CEEMEA Bond Issuance FY13 Report

CEEMEA BOND ISSUANCE
FULL CONTENTS LIST

Page 2
FY13
CHARTS & DATA

Page 3 FY13 issuance by region, quarter & month Page 8 Country & sector analysis Page 16 Issuer analysis Page 23 Major bond issues by size/yield Page 34 Tenor & currency analysis Page 40 Re-offer rates, tenors & ratings
SELECT A REGION
CENTRAL EUROPE Page 57 New issues by date; analysis EASTERN EUROPE Page 65 New issues by date; analysis Page 81 New issues by date; analysis MIDDLE EAST Page 90 New issues by date; analysis AFRICA

FY13CONTENTS
CHARTS & DATA
REGIONAL OVERVIEW Page 3 FY13 issuance by region, quarter & month COUNTRY & SECTOR ANALYSIS Page 9 Full country breakdown (no. of deals, amount) Page 10 Issuance by sub-region/country Page 11 Sector breakdown, FY13 Page 12 Sector breakdown, 1Q13 Page 13 Sector breakdown, 2Q13 Page 14 Sector breakdown, 3Q13 Page 15 Sector breakdown, 4Q13 ISSUER ANALYSIS Page 17 Top sovereign deals by size Page 18 Top financial institution deals by size Page 19 Top corporate deals by size Page 20 Issuer breakdown by quarter (amount/no. of deals) Page 21 Issuer breakdown by month (amount) Page 22 Issuer breakdown by month (no. of deals) MAJOR BOND ISSUES BY SIZE/YIELD Page 24 FY13 by amount, by sub-region Page 25 1Q13 by amount, by sub-region Page 26 2Q13 by amount, by sub-region Page 27 3Q13 by amount, by sub-region Page 28 4Q13 by amount, by sub-region Page 29 FY13 by re-offer yield, by sub-region Page 30 1Q13 by re-offer yield, by sub-region Page 31 2Q13 by re-offer yield, by sub-region Page 32 3Q13 by re-offer yield, by sub-region Page 33 4Q13 by re-offer yield, by sub-region TENOR & CURRENCY ANALYSIS Page 35 FY13 maturity breakdown Page 36 Quarterly maturity breakdowns Page 37 FY13 currency breakdown Page 38 Quarterly currency breakdowns Page 39 Quarterly currency breakdowns, YoY RE-OFFER RATES, TENORS & RATINGS CENTRAL EUROPE Page 41 1Q13 data points Page 42 2Q13 data points Page 43 3Q13 data points Page 44 4Q13 data points EASTERN EUROPE Page 45 1Q13 data points Page 46 2Q13 data points Page 47 3Q13 data points Page 48 4Q13 data points MIDDLE EAST Page 49 1Q13 data points Page 50 2Q13 data points Page 51 3Q13 data points Page 52 4Q13 data points AFRICA Page 53 1Q13 data points Page 54 2Q13 data points Page 55 3Q13 data points Page 56 4Q13 data points
SUB-REGIONAL ANALYSIS
CENTRAL EUROPE Page 57 New issues by date; analysis EASTERN EUROPE Page 65 New issues by date; analysis MIDDLE EAST Page 81 New issues by date; analysis AFRICA Page 90 New issues by date; analysis
This DW Issuance Report tracks CEEMEA bond issuances meeting at least one of the following criteria: - USD 25m-equivalent tap or add-ons - Publicly-traded hard currency/ Euroclearable issues Due to rounding, some of the figures in this report may not add up to 100%

FY13REGIONAL OVERVIEW
CENTRAL EUROPE
USD 41.1bn 49 issues
Eastern Europe 153 issues 51%
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SELECT REGION TO EXPAND
OVERALL VOLUME: USD 191.2bn

Central Europe 49 issues 16%
Middle East 61 issues 20%
EASTERN EUROPE
USD 87.5bn 153 deals
Africa 37 issues 13%
in USDbn
2012
USD 88
2013
100
USD 84 80
60
MIDDLE EAST
USD 37.7bn 61 deals
40
USD 39 USD 41
USD 42
USD 38 USD 25
20
USD 13
0
Eastern Europe Central Europe Middle East Africa
NUMBER OF DEALS: 300 AFRICA

USD 24.9bn 37 deals
Eastern Europe USD 87.5bn 46% Central Europe USD 41.1bn 21%
No. of issues 160 140 131 2012 2013
153
120
Middle East USD 37.7bn 20%
100 80 60 40 53 49 37 24 62
61
Africa USD 24.9bn 13%
20 0
Eastern Europe
Central Europe
Middle East
Africa

1Q13
Region Eastern Europe Central Europe Middle East Africa Total/weighted average No. of issues 60 14 19 5 98
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2Q13
Amount issued (USDm) 29,519 14,549 13,468 2,830 60,367 Average coupon 5.995% 3.946% 4.343% 5.063% 5.334% Average re-offer price 100.149 100.394 99.455 99.100 99.996 Average re-offer yield 6.391% 4.153% 4.364% 6.790% 5.698%
Central Europe USD 14.5bn 24%
Region Eastern Europe Central Europe Middle East Africa Total/weighted average
No. of issues 47 12 20 11 90
Amount issued (USDm) 28,190 8,326 10,136 7,254 53,905

Eastern Europe USD 28.2bn 52%
Average coupon 6.183% 5.523% 4.624% 3.773% 5.454%
Average re-offer price 100.064 99.576 99.813 99.627 99.890
Average re-offer yield 6.223% 4.729% 4.964% 4.117% 5.487%


3Q13
Region Eastern Europe Central Europe Middle East Africa Total/weighted average
Africa 5 issues 5%
Africa USD 2.8bn 5%
4Q13
Region
No. of issues 16 10 5 11 42
Average coupon 5.243% 4.659% 5.450% 5.989% 5.324%

Central Europe USD 5.0bn 16% Middle East USD 3.6bn 12%
No. of issues 30 13 17 10 70
Eastern Europe Central Europe Middle East Africa Total/weighted average

Average coupon 6.302% 5.248% 5.124% 7.263% 5.957%



QUARTERLY by amount issued (in USDbn) vs FY11-12
in USDbn 80
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63.1
60
60.4 53.9 45.7

28.2
40
39.6
44.3
42.6 27.6
11.7 24.6
29.7
29.5
34.0
17.5
14.9 11.3 5.5
2.4
17.9
31.2
13.3
5.0 3.6 9.3
16.5
13.2 10.5 5.5
23.2 7.1
2.7 1.7 2.2 0.5
13.1 16.5 3.8
20
12.1
5.4 4.7
5.5 3.1 14.2

0.5
12.2 11.0
14.5
13.5
8.3
10.1 7.3
6.7
8.5
0.7
3.2 1Q12
7.2 5.8 4.9 3Q12
1Q11
2Q11
3Q11
4Q11
2Q12
4Q12
2.8 1Q13
2Q13
3Q13
4Q13
QUARTERLY by number of issues vs FY11-12

No. of issues 120 100 80 60 40 20
Eastern Europe
Central Europe
Middle East
Africa
99
98
90
69 50
26
10 7 7 1Q11
50
70
60
55
24
55 32 15
5 4 5 1
47
47
23 9 13
2
18 16 16 5 1Q12
40
13 14
27 19 9 4Q12 5 1Q13
42
12
20 11 2Q13
30 13 17 10 4Q13
16
10 5 11 3Q13
16
9 6 2Q11
11 4 16
1
15 6 8 3Q12
3Q11
4Q11
2Q12

MONTHLY by amount (in USDbn) vs FY12
in USDbn Eastern Europe Central Europe Middle East Africa
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35
30.9
30
25
24.7 22.9
20.4 21.5
24.4
22.2 20.2
22.7
20
18.8 18.8
4.9
7.3
8.4
16.1
15
16.5 13.1
11.7
8.9
12.5
16.2
12.8
10.4
15.4
11.1
10.8
16.6
4.5
10.1
5.1
9.3 5.4
6.5 3.7
0.5
7.6
11.8
6.1 2.2
0.6
10.7
8.5
4.5 4.2 6.3 1.0 6.0
10 5.9
4.4
2.2
1.5
0.4 5.0
6.0
2.9
1.3 0.8 1.0
8.9 6.9 5.5

2.7 6.9
4.4
7.1
3.0
1.3
4.5
2.6
4.0 3.2
4.5
3.3
2.8 2.5 0
0.4
5.0
0.3
1.3 1.9
1.3
5.5
0.7
5.0
0.4
4.6
3.0 1.3
2.8
4.8
0.6 0.9 1.1 0.2
4.5
5.4
0.6
2.5
0.8 0.2 1.5
0.6
0.2 0.5
1.8
2.5
1.4
1.9
1.5
1.0
2.3
3.0
0.9
3.1

MONTHLY by number of issues vs FY12
No. of issues 50
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47
40
35 31
30
36
36
33
28
16
34 32 29
32
33
12
20
24 20
17
4 10 6
4 5 4 7
1
21
21
22
12
24 16
7
13
14
22
20
18
6
8
17
10
9
18
4 11 7 5
14
5 1 4 5 6
2
1
14
1
2 7
9
5 3 4
3
1 8 2
9
13
4 5 3
5
9 7 1
9
3
4 8
9
7 10
7
8 5 2
1
5
3 1
6 2
7
1
2
1
2
1
1
1 2

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COUNTRY & SECTOR ANALYSIS

Page 9 Full country breakdown (no. of deals, amount) Page 10 Issuance by sub-region/country Page 11 Sector breakdown, FY13 Page 12 Sector breakdown, 1Q13 Page 13 Sector breakdown, 2Q13 Page 14 Sector breakdown, 3Q13 Page 15 Sector breakdown, 4Q13

FY13FULL COUNTRY BREAKDOWN
NUMBER OF DEALS
Russia
UAE Turkey 30 issues 91 issues Russia
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AMOUNT ISSUED (USDm)

USD 51.5bn
USD 16.5bn
UAE
Turkey
27 issues
14 issues
USD 15.8bn
USD 9.4bn USD 8.3bn
Ukraine
Slovakia
Slovakia
Hungary South Africa
10 issues
10 issues
Other
Supranational
USD 6.8bn
USD 6.6bn
9 issues
9 issues 9 issues
Slovenia
Ukraine
South Africa
Qatar Hungary
USD 6.4bn
USD 6.2bn
Romania
Qatar
9 issues
8 issues
USD 5.7bn
USD 5.4bn USD 5.3bn
Poland
Kazakhstan
Other
Saudi Arabia Kazakhstan
7 issues
7 issues
Czech Republic
Slovenia
USD 4.9bn
USD 4.8bn
6 issues
6 issues 6 issues
Poland
Supranational
Saudi Arabia
Nigeria
USD 4.6bn
USD 3.7bn
Egypt
Croatia
Israel
Romania Lebanon
6 issues
5 issues
USD 3.4bn
USD 3.4bn USD 3.0bn
Israel
Czech Republic Nigeria
4 issues
3 issues
Morocco
Croatia
USD 2.6bn
USD 2.5bn
3 issues
2 issues
Serbia
Bahrain
Serbia
Lithuania
USD 2.2bn
USD 2.1bn
2 issues
2 issues 2 issues
Lebanon
Gabon
Egypt
Bulgaria Bahrain
USD 1.5bn
USD 1.3bn
Jordan
Bulgaria
2 issues
1 issue
USD 1.2bn USD 1.1bn

USD 1.0bn
Tanzania
Rwanda
Morocco
Azerbaijan Lithuania
1 issue
1 issue
Oman
Montenegro
USD 0.8bn
USD 0.8bn
1 issue
1 issue 1 issue
Ghana
Armenia
Jordan
Ghana Georgia
USD 0.7bn
USD 0.6bn
Tanzania
Oman
1 issue
1 issue
USD 0.5bn
USD 0.4bn USD 0.3bn
Gabon
Burundi
Rwanda
Burundi Georgia
1 issue
1 issue
Azerbaijan
Armenia
USD 0.2bn
USD 0.1bn
1 issue
Montenegro

FY13COUNTRY BREAKDOWN BY REGION
CENTRAL EUROPE
Slovakia Hungary Poland Czech Republic Slovenia Romania
Croatia
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EASTERN EUROPE
10 issues USD 9.4bn 9 issues USD 8.3bn 8 issues USD 4.8bn 7 issues USD 3.0bn 6 issues USD 6.6bn
4 issues USD 4.8bn
Russia Turkey Ukraine Kazakhstan

Other
USD 51.5bn 27 issues USD 15.8bn 14 issues USD 6.4bn 7 issues USD 4.9bn 3 issues USD 1.2bn 2 issues USD 2.5bn 2 issues USD 1.2bn 2 issues USD 0.7bn 1 issue USD 1.4bn 1 issue USD 1.0bn 1 issue USD 0.7bn 1 issue USD 0.2bn 1 issue USD 0.1bn
91 issues
Serbia Bulgaria Supranational Romania Azerbaijan Armenia Georgia Montenegro
3 issues USD 3.4bn 2 issues USD 0.8bn
Lithuania
MIDDLE EAST
UAE Qatar Saudi Arabia Israel Lebanon Bahrain Other Jordan Oman 9 issues USD 5.7bn 6 issues USD 5.3bn 6 issues USD 3.4bn 4 issues USD 2.1bn 2 issues USD 2.2bn 2 issues USD 0.9bn 1 issue USD 1.3bn 1 issue USD 0.5bn USD 16.5bn 30 issues
AFRICA
South Africa Supranational Nigeria Other Morocco Egypt
Gabon USD 1.1bn
USD 6.8bn USD 3.9bn USD 2.6bn 7 issues 6 issues
9 issues
2 issues 1 issue USD 1.5bn 1 issue USD 0.8bn 1 issue USD 0.6bn 1 issue USD 0.4bn 1 issue USD 0.3bn
Ghana Tanzania Rwanda Burundi
10

FY13SECTOR BREAKDOWN
SUMMARY
Region Agriculture Chemicals & materials Construction Consumer: other Consumer: retail Defence Energy Financial services Industrial products & services Media Metals & mining Real estate Services: other Sovereign Telecoms Transport Utilities Total/weighted average No. of issues 6 6 1 4 2 1 44 121 1 4 14 5 1 57 15 17 1 300 Amount issued (USDm) 2,575 4,206 1,356 1,665 977 200 31,379 49,200 750 1,964 10,279 2,522 200 65,931 8,975 8,047 1,000 191,227 Average coupon 9.158% 4.270% 4.781% 6.938% 11.438% 4.550% 5.570% 5.473% 3.500% 7.594% 5.164% 5.945% 12.000% 4.665% 5.799% 6.193% 3.000% 5.523% Average re-offer price 99.806 99.758 100.000 99.158 98.250 100.000 99.848 99.866 99.582 100.250 99.849 99.758 100.000 99.563 99.616 100.117 100.000 112.121 Average re-offer yield 9.208% 4.309% 4.781% 5.019% 11.895% 4.550% 5.438% 6.039% 3.568% 8.125% 5.331% 6.020% 12.000% 4.743% 5.902% 6.167% 3.000% 5.746%
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by number of issues
Financial services Sovereign Energy Transport Telecoms Metals & mining Chemicals & materials Agriculture Real estate Media Consumer: other Consumer: retail Utilities Services: other Industrial products & services Defence Construction 57 issues 44 issues 17 issues 15 issues 14 issues 6 issues 6 issues 5 issues 4 issues 4 issues 2 issues 1 issue 1 issue 1 issue 1 issue 1 issue 121 issues
by amount issued (in USDbn)

Sovereign Financial services Energy Metals & mining Telecoms Transport Chemicals & materials Agriculture Real estate Media Consumer: other Construction Utilities Consumer: retail Industrial products & services Services: other Defence USD 10.3bn USD 9.0bn USD 8.0bn USD 4.2bn USD 2.6bn USD 2.5bn USD 2.0bn USD 1.7bn USD 1.4bn USD 1.0bn USD 1.0bn USD 0.8bn USD 0.2bn USD 0.2bn USD 65.9bn USD 49.2bn USD 31.4bn
EASTERN EUROPE
Financial services Energy Sovereign Transport Metals & mining Agriculture Telecoms Chemicals & materials Consumer: other Industrial products & services Defence USD 27.6bn 23 issues USD 19.9bn 15 issues USD 18.5bn 11 issues USD 4.3bn 11 issues USD 7.7bn 6 issues USD 2.6bn 5 issues USD 3.0bn 3 issues USD 2.0bn 2 issues USD 1.0bn 1 issue USD 0.8bn 1 issue USD 0.2bn 75 issues
CENTRAL EUROPE
Sovereign 10 issues USD 3.2bn 5 issues USD 2.9bn 4 issues USD 1.7bn 2 issues USD 1.0bn 2 issues USD 1.0bn 2 issues USD 0.7bn 1 issue USD 1.4bn 1 issue USD 0.5bn 1 issue USD 0.4bn 1 issue USD 0.2bn 20 issues USD 28.1bn Financial services Energy Telecoms Transport Media Consumer: other Construction Real estate Metals & mining Chemicals & materials
MIDDLE EAST
Financial services Energy Sovereign Telecoms Real estate Transport Chemicals & materials Utilities Services: other 23 issues USD 12.7bn 13 issues USD 6.6bn 11 issues USD 8.6bn 4 issues USD 2.9bn 4 issues USD 2.0bn 2 issues USD 1.8bn 2 issues USD 2.0bn 1 issue USD 1.0bn 1 issue USD 0.2bn
AFRICA
Financial services 4 issues USD 1.1bn 2 issues USD 1.0bn 1 issue USD 1.5bn 1 issue USD 0.8bn 1 issue USD 0.6bn 1 issue USD 0.5bn
Energy
Sovereign
Telecoms
Consumer: retail
Transport
11

1Q13SECTOR BREAKDOWN
SUMMARY
Region Agriculture Chemicals & materials Consumer: other Consumer: retail Energy Financial services Metals & mining Sovereign Telecoms Transport Utilities Total/weighted average No. of issues 3 2 1 1 11 46 4 18 6 5 1 98 Amount issued (USDm) 1,025 1,500 500 405 8,593 17,902 2,267 20,854 3,268 3,053 1,000 60,367 Average coupon 10.000% 4.059% 5.000% 9.500% 5.292% 5.607% 5.881% 4.054% 5.705% 4.456% 3.000% 5.355% Average re-offer price 100.000 100.000 99.031 96.500 99.881 100.222 100.000 100.015 99.255 99.854 100.000 99.995 Average re-offer yield 10.000% 4.059% 5.125% 10.415% 5.319% 6.273% 5.881% 3.999% 6.124% 4.488% 3.000% 5.698%
Chemicals & materials Utilities Consumer: other Consumer: retail 2 issues 1 issue 1 issue 1 issue Transport Metals & mining Agriculture 5 issues 4 issues 3 issues
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by number of issues
Financial services Sovereign Energy Telecoms 18 issues 11 issues 6 issues 46 issues

Sovereign Financial services Energy Telecoms Transport Metals & mining Chemicals & materials Agriculture Utilities Consumer: other Consumer: retail USD 8.6bn USD 3.3bn USD 3.1bn USD 2.3bn USD 1.5bn USD 1.0bn USD 1.0bn USD 0.5bn USD 0.4bn USD 20.9bn USD 17.9bn
EASTERN EUROPE
Financial services Energy Sovereign Telecoms Metals & mining Agriculture Chemicals & materials Transport Consumer: other USD 12.1bn 7 issues USD 5.7bn 3 issues USD 4.0bn 3 issues USD 2.0bn 3 issues USD 1.9bn 3 issues USD 1.0bn 2 issues USD 1.5bn 2 issues USD 0.7bn 1 issue USD 0.5bn 36 issues
CENTRAL EUROPE
Sovereign 10 issues USD 13.0bn
MIDDLE EAST
Financial services 7 issues USD 4.2bn 4 issues USD 3.3bn 3 issues USD 2.2bn 2 issues USD 1.8bn 2 issues USD 1.0bn 1 issue USD 1.0bn
AFRICA
Financial services 2 issues USD 1.3bn
Energy
1 issue USD 0.7bn
Sovereign
Sovereign
Energy Telecoms 1 issue USD 0.3bn Transport Metals & mining 1 issue USD 0.4bn
1 issue USD 0.6bn
Transport
1 issue USD 0.6bn
Telecoms
Financial services
1 issue USD 0.3bn
Utilities
Consumer: retail
1 issue USD 0.4bn
12

SUMMARY
Region Agriculture Chemicals & materials Consumer: other Energy Financial services Industrial products & services Metals & mining Real estate Sovereign Telecoms Transport Total/weighted average No. of issues 3 2 2 15 33 1 8 2 14 3 7 90 Amount issued (USDm) 1,550 700 665 12,116 13,204 750 5,762 972 13,753 1,650 2,784 53,905 Average coupon 8.317% 6.063% 9.000% 5.504% 4.890% 3.500% 4.340% 6.250% 5.070% 4.667% 7.732% 5.431% Average re-offer price 99.612 99.633 99.677 100.198 99.582 99.735 99.733 99.473 99.572 100.409 97.677 Average re-offer yield 8.417% 6.124% 5.447% 5.285% 3.568% 4.633% 6.313% 5.139% 4.739% 7.642% 5.406%
Consumer: other Real estate Chemicals & materials Industrial products & services 2 issues 2 issues 2 issues 1 issue Transport Telecoms Agriculture 7 issues 3 issues 3 issues
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by number of issues
Financial services Energy Sovereign Metals & mining 15 issues 14 issues 8 issues 33 issues

Sovereign Financial services Energy Metals & mining Transport Telecoms Agriculture Real estate Industrial products & services Chemicals & materials Consumer: other USD 5.8bn USD 2.8bn USD 1.7bn USD 1.6bn USD 1.0bn USD 0.8bn USD 0.7bn USD 0.7bn USD 13.8bn USD 13.2bn USD 12.1bn
EASTERN EUROPE
Financial services Energy Metals & mining Transport Agriculture Sovereign Industrial products & services Chemicals & materials Telecoms USD 5.8bn 16 issues 9 issues USD 8.7bn 7 issues USD 4.8bn 7 issues USD 2.8bn 3 issues USD 1.6bn 2 issues USD 2.8bn 1 issues USD 0.8bn 1 issues USD 0.5bn 1 issue USD 0.5bn
CENTRAL EUROPE
Sovereign 4 issues USD 5.1bn 2 issues USD 1.4bn 2 issues USD 0.7bn
MIDDLE EAST
AFRICA
Energy
Sovereign
4 issues USD 2.1bn Sovereign
4 issues USD 3.9bn
Consumer: other
Energy Financial services 2 issues USD 0.5bn Real estate Real estate 1 issue USD 0.5bn 1 issue USD 0.2bn Telecoms
4 issues USD 2.0bn Metals & mining 1 issue USD 0.5bn 1 issue USD 1.0bn
Chemicals & materials
1 issue USD 0.7bn
Telecoms
1 issue USD 0.5bn
13

SUMMARY
Region Chemicals & materials Consumer: other Energy Financial services Media Metals & mining Sovereign Transport Total/weighted average No. of issues 1 1 7 12 4 1 13 3 42 Amount issued (USDm) 1,000 500 4,519 4,662 1,964 1,250 15,930 1,420 31,245 Average coupon 2.625% 4.750% 5.988% 4.588% 7.594% 8.500% 5.154% 4.458% 5.324% Average re-offer price 100.000 99.285 100.176 96.998 100.250 100.000 98.831 99.953 98.813 Average re-offer yield 2.625% 4.913% 5.908% 6.098% 8.125% 8.500% 5.445% 4.467% 5.887%
Chemicals & materials Consumer: other 1 issue 1 issue Transport Metals & mining 3 issues 1 issue Transport Metals & mining Chemicals & materials Consumer: other USD 1.4bn 1 issue 1 issue 1 issue Media 4 issues Media USD 2.0bn Energy 7 issues
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by number of issues
Sovereign Financial services 13 issues 12 issues

