99 3.37 AA-/Aa2/- NORWAY Sr Unsecured 1,000 P2

TOTAL CAPITAL CANADA LTD US89153UAF84 15-Jul-2023 1000 FIXED 2.75 96.46 96.46 3.28 AA-/Aa1/AA- FRANCE Sr Unsecured 2,000 P2

VALE OVERSEAS LIMITED US91911TAL70 15-Sep-2020 1000 FIXED 4.63 82.68 82.68 9.24 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALE OVERSEAS LIMITED US91911TAM53 11-Jan-2022 2250 FIXED 4.38 73.75 73.75 10.33 BBB/Baa3/BBB /*- BRAZIL Sr Unsecured 2,000 P3

VALERO ENERGY CORP US91913YAS90 15-Mar-2025 600 FIXED 3.65 97.15 97.15 4.02 BBB/Baa2/BBB UNITED STATES Sr Unsecured 2,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

ABN AMRO BANK NV XS1218821756 16-Apr-2025 1250 FIXED 1.00 95.53 96.05 1.46 A/A2/A NETHERLANDS Sr Unsecured 1,000 P2

ANGLO AMERICAN CAPITAL XS0923361827 29-Apr-2021 750 FIXED 2.50 69.19 70.48 9.87 BBB- /*-/Baa3 /*-/BBB- /*- UNITED KINGDOM Sr Unsecured 100,000 P3

AT&T INC XS1196373507 5-Sep-2023 1250 FIXED 1.30 96.74 97.24 1.69 BBB+/Baa1/A- UNITED STATES Sr Unsecured 100,000 P2

BANK OF AMERICA CORP XS1209863254 26-Mar-2025 750 FIXED 1.38 95.33 95.82 1.87 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

BANKIA SA ES0413307093 25-Sep-2025 1000 FIXED 1.00 93.62 94.34 1.63 A+/A1u/A- SPAIN Secured 100,000 P2

BARCLAYS PLC XS1116480697 1-Apr-2022 1000 FIXED 1.50 99.12 99.50 1.58 BBB/Baa3/A UNITED KINGDOM Sr Unsecured 100,000 P2

BERKSHIRE HATHAWAY INC XS1200670955 16-Mar-2023 750 FIXED 0.75 96.48 96.99 1.19 AA /*-/Aa2/A+ UNITED STATES Sr Unsecured 100,000 P2

BHP BILLITON FINANCE LTD XS1225004461 28-Oct-2022 650 FIXED 0.75 93.10 93.88 1.71 A+/A1 /*-/A+ AUSTRALIA Sr Unsecured 100,000 P2

BLACKROCK INC XS1117297785 6-May-2025 700 FIXED 1.25 95.82 96.60 1.64 AA-/A1/- UNITED STATES Sr Unsecured 100,000 P2

BMW FINANCE NV XS1168962063 21-Jan-2025 750 FIXED 1.00 95.45 95.98 1.48 A+/A2/- GERMANY Sr Unsecured 1,000 P2

BNP PARIBAS XS1190632999 17-Feb-2025 1500 FIXED 2.38 97.46 98.05 2.62 BBB+/Baa2/A FRANCE Subordinated 100,000 P3

BP CAPITAL MARKETS PLC XS1190973559 16-Feb-2023 1250 FIXED 1.11 97.40 97.96 1.41 A/A2/A UNITED KINGDOM Sr Unsecured 100,000 P2

BPCE SA FR0012633345 12-Mar-2025 375 FIXED 2.25 94.46 94.85 2.89 BBB/Baa3/A- FRANCE Subordinated 100,000 P3

BRISTOL-MYERS SQUIBB CO XS1226748439 15-May-2025 575 FIXED 1.00 96.62 97.19 1.32 A+/A2/A- UNITED STATES Sr Unsecured 100,000 P2

CARREFOUR SA XS1179916017 3-Jun-2025 750 FIXED 1.25 97.05 97.64 1.52 BBB+/NR/BBB+ FRANCE Sr Unsecured 100,000 P2

CITIGROUP INC XS1173792059 28-Jan-2025 1250 FIXED 1.75 98.64 99.12 1.86 BBB+/Baa1/A UNITED STATES Sr Unsecured 100,000 P2

COCA-COLA CO/THE XS1197832915 9-Mar-2023 1500 FIXED 0.75 97.49 97.88 1.06 AA/Aa3/A+ UNITED STATES Sr Unsecured 100,000 P2

CRED SUIS GP FUN LTD XS1218287230 14-Apr-2022 2250 FIXED 1.25 96.92 97.30 1.71 BBB+/Baa2 /*-/A SWITZERLAND Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON XS1169630602 19-Jan-2022 1500 FIXED 0.88 98.26 98.63 1.11 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012534931 13-Feb-2022 700 FIXED 0.89 98.47 98.77 1.10 A/A2/A FRANCE Sr Unsecured 100,000 P2

CREDIT AGRICOLE LONDON FR0012770261 9-Jun-2022 500 FIXED 1.16 99.71 100.02 1.16 A/A2/A FRANCE Sr Unsecured 100,000 P2

DANONE SA FR0012432912 14-Jan-2025 750 FIXED 1.13 96.99 97.50 1.42 A-/Baa1/- FRANCE Sr Unsecured 100,000 P2