Sovereign Financial services Energy USD 4.7bn USD 4.5bn USD 15.9bn
EASTERN EUROPE
Sovereign 6 issues USD 7.7bn 5 issues USD 2.3bn
CENTRAL EUROPE
MIDDLE EAST
Energy 3 issues USD 1.1bn
AFRICA
Financial services
Transport
2 issues USD 1.0bn

Sovereign 1 issue USD 1.5bn
Financial services
2 issues USD 1.3bn
Energy
3 issues USD 2.4bn
Media
2 issues USD 1.0bn
Media
Transport 1 issue USD 0.5bn
2 issues USD 1.0bn Metals & mining

1 issue
1 issue USD 1.3bn
Consumer: other
1 issue USD 0.5bn
Sovereign
1 issue USD 2.0bn
USD 1.0bn
Energy
1 issue USD 1.0bn
14

SUMMARY
Region Chemicals & materials Construction Consumer: retail Defence Energy Financial services Metals & mining Real estate Services: other Sovereign Telecoms Transport Total/weighted average No. of issues 1 1 1 1 11 30 1 3 1 12 6 2 70 Amount issued (USDm) 1,006 1,356 573 200 6,150 13,433 1,000 1,550 200 15,395 4,057 791 45,709 Average coupon 2.750% 4.781% 13.375% 4.550% 5.670% 6.252% 5.550% 5.741% 12.000% 4.514% 6.444% 7.750% 5.978% Average re-offer price 99.280 100.000 100.000 100.000 99.823 99.973 100.000 99.774 100.000 99.762 100.000 100.000 99.900 Average re-offer yield 2.865% 4.781% 13.375% 4.550% 5.309% 6.389% 5.550% 5.824% 12.000% 4.535% 6.333% 7.750% 5.980%
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by number of issues
Financial services Sovereign Energy Telecoms Real estate Transport Services: other Metals & mining Defence Consumer: retail Construction Chemicals & materials 12 issues 11 issues 6 issues 3 issues 2 issue 1 issue 1 issue 1 issue 1 issue 1 issue 1 issue 30 issues

Sovereign Financial services Energy Telecoms Real estate Construction Chemicals & materials Metals & mining Transport Consumer: retail Services: other Defence USD 6.2bn USD 4.1bn USD 1.6bn USD 1.4bn USD 1.0bn USD 1.0bn USD 0.8bn USD 0.6bn USD 0.2bn USD 0.2bn USD 15.4bn USD 13.4bn
EASTERN EUROPE
Financial services Sovereign 18 issues USD 7.4bn 4 issues USD 4.0bn 4 issues USD 3.0bn 1 issue USD 1.0bn 1 issue USD 0.5bn
CENTRAL EUROPE
MIDDLE EAST
Financial services 6 issues USD 3.5bn 3 issues USD 1.6bn 3 issues USD 1.3bn 2 issues USD 1.8bn 1 issue USD 1.3bn 1 issue USD 1.0bn 1 issue USD 0.2bn Real estate
AFRICA
Telecoms
Energy
3 issues USD 1.5bn
Energy
Energy
Sovereign
Metals & mining
Financial services
2 issues USD 1.4bn
Sovereign
Telecoms
Telecoms
Energy
Transport 1 issue USD 0.3bn 1 issue USD 0.2bn
2 issues USD 0.9bn
Telecoms

Construction 1 issue USD 1.4bn
Consumer: retail
Defence
Services: other
Transport
15

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ISSUER ANALYSIS
Page 17 Top sovereign deals by size Page 18 Top financial institution deals by size Page 19 Top corporate deals by size Page 20 Issuer breakdown by quarter (amount/no. of deals) Page 21 Issuer breakdown by month (amount) Page 22 Issuer breakdown by month (no. of deals)
16

FY13TOP SOVEREIGN DEALS BY SIZE
No. Issuer Date priced 09-Sep 28-May 18-Nov 02-May 20-Feb 15-Nov 12-Feb 09-Sep 12-Sep 08-Feb 19-Nov Size (m) Size Re-offer Re-offer (USDm) Coupon price yield 3,000 2,700 2,699 2,500 2,337 2,019 2,000 2,000 1,991 1,959 1,750 4.875% 98.162 5.112% 4.250% 5.930% 6.000% 3.000% 5.432% 6.062% 4.769% 6.200% Maturity
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Lead arrangers/book runners Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital HSBC, Qatar National Bank BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs
Country
S&P/Moodys/Fitch
1 2 3 4 5 6 7 7 8 9 10
Russia Egypt Hungary Slovenia Slovakia Slovenia Hungary South Africa Romania Slovakia Croatia
USD 3,000 USD 2,700 EUR 2,000 USD 2,500 EUR 1,750 EUR 1,500 USD 2,000 USD 2,000 EUR 1,500 EUR 1,500 USD 1,750
16-Sep-23 28-Nov-14 22-Nov-23
Russia Egypt Hungary Slovenia Slovakia Slovenia Hungary South Africa Romania Slovakia Croatia
BBB BBB ANR ABB BBB BB+ NR BB+
Baa1 B3 Ba1 Ba1 A2 NR Ba1 Baa1 Baa3 A2 Ba1
BBB B BB+ AA BBB+ BB+ BBB BBBA BB+
4.250% 100.000 5.750% 5.850% 98.657 98.884
10-May-23 BNP Paribas, Deutsche Bank, JPMorgan 28-Feb-23 01-Nov-16 21-Feb-23 16-Sep-25 18-Sep-20 08-Feb-33 26-Jan-24 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena JPMorgan BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Deutsche Bank, Rand Merchant Bank, Standard Bank Citigroup, HSBC, Deutsche Bank, Societe Generale HSBC Barclays, BNP Paribas, Deutsche Bank, JPMorgan
3.000% 100.000 4.700% 5.375% 5.875% 4.625% 3.875% 6.000% 99.604 99.564 98.422 99.160 98.488
17

FY13TOP FINANCIAL INSTITUTION DEALS BY SIZE
No. 1 2 3 4= Issuer Gazprombank Vnesheconombank (VEB) Vnesheconombank (VEB) African Development Bank Dubai Islamic Bank Qatar National Bank Sberbank Emirates NBD Islamic Development Bank African Development Bank 5 6 7 8= Vnesheconombank (VEB) Sberbank Russian Agricultural Bank (RSHB) Turkiye Halk Bankasi Abu Dhabi Commercial Bank (ADCB) Emirates NBD Gazprombank Hungarian Development Bank Qatar National Bank Date priced 23-Oct 14-Feb 18-Nov 16-Jan 13-Mar 22-Apr 16-May 22-May 29-May 25-Sep 18-Nov 24-Jan 18-Jul 29-Jan 26-Feb USD 750 25-Mar 24-Sep 11-Oct USD 750 USD 750 USD 750 USD 750 23-Oct USD 750 9 10 OTP Mortgage Bank Vnesheconombank (VEB) 17-Oct 14-Feb EUR 500 EUR 500 750 676 673 750 750 750 750 750 4.500% 99.127 4.610% 4.875% 7.496% 6.343% 2.867% 4.032% 06-Mar-23 28-Mar-23 28-Dec-23 21-Oct-20 31-Oct-16 31-Oct-18 25-Oct-16 21-Feb-23
BNP Paribas Barclays, Commerzbank, ING, Societe Generale
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Size (m) EUR 1,000 EUR 1,000 USD 1,150 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 850 RUB 25,000 USD 800 USD 750 USD 750
Size Re-offer Re-offer (USDm) Coupon price yield 1,371 1,346 1,150 1,000 1,000 1,000 1,000 1,000 1,000 1,000 850 827 800 750 750 3.984% 100.000 3.035% 100.000 5.942% 100.000 0.875% 99.655 3.984% 3.035% 5.942% 0.955% 6.250% 3.000% 5.250% 5.750% 1.535% 1.639% 4.224% 7.000% 5.100% 4.057% 2.578%
Maturity 30-Oct-18 21-Feb-18 21-Nov-23
Lead arrangers/book runners

Citigroup, Credit Agricole, Deutsche Bank, Gazprombank Barclays, Commerzbank, ING, Societe Generale Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities
Country Romania Russia Russia Supranational UAE Qatar Russia UAE Saudi Arabia Supranational Russia Russia Russia Turkey UAE
S&P/Moodys/Fitch BBBBBB BBB AAA NR A+ NR NR NR NR BBB NR NR NR A ABaa3 Baa1 NR Aaa NR Aa3 NR NR NR NR NR A3 Baa3 Baa2 NR NR NR Baa3 Ba1 Aa3 Aa3 Baa3 Baa1 BBBBBB BBB AAA NR A+ BBBNR NR NR BBB BBB BBB BBBA+ A A BBBBB+ A+ A+ NR BBB
15-Mar-18 BNP Paribas, Deutsche Bank, JPMorgan, Nomura Perpetual 29-Apr-20

Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered Deutsche Bank, HSBC, JPMorgan, Mitsubishi UFJ Securities, QNB Capital, Standard Chartered
6.25%, variable 100.000 2.875% 99.216
5.250% 100.000 5.75%, variable 100.000 1.535% 100.000 1.625% 99.933
23-May-23 BNP Paribas, JPMorgan, Sberbank, UBS Perpetual 04-Jun-18 02-Oct-18 21-Nov-18 31-Jan-16 25-Jul-18 05-Feb-20 06-Mar-18
BofA-Merrill Lynch, Deutsche Bank, HSBC, ING, Morgan Stanley, Emirates NBD Capital Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital, Royal Bank of Scotland, Standard Chartered Citigroup, Goldman Sachs, HSBC, Toronto Dominion Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Barclays, Sberbank JPMorgan, Royal Bank of Scotland, VTB Capital Commerzbank, Goldman Sachs, JPMorgan, Standard Chartered Abu Dhabi Commercial Bank, Barclays, ING, JPMorgan, National Bank of Abu Dhabi, Royal Bank of Scotland Citigroup, Emirates NBD, HSBC, JPMorgan, National Bank of Abu Dhabi, Societe Generale Barclays, BNP Paribas, BOC International, Gazprombank, Goldman Sachs, Societe Generale Citigroup, Deutsche Bank, JPMorgan
4.224% 100.000 7.000% 100.000 5.100% 100.000 3.875% 2.500% 98.901 99.636
4.875%, 100.000 variable 7.496%, 100.000 variable 6.250% 99.481
UAE Russia Hungary
NR BBBNR A+
Libor +1.25% 100.000 2.750% 99.459
HSBC, JPMorgan, QNB Capital, Royal Bank of Scotland, Standard Chartered
Qatar A+ Hungary Russia NR BBB
Euribor 100.000 +1.9% 4.032% 100.000
18

FY13TOP CORPORATE DEALS BY SIZE
No. 1 2= Issuer KazMunayGas NC Lukoil Gazprom Neft 3 4 5 6= GRANVIA (R1 Expressway) Russian Railways (RZD) Gazprom AngloGold Ashanti Ooredoo (formerly: Qatar Telecom) 7 8 9= Gazprom Saudi Basic Industries Corporation (SABIC) Sibur Holding VimpelCom Dubai Electricity & Water Authority (DEWA) State Oil Company of Azerbaijan (SOCAR) Emirates Airline Saudi Electricity Company Metalloinvest Evraz Group KazMunayGas NC KazAgro Eskom Saudi Basic Industries Corporation (SABIC) Norilsk Nickel 10 Gazprom Neft Date priced 24-Apr 17-Apr 20-Nov 22-Nov 12-Apr 13-Mar 25-Jul 26-Nov 17-Jul 13-Nov 24-Jan 06-Feb 28-Feb 06-Mar 12-Mar 26-Mar 10-Apr 12-Apr 24-Apr 17-May 30-Jul 26-Sep 18-Oct 18-Apr Size (m) USD 2,000 USD 1,500 USD 1,500 USD 1,500 EUR 1,243 EUR 1,000 EUR 1,000 USD 1,250 USD 1,250 EUR 900 EUR 750 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 EUR 750 Size Re-offer Re-offer (USDm) Coupon price yield 2,000 1,500 1,500 1,500 1,356 1,309 1,303 1,250 1,250 1,179 1,006 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 985 5.750% 99.293 5.800% 3.416% 4.563% 6.000% 4.781% 3.374% 3.389% 8.500% 3.039% 3.700% 2.865% 3.914% 5.950% 3.000% 4.750% 4.024% 3.473% 5.060% 5.625% 6.500% 4.450% 4.625% 6.875% 2.625% 5.550% 2.933% Maturity 30-Apr-43 24-Apr-18 24-Apr-23 27-Nov-23 30-Sep-39 20-May-21
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BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital BNP Paribas, Citigroup BofA-Merrill Lynch, Credit Agricole, Gazprombank, JPMorgan Deutsche Bank, Natixis Natixis, Royal Bank of Scotland, Societe Generale, VTB Capital
Country Kazakhstan Russia Russia Slovakia Russia Russia
Sector Energy Energy Energy Construction Transport
S&P/Moodys/Fitch BBBBBB BBB BBBBBB+ BBB BBB BB+ A BBB A+ NR BB NR BB+ NR AAAABBB+ BBBBBB+ BBB A+ BBBBBBBaa3 Baa2 Baa2 Baa3 NR Baa1 Baa1 Baa3 A2 Baa1 NR Ba1 Ba3 NR Ba1 NR A1 A1 Ba2 NR Baa3 NR Baa3 A1 Baa2 Baa3 BBBBBBBBBBBB NR BBB BBB NR A+ BBB A+ BB+ NR NR BBBNR AAAABBBBBBBBBB NR A+ BB+ NR
3.416% 100.000 4.563% 100.000 6.000% 100.000 4.781% 100.000 3.374% 100.000 3.389% 100.000 8.500% 100.000 3.039% 100.000 3.700% 100.000 2.750% 99.280
20-Mar-20 Credit Agricole, Gazprombank, JPMorgan 30-Jul-20 03-Dec-18 25-Jul-18 20-Nov-20 31-Jan-18 13-Feb-23 05-Mar-18
Citigroup, Deutsche Bank, Goldman Sachs DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital BofA-Merrill Lynch, Deutsche Bank, Gazprombank, JPMorgan Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities, Standard Chartered Citigroup, Credit Suisse, Gazprombank, JPMorgan, Royal Bank of Scotland, Sberbank Barclays, Citigroup, ING, Royal Bank of Scotland Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Royal Bank of Scotland, Standard Chartered
Energy Metals & South Africa mining Qatar Russia Telecoms Energy
3.914% 100.000 5.950% 100.000 3.000% 100.000 4.750% 100.000 3.875% 99.331
Chemicals & Saudi Arabia materials Chemicals & Russia materials Russia UAE Azerbaijan UAE Telecoms Utilities Energy Transport
13-Mar-23 Deutsche Bank

Abu Dhabi Commercial Bank, Abu Dhabi
19-Mar-23 Islamic Bank, Citigroup, Dubai Islamic Bank,

Emirates NBD, Standard Chartered Bank
3.473% 100.000 5.060% 100.000 5.625% 100.000 6.500% 100.000 4.400% 6.750% 99.600 99.107
08-Apr-23 08-Apr-43 17-Apr-20 22-Apr-20 30-Apr-23 06-Aug-23 03-Oct-18 28-Oct-20 26-Apr-18 19
Deutsche Bank, HSBC Credit Agricole, Credit Suisse, Deutsche Bank, Sberbank, Societe Generale, VTB Capital ING, JPMorgan, UBS BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital Barclays, Citigroup Citigroup, HSBC, Mizuho, Royal Bank of Scotland Barclays, BofA-Merrill Lynch, Citigroup, Sberbank, Societe Generale BNP Paribas, Credit Agricole, Gazprombank, JPMorgan
Saudi Arabia Energy Russia Russia Kazakhstan Kazakhstan Metals & mining Metals & mining Energy Agriculture
4.625% 100.000
24-May-23 HSBC, JPMorgan
2.625% 100.000 5.550% 100.000 2.933% 100.000
South Africa Energy Chemicals & Saudi Arabia materials Metals & Russia mining Russia Energy

FY13ISSUER BREAKDOWN BY TYPE
QUARTERLY by amount (in USDbn) vs FY11-12
in USDbn 80 Sovereigns Financial institutions Corporates
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63.1
60 18.1 40
60.4
53.9
20.9 13.8
39.6 34.0
19.3 16.0 10.5 14.8
44.3
24.1
42.6
27.6
11.1
45.7 31.2
15.9
23.2 7.1
2.5 2.7 1.8
16.3
15.3 11.0
24.9
17.7
13.2
15.4 13.4
16.9
20
5.5
11.5 4.6 7.2
9.8 10.4
11.8 4.7
20.1
21.8
26.9
4.7
7.5 2Q11
10.7 1Q13 2Q13 3Q13
1Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
4Q13
QUARTERLY by number of issues vs FY11-12

No. of issues 120 100 Sovereigns Financial institutions Corporates
99
17
98 90
18
80
60 40 20 22 0 1Q11
69
14
33
70
12
50
15
13
55
19 22 14 2Q11
55
32
19 18
47
15 20 12 2Q12
14
44
45
42
35 38 20 3Q12 4Q12 1Q13 2Q13 35 43
30
13 12
17 3Q13 28 4Q13
15
4 6 5
11 12 9
4Q11
18
1Q12
3Q11
20

MONTHLY by amount (in USDbn) vs FY12
in USDbn
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Sovereigns
Financial institutions
Corporates
35
30.9
30 5.3
25
24.7 22.9
21.5
24.4
22.2
20.4
20
6.4
7.4 6.9
20.2 18.8 15.4

3.8
8.6
18.8
4.6
9.2
16.1
15
16.5
13.1
7.2
16.2
10.2
16.6
2.1 3.9
8.2
11.7
10
8.4
7.0
11.8
19.3
4.3 1.3
11.7 7.9
10.7
4.9
10.1
4.2
5.0
12.6
5.1
10.1
7.0
2.3
7.2
6.6
10.6
6.1
2.7
6.0
4.6 9.4 4.6

4.7 5.9 5.8 5.4
5 3.5
3.6 4.6 5.4

3.2
4.5
1.9 1.8 0.8
5.5 6.1 2.6
2.1 3.7
2.8
5.9
0.3
0.8
3.1
10.1 6.3
6.2
2.5
1.6
0.4 0.5
1.9
1.4
0.6
0.2 0.5
4.0
0.3
1.8
21

MONTHLY by number of issues vs FY12
No. of issues 50
45
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Sovereigns
Financial institutions
Corporates
47
7
40
35
35
31
4
36
36
33
9 7 15
34
32
6
5
33
5
30
28 24
4
21 17 6
29
3
25
20
20
21
7
22
10 14
13
17
18
4
17
7 6
19
15
20
18
5
16
15
14 9
8
8
10
3
7
9 18 8 10 10 10
9
25 16
8 5
4
5
8
9
1
7 15 11
3 4
7
14
5
2
1 2
8 3
9
4
2
1
1
22

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MAJOR ISSUES BY SIZE/YIELD

Page 24 FY13 by amount, by sub-region Page 25 1Q13 by amount, by sub-region Page 26 2Q13 by amount, by sub-region Page 27 3Q13 by amount, by sub-region Page 28 4Q13 by amount, by sub-region Page 29 FY13 by re-offer yield, by sub-region Page 30 1Q13 by re-offer yield, by sub-region Page 31 2Q13 by re-offer yield, by sub-region Page 32 3Q13 by re-offer yield, by sub-region Page 33 4Q13 by re-offer yield, by sub-region
23

FY13MAJOR ISSUES BY SIZE
CENTRAL EUROPE
Issuer Hungary (Govt of) Slovenia (Govt of) Slovakia (Govt of) Slovenia (Govt of) Hungary (Govt of) Date priced 18-Nov 02-May 20-Feb 15-Nov 12-Feb Size (m) EUR 2,000 USD 2,500 EUR 1,750 EUR 1,500 USD 2,000 Size Re-offer Re-offer (USDm) Coupon price yield 2,699 2,500 2,337 2,019 2,000 5.750% 5.850% 4.700% 5.375% 98.657 98.884 99.604 99.564 5.930% 6.000% 3.000% 5.432% Maturity 22-Nov-23 28-Feb-23 01-Nov-16 21-Feb-23 Lead arrangers/book runners BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Deutsche Bank, ING, Societe Generale, Slovenska Sportilena JPMorgan BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Country Hungary Slovenia Slovakia Slovenia Hungary Sector Sovereign Sovereign Sovereign Sovereign Sovereign S&P/Moodys/Fitch BB ANR ABB Ba1 Ba1 A2 NR Ba1 BB+ AA BBB+ BB+ 10-May-23 BNP Paribas, Deutsche Bank, JPMorgan
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3.000% 100.000
EASTERN EUROPE
Issuer Russia (Govt of) KazMunayGas NC Turkey (Govt of) Date priced 09-Sep 24-Apr 05-Nov Size (m) USD 3,000 USD 2,000 EUR 1,250 Size Re-offer Re-offer (USDm) Coupon price yield 3,000 2,000 1,687 4.875% 5.750% 4.350% 98.162 99.293 99.339 5.112% 5.800% 4.450% Maturity 16-Sep-23 30-Apr-43 12-Nov-21 Lead arrangers/book runners Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital Barclays, Credit Suisse, Deutsche Bank Country Russia Kazakhstan Turkey Sector Sovereign Energy Sovereign S&P/Moodys/Fitch BBB BBBBB+ Baa1 Baa3 Baa3 BBB BBBBBB-
MIDDLE EAST
Issuer Bahrain (Govt of) Jordan (Govt of) Ooredoo (formerly: Qatar Telecom) Saudi Basic Industries Corporation (SABIC) Date priced 24-Jul 29-Oct 26-Nov 13-Nov Size (m) USD 1,500 USD 1,250 USD 1,250 EUR 750 Size Re-offer Re-offer (USDm) Coupon price yield 1,500 1,250 1,250 1,006 6.125% 99.447 6.200% 2.503% 3.039% 2.865% Maturity 01-Aug-23 30-Oct-20 03-Dec-18 20-Nov-20 Lead arrangers/book runners BNP Paribas, Citigroup, Gulf International Bank, JPMorgan Citigroup, HSBC, JPMorgan DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities, Standard Chartered Country Bahrain Jordan Qatar Sector Sovereign Sovereign Telecoms S&P/Moodys/Fitch NR NR A A+ Baa1 NR A2 NR BBB NR A+ A+
2.503% 100.000 3.039% 100.000 2.750% 99.280
& Saudi Arabia Chemicals materials
AFRICA
Issuer Egypt (Govt of) South Africa (Govt of) Gabon (Govt of) AngloGold Ashanti Date priced 28-May 09-Sep 05-Dec 25-Jul Size (m) USD 2,700 USD 2,000 USD 1,500 USD 1,250 Size Re-offer Re-offer (USDm) Coupon price yield 2,700 4.250% 100.000 4.250% 2,000 1,500 1,250 5.875% 98.422 6.062% 6.375% 8.500% 6.375% 100.000 8.500% 100.000 Maturity 28-Nov-14 16-Sep-25 12-Dec-24 30-Jul-20 Lead arrangers/book runners HSBC, Qatar National Bank Deutsche Bank, Rand Merchant Bank, Standard Bank Citigroup, Deutsche Bank, Standard Chartered Citigroup, Deutsche Bank, Goldman Sachs Country Egypt Gabon Sector Sovereign Sovereign S&P/Moodys/Fitch BBBB BBBB+ B3 Baa1 NR Baa3 B BBB BBNR South Africa Sovereign & South Africa Metals mining
24

1Q13MAJOR ISSUES BY SIZE
CENTRAL EUROPE
Issuer Slovakia (Govt of) Hungary (Govt of) Slovakia (Govt of) Romania (Govt of) Croatia (Govt of) Date priced 20-Feb 12-Feb 08-Feb 14-Feb 26-Mar Size (m) EUR 1,750 USD 2,000 EUR 1,500 USD 1,500 USD 1,500 Size Re-offer Re-offer (USDm) Coupon price yield 2,337 2,000 1,959 1,500 1,500 3.000% 100.000 5.375% 3.875% 4.375% 5.500% 99.564 98.963 99.054 3.000% 5.432% 4.500% 5.625% Maturity 28-Feb-23 21-Feb-23 08-Feb-33 22-Aug-23 04-Apr-23 Lead arrangers/book runners Deutsche Bank, ING, Societe Generale, Slovenska Sportilena BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs HSBC Barclays, BNP Paribas, Citigroup, HSBC BofA-Merrill Lynch, Deutsche Bank, Goldman Sachs, JPMorgan Country Slovakia Hungary Slovakia Romania Croatia Sector Sovereign Sovereign Sovereign Sovereign Sovereign S&P/Moodys/Fitch NR BB NR BB+ BB+ A2 Ba1 A2 Baa3 NR A BB+ A BBBBBB-
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EASTERN EUROPE
Issuer Turkey (Govt of) Serbia (Govt of) Vnesheconombank (VEB) Gazprom Date priced 08-Jan 14-Feb 14-Feb 13-Mar Size (m) USD 1,500 USD 1,500 EUR 1,000 EUR 1,000 Size Re-offer Re-offer (USDm) Coupon price yield 1,500 1,500 1,346 1,303 3.250% 4.875% 98.093 98.401 3.473% 5.150% 3.035% 3.389% Maturity Lead arrangers/book runners Country Turkey Serbia Russia Russia Sector Sovereign Sovereign Financial services Energy S&P/Moodys/Fitch BB BBBBB BBB Ba1 NR Baa1 Baa1 BBBBBBBB BBB 23-Mar-23 BNP Paribas, Deutsche Bank, Goldman Sachs 25-Feb-20 21-Feb-18 Barclays, Deutsche Bank, JPMorgan Barclays, Commerzbank, ING, Societe Generale
3.035% 100.000 3.389% 100.000
20-Mar-20 Credit Agricole, Gazprombank, JPMorgan
MIDDLE EAST
Issuer Israel (Govt of) Dubai Electricity & Water Authority (DEWA) Emirates Airline Dubai Islamic Bank Saudi Electricity Company Date priced 28-Jan 28-Jan 28-Feb 12-Mar 13-Mar 26-Mar 26-Mar Size (m) USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 USD 1,000 Size Re-offer Re-offer (USDm) Coupon price yield 1,000 3.150% 99.448 3.213% 1,000 4.500% 98.574 4.588% 1,000 1,000 1,000 1,000 1,000 3.000% 100.000 3.875% 99.331 3.000% 4.024% 6.250% 3.473% 5.060% Maturity Lead arrangers/book runners Country Sector Sovereign Utilities Transport Financial services S&P/Moodys/Fitch A+ A+ NR NR NR AAAAA1 A1 NR NR NR A1 A1 A A NR NR NR AAAA15-Mar-18 Barclays, Citigroup, Goldman Sachs Israel 30-Jan-43 Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, 05-Mar-18 Emirates NBD, Royal Bank of Scotland, Standard Chartered UAE Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, 19-Mar-23 Dubai Islamic Bank, Emirates NBD, Standard Chartered Bank UAE perpetual 08-Apr-23 08-Apr-43 Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered Deutsche Bank, HSBC UAE
6.25%, 100.000 variable 3.473% 100.000 5.060% 100.000
Saudi Arabia Energy
AFRICA
Issuer African Development Bank Tanzania (Govt of) Sea Trucks Group Edcon Holdings
Date priced 16-Jan 27-Feb 15-Mar 08-Feb
Size (m) USD 1,000 USD 600 USD 575 EUR 300
Size Re-offer Re-offer (USDm) Coupon price yield 1,000 600 575 405 0.875% Libor 9.500% 99.655 100.000 96.500 0.955% 9.000% 10.415%
Maturity
15-Mar-18 BNP Paribas, Deutsche Bank, JPMorgan, Nomura 08-Mar-20 Standard Bank 26-Mar-18 Pareto Securities Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan 01-Mar-18 Morgan Stanley
Country Supranational Tanzania Nigeria
Sector Financial services Sovereign
S&P/Moodys/Fitch AAA NR NR B Aaa NR NR B3 AAA NR NR NR
9.000% 100.000
Transport Consumer: South Africa retail
25

CENTRAL EUROPE
Issuer Slovenia (Govt of) Slovakia (Govt of) Slovenia (Govt of) EP Energy CEZ Date priced 02-May 23-May 02-May 11-Apr 28-May Size (m) USD 2,500 EUR 1,000 USD 1,000 EUR 600 EUR 500 Size Re-offer Re-offer (USDm) Coupon price yield 2,500 1,291 1,000 785 647 5.850% 1.500% 4.750% 3.000% 98.884 99.522 99.124 98.815 6.000% 1.592% 4.950% 4.375% 3.100% Maturity Lead arrangers/book runners Country Slovenia Slovakia Slovenia Czech Republic Czech Republic Sector Sovereign Sovereign Sovereign Energy Energy S&P/Moodys/Fitch AA ANR NR Ba1 A2 Ba1 NR A2 AA+ ABBBA10-May-23 BNP Paribas, Deutsche Bank, JPMorgan 28-Nov-18 Tatra Banka, CSOB, Vseobecna Uverova Banka 10-May-18 BNP Paribas, Deutsche Bank, JPMorgan 01-May-18 JPMorgan, Societe Generale, Royal Bank of Scotland, UniCredit Deutsche Bank, Erste Group, ING, 05-Jun-28 Commerzbank, Royal Bank of Scotland
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4.375% 100.000
EASTERN EUROPE
Issuer KazMunayGas NC Turkey (Govt of) Lukoil Russian Railways (RZD) Date priced 24-Apr 09-Apr 17-Apr 17-Apr 12-Apr Size (m) USD 2,000 USD 1,500 USD 1,500 USD 1,500 EUR 1,000 Size Re-offer Re-offer (USDm) Coupon price yield 2,000 5.750% 99.293 5.800% 1,500 4.875% 98.834 4.950% 1,500 3.416% 100.000 3.416% 1,500 4.563% 100.000 4.563% 1,309 3.374% 100.000 3.374% Maturity 30-Apr-43 16-Apr-43 24-Apr-18 24-Apr-23 20-May-21 Lead arrangers/book runners BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital Citigroup, Credit Suisse, JPMorgan BNP Paribas, Citigroup Natixis, Royal Bank of Scotland, Societe Generale, VTB Capital Country Kazakhstan Turkey Russia Russia Sector Energy Sovereign Energy Transport S&P/Moodys/Fitch BBBBB BBB BBB BBB Baa3 Ba1 Baa2 Baa2 Baa1 BBBBBBBBBBBBBBB
MIDDLE EAST
Issuer Qatar National Bank Emirates NBD Islamic Development Bank Bahrain Telecommunications Company (Batelco) Lebanon (Govt of) Israel Electric Corporation Date priced 22-Apr 22-May 29-May 29-Apr 23-Apr 18-Jun Size (m) USD 1,000 USD 1,000 USD 1,000 USD 650 USD 600 USD 600 Size Re-offer Re-offer (USDm) Coupon price yield 1,000 1,000 1,000 650 600 600 2.875% 99.216 3.000% 5.750% 1.535% 4.342% 4.500% 5.625% 5.75%, variable 100.000 1.535% 100.000 4.250% 99.450 Maturity 29-Apr-20 Perpetual 04-Jun-18 Lead arrangers/book runners Country Sector S&P/Moodys/Fitch A+ NR NR BBBNR BB+ Aa3 NR NR NR NR Baa3 A+ NR NR BBBNR NR Deutsche Bank, HSBC, JPMorgan, Mitsubishi UFJ Securities, Financial Qatar QNB Capital, Standard Chartered services BofA-Merrill Lynch, Deutsche Bank, HSBC, ING, Morgan Stanley, UAE Financial Emirates NBD Capital services Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Saudi Arabia Financial Natixis, NCB Capital, Royal Bank of Scotland, Standard Chartered services Bahrain Lebanon Israel Telecoms Sovereign Energy Deutsche Bank Barclays, Citigroup
01-May-20 BNP Paribas, Citigroup 22-Apr-16 21-Jun-18
4.500% 100.000 5.625% 100.000
AFRICA
Issuer Anglo American
Date priced 22-Apr
Size (m) EUR 750 USD 500 USD 500 USD 500 USD 500
Size Re-offer Re-offer (USDm) Coupon price yield 979 2.500% 99.379 2.587% 500 500 500 500 0.875% 100.120 4.750% 99.266 4.250% 100.263 3.875% 99.282 4.875% 4.216% 4.035%
African Development Bank 25-Apr Millicom 17-May International Cellular Morocco (Govt of) 22-May African Export-Import Bank 28-May
Lead arrangers/book runners BNP Paribas, Credit Agricole, Lloyds Banking Group, 29-Apr-21 BBVA, Santander 15-Mar-18 Deutsche Bank, TD Securities 22-May-20 BNP Paribas, JPMorgan, Standard Bank 11-Dec-22 04-Jun-18 Barclays, BNP Paribas, Citigroup, Natixis HSBC, Commerzbank, Mitsubishi UFJ Securities, Standard Bank
Maturity
Country Other Supranational Other Morocco Supranational
Sector Metals & mining Financial services Telecoms Sovereign Financial services
S&P/Moodys/Fitch BBB AAA NR BBBBBBBaa1 Aaa Ba2 Ba1 Baa2 NR AAA BB+ BBBBBB-
26

CENTRAL EUROPE
Issuer Romania (Govt of) Eustream TVN (Polish Television Holding group) Hungarian Export-Import Bank (Eximbank) Date priced 12-Sep 11-Jul 06-Sep 24-Sep Size (m) EUR 1,500 EUR 500 EUR 430 EUR 380 Size Re-offer Re-offer (USDm) Coupon price yield 1,991 641 566 514 4.625% 3.750% 99.160 99.390 4.769% 3.851% 7.375% 2.255% Maturity 18-Sep-20 18-Jul-20 15-Dec-20 13-Feb-19 Lead arrangers/book runners Citigroup, HSBC, Deutsche Bank, Societe Generale Citigroup, ING, JPMorgan, KBC, Slovenska Sporitelna JPMorgan, Deutsche Bank, Nomura, BNP Paribas Deutsche Bank, HSBC, Jefferies Country Romania Slovakia Poland Hungary Sector Sovereign Transport Media Financial services S&P/Moodys/Fitch BB+ AB+ NR Baa3 Baa1 B1 NR BBBNR NR AAA
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7.375% 100.000 2.125% 99.410
EASTERN EUROPE
Issuer Russia (Govt of) Gazprom Russia (Govt of) Date priced 09-Sep 17-Jul 09-Sep Size (m) USD 3,000 USD 1,500 USD 1,500 EUR 900 EUR 725 Size Re-offer Re-offer (USDm) Coupon price yield 3,000 4.875% 98.162 5.112% 1,500 3.500% 99.195 3.664% 1,500 5.875% 97.187 6.080% 1,179 3.700% 100.000 3.700% 955 3.625% 99.533 3.702% Maturity 16-Sep-23 16-Jan-19 16-Sep-43 25-Jul-18 16-Sep-20 Lead arrangers/book runners Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital BofA-Merrill Lynch, Deutsche Bank, Gazprombank, JPMorgan Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Country Russia Russia Russia Sector Sovereign Energy Sovereign S&P/Moodys/Fitch BBB BBB BBB BBB BBB Baa1 Baa1 Baa1 Baa1 Baa1 BBB BBB BBB BBB BBB
MIDDLE EAST
Issuer Bahrain (Govt of) Saudi Basic Industries Corporation (SABIC) Ruwais Power Company (Shuweihat 2) Israel Electric Corporation Date priced 24-Jul 26-Sep 25-Jul 02-Jul Size (m) USD 1,500 USD 1,000 USD 825 USD 150 USD 150 Size Re-offer Re-offer (USDm) Coupon price yield 1,500 1,000 825 150 150 6.125% 99.447 6.200% 2.625% 6.000% Maturity 01-Aug-23 03-Oct-18 06-Aug-36 21-Jun-18 21-Jun-23 Lead arrangers/book runners BNP Paribas, Citigroup, Gulf International Bank, JPMorgan Citigroup, HSBC, Mizuho, Royal Bank of Scotland BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ Securities, National Bank of Abu Dhabi, Standard Chartered Barclays, Citigroup Country Bahrain Sector Sovereign S&P/Moodys/Fitch NR A+ ABB+ BB+ Baa1 A1 A3 Baa3 Baa3 BBB A+ NR NR NR & Saudi Arabia Chemicals materials UAE Israel Energy Energy
2.625% 100.000 6.000% 100.000 5.625% 101.750 6.875% 100.375
AFRICA
Issuer South Africa (Govt of) AngloGold Ashanti Egypt (Govt of) Eskom African Development Bank Date priced 09-Sep 25-Jul 01-Jul 30-Jul 25-Sep Size (m) USD 2,000 USD 1,250 USD 1,000 USD 1,000 USD 1,000 Size Re-offer Re-offer (USDm) Coupon price yield 2,000 5.875% 98.422 6.062% 1,250 1,000 1,000 1,000 8.500% 100.000 3.500% 100.000 6.750% 99.107 1.625% 99.933 8.500% 3.500% 6.875% 1.639% Maturity 16-Sep-25 30-Jul-20 01-Jul-16 06-Aug-23 02-Oct-18 Lead arrangers/book runners Deutsche Bank, Rand Merchant Bank, Standard Bank Citigroup, Deutsche Bank, Goldman Sachs HSBC, Qatar National Bank Barclays, Citigroup Citigroup, Goldman Sachs, HSBC, Toronto Dominion Country Sector S&P/Moodys/Fitch BBB BB+ BBBB NR Baa1 Baa3 B3 Baa3 NR BBB NR B NR NR South Africa Sovereign & South Africa Metals mining Egypt Sovereign South Africa Energy SupraFinancial national services
27