DEUTSCHE BANK AG DE000DB7XJJ2 17-Feb-2025 1250 FIXED 2.75 92.91 93.78 3.56 BB+/Ba1/BBB+ GERMANY Subordinated 1,000 P5

DEUTSCHE BANK AG DE000DB7XJP9 17-Mar-2025 1500 FIXED 1.13 93.13 93.65 1.88 BBB+/A3/A- GERMANY Sr Unsecured 100,000 P2

EDP FINANCE BV XS1222590488 22-Apr-2025 750 FIXED 2.00 91.51 92.24 2.96 BB+/Baa3/BBB- PORTUGAL Sr Unsecured 100,000 P4

ERSTE GROUP BANK AG AT000B002852 1-Jun-2021 359ZERO

COUPON0.00 94.32 94.57 1.03 -/Baa2/BBB+ AUSTRIA Sr Unsecured 1,000 P2

GE CAPITAL EURO FUNDING XS1169353254 21-Jan-2022 1000 FIXED 0.80 98.76 99.12 0.95 AA+/A1/- UNITED STATES Sr Unsecured 100,000 P2

GLENCORE FINANCE EUROPE XS1202846819 17-Mar-2021 1250 FIXED 1.25 72.41 73.63 7.55 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1110430193 18-Jan-2022 700 FIXED 1.63 69.69 70.75 7.88 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GLENCORE FINANCE EUROPE XS1202849086 17-Mar-2025 750 FIXED 1.75 62.59 63.96 7.24 BBB/Baa3/- SWITZERLAND Sr Unsecured 100,000 P3

GOLDMAN SACHS GROUP INC XS1173845436 26-Jul-2022 1000 FIXED 1.38 99.57 99.94 1.38 BBB+/A3/A UNITED STATES Sr Unsecured 1,000 P2

IBERDROLA INTL BV XS1171541813 27-Jan-2023 600 FIXED 1.13 98.22 98.75 1.31 BBB/Baa1/BBB+ SPAIN Sr Unsecured 100,000 P2

INTESA SANPAOLO SPA XS1197351577 4-Mar-2022 1500 FIXED 1.13 97.34 97.79 1.50 BBB-/Baa1/BBB+ ITALY Sr Unsecured 100,000 P2

JPMORGAN CHASE & CO XS1174469137 27-Jan-2025 1500 FIXED 1.50 98.44 98.98 1.62 A-/A3/A+ UNITED STATES Sr Unsecured 100,000 P2

LLOYDS BANK PLC XS1167204699 13-Jan-2025 1250 FIXED 1.25 97.85 98.34 1.45 A/A1/A+ UNITED KINGDOM Sr Unsecured 100,000 P2



EUR INVESTMENT GRADE ISSUES


Amount (Mio)

Coupon


Indic.

Offer

Offer

Yield %

Credit Rating


Risk

Rating

MACQUARIE BANK LTD XS1169353338 20-Jan-2022 500 FIXED 1.13 97.29 97.69 1.53 A/A2/A AUSTRALIA Sr Unsecured 100,000 P2

MCDONALD'S CORP XS1237271009 26-May-2022 800 FIXED 1.13 99.47 99.84 1.15 BBB+/Baa1/BBB+ UNITED STATES Sr Unsecured 100,000 P2

METRO AG XS1203941775 19-Mar-2025 600 FIXED 1.50 94.76 95.40 2.05 BBB-/Baa3u/BBB- GERMANY Sr Unsecured 1,000 P2

MORGAN STANLEY XS1180256528 30-Jan-2025 1500 FIXED 1.75 98.38 98.95 1.88 BBB+/A3/A UNITED STATES Sr Unsecured 100,000 P2

ROCHE FINANCE EUROPE BV XS1195056079 25-Feb-2025 1000 FIXED 0.88 98.05 98.73 1.02 AA/A1/- SWITZERLAND Sr Unsecured 1,000 P2

SANTANDER ISSUANCES XS1201001572 18-Mar-2025 1500 FIXED 2.50 93.96 94.80 3.16 BBB/Baa2/BBB+ SPAIN Subordinated 100,000 P3

SAP SE DE000A14KJF5 1-Apr-2025 600 FIXED 1.00 97.10 97.73 1.26 A/A2/- GERMANY Sr Unsecured 1,000 P2

SOCIETE GENERALE XS1195574881 27-Feb-2025 1250 FIXED 2.63 96.03 96.76 3.03 -/Baa3/A- FRANCE Subordinated 100,000 P3

STANDARD CHARTERED PLC XS1140857316 19-Nov-2024 500 FIXED 3.13 96.39 97.36 3.47 BBB/A2 /*-/A UNITED KINGDOM Subordinated 100,000 P3

STATOIL ASA XS1190624111 17-Feb-2023 1000 FIXED 0.88 96.71 97.20 1.29 AA-/Aa2/- NORWAY Sr Unsecured 100,000 P2

TOTAL CAPITAL INTL SA XS1139315581 19-Mar-2025 850 FIXED 1.38 97.12 97.75 1.64 AA-/Aa1/AA- FRANCE Sr Unsecured 100,000 P2

VOLKSWAGEN INTL FIN NV XS1167644407 16-Jan-2023 1000 FIXED 0.88 91.81 92.50 2.03 BBB+/A3/- GERMANY Sr Unsecured 1,000 P2


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