CENTRAL EUROPE
Issuer Hungary (Govt of) Slovenia (Govt of) Croatia (Govt of) GRANVIA (R1 Expressway) Hungary (Govt of) Date priced 18-Nov 15-Nov 19-Nov 06-Dec Size (m) EUR 2,000 EUR 1,500 USD 1,750 EUR 903.8 Size Re-offer Re-offer (USDm) Coupon price yield 2,699 2,019 1,750 1,356 1,230 5.750% 4.700% 6.000% 3.375% 98.657 99.604 98.488 5.930% 6.200% 4.781% Maturity 22-Nov-23 01-Nov-16 26-Jan-24 30-Sep-39 02-Apr-19 Lead arrangers/book runners BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs JPMorgan Barclays, BNP Paribas, Deutsche Bank, JPMorgan Deutsche Bank, Natixis Deutsche Bank, UniCredit Bank Country Hungary Slovenia Croatia Slovakia Hungary Sector Sovereign Sovereign Sovereign Construction Sovereign S&P/Moodys/Fitch BB ABB+ BBB+ BB Ba1 NR Ba1 NR Ba1 BB+ BBB+ BB+ NR NR
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22-Nov EUR 1,242.7
4.781% 100.000
EASTERN EUROPE
Issuer Turkey (Govt of) Gazprom Neft Gazprombank Turkey (Govt of) Vnesheconombank (VEB) Date priced 05-Nov 20-Nov 23-Oct 03-Oct 18-Nov Size (m) EUR 1,250 USD 1,500 EUR 1,000 USD 1,250 USD 1,150 Size Re-offer Re-offer (USDm) Coupon price yield 1,687 1,500 1,371 1,250 1,150 4.350% 99.339 6.000% 100.000 3.984% 100.000 4.557% 100.000 5.942% 100.000 4.450% 6.000% 3.984% 4.557% 5.942% Maturity 12-Nov-21 27-Nov-23 30-Oct-18 10-Oct-18 21-Nov-23 Lead arrangers/book runners Barclays, Credit Suisse, Deutsche Bank BofA-Merrill Lynch, Credit Agricole, Gazprombank, JPMorgan Citigroup, Credit Agricole, Deutsche Bank, Gazprombank HSBC, Qinvest, Standard Chartered Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Country Turkey Russia Romania Turkey Russia Sector Sovereign Energy Financial services Sovereign Financial services S&P/Moodys/Fitch BB+ BBBBBBNR BBB Baa3 Baa3 Baa3 Baa3 NR BBBBBB BBBBBBBBB
MIDDLE EAST
Issuer Jordan (Govt of) Ooredoo (formerly: Qatar Telecom) Saudi Basic Industries Corporation (SABIC) Date priced 29-Oct 26-Nov 13-Nov Size (m) USD 1,250 USD 1,250 EUR 750 Size Re-offer Re-offer (USDm) Coupon price yield 1,250 1,250 1,006 2.503% 100.000 3.039% 100.000 2.750% 99.280 2.503% 3.039% 2.865% Maturity 30-Oct-20 03-Dec-18 20-Nov-20 Lead arrangers/book runners Citigroup, HSBC, JPMorgan DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities, Standard Chartered Country Jordan Qatar Sector Sovereign Telecoms S&P/Moodys/Fitch NR A A+ NR A2 NR NR A+ A+
& Saudi Arabia Chemicals materials
AFRICA
Issuer Gabon (Govt of) Millicom International Cellular Tullow Oil Edcon Holdings Transnet
Date priced 05-Dec 10-Oct 01-Nov 08-Nov 06-Nov
Size (m) USD 1,500 USD 800 USD 650 EUR 425 ZAR 5,000
Size Re-offer Re-offer (USDm) Coupon price yield 1,500 6.375% 100.000 6.375% 800 650 573 491 6.625% 100.000 6.000% 100.000 6.625% 6.000%
Maturity 12-Dec-24 15-Oct-21 01-Nov-20 30-Jun-19
Lead arrangers/book runners Citigroup, Deutsche Bank, Standard Chartered BNP Paribas, Citigroup, JPMorgan BNP Paribas, BofA-Merrill Lynch, Barclays, Credit Agricole, Deutsche Bank , JPMorgan, Societe Generale Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, RMB Morgan Stanley
Country Gabon Other Other
Sector Sovereign Telecoms Energy
S&P/Moodys/Fitch BBNR BBCCC BBB NR Ba2 B1 Caa2 A3 BBBB+ NR NR NR
13.375% 100.000 13.375% 9.500% 100.000 9.500%
South Africa Consumer: retail South Africa Transport
13-May-21 Deutsche Bank
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FY13MAJOR ISSUES BY RE-OFFER YIELD
CENTRAL EUROPE
Issuer Polish Television Holding (PTH) CEDC (Central European Distribution Corporation) (post-restructuring) Magyar Telecom (Invitel) (post-restructuring) Bite Group Date priced 11-Sep 19-Jun (issue date) 12-Dec (issue date) 30-Jan Size (m) EUR 300 USD 200 USD 465 EUR 150 EUR 200 Size Re-offer Re-offer (USDm) Coupon price yield 11% (cash)/ 100.000 11.000% 398 12% (PIK) 200 10% (PIK) 465 207 269 8%, 7% (cash), 100.000 9% (PIK) Euribor 99.000 +7.5% 7.974% Maturity 15-Jan-21 30-Apr-18 30-Apr-18 15-Jun-18 15-Feb-18 Lead arrangers/book runners JPMorgan, Nomura, Deutsche Bank, BNP Paribas Deutsche Bank, Credit Suisse, Country Poland Poland Hungary Lithuania Sector Media Consumer: other Telecoms Telecoms S&P/Moodys/Fitch BNR NR CCC+ B NR NR NR Caa1 NR NR NR NR NR B-
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EASTERN EUROPE
Issuer CB Renaissance Credit CB Renaissance Capital Tinkoff Credit Systems UBRD Russian Standard Bank Date priced 15-Nov 14-Feb 14-Feb 25-Jun 10-Jul Size (m) USD 100 USD 50 USD 75 USD 68 USD 200 Size Re-offer Re-offer (USDm) Coupon price yield 100 50 75 68 200 13.500% 100.000 13.500% 13.500% 103.250 12.630% 14.000% 107.000 12.408% 12.000% 100.000 12.000% 11.500% 100.000 11.500% Maturity Lead arrangers/book runners Country Russia Russia Russia Russia Russia Sector Financial services Financial services Financial services Financial services Financial services S&P/Moodys/Fitch NR NR NR B NR B3 NR B3 NR NR NR NR NR NR B 22-May-19 Goldman Sachs, Sberbank 21-Jun-18 06-Jun-18 27-Dec-18 17-Jan-24 Goldman Sachs Goldman Sachs, JPMorgan BCP Securities, BNP Paribas, Sberbank Goldman Sachs, HSBC
MIDDLE EAST
Issuer Dana Gas (post-restructuring) Millennium Offshore Topaz Energy and Marine Gems Education ShaMaran Petroleum Date priced 08-May 08-Feb 25-Oct 18-Nov 29-Oct Size (m) USD 425 USD 225 USD 350 USD 200 USD 150 Size Re-offer Re-offer (USDm) Coupon price yield 425 225 350 200 150 9.000% 100.000 9.500% 100.000 9.000% 9.500% Maturity 31-Oct-17 15-Feb-18 01-Nov-18 Perpetual 31-Dec-18 Lead arrangers/book runners Goldman Sachs Goldman Sachs, HSBC, Standard Chartered Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley Pareto Securities Country UAE UAE UAE UAE Other Sector Energy Energy Energy Services: other Energy S&P/Moodys/Fitch NR B BNR NR NR B2 B3 NR NR NR NR NR NR NR
8.625% 100.000 8.625% 12%, variable 100.000 12.000% 11.500% -
AFRICA
Issuer Edcon Holdings Edcon Holdings Transnet Sea Trucks Group AngloGold Ashanti
Date priced 08-Nov 08-Feb 06-Nov 15-Mar 25-Jul
Size (m) EUR 425 EUR 300 ZAR 5,000 USD 575 USD 1,250
Size Re-offer Re-offer (USDm) Coupon price yield 573 13.375% 100.000 13.375% 405 491 575 1,250 9.500% 96.500 10.415% 9.500% 9.000% 8.500%
9.500% 100.000 9.000% 100.000 8.500% 100.000
Lead arrangers/book runners Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, RMB Morgan Stanley BofA-Merrill Lynch, Goldman Sachs, JPMorgan 01-Mar-18 Barclays, Morgan Stanley 13-May-21 Deutsche Bank 30-Jun-19 26-Mar-18 Pareto Securities 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs
Maturity
Country
Sector South Africa Consumer: retail South Africa Consumer: retail South Africa Transport Nigeria Transport & South Africa Metals mining
S&P/Moodys/Fitch CCC B BBB NR BB+ Caa2 B3 A3 NR Baa3 NR NR NR NR NR
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1Q13MAJOR ISSUES BY RE-OFFER YIELD
CENTRAL EUROPE
Issuer Bite Group New World Resources (NWR) Croatia (Govt of) Hungary (Govt of) Romania (Govt of) Date priced 30-Jan 16-Jan 26-Mar 12-Feb 14-Feb Size (m) EUR 200 EUR 275 USD 1,500 USD 2,000 USD 1,500 Size Re-offer Re-offer (USDm) Coupon price yield Euribor 99.000 7.974% 269 +7.5% 367 1,500 2,000 1,500 7.875% 100.000 5.500% 5.375% 4.375% 99.054 99.564 98.963 7.875% 5.625% 5.432% 4.500% Maturity 15-Feb-18 15-Jan-21 04-Apr-23 21-Feb-23 22-Aug-23 Lead arrangers/book runners Deutsche Bank, Credit Suisse, Citigroup, Erste Bank, Goldman Sachs, Morgan Stanley BofA-Merrill Lynch, Deutsche Bank, Goldman Sachs, JPMorgan BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Barclays, BNP Paribas, Citigroup, HSBC Country Lithuania Czech Republic Croatia Hungary Romania Sector Telecoms Energy Sovereign Sovereign Sovereign S&P/Moodys/Fitch B B BB+ BB BB+ NR B3 NR Ba1 Baa3 BNR BBBBB+ BBB-
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EASTERN EUROPE
Issuer CB Renaissance Capital Tinkoff Credit Systems PrivatBank Ukrlandfarming VimpelCom Promsvyazbank Date priced 14-Feb 14-Feb 20-Feb 21/22Mar 06-Feb 14-Feb Size (m) USD 50 USD 75 USD 175 USD 275 RUB 12,000 USD 200 Size Re-offer Re-offer (USDm) Coupon price yield 50 75 175 275 399 200 13.500% 103.250 12.630% 14.000% 107.000 12.408% 10.875% 100.000 10.875% 10.875% 100.000 10.875% 9.000% 100.000 10.200% 105.919 9.000% 9.000% Maturity 21-Jun-18 06-Jun-18 28-Feb-18 Lead arrangers/book runners Goldman Sachs Goldman Sachs, JPMorgan Credit Suisse, JPMorgan, UBS Country Russia Russia Ukraine Ukraine Russia Russia Sector Financial services Financial services Financial services Agriculture Telecoms Financial services S&P/Moodys/Fitch NR NR NR BBB NR NR B3 B3 NR Ba3 Ba3 NR NR B B NR B+
26-Mar-18 Citigroup, Deutsche Bank, Sberbank 13-Feb-18 06-Nov-19 Barclays, Citigroup, ING, Royal Bank of Scotland HSBC, JPMorgan, Promsvyazbank
MIDDLE EAST
Issuer Millennium Offshore Services Management Co. Dubai Islamic Bank Dubai (Govt of) Saudi Electricity Company Emirates NBD Date priced 08-Feb 13-Mar 22-Jan 26-Mar 25-Mar Size (m) USD 225 USD 1,000 USD 500 USD 1,000 USD 750 Size Re-offer Re-offer (USDm) Coupon price yield 225 1,000 500 1,000 750 9.500% 100.000 6.25%, variable 100.000 5.250% 98.148 5.060% 100.000 4.875%, 100.000 variable 9.500% 6.250% 5.375% 5.060% 4.875% Maturity 15-Feb-18 Lead arrangers/book runners Country UAE UAE UAE Sector Energy Financial services Sovereign S&P/Moodys/Fitch B NR NR AANR B2 NR NR A1 NR NR NR NR AAA Goldman Sachs Islamic Bank, Emirates NBD, HSBC, National Bank of perpetual Dubai Abu Dhabi, Standard Chartered NBD, HSBC, National Bank of Abu Dhabi, 30-Jan-43 Emirates Standard Chartered 08-Apr-43 Deutsche Bank, HSBC Emirates NBD, HSBC, JPMorgan, National Bank of 28-Mar-23 Citigroup, Abu Dhabi, Societe Generale
Saudi Arabia Energy Financial UAE services
AFRICA
Issuer Edcon Holdings Sea Trucks Group Tanzania (Govt of)
Date priced 08-Feb 15-Mar 27-Feb
Size (m) EUR 300 USD 575 USD 600
Size Re-offer Re-offer (USDm) Coupon price yield 405 9.500% 96.500 10.415% 575 600 9.000% 100.000 Libor +6.0% 100.000 9.000% -
Lead arrangers/book runners BofA-Merrill Lynch, Goldman Sachs, JPMorgan 01-Mar-18 Barclays, Morgan Stanley 26-Mar-18 Pareto Securities 08-Mar-20 Standard Bank
Maturity
Country
Sector South Africa Consumer: retail Nigeria Transport Tanzania Sovereign
S&P/Moodys/Fitch B NR NR B3 NR NR NR NR NR
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CENTRAL EUROPE
Issuer CEDC (Central European Distribution Corporation) (post-restructuring) Nitrogenmuvek RPG Byty Date priced 19-Jun (issue date) 13-May 19-Apr Size (m) USD 200 USD 465 USD 200 EUR 400 Size Re-offer Re-offer (USDm) Coupon price yield 200 465 200 522 10% (PIK) 8%, step-up 7.875% 6.750% Maturity 30-Apr-18 30-Apr-18 21-May-20 BNP Paribas, Raiffeisen Bank International 01-May-20 Goldman Sachs, JPMorgan Hungary Czech Republic Poland Lead arrangers/book runners Country Sector Consumer: other Chemicals & materials Real estate S&P/Moodys/Fitch NR NR BBNR NR NR NR Ba2 NR NR BBBB-
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7.875% 100.000 6.750% 100.000
EASTERN EUROPE
Issuer UBRD Ukrlandfarming Mriya Ukrzaliznytsia Bank of Khanty-Mansiysk Promsvyazbank Date priced 25-Jun 13-May 11-Apr 14-May 14-Jun 14-Feb Size (m) USD 68 USD 150 USD 400 USD 500 USD 200 USD 200 Size Re-offer Re-offer (USDm) Coupon price yield 68 150 400 500 200 200 12.000% 100.000 12.000% 10.875% 100.000 10.875% 9.450% 98.835 9.750% 9.500% 100.000 9.150% 100.000 10.200% 105.919 9.500% 9.150% 9.000% Maturity 27-Dec-18 Lead arrangers/book runners BCP Securities, BNP Paribas, Sberbank Country Russia Ukraine Ukraine Ukraine Russia Russia Sector Financial services Agriculture Agriculture Transport Financial services Financial services S&P/Moodys/Fitch B BB B NR NR NR NR NR NR NR Ba3 NR B B BNR B+ 26-Mar-18 Deutsche Bank, Sberbank 19-Apr-18 Citigroup, Credit Suisse, Goldman Sachs, Sberbank 21-May-18 Barclays, Morgan Stanley, Sberbank 13-Jun-23 06-Nov-19 Nomos Bank, VTB Capital HSBC, JPMorgan, Promsvyazbank
MIDDLE EAST
Issuer Dana Gas Israel Electric Corporation Lebanon (Govt of) Dar Al Arkan Real Estate Development Company Date Size Re-offer Re-offer Size (m) priced (USDm) Coupon price yield 08-May USD 425.04 425 9.000% 100.000 9.000% 18-Jun 12-Apr 21-May USD 500 USD 500 USD 500 USD 450 500 500 500 450 6.875% 100.000 6.750% 100.451 6.000% 5.750% 98.882 99.465 6.875% 6.700% 6.150% 5.875% Maturity 31-Oct-17 21-Jun-23 29-Nov-27 27-Jan-23 Lead arrangers/book runners Barclays, Citigroup Fransa Invest Bank, Natixis, Standard Chartered Country UAE Israel Lebanon UAE Sector Energy Energy Sovereign Real estate S&P/Moodys/Fitch NR BB+ B B B+ NR Baa3 B1 B1 NR NR NR B B NR
Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD, 24-May-18 Bank Masraf Al Rayan, Qinvest
AFRICA
Issuer Fidelity Bank Rwanda (Govt of) Morocco (Govt of) Millicom International Cellular
Date priced 03-May 25-Apr 22-May 17-May
Size (m) USD 300 USD 400 USD 250 USD 500
Size Re-offer Re-offer (USDm) Coupon price yield 300 6.875% 99.480 7.000% 400 6.625% 98.213 6.875% 250 5.500% 99.032 5.567% 500 4.750% 99.266 4.875%
Maturity
Country Nigeria Rwanda Morocco Other
09-May-18 Citigroup, Deutsche Bank 02-May-23 BNP Paribas, Citigroup 11-Dec-42 Barclays, BNP Paribas, Citigroup, Natixis 22-May-20 BNP Paribas, JPMorgan, Standard Bank
Sector Financial services Sovereign Sovereign Telecoms
S&P/Moodys/Fitch B B BBBNR NR NR Ba1 Ba2 B B BBBBB+
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CENTRAL EUROPE
Issuer Polish Television Holding TVN (Polish Television Holding group) Hungarian Export-Import Bank (Eximbank) Romania (Govt of) Date priced 11-Sep 06-Sep 24-Sep 12-Sep Size (m) EUR 300 EUR 430 EUR 20 EUR 1,500 Size Re-offer Re-offer (USDm) Coupon price yield 11% (cash)/ 100.000 11.000% 398 12% (PIK) 566 27 1,991 7.375% 100.000 2.125% 4.625% 78.483 99.160 7.375% 7.000% 4.769% Maturity 15-Jan-21 15-Dec-20 13-Feb-19 18-Sep-20 Lead arrangers/book runners JPMorgan, Deutsche Bank, Nomura, BNP Paribas JPMorgan, Deutsche Bank, Nomura, BNP Paribas Deutsche Bank, HSBC, Jefferies Citigroup, HSBC, Deutsche Bank, Societe Generale Country Poland Poland Hungary Romania Sector Media Media Financial services Sovereign S&P/Moodys/Fitch BB+ NR BB+ NR B1 NR Baa3 NR NR BB+ BBB-
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EASTERN EUROPE
Issuer Russian Standard Bank Borets International Gazprombank Armenia (Govt of) Russia (Govt of) Date priced 10-Jul 19-Sep 24-Sep 20-Sep 09-Sep Size (m) USD 200 USD 420 USD 750 USD 700 USD 1,500 Size Re-offer Re-offer (USDm) Coupon price yield 200 420 750 700 1,500 11.500% 100.000 11.500% 7.625% 100.000 7.496%, 100.000 variable 6.000% 98.600 5.875% 97.187 7.625% 7.496% 6.250% 6.080% Maturity 17-Jan-24 26-Sep-18 28-Dec-23 30-Sep-20 16-Sep-43 Lead arrangers/book runners Goldman Sachs, HSBC Deutsche Bank, Morgan Stanley, Sberbank Barclays, BNP Paribas, BOC International, Gazprombank, Goldman Sachs, Societe Generale Deutsche Bank, HSBC, JPMorgan Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Country Russia Russia Russia Armenia Russia Sector Financial services Energy Financial services Sovereign Sovereign S&P/Moodys/Fitch NR BB BBBNR BBB NR B1 Baa3 Ba2 Baa1 B NR BBBBBBBB
MIDDLE EAST
Issuer Bahrain (Govt of) Ruwais Power Company (Shuweihat 2) Israel Electric Corporation Date priced 24-Jul 25-Jul 02-Jul Size (m) USD 1,500 USD 825 USD 150 USD 150 Size Re-offer Re-offer (USDm) Coupon price yield 1,500 6.125% 99.447 6.200% 825 150 150 6.000% 100.000 5.625% 101.750 6.875% 100.375 6.000% Maturity 01-Aug-23 06-Aug-36 21-Jun-18 21-Jun-23 Lead arrangers/book runners BNP Paribas, Citigroup, Gulf International Bank, JPMorgan BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ Securities, National Bank of Abu Dhabi, Standard Chartered Barclays, Citigroup Country Bahrain UAE Israel Sector Sovereign Energy Energy S&P/Moodys/Fitch NR ABB+ BB+ Baa1 A3 Baa3 Baa3 BBB NR NR NR
AFRICA
Issuer AngloGold Ashanti First Bank of Nigeria Ghana (Govt of) Eskom Nigeria (Govt of)
Date priced 25-Jul 31-Jul 25-Jul 30-Jul 02-Jul
Size (m) USD 1,250 USD 300 USD 750 USD 1,000 USD 500
Size Re-offer Re-offer (USDm) Coupon price yield 1,250 8.500% 100.000 8.500% 300 750 1,000 500 8.250% 7.875% 6.750% 6.375% 98.999 99.151 99.107 98.193 8.500% 8.000% 6.875% 6.625%
Maturity 30-Jul-20 06-Aug-20 07-Aug-23 06-Aug-23 12-Jul-23
Lead arrangers/book runners Citigroup, Deutsche Bank, Goldman Sachs Citigroup, Goldman Sachs Barclays, Citigroup Barclays, Citigroup Citigroup, Deutsche Bank
Country
Sector & South Africa Metals mining Financial Nigeria services Ghana Sovereign South Africa Energy Nigeria Sovereign
S&P/Moodys/Fitch BB+ B B BBB BBBaa3 NR B1 Baa3 NR NR BB+ NR BB-
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CENTRAL EUROPE
Issuer Magyar Telecom (Invitel) (post-restructuring) SBB/Telemach (Slovenia Broadband) RCS & RDS Hungarian Development Bank Date Size Re-offer Re-offer Size (m) priced (USDm) Coupon price yield 12-Dec 7% (issue EUR 150.051 207 (cash), 100.000 date) 9% (PIK) 07-Nov 25-Oct 11-Oct EUR 475 EUR 450 USD 750 641 621 750 7.875% 100.000 7.500% 100.000 6.250% 99.481 7.875% 7.500% 6.343% Maturity 15-Jun-18 15-Nov-20 01-Nov-20 21-Oct-20 Lead arrangers/book runners BNP Paribas, Citigroup, Credit Suisse, ING, KKR, UniCredit JPMorgan, Erste Bank, Societe Generale, UniCredit Citigroup, Deutsche Bank, JPMorgan Country Hungary Slovenia Romania Hungary Sector Telecoms Telecoms Telecoms Financial services S&P/Moodys/Fitch CCC+ B B+ NR Caa1 B2 B1 Ba1 NR NR NR BB+
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EASTERN EUROPE
Issuer CB Renaissance Credit Bank Saint-Petersburg Home Credit & Finance Bank Bank Kaspi Vneshprombank (Foreign Economic Industrial Bank) Date priced 15-Nov 15-Oct 10-Oct 24-Oct 08-Nov/ 21-Nov Size (m) USD 100 USD 100 USD 200 USD 200 USD 225 Size Re-offer Re-offer (USDm) Coupon price yield 100 100 200 200 200 13.500% 100.000 13.500% 10.750% 100.000 10.750% 10.500% 100.000 10.500% 9.875% 99.684 10.000% 9.000% Maturity Lead arrangers/book runners Country Russia Russia Russia Kazakhstan Russia Sector Financial services Financial services Financial services Financial services Financial services S&P/Moodys/Fitch NR NR NR BBB+ B3 NR NR B1 B2 NR B+ BBNR NR 22-May-19 Goldman Sachs, Sberbank 22-Apr-19 19-Apr-21 28-Oct-16 14-Nov-16 JPMorgan, VTB Capital Citigroup, Sberbank, UBS JPMorgan, VTB Capital Otkritie Bank, Raiffeisen Bank International
9.000% 100.000
MIDDLE EAST
Issuer Gems Education ShaMaran Petroleum Topaz Energy and Marine Majid Al Futtaim (MAF) Group Date priced 18-Nov 29-Oct 25-Oct 23-Oct Size (m) USD 200 USD 150 USD 350 USD 500 Size Re-offer Re-offer (USDm) Coupon price yield 12%, 200 variable 100.000 12.000% 150 11.500% 350 8.625% 100.000 8.625% 500 7.125%, 100.000 variable 7.125% Maturity Perpetual 31-Dec-18 01-Nov-18 perpetual Lead arrangers/book runners Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley Pareto Securities Goldman Sachs, HSBC, Standard Chartered BofA-Merrill Lynch, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, Standard Chartered Country UAE Other UAE UAE Sector Services: other Energy Energy Real estate S&P/Moodys/Fitch NR NR BNR NR NR B3 NR NR NR NR NR
AFRICA
Issuer Edcon Holdings Transnet Millicom International Cellular Afren Banque Marocaine du Commerce Exterieur
Date priced 08-Nov 06-Nov 10-Oct 27-Nov 21-Nov
Size (m) EUR 425 ZAR 5,000 USD 800 USD 360 USD 300
Size Re-offer Re-offer (USDm) Coupon price yield 573 13.375% 100.000 13.375% 491 800 360 300 9.500% 100.000 6.625% 100.000 6.625% 100.000 6.250% 98.947 9.500% 6.625% 6.625% 6.500%
Lead arrangers/book runners BofA-Merrill Lynch, Goldman Sachs, JPMorgan, 30-Jun-19 Barclays, RMB Morgan Stanley 13-May-21 Deutsche Bank 15-Oct-21 BNP Paribas, Citigroup, JPMorgan 09-Dec-20 27-Nov-18 BofA-Merrill Lynch, Citigroup, Credit Suisse Barclays, BMCE Capital, BNP Paribas, Citigroup
Maturity
Country
Sector South Africa Consumer: retail South Africa Transport Other Telecoms Other Morocco Energy Financial services
S&P/Moodys/Fitch CCC BBB NR B+ NR Caa2 A3 Ba2 NR Ba1 NR NR BB+ B+ NR
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TENOR & CURRENCY ANALYSIS

Page 35 FY13 maturity breakdown Page 36 Quarterly maturity breakdowns Page 37 FY13 currency breakdown Page 38 Quarterly currency breakdowns Page 39 Quarterly currency breakdowns, YoY
34

FY13MATURITY BREAKDOWN
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35

FY13MATURITY BREAKDOWN
1Q13
35 issues
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Amount issued (in USDbn)
No. of issues
17.3 5 issues 6 issues 3 issues 1 issue 2 issues 2.2 1.0 0.1 0.1 0.7
4 issues 7.4 2.5 9 issues
18.1 18 issues
2 issues 2 issues 1.4 0.5
1 issue 1.4 2 issues 0.2
1.4
2 issues
2.01 issue
3.0 4 issues
1 issue 1.0
2Q13
37 issues
No. of issues
18.7 6 issues 1 issue 2 issues 3 issues 1 issue 2.7 2.0 0.2 1.1 0.1
14 issues
8.3
15 issues 11.3 1 issue 1 issue 0.6 0.5 1 issue 3.5 2 issues 0.3 1 issue 1.0
2 issues 0.8
2 issues 1 issue 2.3 0.5
3Q13
Amount issued (in USDbn) No. of issues
15 issues 9 issues
5.77 2 issues 9.71
7.65 7 issues
0.40
0.15
1.00 1 issue
3 issues 2.04
1 issue
1 issue 2.00 1 issue 0.20
0.83 1 issue
1.50 1 issue
4Q13
10 issues
26 issues
No. of issues
14.86
4.70
3 issues 0.77
9 issues 7 issues 6.96 3.18 4 issues 3.27
6.68 6 issues 3.25 2 issues
1.36 1 issue
2 issues 0.7
36

FY13CURRENCY BREAKDOWN
FY13 SUMMARY
USD Amount (original currency) Number of issues % of total issuance Amount (USD-equivalent) % of total issuance Total amount issued (USD-equivalent) Total number of issues 136.76bn 209 69.7% 136.76bn 71.5% EUR 32.36bn 53 17.7% 42.94bn 22.5% CHF 3.64bn 17 5.7% 3.96bn 2.1% RUB 113.50bn 8 2.7% 3.75bn 2.0% CNY 3.75bn 5 1.7% 0.60bn 0.3% TRY 2.60bn 4 1.3% 1.46bn 0.8% AUD 0.48bn 2 0.7% 0.48bn 0.3% GBP 0.50bn 1 0.3% 0.80bn 0.4% ZAR 5.00bn 1 0.3% 0.49bn 0.3% 191.23bn 300
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By number of issues
By amount issued (in USDbn)
USD 69.7%
USD 71.5%
EUR 17.7%
EUR 22.5%
CHF 5.7% RUB 2.7% CNY 1.7% TRY 1.3% GBP 0.3% ZAR 0.3% AUD 0.7%
CHF 2.1% RUB 2.0% CNY 0.3% TRY 0.8% GBP 0.4% ZAR 0.3% AUD 0.3%
37

FY13CURRENCY BREAKDOWN BY QUARTER
1Q13 SUMMARY
USD EUR RUB Amount (original currency) 40.90bn 9.13bn 103.50bn Number of issues 62 13 7 % of total issuance 63.3% 13.3% 7.1% Amount (USD-equivalent) 40.90bn 12.06bn 3.43bn % of total issuance 67.7% 20.0% 5.7% Total amount issued (USD-equivalent) Total number of issues CHF 1.50bn 6 6.1% 1.61bn 2.7% CNY 3.75bn 5 5.1% 0.60bn 1.0% TRY 2.60bn 4 4.1% 1.46bn 2.4% AUD 0.30bn 1 1.0% 0.31bn 0.5% 60.37bn 98
EUR 13.3% EUR 20.0%
USD 63.3%
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RUB 7.1%
CHF 6.1%
USD 67.7%
CNY 5.1% TRY 4.1% AUD 1.0%
RUB 5.7% CHF 2.7% CNY 1.0% TRY 2.4% AUD 0.5%
2Q13 SUMMARY
USD EUR Amount (original currency) 45.37bn 5.40bn Number of issues 73 10 % of total issuance 81.1% 11.1% Amount (USD-equivalent) 45.37bn 7.23bn % of total issuance 84.2% 13.4% Total amount issued (USD-equivalent) Total number of issues CHF RUB AUD 0.75bn 10.00bn 0.18bn 5 1 1 5.6% 1.1% 1.1% 0.82bn 0.32bn 0.17bn 1.5% 0.6% 0.3% 53.91bn 90
USD 81.1% USD 84.2%
EUR 11.1% EUR 13.4% CHF 5.6% RUB 1.1% AUD 1.1% CHF 1.5% RUB 0.6% AUD 0.3%
3Q13 SUMMARY
USD EUR Amount (original currency) 23.27bn 5.28bn Number of issues 28 12 % of total issuance 66.7% 28.6% Amount (USD-equivalent) 23.27bn 6.97bn % of total issuance 74.5% 22.3% Total amount issued (USD-equivalent) Total number of issues CHF 0.20bn 1 2.4% 0.22bn 0.7% GBP 0.50bn 1 2.4% 0.80bn 2.5% 31.25bn 42
USD 66.7% EUR 28.6% USD 74.5% EUR 22.3%
CHF 2.4% GBP 2.4%
CHF 0.7% GBP 2.5%
4Q13 SUMMARY
USD EUR RUB Amount (original currency) 27.24bn 12.55bn 1.19bn Number of issues 46 18 5 % of total issuance 65.7% 25.7% 7.1% ZAR 5.00bn 1 1.4%
USD 65.7% USD 59.6% CHF 7.1% ZAR 1.4%
CHF 2.9% ZAR 1.1%
EUR 25.7%
EUR 36.5%
Amount (USD-equivalent) 27.24bn 16.68bn 1.31bn 0.49bn % of total issuance 59.6% 36.5% 2.9% 1.1% Total amount issued (USD-equivalent) 45.71bn Total number of issues 70
38

FY13CURRENCY BREAKDOWN BY QUARTER, YoY
1Q12 vs 1Q13
USD 18.1% EUR 3.0% 2.8% 24.2% RUB CHF
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2Q12 vs 2Q13
6.4% 5.2% 12.5%
TRY 1.9% 2.6% 3.4% 11.9%
1.4% 0.4% 2.1% 1.2% 3.9%
CNY
AUD 0.7% 2.5% 3.7% 17.2%
USD 1.7% 8.8%
EUR 7.0% 1.8%
RUB 11.5%
CHF 1.0% 1.0% 14.8%
TRY
AUD 0.9% 2.4% 11.9%
JPY 9.4%
21.5%
9.0%
20.6%
81.9%
69.9%
75.9% 59.6%
69.5%
75.9%
80.5%
91.2%
88.5%
83.1%
84.9%
90.6%
Jan-12
Feb-12
Mar-12
Jan-13
Feb-13
Mar-13
Apr-12
May-12
Jun-12
Apr-13
May-13
Jun-13
3Q12 vs 3Q13
USD 5.3%
1.5% 0.4% 1.5%
4Q12 vs 4Q13
RUB 1.2%
4.0%
EUR 17.2% 15.3%
CHF
GBP 15.5%
SGD
MYR 4.2% 1.2%
0.6% 1.3% 1.6%
USD
EUR 3.6%
0.6%
RUB
CHF
JPY 5.3% 31.1%
CNY
AUD
2.0% 1.3%
ZAR 12.5%
16.1%
13.2%
3.4% 4.7% 1.8%
30.7%
26.3%
26.9%
21.8% 43.1%
75.1%
81.6%
84.5% 69.3% 68.3% 69.5%
90.1% 74.0% 63.6% 53.6%
87.5%
67.6%
Jul-12
Aug-12
Sep-12
Jul-13
Aug-13
Sep-13
Oct-12
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
39

<< BACK TO CONTENTS
RE-OFFER RATES, TENORS & RATINGS

CENTRAL EUROPE
Page 41 1Q13 data points Page 42 2Q13 data points Page 43 3Q13 data points Page 44 4Q13 data points
EASTERN EUROPE
MIDDLE EAST
AFRICA
40

RE-OFFER RATE, TENOR AND RATINGS1Q13
CENTRAL EUROPE
Re-offer rate 9.000%
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Order of ratings: S&P/Moody's/Fitch
Sovereigns Financial institutions Corporates
8.000%
Bite (B/NR/B-) 7.974%
NWR (B/B3/NR) 7.875%
7.000%
6.000%
Croatia (BB+/NR/BBB-) 5.625% Hungary (BB/Ba1/BB+) 5.432%
5.000%
Romania (BB+/Baa3/BBB-) 4.500%
Hungary (BB/Ba1/BB+) 4.219%
4.000%
Energa (NR/Baa1/BBB) 3.298%
3.000%
Lithuania (BBB/Baa1 /BBB) tap 2.631%
Slovakia (NR/A2/A) 3.000%
Slovakia (NR/NR/NR) CHF 2.154%
2.000%
Poland (A-/A2/A-) 1.705%
Slovakia (NR/NR/NR) CHF 1.424%
1.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr
Maturity 11yr
41

<< BACK TO CONTENTS
CENTRAL EUROPE
8.000%
Nitrogenmuvek (BB-/NR/BB-) 7.875%
7.000%
RPG Byty (NR/Ba2/BB-) 6.750%
6.000%
Slovenia (A-/Ba1/A-) 6.000%
5.000%
Slovenia (A-/Ba1/A-) 4.950%
EP Energy (NR/NR/BBB-) 4.375%
4.000%
City of Prague (A+/A1/NR) 3.194%
3.000%
CEZ (NR/A2/A-) 3.100%
2.000%
Slovakia (A/A2/A+) 1.592%
1.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr
Maturity 16yr
42

CENTRAL EUROPE
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PTH (B-/NR/NR) PIK, sen.sec. 11.000%
10.000%
8.000%
TVN (B+/B1/NR) 7.375%
Eximbank (Hungary) (NR/NR/BB+) secured 7.000%
6.000%
Romania (BB+/Baa3/BBB-) 4.769%
4.000%
Eustream (A-/Baa1/NR) 3.851%
Eustream (A-/Baa1/NR) tap 3.599%
Eximbank (Hungary) (NR/NR/AAA ) secured 2.255%
2.000%
0.000% 0yr 1yr 2yr 3yr 4yr
43
5yr
6yr
7yr
8yr
Maturity9yr

CENTRAL EUROPE
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Order of ratings: S&P/Moody's/Fitch Sovereigns Financial institutions Corporates
8.000%
SBB/Telemach (B/B2/NR) sen. sec. 7.875% RCS & RDS (B+/B1/NR) sen. sec. 7.500%
7.000%
Hungarian Dev. Bank (NR/Ba1/BB+) 6.343% Croatia (BB+/Ba1/BB+) 6.200%
6.000%
Hungary (BB/Ba1/BB+) 5.930%
5.000%
GRANVIA (R1 Expressway) (BBB+/NR/NR) sen. sec. 4.781%
4.000%
Romania (BB+/Baa3/BBB-) tap 4.150% ZSE (BBB+/NR/NR) 4.023%
3.000%
ZSE (BBB+/NR/NR) 2.875%
2.000%
Poland (A-/A2/A-) tap 1.759%
1.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr
27yr Maturity 28yr
44

EASTERN EUROPE
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CB Ren. Cap. (NR/NR/NR) tap 12.630% Tinkoff C.S. (NR/B3/NR) tap 12.408%
12.000%
Ukrlandfarming (B-/NR/B) 10.875% Ukrlandfarming (B-/NR/B) add-on 10.875% PrivatBank (NR/B3/B) 10.875%
10.000%
VimpelCom (BB/Ba3/NR) 9.000% Oschadbank (NR/B3/B) 8.875% Ukreximbank (NR/B3/B) 8.750% Rus. Standard Bank (B+/Ba3/B+) CNY 8.000% Gazprombank (BBB-/Baa3/NR) 7.875%
Promsvyazbank (NR/Ba3/B+) tap 9.000%
8.000%
Ukreximbank (NR/B3/B) tap 8.375% MHP (B/NR/B) 8.250% DTEK (NR/B3/B) 8.125% RSHB (NR/NR/NR) RUB 7.875% Ukraine (B/B3/B) tap 7.625% VTB (NR/NR/NR) TRY 7.788% AHML/AIZhK (BBB/Baa1/NR) RUB 7.750% Novatek (BBB-/Baa3/BBB-) RUB 7.750% Credit Bank of Moscow (NR/BB-/B1) 7.700% Garanti Bank (NR/Baa2/BBB) 7.500% Akbank (NR/Baa2/BBB) TRY 7.500% Rus.Standard Bank (B+/Ba3/B+) tap, CNY 7.274% Sberbank (NR/A3/BBB) RUB 7.000% Sberbank (NR/A3/BBB) TRY 7.400% TMK (B+/B1/NR) 6.750% Tinkoff C.S. (n.a./n.a./n.a.) ECP 6.250%
Credit Europe Bank (NR/Ba3/BB-) T2 8.000% Bank Asya (NR/Ba3/NR) T2, sukuk 7.500%
6.000%
VimpelCom (BB/Ba3/NR) 5.200% BankPozitif (NR/NR/BBB-) 5.000% NLMK (BBB-/Baa3/BBB-) 4.450% Severstal (BB+/NR/BB) 4.450% PhosAgro (NR/Baa3/BB+) 4.204% Sibur (NR/Ba1/BB+) 3.914% RSHB (NR/Baa1/BBB) CNY 3.600%
VimpelCom (BB/Ba3/NR) 5.950%
Arcelik (BB+/NR/BB+) 5.125% SOCAR (BB+/Ba1/BBB-) 4.750%
Gazprom (NR/Baa1/BBB) 4.950%

Gazprom (BBB/Baa1/BBB) 4.364%
4.000%
VTB (BBB/Baa1/BBB) tap, CNY 3.802%
Gazprombank (BBB-/Baa3/NR) CNY 4.000%
Dev. Bank of Kaz. (BBB+/Baa3/BBB) tap 4.125% Yapi ve Kredi (NR/Baa2/BBB) 4.078% VEB (BBB/Baa1/BBB) 4.032% Halk Bank (NR/Baa2/BBB-) 4.057% Gazprom (NR/Baa1/BBB) 3.850% Gazprom (BBB/Baa1/BBB) 3.389% Turkey (BB/Ba1/BBB-) 3.473%
VEB (BBB/Baa1/BBB) 3.035%

RZD (NR/Baa1/NR) CHF 2.730% Sberbank (NR/A3/BBB) CHF 2.065%
2.000%
RZD (NR/Baa1/NR) CHF 2.177%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr
45
9yr
10yr
11yr
12yr
13yr
14yr
15yr
Maturity 16yr

EASTERN EUROPE
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12.000%
UBRD (B/NR/NR) T2, sub. 12.000%
Ukrlandfarming (B-/NR/B) tap 10.875%
10.000%
Mriya (B/NR/B) 9.750% Ukrzaliznytsia (B/NR/B-) 9.500% Bank of K.-Mansiysk (NR/NR/NR) sub. 9.150% Credit Bank of Moscow (NR/NR/B+) sen.sub. 8.700% Alfa-Bank (BB+/Ba1/BBB-) RUB 8.625% DTEK (NR/B3/B) tap 8.125% FESCO (BB-/NR/B+) 8.750%
8.000%
CB Ren.Credit (B/B2/B) 7.750% Nomos Bank (NR/Ba3/BB) 7.250%
FESCO (BB-/NR/B+) tap 8.209% Nomos (NR/B1/BB-) sub. 8.150% Eastcomtrans (NR/B3/B) 8.000% FESCO (BB-/NR/B+) 8.000% Albaraka Turk (NR/NR/NR) sukuk 7.750% FESCO (BB-/NR/B+) tap 7.659% Ukraine (B/B3/B) 7.500% Alliance Oil (B+/NR/B) 7.125%
Nord Gold (NR/Ba3/BB-) 6.375%
Evraz Group (B+/NR/BB-) 6.500%

Polyus Gold (BB+/NR/BBB-) 5.625% Metalloinvest (BB-/Ba2/BB-) 5.625% Sberbank (NR/NR/BBB-) sen.sub. 5.250% MTS (BB/Ba2/BB+) 5.000% KazAgro (BBB+/NR/BBB) 4.625% Lukoil (BBB/Baa2/BBB-) 4.563% KazMunayGas (BBB-/Baa3/BBB-) 4.450%
6.000%
Gunvor (NR/NR/NR) 6.000%
KazMunayGas (BBB-/Baa3/BBB-) 5.800%
Eurasia Drilling (BB+/NR/BB) 4.875%
Turkey (BB/Ba1/BBB-) 4.950%
Norilsk Nickel (BBB-/Baa2/BB+) 4.375% AKLease (NR/NR/BBB) 4.250%
Sisecam (BB+/Ba1/NR) 4.373%
4.000%
Uralkali (NR/Baa3/BBB-) 3.723% Isbank (NR/Baa2/BBB) tap 3.550% Lukoil (BBB/Baa2/BBB-) 3.416%
Turkiye Finans (NR/NR/BBB) 3.950% Vakifbank (NR/Baa2/BBB-) 3.876% Isbank (NR/Baa2/BBB) 3.888% Koc Holding (BBB-/Baa3/NR) 3.568% Rus.Rail./RZD (BBB/Baa1/BBB) 3.374%
Gazprom Neft (BBB-/Baa3/NR) 2.933%
Alrosa (n.a./n.a./n.a.) ECP 2.250%
2.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr
31yr Maturity 32yr
46

EASTERN EUROPE
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12.000%
Rus.Standard Bank (NR/NR/B) sen.sub. 11.500%
10.000%
8.000%
Borets (BB/B1/NR) 7.625% Gazprombank (BBB-/Baa3/BBB-) sub. 7.496%
Armenia (NR/Ba2/BB-) 6.250%
6.000%
Mersin Int. Port (NR/Baa3/BBB-) 5.950% Gazprom (BBB/Baa1/BBB) GBP 5.338% EADB (BBB/A3/NR) 5.292% Russia (BBB/Baa1/BBB) 5.112%
Russia (BBB/Baa1/BBB) 6.080%
Rus.Agro (RSHB) (NR/Baa3/BBB) 5.100% Coca-Cola Icecek (NR/Baa3/BBB) 4.913%
4.000%
Gazprom (BBB/Baa1/BBB) 3.700% Russia (BBB/Baa1/BBB) 3.702% Russia (BBB/Baa1/BBB) 3.664%
2.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr
31yr Maturity 32yr
47

EASTERN EUROPE
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14.000%
CB Ren. Credit (NR/B3/NR) T2, sen. sub. 13.500%
12.000%
Bank SPb (NR/NR/B+) sub. 10.750% HCFB (NR/NR/BB-) T2, sub. 10.500%
10.000%
Bank Kaspi (BB-/B1/NR) 10.000%
VPB (B+/B2/NR) tap 9.000%

VPB (B+/B2/NR) 9.000%
RSHB (NR/NR/NR) T2, sen. sub. 8.500%
8.000%
Isbank (NR/Ba1/BBB-) T2, sub. 7.850%
BTC/Vivacom (BB-/B1/NR) sen. sec. 6.625% Uranium One (B+/Ba3/BB-) sen. sec. 6.500%
6.000%
Bank of Georgia (BB-/Ba3/BB-) tap 6.125%
Serbia (BB-/B1/BB-) 6.125% Gazprom Neft (BBB-/Baa3/BBB) 6.000% Domodedovo (BB+/NR/BB+) 6.000% VEB (BBB/NR/BBB) 5.942% Isbank (NR/Baa2/BBB) 5.614% Norilsk Nickel (BBB-/Baa2/BB+) 5.550% Yapi ve Kredi Bankasi (NR/Baa2/BBB) 5.402% Vakifbank (NR/Baa2/BBB-) 5.149% Turkey (NR/Baa3/BBB-) sukuk 4.557% Alfa-Bank (NR/NR/BB+) CHF 4.000% Gazprombank (BBB-/Baa3/BBB-) 3.984%
Kaz. Engineering (NR/Ba2/BBB-) 4.550%
4.000%
Bulgarian Energy Holding (NR/NR/BB+) 4.287% VEB (BBB/NR/BBB) 4.224%
Turkey (BB+/Baa3/BBB-) 4.450%
VTB (NR/NR/NR) CHF 2.902%

Gazprombank (BBB-/Baa3/BBB-) CHF 2.403%
Gazprom (BBB/Baa1/BBB) CHF 2.850%
2.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr
48
6yr
7yr
8yr
9yr
10yr
Maturity 11yr

MIDDLE EAST
Millennium Offshore Services (B/B2/NR) 9.500%
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9.000%
8.000%
7.000%
DIB (NR/NR/NR) T1, sukuk 6.250%
6.000%
Dubai (NR/NR/NR) 5.375%
5.000%
Saudi Electricity Co. (AA-/A1/AA-) sukuk 5.060% Emirates NBD (NR/NR/A) 4.875% ADCB (A-/NR/A) 4.610%
Emirates (NR/NR/NR) amortising 4.510%
Ooredoo (QTel) (A/A2/A+) 4.643% Israel (A+/A1/A) 4.588%
4.000%
Emirates (NR/NR/NR) sukuk, amortising 4.024% Dubai (NR/NR/NR) sukuk 3.875%
Ooredoo (QTel) (A/A2/A+) 3.979%
Saudi Electricity Co. (AA-/A1/AA-) sukuk 3.473% Israel (A+/A1/A) 3.213%
3.000%
DEWA (NR/NR/NR) sukuk 3.000% BankMuscat (A-/A1/NR) 2.650% ADCB (A/NR/A+) 2.578%
Eole Finance (Emirates) (NR/NR/AAA) amortising 2.341%
2.000%
1.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr 32yr 33yr
perpetuity Maturity 34yr 35yr 36yr 37yr
49

MIDDLE EAST
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Dana Gas (NR/NR/NR) sukuk 9.000%
9.000%
8.000%
7.000%
Israel Electric (BB+/Baa3/NR) 6.875% Lebanon (B/B1/B) tap 6.700%
6.000%
Israel Electric (BB+/Baa3/NR) 5.625%
Lebanon (B/B1/B) tap 6.150% Dar Al Arkan (B+/NR/NR) sukuk 5.875% Lebanon (NR/NR/NR) 5.500% Emirates NBD (NR/NR/NR) T1, jr. sub., hybrid 5.750%
5.000%
Lebanon (NR/NR/NR) 4.500%
Batelco (BBB-/NR/BBB-) 4.342%
4.000%
Com.Bank of Dubai (NR/Baa1/A-) 3.479%
ADCB (A-/NR/A) LT2, sub. 3.178%

Qatar Nat.Bank (A+/Aa3/A+) 3.000%
3.000%
Sharjah Isl.Bank (BBB+/NR/BBB+) sukuk 2.950%
2.000%
Islamic Dev.Bank (NR/NR/NR) sukuk 1.535%
1.000%
0.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr
19yr perpetuity 20yr
Maturity 21yr
50

MIDDLE EAST
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Bahrain (NR/Baa1/BBB) 6.200%
6.000%
Shuweihat 2 (A-/A3/NR) amort., sen.sec. 6.000%
5.000%
4.000%
3.000%
SABIC (A+/A1/A+) 2.625%
2.000%
1.000%
0.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr Maturity 25yr
51

MIDDLE EAST
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12.000%
Gems Education (NR/NR/NR) sukuk, sub. 12.000%
10.000%
Topaz Energy & Marine (B-/B3/NR) Nico Middle East 8.625%
8.000%
MAF Group (NR/NR/NR) sub. 7.125%
6.000%
DAAR (B+/NR/NR) sukuk 6.000%
Guaranty Trust Bank (BB-/NR/B+) 6.125%
Aldar Properties (BB/Ba2/NR) sukuk 4.348%
4.000%
Ras Al Khaimah (A/NR/A) sukuk 3.297% First Gulf Bank (NR/A2/A+) 3.405% Al Hilal Bank (NR/A1/A+) sukuk 3.267% Ooredoo (A/A2/A+) sukuk 3.039% SABIC (A+/NR/A+) 2.865% Jordan (NR/NR/NR) US-guaranteed 2.503%
Qatar National Bank (A+/Aa3/A+) 2.867%
2.000%
0.000%
0yr
1yr
2yr
3yr
4yr
5yr
6yr
7yr
8yr
9yr
10yr perpetuity
Maturity 11yr
52

AFRICA
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Edcon (B/B3/NR) tap 10.415%
10.000%
Sea Trucks (NR/NR/NR) 9.000%
8.000%
6.000%
4.000%
2.000%
Afr.Dev.Bank (AAA/Aaa/AAA) 0.955%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr
Maturity 6yr
53

AFRICA
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7.000%
Fidelity Bank (B/NR/B) 7.000%
Rwanda (B/NR/B) 6.875%
6.000%
Morocco (BBB-/Ba1/BBB-) tap 5.567%
5.000%
Millicom (NR/Ba2/BB+) 4.875%
Egypt (B-/B3/B) 4.250%
Morocco (BBB-/Ba1/BBB-) tap 4.216% AfrEximBank (BBB-/Baa2/BBB-) 4.035%
4.000%
3.000%
Anglo American (BBB/Baa1/NR) 2.587%
2.000%
1.000%
Afr.Dev.Bank (AAA/Aaa/AAA) tap 0.909% Afr.Dev.Bank (AAA/Aaa/AAA) tap 0.860%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr
Maturity 30yr 31yr
54

AFRICA
First Bank of Nigeria (B/NR/B-) T2, sub. 8.500% AngloGold Ashanti (BB+/Baa3/NR) 8.500%
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8.000%
Ghana (B/B1/B+) 8.000%
7.000%
Eskom (BBB/Baa3/NR) 6.875%

Nigeria (BB-/NR/BB-) 6.625%
6.000%
Naspers (NR/Baa3/NR) 6.000%
South Africa (BBB/Baa1/BBB) 6.062%
Nigeria (BB-/NR/BB-) 5.375%
5.000%
4.000%
Egypt (B-/B3/B) 3.500%
3.000%
2.000%
Afr.Dev.Bank (NR/NR/NR) 1.639%
1.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr
55
7yr
8yr
9yr
10yr
11yr
12yr
Maturity 13yr

AFRICA
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14.000%
Edcon (CCC/Caa2/NR) sub. 13.375%
12.000%
10.000%
Transnet (BBB/A3/NR) ZAR 9.500%
8.000%
BMCE (NR/Ba1/NR) 6.500% PTA Bank (NR/Ba1/BB) 6.375%
Afren (B+/NR/B+) 6.625%
Millicom (NR/Ba2/BB+) 6.625%
6.000%
Gabon (BB-/NR/BB-) amort. 6.375% Tullow Oil (BB-/B1/NR) 6.000%
4.000%
2.000%
0.000% 0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr
Maturity 12yr
56

FY13CENTRAL EUROPE
RETURN TO MAIN MAP << BACK TO CONTENTS

BY COUNTRY
Slovakia Hungary Poland Czech Republic Slovenia Romania
Croatia
10 issues USD 9.4bn 9 issues USD 8.3bn 8 issues USD 4.8bn 7 issues USD 3.0bn 6 issues USD 6.6bn
4 issues USD 4.8bn
DEALS BY SECTOR
Sovereign Financial services Energy Telecoms Transport Media 10 issues USD 3.2bn 5 issues USD 2.9bn 4 issues USD 1.7bn 2 issues USD 1.0bn 2 issues USD 1.0bn 2 issues USD 0.7bn 1 issue USD 1.4bn 1 issue USD 0.5bn 1 issue USD 0.4bn 1 issue USD 0.2bn 20 issues USD 28.1bn
Lithuania
LARGEST DEALS
Issuer Hungary (Govt of) Slovenia (Govt of) Slovakia (Govt of) Slovenia (Govt of) Hungary (Govt of) Size (m) EUR 2,000 USD 2,500 EUR 1,750 EUR 1,500 USD 2,000 Size (USDm) Coupon 2,699 2,500 2,337 2,019 2,000 5.750% 5.850% 3.000% 4.700% 5.375% Maturity 22-Nov-23 28-Feb-23 01-Nov-16 21-Feb-23 Country Hungary Slovakia Slovenia Hungary Sector Sovereign Sovereign Sovereign Sovereign Sovereign
Consumer: other Construction Real estate Metals & mining Chemicals & materials
10-May-23 Slovenia
57

COUNTRY BREAKDOWNFY13
1Q13
Slovakia Hungary Poland Lithuania Croatia Romania Czech Republic Slovenia 2 issues USD 3.3bn 2 issues USD 2.0bn 2 issues USD 0.8bn 1 issue USD 1.5bn 1 issue USD 1.5bn 1 issue USD 0.4bn 1 issue USD 0.3bn
Hungary Poland 2 issues USD 0.7bn Slovenia 2 issues USD 3.5bn
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2Q13
4 issues USD 4.9bn
Czech Republic USD 2.7bn 6 issues
Slovakia
1 issue USD 1.3bn
1 issue USD 0.2bn
3Q13
Poland 3 issues USD 1.2bn 2 issues USD 1.0bn 2 issues USD 0.5bn 1 issue USD 2.0bn 1 issue USD 0.2bn 1 issue USD 0.1bn
4Q13
Hungary 4 issues USD 4.3bn 3 issues USD 2.2bn 2 issues USD 2.7bn 2 issues USD 1.3bn 1 issue USD 1.8bn 1 issue USD 0.9bn
Slovakia
Slovakia
Hungary
Slovenia
Romania
Romania
Croatia
Croatia
Slovenia
Poland
58

BOND ISSUES1Q13
CENTRAL EUROPE
Issuer Poland (Govt of) Slovakia (Govt of) New World Resources (NWR) Lithuania (Govt of) Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Poland Sovereign S&P/Moodys/Fitch Notes ANR B A2 A2 B3 Baa1 AA NR Reg S Make-whole call option before 15-Jan-17, call option from 15-Jan-17 08-Jan EUR 1,000 1.625% 99.547 1.705% 08-Feb EUR 1,500 3.875% 16-Jan 28-Jan EUR 275 EUR 400 Senior BNP Paribas, Deutsche Bank, 15-Jan-19 unsecured HSBC, UniCredit Senior 08-Feb-33 HSBC unsecured Senior Citigroup, Erste Bank, Goldman Sachs, 15-Jan-21 unsecured Morgan Stanley Senior 07-Feb-18 Barclays, Citigroup unsecured 15-Feb-18 Deutsche Bank, Credit Suisse,
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Slovakia Sovereign Czech Metals & Republic mining
7.875% 100.000 7.875% 4.850% 110.270 2.631%
Lithuania Sovereign BBB
BBB Tap of EUR 1bn 4.85% 2018, Reg S Make-whole call option and equity claw-back option before 2015, call option from 2015, change-of-control option, Reg S/144a
Bite Group
30-Jan
EUR 200
Euribor Senior 99.000 7.974% +7.5% secured
Lithuania Telecoms
NR
B-
USD 1,250 4.125% 99.580 4.219% Hungary (Govt of) 12-Feb USD 2,000 5.375% 99.564 5.432% Romania (Govt of) Slovakia (Govt of) Energa 14-Feb USD 1,500 4.375% 98.963 4.500% 20-Feb EUR 1,750 3.000% 100.000 3.000% 14-Mar EUR 500 CHF 400 Slovakia (Govt of) 18-Mar CHF 175 Croatia (Govt of) SID Banka (Slovenska izvozna in razvojna banka) 3.250% 99.704 3.298%
Senior 19-Feb-18 unsecured Senior 21-Feb-23 unsecured
BB BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Romania Sovereign BB+ Slovakia Sovereign Poland Energy NR NR NR Slovakia Sovereign NR Croatia Sovereign BB+ Financial services
Ba1
BB+ Dual-tranche
Ba1
BB+
Senior 22-Aug-23 Barclays, BNP Paribas, Citigroup, HSBC unsecured Senior Deutsche Bank, ING, Societe Generale, 28-Feb-23 unsecured Slovenska Sportilena
Baa3 BBB- Reg S/144a A2 Baa1 NR NR NR A Reg S
Senior 19-Mar-20 BofA-Merrill Lynch, BNP Paribas, HSBC unsecured Senior 1.375% 99.702 1.424% 16-Oct-19 unsecured BNP Paribas, UBS Senior 2.125% 99.736 2.154% 16-Oct-23 unsecured Senior BofA-Merrill Lynch, Deutsche Bank, 04-Apr-23 unsecured Goldman Sachs, JPMorgan Senior 28-Mar-16 Berenberg Bank, Erste Bank unsecured
BBB Reg S NR NR BBBDual-tranche, issue price = 100.427 Dual-tranche, issue price = 100.411
26-Mar USD 1,500 5.500% 99.054 5.625% Euribor 100.000 +3.2%
26-Mar EUR 200
Slovenia
NR
NR
NR
Private placement, listed in Vienna
59

BOND ISSUES2Q13
CENTRAL EUROPE
Issuer EP Energy Date priced 11-Apr Size (m) EUR 600 Coupon Re-offer Re-offer Seniority price yield Senior secured Senior secured Maturity Lead arrangers/book runners 01-May-18 JPMorgan, Societe Generale, Royal Bank of Scotland, UniCredit Country Sector Czech Energy Republic Czech Real Republic estate S&P/Moodys/Fitch Notes NR NR BBB- Reg S/144a Make-whole call option before 01-May-16, call option 01-May-16, Reg S/144a
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4.375% 100.000 4.375%
RPG Byty
19-Apr
EUR 400
6.750% 100.000 6.750%
01-May-20 Goldman Sachs, JPMorgan
NR A-
Ba2 Ba1 Ba1 A1
BBA-
Slovenia (Govt of)
Senior 10-May-18 unsecured 02-May BNP Paribas, Deutsche Bank, JPMorgan Senior USD 2,500 5.850% 98.884 6.000% 10-May-23 unsecured USD 1,000 4.750% 99.124 4.950% 07-May EUR 100 Euribor 100.000 +0.35% Senior 16-May-18 Societe Generale unsecured
Slovenia Sovereign ACzech Financial Republic services NR ANR
Dual-tranche, Reg S/144a
Ceska Exportni Banka (Czech Export Bank)
Reg S
Nitrogenmuvek
13-May USD 200
7.875% 100.000 7.875%
Chemicals Senior 21-May-20 BNP Paribas, Raiffeisen Bank International Hungary & BBunsecured materials Senior Tatra Banka, CSOB, 28-Nov-18 unsecured Vseobecna Uverova Banka Senior Commerzbank, Deutsche Bank, 05-Jun-28 unsecured Erste Group, ING, Royal Bank of Scotland Senior Ceskoslovenska Obchodni Banka, 06-Jun-16 unsecured JPMorgan Senior secured Junior secured Slovakia Sovereign Czech Energy Republic Czech Financial Republic services A NR NR
NR
BB-
Call option from 21-May-17, change-of-control put option, Reg S/144a
Slovakia (Govt of) CEZ Ceska Exportni Banka (Czech Export Bank)
23-May EUR 1,000 1.500% 99.522 1.592% 28-May EUR 500 28-May EUR 250 19-Jun (issue date) 3.000% 98.815 3.100% Euribor 100.000 +0.35% 8%, step-up 10% (PIK) -
A2 A2 A1
A+ ANR Post-restructuring, guaranteed, int. rate stepup: 9% (01-May-14) and 10% (01-May-15), redeemable, change-on-control put option Post-restructuring, PIK toggle, guaranteed, convertible from 01-Dec-14, redeemable Use of proceeds include refinancing debt and funding the expansion of the underground network
USD 465
30-Apr-18 Poland
CEDC (Central European Distribution Corporation)
Consumer: other
NR
NR
NR
USD 200
30-Apr-18 -
NR
NR
NR
City of Prague (Govt of)
26-Jun
EUR 200
3.125% 99.417 3.194%
Senior Ceskoslovenska Obchodni Banka 03-Jul-23 unsecured (KBC group), UniCredit
Czech Sovereign Republic
A+
A1
NR
60

BOND ISSUES3Q13
CENTRAL EUROPE
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector S&P/Moodys/Fitch Notes Issuer: SPP Infrastructure Financing BV (Slovensky Plynarensky Priemysel group), change-of-control put option, negative pledge provision, Reg S Listed on the Vienna Stock Exchange
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Eustream
11-Jul
EUR 500
Senior Citigroup, ING, JPMorgan, KBC, 3.750% 99.390 3.851% 18-Jul-20 unsecured Slovenska Sporitelna
Slovakia Transport
A-
Baa1
NR
Croatian Bank for Reconstruction and Development (HBOR) SID Banka (Slovenska izvozna in razvojna banka)
13-Aug
EUR 150
6.000%
08-May-20 n.a.
Croatia
Financial services Financial services
n.a.
n.a.
n.a.
03-Sep
EUR 100
3.340%
31-Dec-14 Berenberg Bank
Slovenia
n.a.
n.a.
n.a.
Commercial paper, private placement Tap of EUR 500m 3.75% 2020, issuer: SPP Infrastructure Financing B.V. (Slovensky Plynarensky Priemysel group), change-ofcontrol put option, negative pledge pledge, Reg S Guaranteed, make-whole call option before 15-Dec-16, call options from 15-Dec-16, use of proceeds: together with the remaining restricted cash from the disposal of Onet.pl group to repurchase outstanding 2017 notes under the make-whole option, change-ofcontrol put option if combined with a rating downgrade, Reg S/144a Non-guaranteed, PIK toggle, make-whole call option before 15-Jan-17, call options from 15-Jan-17, change-of-control put option, Reg S/144a
Eustream
04-Sep
EUR 250
3.750% 100.894 3.599%
Senior Citigroup, ING, JPMorgan, KBC, 18-Jul-20 unsecured Slovenska Sporitelna
Slovakia Transport
A-
Baa1
NR
TVN (Polish Television Holding group)
06-Sep
EUR 430
7.375% 100.000 7.375%
Senior JPMorgan, Deutsche Bank, Nomura, 15-Dec-20 unsecured BNP Paribas
Poland
Media
B+
B1
NR
Polish Television Holding 11-Sep (PTH) Romania (Govt of)
11% (cash)/ Senior JPMorgan, Deutsche Bank, Nomura, 100.000 11.000% 15-Jan-21 12% secured BNP Paribas (PIK) Senior Citigroup, HSBC, Deutsche Bank, 12-Sep EUR 1,500 4.625% 99.160 4.769% 18-Sep-20 unsecured Societe Generale EUR 300
Poland
Media
B-
NR
NR
Romania Sovereign BB+
Baa3 BBB- Reg S Dual-tranche, Class A1 tranche, notes benefit from security over a guarantee on Hungary's payment obligations under the statutory AAA guarantee by MIGA (World Bank group), issuer: MAEXIM Secured Funding Ltd, Reg S/144a
Hungarian Export-Import 24-Sep Bank (Eximbank)
EUR 380
2.125% 99.410 2.255% Secured
13-Feb-19 Deutsche Bank, HSBC, Jefferies
Hungary
Financial services
NR
NR
61

BOND ISSUES3Q13
CENTRAL EUROPE (continued)
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Financial services Financial services S&P/Moodys/Fitch Notes Dual-tranche, Class A2 tranche, issuer: MAEXIM Secured Funding Ltd, Reg S/144a Hungarian Export-Import 24-Sep Bank (Eximbank) BRE Bank 25-Sep
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EUR 20
2.125% 78.483 7.000% Secured
13-Feb-19 Deutsche Bank, HSBC, Jefferies
Hungary
NR
NR
BB+
CHF 200
2.500% 99.896
Senior 08-Oct-18 UBS, Credit Suisse, Commerzbank unsecured
Poland
BBB+ Baa3
62

BOND ISSUES4Q13
CENTRAL EUROPE
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector S&P/Moodys/Fitch Notes
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EUR 315 Zapadoslovenska Energetika (ZSE) 08-Oct EUR 315 Hungarian Development Bank (Magyar 11-Oct Fejlesztesi Bank) Poland (Govt of) 17-Oct
2.875% 100.000 2.875%
Senior 14-Oct-18 unsecured
BBB+ Citigroup, Raiffeisen Bank International, Societe Generale Slovakia Energy BBB+
NR
NR Dual-tranche
Senior 4.000% 99.814 4.023% 14-Oct-23 unsecured
NR
NR
USD 750
6.250% 99.481 6.343%
Senior 21-Oct-20 Citigroup, Deutsche Bank, JPMorgan unsecured Senior BNP Paribas, Deutsche Bank, HSBC, 15-Jan-19 unsecured UniCredit Senior 25-Oct-16 BNP Paribas unsecured Senior Citigroup, HSBC, Deutsche Bank, Societe 18-Sep-20 unsecured Generale
Hungary
Financial services
NR
Ba1
BB+ Reg S/144a
EUR 700
1.625% 99.334 1.759% Euribor 100.000 +1.9%
Poland
Sovereign Financial services
A-
A2
A-
Tap of EUR 1bn 1.625% 2019
OTP Mortgage Bank
17-Oct
EUR 500
Hungary
NR
Baa3
NR
Guaranteed, Reg S
Romania (Govt of)
22-Oct
EUR 500
4.625% 102.788 4.150%
Romania Sovereign BB+
Baa3 BBB- Tap of EUR 1.5bn 4.625% 2020 Debut, guaranteed, use of proceeds: refinancing existing debt, make-whole call and equity claw-back (up to 35%) options before 01-Nov-16, call option from 01-Nov-16, certain covenants may be suspended if the notes are rated investment grade by S&P and Moodys, change-of-control put option, issuer: Cable Communications Systems NV, Reg S/144a Issuer: Adria Bidco BV, use of proceeds: refinancing a bridge loan in connection with a buyout by KKR from Mid Europa Partners, call option from Nov-17, Reg S/144a Private placement (placed with one investor), Reg S/144a
RCS & RDS
25-Oct
EUR 450
7.500% 100.000 7.500%
Senior secured
01-Nov-20
JPMorgan, Erste Bank, Societe Generale, UniCredit
Romania Telecoms
B+
B1
NR
SBB/Telemach (Slovenia Broadband)
07-Nov
EUR 475
7.875% 100.000 7.875%
Senior secured
15-Nov-20
BNP Paribas, Citigroup, Credit Suisse, ING, Slovenia Telecoms KKR, Unicredit
B2
NR
Slovenia (Govt of)
15-Nov EUR 1,500 4.700% 99.604
Senior 01-Nov-16 JPMorgan unsecured
Slovenia Sovereign
A-
NR
BBB+
63

BOND ISSUES4Q13
CENTRAL EUROPE (continued)
<< BACK TO CONTENTS
Hungary (Govt of)
18-Nov EUR 2,000 5.750% 98.657 5.930%
Senior BNP Paribas, Citigroup, 22-Nov-23 unsecured Deutsche Bank, Goldman Sachs Senior Barclays, BNP Paribas, 26-Jan-24 unsecured Deutsche Bank, JPMorgan Senior secured
Hungary Sovereign
BB
Ba1
BB+
Croatia (Govt of)
19-Nov USD 1,750 6.000% 98.488 6.200%
Croatia
Sovereign BB+
Ba1
BB+ Reg S/144a
GRANVIA (R1 Expressway)
22-Nov
EUR 1,242.7
4.781% 100.000 4.781%
30-Sep-39 Deutsche Bank, Natixis
Slovakia
ConstrucBBB+ tion
NR
NR
Amortising, 15.5-year duration, use of proceeds: refinancing existing debt, Reg S Post-restructuring, PIK toggle, guaranteed, redeemable, issued together with shares as units, max. amount outstanding: EUR 257m, change-of-control put option, Reg S/144a
12-Dec Magyar Telecom (Invitel) (issue date)
7% EUR (cash), 100.000 150.051 9% (PIK)
Senior secured
15-Jun-18 -
Hungary Telecoms CCC+ Caa1
NR
64

FY13EASTERN EUROPE

BY COUNTRY
Russia Turkey Ukraine Kazakhstan
Other
USD 51.5bn 27 issues USD 15.8bn 14 issues USD 6.4bn 7 issues USD 4.9bn 3 issues USD 1.2bn 2 issues USD 2.5bn 2 issues USD 1.2bn 2 issues USD 0.7bn 1 issue USD 1.4bn 1 issue USD 1.0bn 1 issue USD 0.7bn 1 issue USD 0.2bn 1 issue USD 0.1bn
91 issues
Serbia Bulgaria Supranational Romania Azerbaijan Armenia Georgia Montenegro
DEALS BY SECTOR
Financial services Energy Sovereign Transport Metals & mining Agriculture Telecoms
Size (USDm) Coupon 3,000 2,000 1,687 4.875% 5.750% 4.350% Maturity 16-Sep-23 30-Apr-43 12-Nov-21 Country Russia Kazakhstan Turkey Sector Sovereign Energy Sovereign
USD 27.6bn 23 issues USD 19.9bn 15 issues USD 18.5bn 11 issues USD 4.3bn 11 issues USD 7.7bn 6 issues USD 2.6bn 5 issues USD 3.0bn 3 issues USD 2.0bn 2 issues USD 1.0bn 1 issue USD 0.8bn 1 issue USD 0.2bn
75 issues
LARGEST DEALS
Issuer Russia (Govt of) KazMunayGas NC Turkey (Govt of) Size (m) USD 3,000 USD 2,000 EUR 1,250
Chemicals & materials Consumer: other Industrial products & services Defence
65

1Q13
Russia Ukraine Turkey Serbia Azerbaijan Kazakhstan Other Supranational 9 issues USD 3.9bn 8 issues USD 4.6bn 1 issue USD 1.5bn 1 issue USD 1.0bn 1 issue USD 0.4bn 1 issue USD 0.4bn 1 issue USD 0.2bn Other Turkey 11 issues USD 5.4bn 38 issues USD 17.4bn Russia USD 15.8bn
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2Q13
26 issues
Ukraine
5 issues USD 2.5bn
Kazakhstan
4 issues USD 4.1bn
1 issue USD 0.5bn
3Q13
Russia 12 issues USD 11.2bn
4Q13
Russia Turkey Bulgaria 2 issues USD 1.2bn 2 issues USD 0.4bn 1 issue USD 1.4bn 1 issue USD 1.0bn 1 issue USD 0.3bn 1 issue USD 0.2bn 1 issue USD 0.1bn 15 issues USD 7.1bn 6 issues USD 4.8bn
Turkey
2 issues USD 1.0bn
Kazakhstan Romania
Armenia
1 issue USD 0.7bn
Serbia Other Georgia Montenegro
Supranational
1 issue USD 0.5bn
66

BOND ISSUES1Q13
EASTERN EUROPE
Issuer Turkey (Govt of) Yapi ve Kredi Bankasi Ukreximbank Gazprombank Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Turkey Turkey Ukraine Russia Sovereign Financial services Financial services Financial services Financial services Financial services Financial services Chemicals & materials Financial services Financial services Financial services S&P/Moodys/Fitch Notes BB NR NR Ba1 Baa2 B3 BBBBBB B NR Issuer: Biz Finance plc, change-of-control put option, LPN Euroclearable, Reg S Tap of CNY 1bn 4.5% 2015, dim sum bond, Euroclearable, LPN Tier 2, make-whole call option on 24-Jan-18, coupon changes to USD swap rate+7.093% from 24-Jan-18, Reg S 08-Jan USD 1,500 3.250% 98.093 3.473% 14-Jan 15-Jan USD 500 USD 500 4.000% 99.529 4.078% 8.750% 100.000 8.750% Senior BNP Paribas, Deutsche Bank, 23-Mar-23 unsecured Goldman Sachs Senior BofA-Merrill Lynch, Mitsubishi UFJ 22-Jan-20 unsecured Securities, Morgan Stanley, UniCredit Senior 22-Jan-18 Credit Suisse, Morgan Stanley unsecured Senior 25-Jul-16 Barclays, Citigroup, Gazprombank unsecured Senior 30-Oct-15 HSBC, VTB Capital unsecured
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15-Jan RUB 20,000 7.875% 100.000 7.875%
BBB- Baa3
VTB Bank
18-Jan CNY 1000 4.500% 101.800 3.802%
Russia
BBB
Baa1
BBB
Credit Europe Bank
18-Jan
USD 400
8.0%, Sub100.000 8.000% variable ordinated
24-Jan-23 Citigroup, Goldman Sachs, HSBC
Other
NR
Ba3
BB-
Russian Agricultural Bank (RSHB)
23-Jan CNY 1,000 3.600% 100.000 3.600%
Senior 04-Feb-16 JPMorgan, Royal Bank of Scotland unsecured Citigroup, Credit Suisse, Senior 31-Jan-18 Gazprombank, JPMorgan, unsecured Royal Bank of Scotland, Sberbank Senior 31-Jan-16 Barclays, Sberbank unsecured
Russia
NR
Baa1
BBB Dim sum bond, Euroclearable, LPN, Reg S
Sibur Holding
24-Jan USD 1,000 3.914% 100.000 3.914%
Russia
NR
Ba1
BB+ Debut, Reg S/144a
Sberbank
24-Jan RUB 25,000 7.000% 100.000 7.000%
Russia
NR
A3
BBB Euroclearable, LPN
Credit Bank of Moscow Russian Agricultural Bank (RSHB)
25-Jan
USD 500
7.700% 100.000 7.700%
Senior Barclays, BofA-Merrill Lynch, Raiffeisen 01-Feb-18 Russia unsecured Bank International, Royal Bank of Scotland Senior Citigroup, Deutsche Bank, 07-Feb-18 unsecured JPMorgan, VTB Capital Senior 26-Feb-18 unsecured Senior 26-Feb-21 unsecured Russia
NR NR NR
B1 NR Baa1 Baa1
BBNR NR
LPN, Reg S/144a Euroclearable, LPN, Reg S
29-Jan RUB 10,000 7.875% 100.000 7.875% CHF 525 2.177% 100.000 2.177% 2.730% 100.000 2.730%
Russian Railways (RZD)
29-Jan CHF 150
Barclays, Credit Suisse, VTB Capital
Russia
Transport NR NR
Dual-tranche, debut CHF
67

BOND ISSUES1Q13
EASTERN EUROPE (continued)
Issuer Turkiye Halk Bankasi Date priced 29-Jan Size (m) USD 750 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Turkey Financial services S&P/Moodys/Fitch Notes NR Baa2 BBB- Reg S/144a 3.875% 98.901 4.057% ROISfix 100.000 +0.45% Senior Commerzbank, Goldman Sachs, 05-Feb-20 unsecured JPMorgan, Standard Chartered Senior 12-Feb-16 Raiffeisen Bank International unsecured Senior 06-Feb-20 unsecured Senior 06-Feb-28 unsecured Senior BofA-Merrill Lynch, Citigroup, 05-Feb-18 unsecured Deutsche Bank, HSBC, JPMorgan Senior 14-Feb-15 BNP Paribas, HSBC unsecured Senior Citigroup, Deutsche Bank, Raiffeisen Bank 13-Feb-18 unsecured International, VTB Capital Senior 07-Feb-18 Citigroup, Royal Bank of Scotland unsecured Senior 24-Feb-16 BNP Paribas, Gazprombank unsecured Senior 28-Nov-22 JPMorgan, VTB Capital unsecured Turkey Financial services Financial services Financial services Financial services Financial services Sovereign
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EBRD
30-Jan RUB 7,500
Suprana- Financial tional services
NR
NR
NR
Linked to the Russian OIS index, Euroclearable
USD 800 Gazprom 30-Jan USD 900
3.850% 100.000 3.850% 4.950% 100.000 4.950%
NR BNP Paribas, Gazprombank, JPMorgan Russia Energy NR
Baa1 Baa1
BBB Dual-tranche, LPN, Reg S/144a BBB
Akbank
30-Jan TRY 1,000 7.500% 100.000 7.500%
NR
Baa2
BBB Euroclearable, Reg S/144a
Russian Standard Bank Agency for Housing Mortgage Lending (AHML/AIZhK) BankPozitif Kredi ve Kalkinma Bankasi Gazprombank
31-Jan
CNY 500
8.000% 100.000 8.000%
Russia
B+
Ba3
B+
Dim sum bond, Euroclearable, Reg S
31-Jan RUB 15,000 7.750% 100.000 7.750%
Russia
BBB
Baa1
NR
Euroclearable, LPN, Reg S/144a
01-Feb
USD 150
5.000% 100.000 5.000%
Turkey
NR
NR
BBB- Reg S
04-Feb
CNY 500
4.000% 100.000 4.000%
Russia
BBB- Baa3
NR
Dim sum bond, Euroclearable, LPN
Ukraine (Govt of) Ural Bank for Reconstruction and Development (UBRD) Sberbank
04-Feb USD 1,000 7.800% 101.175 7.625%
Ukraine
B3
Tap of USD 1.25bn 7.8% 2022, Reg S/144a
05-Feb
USD 50
0.000%
07-Aug-13 BCP Securities, VTB Capital
Russia
Financial services Financial services
Debut six-month ECP, issued under USD 200m ECP programme
06-Feb
CHF 200
2.065% 100.000 2.065%
Senior 28-Feb-17 Credit Suisse, Sberbank, UBS unsecured
Russia
NR
A3
BBB LPN
68

BOND ISSUES1Q13
Issuer PhosAgro Development Bank of Kazakhstan Date priced 06-Feb Size (m) USD 500 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Russia Kazakhstan Chemicals & materials Financial services S&P/Moodys/Fitch Notes NR Baa3 BB+ Debut, LPN, Reg S/144a Senior Citigroup, Raiffeisen Bank International, 13-Feb-18 unsecured Sberbank, VTB Capital Senior 10-Dec-22 Halyk Finance, JPMorgan, VTB Capital unsecured Senior 13-Feb-19 unsecured Russia Telecoms
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4.204% 100.000 4.204%
06-Feb
USD 425
4.125% 100.000 4.125%
BBB+ Baa3
BBB Tap of USD 1bn 4.125% 2022, Reg S/144a
USD 600 VimpelCom
5.200% 100.000 5.200%
BB BB BB
Ba3 Ba3 Ba3
NR NR NR
Senior Barclays, Citigroup, ING, 06-Feb USD 1,000 5.950% 100.000 5.950% unsecured 13-Feb-23 Royal Bank of Scotland RUB 12,000 9.000% 100.000 9.000% Senior 13-Feb-18 unsecured
Three-tranche, Reg S/144a Three-tranche, Reg S/144a
Three-tranche, Euroclearable, Reg S/144a
BIN Bank (B&N Bank)
07-Feb
USD 60
0.000%
12-Feb-14 BCP Securities, VTB Capital
Russia
Financial services Financial services Metals & mining Energy Financial services Financial services Financial services
ECP, issuer: B&N Finance Ltd.
VTB Capital
07-Feb
TRY 300
7.788% 100.000 7.788%
Senior 02-Feb-15 Garantibank unsecured Senior Deutsche Bank, JPMorgan, 19-Feb-18 unsecured Societe Generale Senior Barclays, Gazprombank, 21-Feb-17 unsecured Goldman Sachs, Sberbank Sub06-Nov-19 HSBC, JPMorgan, Promsvyazbank ordinated Subordinate Subordinated 21-Jun-18 Goldman Sachs
Russia
NR
NR
NR
Istanbul Stock Exchange listing
NLMK (Novolipetsk Steel) 11-Feb
USD 800
4.450% 100.000 4.450%
Russia
BBB- Baa3 BBB- Issuer: Steel Funding Ltd, Reg S/144a
Novatek
12-Feb RUB 14,000 7.750% 100.000 7.750%
Russia
BBB- Baa3 BBB- Euroclearable, LPN Tap of USD 400m 10.2% 2019, Tier 2, LPN, Reg S Tap of USD 100m 13.5% 2018, Tier 2, issuer: Renaissance Consumer Funding Ltd, LPN, Reg S Tap of USD 125m 2018, Tier 2, issuer: Egidaco Investments plc, LPN, Reg S
Promsvyazbank Commercial Bank Renaissance Capital
14-Feb
USD 200 10.200% 105.919 9.000%
Russia
NR
Ba3
B+
14-Feb
USD 50
13.500% 103.250 12.630%
Russia
NR
NR
NR
Tinkoff Credit Systems
14-Feb
USD 75
14.000% 107.000 12.408%
06-Jun-18 Goldman Sachs, JPMorgan
Russia
NR
B3
NR
69

BOND ISSUES1Q13
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector S&P/Moodys/Fitch Notes BBB BBB Serbia Russia Ukraine Sovereign Financial services Financial services Financial services Financial services Financial services BBNR NR Baa1 Baa1 NR A3 B3 BBB Dual-tranche, Reg S BBB BBBBB B Reg S/144a Tap of CHF 200m 2.065% 2017, Euroclearable, LPN Issuer: UK SPV Credit Finance plc, LPN, change-of-control put option, Reg S/144a MICEX listing, secondary placement, put option on 20-Feb-14, initial two coupons = 3.3%, next two coupons = 1.99%, last two coupons will be set by the issuer EUR 1,000 3.035% 100.000 3.035% Vnesheconombank (VEB) 14-Feb EUR 500 Serbia (Govt of) Sberbank PrivatBank Senior 21-Feb-18 unsecured Barclays, Commerzbank, ING, Societe Generale Senior 4.032% 100.000 4.032% 21-Feb-23 unsecured Senior 25-Feb-20 Barclays, Deutsche Bank, JPMorgan unsecured Senior 28-Feb-17 Credit Suisse, Sberbank, UBS unsecured Senior 28-Feb-18 Credit Suisse, JPMorgan, UBS unsecured
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Russia
Financial services
14-Feb USD 1,500 4.875% 98.401 5.150% 18-Feb 20-Feb CHF 50 2.065% -
USD 175 10.875% 100.000 10.875%
Vnesheconombank (VEB) 21-Feb
1.99%, USD 500 variable TRY 550 TRY 750
20-Feb-15 Gazprombank, Sberbank
Russia
Sberbank Turkiye Garanti Bankasi
25-Feb 01-Mar
7.400% 100.000 7.400% 7.375% 99.487 7.500%
Senior 04-Mar-18 HSBC, JPMorgan, Sberbank unsecured BNP Paribas, Goldman Sachs, Senior 07-Mar-18 Deutsche Bank, Mitsubishi UFJ Securities, unsecured Standard Chartered
Russia Turkey
NR NR
A3 Baa2
BBB Debut TRY issue, Euroclearable, LPN, Reg S BBB Reg S/144a Change-of-status put option (incl. the state and/or any state agencies ceasing to own/ control all of SOCAR's charter/share capital; BBB- and/or SOCAR ceasing to act as the states agent for existing or future (but one per year) domestic production-sharing agreements), Reg S BB Reg S/144a Tap of CNY 500m 8% 2015, dim sum bond, LPN, Euroclearable, Reg S
State Oil Company of Azerbaijan (SOCAR)
06-Mar USD 1,000 4.750% 100.000 4.750%
Senior 13-Mar-23 Deutsche Bank unsecured
Azerbaijan
Energy
BB+
Ba1
Severstal
12-Mar USD 600
4.450% 100.000 4.450%
Senior 19-Mar-18 Citigroup, JPMorgan, Sberbank unsecured Senior 14-Feb-15 BNP Paribas, HSBC unsecured Senior 20-Mar-20 Credit Agricole, Gazprombank, JPMorgan unsecured
Russia
Metals & mining Financial services Energy
BB+
NR
Russian Standard Bank
13-Mar CNY 750
8.000% 101.250 7.274%
Russia
B+
Ba3
B+
Gazprom
13-Mar EUR 1,000 3.389% 100.000 3.389%
Russia
BBB
Baa1
BBB Dual-tranche, LPN, Reg S
70

BOND ISSUES1Q13
Issuer Gazprom Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Russia Ukraine Energy Financial services Agriculture Financial services S&P/Moodys/Fitch Notes BBB NR Baa1 B3 BBB Dual-tranche, LPN, Reg S B Issuer: SSB No.1 plc, LPN, change-of-control put option, Reg S Use of proceeds incl. financing a tender offer for 60% of USD 585m 10.25% 2015 notes and repaying short-term debt, Reg S/144a Sukuk, Tier 2, NC5 (call date 28-Mar-13), interest rate reset from 28-Mar-18, reset margin ms+6.525%, Reg S Debut, use of proceeds include refinancing USD 100m of the Deutsche Bank/Sberbank syndicated loan facility, change-of-control put option, Reg S/144a Add-on to USD 250m 10.875% 2018, use of proceeds include refinancing USD 100m of the Deutsche Bank/Sberbank syndicated loan facility, change-of-control put option, Reg S/144a ECP, issuer: Egidaco Investments plc Make-whole call option (only once), put option if TMK fails to procure certain additional loan guarantors to provide guarantees within 90 days of 03-Apr-13 (issue date), LPN, Reg S/144a 13-Mar EUR 500 4.364% 100.000 4.364% 8.875% 100.000 8.875% Senior 21-Mar-25 Credit Agricole, Gazprombank, JPMorgan unsecured Senior 20-Mar-18 Credit Suisse, Deutsche Bank, JPMorgan unsecured Senior 02-Apr-20 JPMorgan, Morgan Stanley, VTB Capital unsecured
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Oschadbank (State 13-Mar USD 500 Savings Bank of Ukraine) MHP 21-Mar USD 750
8.250% 100.000 8.250%
Ukraine
NR
Bank Asya
21-Mar USD 250
7.5%, SubBofA-Merrill Lynch, HSBC, Emirates NBD, 100.000 7.500% 28-Mar-23 variable ordinated National Bank of Abu Dhabi
Turkey
NR
Ba3
NR
Senior 21-Mar USD 250 10.875% 100.000 10.875% 26-Mar-18 unsecured Ukrlandfarming 22-Mar USD 25 Senior 10.875% 100.000 10.875% 26-Mar-18 unsecured Financial services Metals & mining Consumer: other Energy Financial services Citigroup, Deutsche Bank, Sberbank Ukraine Agriculture
B-
NR
B-
NR
Tinkoff Credit Systems
22-Mar
USD 50
0.000% 94.072 6.250% n.a.
26-Mar-14 BCP Securities, UBS, VTB Capital
Russia
n.a.
n.a.
n.a.
TMK
25-Mar USD 500
6.750% 100.000 6.750%
Senior 03-Apr-20 Citigroup, Deutsche Bank, JPMorgan unsecured
Russia
B+
B1
NR
Arcelik DTEK (Donbas Fuel and Energy) Ukreximbank
25-Mar USD 500
5.000% 99.031 5.125%
Senior BofA-Merrill Lynch, JPMorgan, 03-Apr-23 unsecured Royal Bank of Scotland
Turkey
BB+
NR
BB+ Debut, Reg S/144a Use of proceeds include repurchasing up to USD 321.25m of 9.5% notes due 2015 Tap of USD 500m 8.75% 2018, issuer: Biz Finance plc, change-of-control put option, LPN, Reg S
26-Mar USD 600
7.875% 98.989 8.125%
Senior Deutsche Bank, ING, JPMorgan, Sberbank, 04-Apr-18 Ukraine unsecured UniCredit, VTB Capital Senior 22-Jan-18 Credit Suisse, Morgan Stanley unsecured Ukraine
NR
B3
26-Mar USD 100
8.750% 101.438 8.375%
NR
B3
71

BOND ISSUES2Q13
EASTERN EUROPE
Issuer Turkiye Is Bankasi Date priced 04-Apr Size (m) USD 500 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Turkey Financial services Financial services Sovereign Sovereign Financial services Metals & mining Energy Transport S&P/Moodys/Fitch Notes NR Baa2 BBB Reg S/144a 3.750% 99.323 3.888% Senior Barclays, Citigroup, Deutsche Bank, 10-Oct-18 unsecured HSBC, JPMorgan
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Turkiye Vakiflar Bankasi Ukraine (Govt of) Turkey (Govt of) Ak Finansal Kiralama (AKLease)
08-Apr
USD 600
3.750% 99.432 3.876%
Senior BofA-Merrill Lynch, BNP Paribas, Citigroup, 15-Apr-18 Turkey unsecured Commerzbank, Deutsche Bank Ukraine Turkey Turkey
NR B BB NR
Baa2 BBB- Reg S/144a B3 Ba1 NR B BBBBBB Debut, Reg S Reg S/144a
Senior Citigroup, JPMorgan, Sberbank, 17-Apr-23 unsecured VTB Capital Senior 09-Apr USD 1,500 4.875% 98.834 4.950% 16-Apr-43 Citigroup, Credit Suisse, JPMorgan unsecured 09-Apr USD 1,250 7.500% 100.000 7.500% 10-Apr USD 250 4.125% 99.442 4.250% Senior Emirates NBD, HSBC, National Bank of 17-Apr-18 unsecured Abu Dhabi, Societe Generale Credit Agricole, Credit Suisse, Senior 17-Apr-20 Deutsche Bank, Sberbank, unsecured Societe Generale, VTB Capital Senior BofA-Merrill Lynch, 17-Apr-20 unsecured Goldman Sachs, Sberbank Senior secured 22-Apr-18 BNP Paribas, HSBC
Metalloinvest
10-Apr USD 1,000 5.625% 100.000 5.625%
Russia
BB-
Ba2
BB-
Make-whole call option, change-of-control put option, Reg S/144a Reg S/144a Debut, make-whole call option, change-ofcontrol put option, Reg S Make-whole call and equity claw-back options, change-of-control put option, issued in conjunction with a USD 178.4m 10.95% 2016 notes tender, Reg S/144a Make-whole call option, put option in the event of a rating downgrade following an issuer substitution, Reg S/144a
Eurasia Drilling Company 11-Apr Eastcomtrans 11-Apr
USD 600 USD 100
4.875% 100.000 4.875% 7.750% 98.986 8.000%
Russia Kazakhstan
BB+ NR
NR B3
BB B
Mriya
11-Apr
USD 400
Senior Citigroup, Credit Suisse, 9.450% 98.835 9.750% 19-Apr-18 unsecured Goldman Sachs, Sberbank
Ukraine
Agriculture
NR
Evraz Group
12-Apr USD 1,000 6.500% 100.000 6.500%
Senior 22-Apr-20 ING, JPMorgan, UBS unsecured Senior Natixis, Royal Bank of Scotland, 20-May-21 unsecured Societe Generale, VTB Capital Senior 24-Apr-18 unsecured BNP Paribas, Citigroup
Russia
Metals & mining
B+
NR
BB-
Russian Railways (RZD)
12-Apr EUR 1,000 3.374% 100.000 3.374% USD 1,500 3.416% 100.000 3.416%
Russia
Transport BBB BBB
Baa1
BBB LPN, change-of-control put option, Reg S/144a
Baa2 BBBDual-tranche, make-whole call option, Reg S/144a Baa2 BBB-
Lukoil
17-Apr USD 1,500 4.563% 100.000 4.563% Senior 24-Apr-23 unsecured
Russia
Energy BBB
72

BOND ISSUES2Q13
Issuer Alrosa Alfa-Bank Date priced 17-Apr Size (m) USD 133 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners 24-Dec-13 Goldman Sachs, UBS, VTB Capital Country Sector Russia Russia Russia Russia Metals & mining Financial services Metals & mining Energy S&P/Moodys/Fitch Notes n.a. BB+ BB+ n.a. Ba1 NR n.a. ECP 0.000% 98.504 2.250% n.a.
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18-Apr RUB 10,000 8.625% 100.000 8.625% USD 750 EUR 750 5.625% 100.000 5.625% 2.933% 100.000 2.933%
Senior 26-Apr-16 Alfa-Bank, Citigroup, HSBC unsecured Senior 29-Apr-20 JPMorgan, Societe Generale, VTB Capital unsecured Senior BNP Paribas, Credit Agricole, 26-Apr-18 unsecured Gazprombank, JPMorgan Senior BofA-Merrill Lynch, BNP Paribas, 24-Apr-20 unsecured Citigroup, Deutsche Bank Senior Citigroup, Gazprombank, JPMorgan, 25-Apr-18 unsecured Nomos Bank, VTB Capital Senior Barclays, Citigroup, Deutsche Bank, 10-Oct-18 unsecured HSBC, JPMorgan Senior BofA-Merrill Lynch, Goldman Sachs, 30-Apr-18 unsecured Sberbank, VTB Capital
BBB- LPN, Reg S/144a BBB- Debut, Reg S/144a NR LPN
Polyus Gold International 18-Apr Gazprom Neft 18-Apr
BBB- Baa3
Koc Holding Nomos Bank Turkiye Is Bankasi Uralkali
18-Apr 19-Apr 23-Apr 23-Apr
USD 750 USD 500 USD 250 USD 650
3.500% 99.582 3.568% 7.250% 100.000 7.250% 3.750% 100.983 3.550% 3.723% 100.000 3.723%
Turkey Russia Turkey Russia
Industrial products BBB- Baa3 & services Financial services Financial services Metals & mining NR NR NR Ba3 Baa2
NR BB
Change-of-control put option, Reg S/144a LPN, Reg S/144a
BBB Tap of USD 500m 3.75% 2018, Reg S/144a
Baa3 BBB- LPN, Reg S/144a Dual-tranche, make-whole and equity clawback options before 02-May-16, call option from 02-May-16, issued to refinance acquisition finance facilities and other preacquisition indebtedness, Reg S/144a Dual-tranche, make-whole and equity clawback options before 02-May-17, call option from 02-May-17, issued to refinance acquisition finance facilities and other preacquisition indebtedness, Reg S/144a Tap of USD 600m 7.875% 2018
23-Apr Far Eastern Shipping Company (FESCO)
USD 500
8.000% 100.000 8.000%
Senior secured
02-May-18 Goldman Sachs, ING, Raiffeisen Bank International Russia Transport
BB-
NR
B+
USD 300
Senior 8.750% 100.000 8.750% secured
02-May-20
BB-
NR
B+
DTEK (Donbas Fuel and Energy) Turkiye Finans Katilim Bankasi
23-Apr 24-Apr
USD 150 USD 500
7.875% 98.989 8.125% 3.950% 100.000 3.950%
Senior Deutsche Bank, ING, JPMorgan, Sberbank, 04-Apr-18 Ukraine unsecured UniCredit, VTB Capital Senior Citigroup, HSBC, NCB Capital, 02-May-18 unsecured Noor Islamic Bank Turkey
Energy Financial services
NR NR
B3 NR
BBB Sukuk, Reg S
73

BOND ISSUES2Q13
Issuer Alliance Oil Date priced 24-Apr Size (m) USD 500 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Russia Energy S&P/Moodys/Fitch Notes B+ NR B Make-whole call option, Reg S/144a 7.000% 99.320 7.125% Senior Deutsche Bank, Gazprombank, Goldman 04-May-20 unsecured Sachs, Raiffeisen Bank International
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KazMunayGas NC
Senior 30-Apr-23 unsecured BofA-Merrill Lynch, Barclays, 24-Apr Halyk Finance, Visor Capital Senior USD 2,000 5.750% 99.293 5.800% 30-Apr-43 unsecured USD 1,000 4.400% 99.600 4.450% 25-Apr USD 750 4.375% 100.000 4.375% Senior 30-Apr-18 Barclays, Citigroup, Societe Generale unsecured 13-Nov-18 HSBC, Raiffeisen Bank International, Royal Bank of Scotland
Kazakhstan
BBB- Baa3 BBBEnergy BBB- Baa3 BBBMetals & mining Financial services Metals & mining Financial services BBB- Baa2 BB+ Issuer: MMC Finance Ltd, LPN, Reg S Dual-tranche, Reg S/144a
Norilsk Nickel
Russia
Credit Bank of Moscow Nord Gold Albaraka Turk Katilim Bankasi Turkye Sise ve Cam Fabrikalari (Sisecam)
25-Apr 29-Apr 29-Apr
USD 500 USD 500 USD 200
Senior 8.700% 100.000 8.700% subordinated 6.375% 100.000 6.375% 7.750% 100.000 7.750%
Russia Russia Turkey
NR NR NR
NR Ba3 NR
B+ BBNR
LPN, issuer: CBOM Finance plc, Reg S/144a Reg S/144a Sukuk, Tier 2, NC5, Reg S/144a Debut, change-of-control put option, Reg S/144a Tap of USD 275m 10.875% 2018, change-of-control put option, Reg S/144a
Senior Citigroup, Goldman Sachs, Jefferies, 07-May-18 unsecured Natixis, Sberbank, Societe Generale SubAl Hilal Bank, Barwa Bank, BNP Paribas, 07-May-23 ordinated Emirates NBD, Nomura Senior 09-May-20 BNP Paribas, Citigroup, HSBC, JPMorgan unsecured Senior 26-Mar-18 Deutsche Bank, Sberbank unsecured
02-May USD 500
4.250% 99.265 4.373%
Turkey
Chemicals & BB+ materials Agriculture B-
Ba1
NR
Ukrlandfarming
13-May USD 150 10.875% 100.000 10.875%
Ukraine
NR
Ukrzaliznytsia (State Administration of 14-May USD 500 Railway Transport of Ukraine)
9.500% 100.000 9.500%
Senior 21-May-18 Barclays, Morgan Stanley, Sberbank unsecured
Ukraine
Transport
NR
B-
Debut, Reg S/144a
Far Eastern Shipping Company (FESCO)
14-May
USD 50
8.000% 101.375 7.659%
Senior secured
02-May-18
Goldman Sachs, ING, Raiffeisen Bank International
Russia
Transport
BB-
NR
B+
Tap of USD 500m 8% 2018, dual-tranche, make-whole and equity claw-back options before 02-May-16, call option from 02-May-16, issued to refinance acquisition finance facilities and other pre-acquisition indebtedness, Reg S/144a
74

BOND ISSUES2Q13
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector S&P/Moodys/Fitch Notes Tap of USD 300m 8.75% 2020, dual-tranche, make-whole and equity claw-back options before 02-May-17, call option from 02-May-17, issued to refinance acquisition finance facilities and other pre-acquisition indebtedness, Reg S/144a Debut, change-of-control put option, Reg S
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Far Eastern Shipping Company (FESCO)
14-May
USD 25
8.750% 102.500 8.209%
Senior secured
02-May-20
Goldman Sachs, ING, Raiffeisen Bank International
Russia
Transport
BB-
NR
B+
Gunvor Group Turkiye Garanti Bankasi Turkiye Garanti Bankasi Sberbank KazAgro Commercial Bank Renaissance Credit Mobile TeleSystems (MTS) Nomos Bank
15-May USD 500 15-May CHF 100
5.875% 99.467 6.000% Libor 100.000 +1.05% -
Senior 21-May-18 Credit Suisse, Goldman Sachs unsecured Senior 26-May-15 Deutsche Bank unsecured
Other Turkey Turkey Russia Kazakhstan Russia
Energy Financial services Financial services Financial services Agriculture Financial services Telecoms Financial services Financial services Financial services
NR NR NR NR BBB+ B
NR NR NR NR NR B2
NR NR NR
Senior 23-May-18 HSBC unsecured Senior 16-May USD 1,000 5.250% 100.000 5.250% subordi- 23-May-23 BNP Paribas, JPMorgan, Sberbank, UBS nated 16-May AUD 175 5.500% 17-May USD 1,000 4.625% 100.000 4.625% 22-May USD 350 7.750% 100.000 7.750% Senior 24-May-23 HSBC, JPMorgan unsecured Senior Goldman Sachs, Raiffeisen Bank 31-May-16 unsecured International, Sberbank Senior Gazprombank, JPMorgan, 30-May-23 unsecured Royal Bank of Scotland Sub17-Dec-19 Gazprombank, Nomos Bank, VTB Capital ordinated Subordinated 13-Jun-23 Nomos Bank, VTB Capital
Kangaroo bond
BBB- LPN, Reg S/144a BBB Debut, Reg S/144a B Reg S
23-May USD 500
5.000% 100.000 5.000%
Russia
BB
Ba2
LPN, change-of-control put option, BB+ Reg S/144a, RUB-denominated tranche was cancelled BBLPN, Reg S/144a
03-Jun
USD 300 10.000% 109.221 8.150%
Russia
NR
B1
Bank of Khanty-Mansiysk 14-Jun Ural Bank for Reconstruction and Development (UBRD)
USD 200
9.150% 100.000 9.150%
Russia
NR
NR
NR
Private placement, issuer: BKM Finance Ltd
25-Jun
USD 68
12.000% 100.000 12.000%
Sub27-Dec-18 BCP Securities, BNP Paribas, Sberbank ordinated
Russia
NR
NR
Tier 2, LPN, Reg S
75

BOND ISSUES3Q13
EASTERN EUROPE
Issuer Tinkoff Credit Systems Russian Standard Bank Date priced 05-Jul 10-Jul Size (m) USD 20 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners 07-Jul-14 BCP Securities, UBS, VTB Capital 17-Jan-24 Goldman Sachs, HSBC Country Sector Russia Russia Financial services Financial services Energy Financial services S&P/Moodys/Fitch Notes n.a. NR n.a. NR n.a. B ECP, issuer: Egidaco Investments plc LPN, Reg S/144a 0.000% 94.950
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Senior USD 200 11.500% 100.000 11.500% subordinated EUR 900 3.700% 100.000 3.700%
Gazprom
17-Jul
Senior BofA-Merrill Lynch, Deutsche Bank, 25-Jul-18 unsecured Gazprombank, JPMorgan Senior JPMorgan, Royal Bank of Scotland, 25-Jul-18 unsecured VTB Capital
Russia
BBB
Baa1
BBB LPN, Reg S
Russian Agricultural Bank 18-Jul (RSHB)
USD 800
5.100% 100.000 5.100%
Russia
NR
Baa3
BBB LPN, change-of-control put option, Reg S/144a
Mersin Int. Port (Mersin Uluslararasi Liman Isletmeciligi)
01-Aug
USD 450
5.875% 99.576 5.950%
Senior 12-Aug-20 Citigroup, DBS Bank, UniCredit unsecured
Turkey
Transport
NR
Debut, make-whole and equity claw-back options before 12-Aug-18, call option from 12-Aug-18, change-of-control put option, Baa3 BBBUSD 79.5m commitment from EBRD, Mersin is a JV between Akfen Holdings SA (Turkey) and PSA International (Singapore), Reg S/144a Baa1 BBB Multi-tranche, Reg S/144a
USD 1,500 3.500% 99.195 3.664%
Senior 16-Jan-19 unsecured
BBB
Russia (Govt of)
Senior 16-Sep-23 unsecured Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, 09-Sep Royal Bank of Scotland, VTB Capital Senior USD 1,500 5.875% 97.187 6.080% 16-Sep-43 unsecured USD 3,000 4.875% 98.162 5.112% EUR 725 3.625% 99.533 3.702% Senior 16-Sep-20 unsecured Barclays, Deutsche Bank, Senior 16-Sep-20 Gazprombank, Renaissance Capital, unsecured Royal Bank of Scotland, VTB Capital Senior 25-Sep-20 Deutsche Bank, JPMorgan unsecured
BBB Russia Sovereign BBB
Baa1
BBB Multi-tranche, Reg S/144a
Baa1
BBB Multi-tranche, Reg S/144a Multi-tranche, second EUR-tranche was BBB cancelled due to high demand in USDtranches, Reg S/144a BBB Tap of EUR 700m 3.625% 2020, Reg S/144a
BBB
Baa1
Russia (Govt of)
13-Sep
EUR 25
3.625%
Russia
Sovereign BBB
Baa1
Gazprom
18-Sep
GBP 500
5.338% 100.000 5.338%
Russia
Energy
BBB
Baa1
BBB LPN, Reg S
76

BOND ISSUES3Q13
Issuer Eurasian Development Bank Date priced 19-Sep Size (m) USD 500 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector SupraFinancial national services S&P/Moodys/Fitch Notes BBB A3 NR Reg S/144a Guaranteed, use of proceeds include funding acquisition of a 35.61% stake in Borets International Ltd from Weatherford Bermuda Holdings Ltd (USD 370m) and the retirement of indebtedness, Reg S/144a Negative pledge provision, use of proceeds incl. potentially the prepayment in full/part of the outstanding amount under the USD 500m loan from Russia, Reg S/144a Negative pledge provision, change-of-control put option, Reg S/144a Step-up after 28-Dec-18 (floating coupon), LPN, Reg S 5.000% 98.310 5.292% Senior BNP Paribas, Deutsche Bank, 26-Sep-20 unsecured HSBC, JPMorgan
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Borets International
19-Sep
USD 420
7.625% 100.000 7.625%
Senior 26-Sep-18 Deutsche Bank, Morgan Stanley, Sberbank Russia unsecured
Energy
BB
B1
NR
Armenia (Govt of)
20-Sep
USD 700
Senior 6.000% 98.600 6.250% 30-Sep-20 Deutsche Bank, HSBC, JPMorgan unsecured
Armenia Sovereign
NR
Ba2
BB-
Coca-Cola Icecek (Anadolu Efes group)
24-Sep
USD 500
4.750% 99.285 4.913%
Senior 01-Oct-18 Barclays, Citigroup, HSBC, JPMorgan unsecured
Turkey
Consumer: other Financial services
NR
Baa3
BBB
Gazprombank
24-Sep
USD 750
Barclays, BNP Paribas, 7.496%, Sub100.000 7.496% 28-Dec-23 BOC International, Gazprombank, variable ordinated Goldman Sachs, Societe Generale
Russia
BBB- Baa3 BBB-
77

BOND ISSUES4Q13
EASTERN EUROPE
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector S&P/Moodys/Fitch Notes Sukuk, issuer: Hazine Mustesarligi Varlik Baa3 BBB- Kiralama AS, negative pledge provision, Reg S/144a NR NR Tier 2, LPN, Reg S/144a Tier 2, issuer: Eurasia Capital SA, LPN, Reg S/144a
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Turkey (Govt of)
03-Oct USD 1,250 4.557% 100.000 4.557%
Senior 10-Oct-18 HSBC, Qinvest, Standard Chartered unsecured 16-Oct-23 BNP Paribas, Credit Agricole, Goldman Sachs, JPMorgan
Turkey
Sovereign Financial services Financial services Financial services Financial services Energy Metals & mining Financial services Financial services Financial services Financial services Financial services
NR
Russian Agricultural Bank 08-Oct (RSHB) Home Credit & Finance Bank 10-Oct
USD 500
Senior 8.500% 100.000 8.500% subordinated
Russia
NR
USD 200 10.500% 100.000 10.500%
Sub19-Apr-21 Citigroup, Sberbank, UBS ordinated Senior BNP Paribas, Commerzbank, JPMorgan, 21-Apr-19 unsecured Morgan Stanley, Standard Chartered Sub22-Apr-19 JPMorgan, VTB Capital ordinated Senior 25-Oct-19 BNP Paribas, Gazprombank, UBS unsecured Senior Barclays, BofA-Merrill Lynch, Citigroup, 28-Oct-20 unsecured Sberbank, Societe Generale Senior 25-May-18 Credit Suisse, Commerzbank, VTB Capital unsecured Senior Citigroup, Credit Agricole, Deutsche Bank, 30-Oct-18 unsecured Gazprombank Senior 28-Oct-16 JPMorgan, VTB Capital unsecured Senior Barclays, ING, Goldman Sachs, HSBC, 31-Oct-18 unsecured National Bank of Abu Dhabi, Scotiabank Senior 05-Jul-17 BofA-Merrill Lynch, JPMorgan unsecured
Russia
NR
NR
BB-
Turkiye Is Bankasi
10-Oct
USD 500
5.500% 99.467 5.614%
Turkey
NR
Baa2
BBB Negative pledge provision, Reg S/144a
Bank Saint-Petersburg
15-Oct
USD 100 10.750% 100.000 10.750%
Russia
NR
NR
B+
LPN
Gazprom
16-Oct
CHF 500
2.850% 100.000 2.850%
Russia
BBB
Baa1
BBB LPN, issuer: Gaz Capital SA
Norilsk Nickel
18-Oct USD 1,000 5.550% 100.000 5.550%
Russia
BBB- Baa2
BB+ Reg S/144a Long four-year bond, the first coupon is paid after 18 months
VTB Bank
22-Oct
CHF 300
2.900% 100.000 2.902%
Russia
NR
NR
NR
Gazprombank
23-Oct EUR 1,000 3.984% 100.000 3.984%
Romania Kazakhstan Turkey
BBB- Baa3 BBB- LPN
Bank Kaspi
24-Oct
USD 200
9.875% 99.684 10.000%
BB-
B1
NR
Negative pledge provision, Reg S/144a
Turkiye Vakiflar Bankasi
25-Oct
USD 500
5.000% 99.350 5.149%
NR
Baa2 BBB- Reg S/144a Tap of USD 250m 7.75% 2017, negative pledge provision, Reg S/144a
Bank of Georgia
29-Oct
USD 150
7.750% 105.249 6.125%
Georgia
BB-
Ba3
BB-
78

BOND ISSUES4Q13
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector S&P/Moodys/Fitch Notes Debut, use of proceeds incl. repaying a EUR 195m bridge facility, negative pledge provision, cross-default/cross-acceleration provision, change-of-control put option, Reg S
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Bulgarian Energy Holding 31-Oct
EUR 500
4.250% 99.837 4.287%
Senior 07-Nov-18 Citigroup, Raiffeisen Bank International unsecured
Bulgaria Energy
NR
NR
BB+
Turkey (Govt of)
05-Nov EUR 1,250 4.350% 99.339 4.450%
Senior 12-Nov-21 Barclays, Credit Suisse, Deutsche Bank unsecured Senior 09-Dec-16 Deutsche Bank, UBS unsecured Senior Otkritie Bank, 14-Nov-16 unsecured Raiffeisen Bank International Senior 26-Nov-18 ING, Raiffeisen Bank International, UBS unsecured
Turkey
Sovereign BB+ Financial services Financial services
Baa3 BBB- Reg S/144a
Gazprombank Vneshprombank (Foreign Economic Industrial Bank) Domodedovo International Airport
06-Nov
CHF 200
2.375% 99.921 2.403%
Russia
BBB- Baa3 BBB- No grow deal
08-Nov USD 200
9.000% 100.000 9.000%
Russia
B+
B2
NR
Debut, issuer: VPB Funding Ltd, Reg S Debut, guaranteed, issuer: DME Airport Ltd, LPN, Reg S Guaranteed, use of proceeds: refinancing the existing senior credit facility, make-whole call option and equity claw-back option before 15-Nov-15, 10% of the notes is redeemable every 12 months before 15-Nov-15, call option from 15-Nov-15, change-of-control put option, Reg S/144a Tier 2, issuer: Renaissance Consumer Funding Ltd, LPN, Reg S
13-Nov USD 300
6.000% 100.000 6.000%
Russia
Transport BB+
NR
BB+
Bulgarian Telecommunications Company (BTC/Vivacom)
15-Nov
EUR 400
6.625% 100.000 6.625%
Senior secured
Barclays, Credit Suisse, 15-Nov-18 Deutsche Bank, VTB Capital
Bulgaria Telecoms
BB-
B1
NR
Commercial Bank Renaissance Credit
Senior 15-Nov USD 100 13.500% 100.000 13.500% subordinated USD 850 4.224% 100.000 4.224%
22-May-19 Goldman Sachs, Sberbank
Russia
Financial services
NR
B3
NR
Senior 21-Nov-18 unsecured
BBB Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Russia Financial services BBB Financial services
NR
BBB Dual-tranche, Reg S/144a
Vnesheconombank (VEB) 18-Nov Senior USD 1,150 5.942% 100.000 5.942% 21-Nov-23 unsecured Alfa-Bank 20-Nov CHF 85 4.000% 100.000 4.000%
NR
BBB Issuer: Alfa Holding Issuance plc, borrower: ABH Financial Ltd, LPN
Senior 16-Jan-18 UBS unsecured
Russia
NR
NR
BB+
79

BOND ISSUES4Q13
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Gazprom Neft
20-Nov USD 1,500 6.000% 100.000 6.000%
Senior BofA-Merrill Lynch, Credit Agricole, 27-Nov-23 unsecured Gazprombank, JPMorgan
Russia
Energy
BBB- Baa3
BBB Reg S/144a
Serbia (Govt of) Kazakhstan Engineering NC Vneshprombank (Foreign Economic Industrial Bank) Yapi ve Kredi Bankasi
21-Nov USD 1,000 5.875% 98.937 6.125%
Senior 03-Dec-18 Citigroup, Deutsche Bank unsecured Senior 03-Dec-16 UBS, VTB Capital unsecured
Serbia Kazakhstan
Sovereign
BB-
B1
BB-
Reg S/144a
21-Nov USD 200
4.550% 100.000 4.550%
Defence
NR
Ba2
BBB- Debut
21-Nov
USD 25
9.000% 100.000 9.000%
Senior 14-Nov-16 Otkritie Bank, Raiffeisen Bank International Russia unsecured Senior BofA-Merrill Lynch, BNP Paribas, 03-Dec-18 unsecured Citigroup, HSBC, Unicredit SubBNP Paribas, Commerzbank, JPMorgan, 10-Dec-23 ordinated Morgan Stanley, Standard Chartered
Financial services Financial services Financial services
B+
B2
NR
Tap of USD 200m 9% 2016, issuer: VPB Funding Ltd, Reg S
25-Nov USD 500
5.250% 99.342 5.402%
Turkey
NR
Baa2
BBB Reg S/144a
Turkiye Is Bankasi
03-Dec
USD 400
7.850% 100.000 7.850%
Turkey
NR
Ba1
BBB- Tier 2, Reg S/144a
Montenegro (Govt of)
04-Dec
EUR 80
Euribor 100.000 +5.95%
Senior 09-Dec-16 Morgan Stanley unsecured
Montenegro
Sovereign
BB-
Ba3
NR
Amortising (EUR 8.8m quarterly from 09-Dec-14 and EUR 9.6m on 09-Dec-16), negative pledge provision, Reg S Guaranteed, call option from 13-Dec-16, make-whole call option and equity claw-back option before 13-Dec-16, change-of-control put option, Reg S/144a
Uranium One
05-Dec
USD 300
6.250% 98.947 6.500%
Senior secured
13-Dec-18
Deutsche Bank, Sberbank, Societe Generale
Other
Energy
B+
Ba3
BB-
80

FY13MIDDLE EAST

BY COUNTRY
UAE Qatar Saudi Arabia Israel Lebanon Bahrain Other Jordan Oman 9 issues USD 5.7bn 6 issues USD 5.3bn 6 issues USD 3.4bn 4 issues USD 2.1bn 2 issues USD 2.2bn 2 issues USD 0.9bn 1 issue USD 1.3bn 1 issue USD 0.5bn USD 16.5bn 30 issues
DEALS BY SECTOR
Financial services Energy Sovereign Telecoms Real estate 23 issues USD 12.7bn 13 issues USD 6.6bn 11 issues USD 8.6bn 4 issues USD 2.9bn 4 issues USD 2.0bn 2 issues USD 1.8bn 2 issues USD 2.0bn 1 issue USD 1.0bn 1 issue USD 0.2bn
LARGEST DEALS
Issuer Bahrain (Govt of) Jordan (Govt of) Ooredoo (formerly: Qatar Telecom) Saudi Basic Industries Corporation (SABIC) Size (m) USD 1,500 USD 1,250 USD 1,250 EUR 750 Size (USDm) Coupon 1,500 1,250 1,250 1,006 6.125% 2.503% 3.039% 2.750% Maturity 01-Aug-23 30-Oct-20 03-Dec-18 Country Bahrain Jordan Qatar Sector Sovereign Sovereign Telecoms
Transport Chemicals & materials Utilities Services: other
& 20-Nov-20 Saudi Arabia Chemicals materials
81

1Q13
UAE 12 issues USD 8.0bn Lebanon
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2Q13
UAE 9 issues USD 3.9bn 4 issues USD 2.1bn 3 issues USD 1.4bn 2 issues USD 1.1bn 1 issue USD 1.0bn 1 issue USD 0.7bn
Israel
2 issues USD 2.0bn
Qatar Saudi Arabia 2 issues USD 2.0bn Israel Qatar 2 issues USD 1.0bn
Saudi Arabia
Oman
1 issue USD 0.5bn
Bahrain
3Q13
Israel 2 issues USD 0.3bn
4Q13
UAE 8 issues USD 3.8bn
Qatar Bahrain 1 issue USD 1.5bn Saudi Arabia Saudi Arabia 1 issue USD 1.0bn Other 2 issues USD 1.3bn
4 issues USD 3.3bn
2 issues USD 0.9bn
UAE
1 issue USD 0.8bn
Jordan
1 issue USD 1.3bn
82

BOND ISSUES1Q13
MIDDLE EAST
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector S&P/Moodys/Fitch Notes Dubai Islamic Bank, Emirates NBD, Senior 30-Jan-23 HSBC, National Bank of Abu Dhabi, unsecured Standard Chartered
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USD 750 Dubai (Govt of) 22-Jan USD 500
3.875% 100.000 3.875%
NR UAE Sovereign NR
NR
NR
Dual-tranche, sukuk, Reg S
Senior Emirates NBD, HSBC, National Bank of 5.250% 98.148 5.375% 30-Jan-43 unsecured Abu Dhabi, Standard Chartered Senior 31-Jan-28 unsecured BofA-Merrill Lynch, Citigroup, JPMorgan, QNB Capital, Royal Bank of Scotland Senior 4.500% 97.697 4.643% 31-Jan-43 unsecured 3.875% 98.834 3.979% Senior 30-Jun-23 unsecured Senior 30-Jan-43 unsecured
NR
NR
Dual-tranche, Reg S Dual-tranche, change-of-control put option, Reg S/144a Dual-tranche, debut 30-year notes, Reg S/144a
USD 500 Ooredoo (formerly: Qatar Telecom) 23-Jan USD 500
A Qatar Telecoms A A+
A2 A2 A1 A1
A+ A+ A
USD 1,000 3.150% 99.448 3.213% Israel (Govt of) 28-Jan USD 1,000 4.500% 98.574 4.588%
Barclays, Citigroup, Goldman Sachs
Israel
Sovereign A+ A
Dual-tranche
Emirates Airline
31-Jan
USD 750
4.500% 99.941 4.510%
Citigroup, Deutsche Bank, Senior 28-Feb-25 Emirates NBD Capital, JPMorgan, unsecured Morgan Stanley, Standard Chartered
UAE
Transport
NR
NR
NR
Amortising at a rate of USD 47.62 per USD 1,000 on every coupon date from 06-Feb-15, change-of-control put option, Reg S/144a Debut, make-whole call option before 15-Feb-15, call option from 15-Feb-15, RegS/144a Dual-tranche, change-of-control put option, Reg S
Millennium Offshore Services Management Company
08-Feb
USD 225
9.500% 100.000 9.500%
Senior secured
15-Feb-18 Goldman Sachs
UAE
Energy
B2
NR
USD 750 Abu Dhabi Commercial Bank (ADCB) 26-Feb USD 750
Senior 06-Mar-18 unsecured Abu Dhabi Commercial Bank, Barclays, ING, JPMorgan, National Bank of Abu Dhabi, UAE Senior Royal Bank of Scotland 4.500% 99.127 4.610% subordi- 06-Mar-23 nated 2.500% 99.636 2.578%
A Financial services A-
NR
A+
NR
Dual-tranche, Reg S
Abu Dhabi Islamic Bank, Citigroup, Dubai Electricity & Water Senior 28-Feb USD 1,000 3.000% 100.000 3.000% 05-Mar-18 Dubai Islamic Bank, Emirates NBD, Royal Authority (DEWA) unsecured Bank of Scotland, Standard Chartered
UAE
Utilities
NR
NR
NR
Sukuk, Nasdaq Dubai listing, Reg S
83

BOND ISSUES1Q13
MIDDLE EAST (continued)
Issuer National Bank of Abu Dhabi (NBAD) Date priced 28-Feb Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Financial services S&P/Moodys/Fitch Notes Australia and New Zealand Senior 07-Mar-18 Banking Group, BofA-Merrill Lynch, unsecured National Bank of Abu Dhabi
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AUD 300 5.000% 99.607
UAE
A+
Aa3
AA-
Debut kangaroo bond
Eole Finance (Emirates Airline)
5-Mar Senior (issue USD 187.1 2.341% 100.000 2.341% 24-Feb-24 JPMorgan unsecured date)
UAE
Financial services
NR
NR
Use of proceeds: to prepay the ECA loan linked to the Airbus A380-800 purchase in AAA February 2012, amortising, initial average life: 5.82 years, issuer: Eole Finance SPC, guarantor: export credit agency Coface
Emirates Airline
Abu Dhabi Commercial Bank, Senior Abu Dhabi Islamic Bank, Citigroup, 12-Mar USD 1,000 3.875% 99.331 4.024% 19-Mar-23 unsecured Dubai Islamic Bank, Emirates NBD, Standard Chartered Bank 6.25%, Sub100.000 6.250% variable ordinated Dubai Islamic Bank, Emirates NBD, perpetual HSBC, National Bank of Abu Dhabi, Standard Chartered
UAE
Transport
NR
NR
NR
Sukuk, issuer: Medjool Ltd, amortising from 19-Sep-13, change-of-control put, Reg S
Dubai Islamic Bank
13-Mar USD 1,000
UAE
Financial services
NR
NR
NR
Tier 1, sukuk, interest rate reset every six years from first call option date (20-Mar-19), reset margin ms+4.954%, Reg S
BankMuscat
19-Mar USD 500
2.500% 99.302 2.650%
Bank Muscat, Citigroup, Credit Agricole, Senior 26-Mar-18 Deutsche Bank, HSBC, National Bank of unsecured Abu Dhabi, Standard Chartered
Oman
Financial services
A-
A1
NR
Emirates NBD
25-Mar USD 750
Citigroup, Emirates NBD, HSBC, 4.875%, Sub100.000 4.875% 28-Mar-23 JPMorgan, National Bank of Abu Dhabi, variable ordinated Societe Generale Senior 08-Apr-23 unsecured Deutsche Bank, HSBC
UAE
Financial services
NR
NR
Interest rate reset on 28-Mar-18, reset margin ms+3.898%, call option on 28-Mar-18, Reg S
USD 1,000 3.473% 100.000 3.473% Saudi Electricity Company 26-Mar
AASaudi Arabia Energy AA-
A1
AADual-tranche, sukuk
Senior USD 1,000 5.060% 100.000 5.060% 08-Apr-43 unsecured
A1
AA-
84

BOND ISSUES2Q13
MIDDLE EAST
Issuer Sharjah Islamic Bank First Gulf Bank Date priced 09-Apr 11-Apr Size (m) USD 500 CHF 100 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector UAE UAE Financial services Financial services S&P/Moodys/Fitch Notes BBB+ NR NR A2 BBB+ Sukuk, Reg S NR 2.950% 100.000 2.950% Libor 100.000 +0.6% Senior Al Hilal Bank, HSBC, Liquidity House, 16-Apr-18 unsecured Standard Chartered Senior 23-Apr-15 Deutsche Bank unsecured Senior 27-Jan-23 unsecured
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12-Apr Lebanon (Govt of) 12-Apr
USD 500
6.000% 98.882 6.150%
B Fransa Invest Bank, Natixis, Standard Chartered Lebanon Sovereign B Financial services Financial services
B1
Tap of USD 500m 6% 2023, Reg S
USD 500
Senior 6.750% 100.451 6.700% 29-Nov-27 unsecured Libor 100.000 +0.53% -
B1
Tap of USD 500m 6.75% 2027, Reg S
Qatar National Bank
17-Apr
CHF 200
Senior 13-May-16 Barclays, Royal Bank of Scotland unsecured Deutsche Bank, HSBC, JPMorgan, Senior 29-Apr-20 Mitsubishi UFJ Securities, unsecured QNB Capital, Standard Chartered Senior 22-Apr-16 unsecured
Qatar
A+
Aa3
A+
Qatar National Bank
22-Apr USD 1,000 2.875% 99.216 3.000%
Qatar
A+
Aa3
A+
Change-of-control put option
23-Apr Lebanon (Govt of) 23-Apr Bahrain Telecommunications Company (Batelco)
USD 600
4.500% 100.000 4.500%
NR Deutsche Bank Lebanon Sovereign NR
NR
NR Dual-tranche
USD 500
Senior 5.500% 100.000 5.500% 23-Apr-19 unsecured Senior 01-May-20 BNP Paribas, Citigroup unsecured Senior 31-Oct-17 unsecured n.a. Senior 31-Oct-17 unsecured Senior Citigroup, HSBC, National Bank of 21-May-18 unsecured Abu Dhabi
NR
NR
29-Apr
USD 650
4.250% 99.450 4.342%
Bahrain
Telecoms BBB-
NR
BBB- Reg S
USD 425.04 9.000% 100.000 9.000% Dana Gas 08-May USD 425.04 7.000% -
UAE
Energy
NR
NR
NR
Post-restructuring, sukuk, issued as part of refinancing of the USD 1bn sukuk notes Post-restructuring, sukuk, convertible, conversion price: AED 0.75, issued as part of refinancing of the USD 1bn sukuk notes Reg S/144a
UAE
Energy
NR
NR
NR
Commercial Bank of Dubai
14-May USD 500
3.375% 99.526 3.479%
UAE
Financial services
NR
Baa1
A-
85

BOND ISSUES2Q13
Issuer Abu Dhabi Commercial Bank (ADCB) Dar Al-Arkan Real Estate Development Company (DAAR) Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Junior 1.875% 99.787 subordinated 5.750% 99.465 5.875% Maturity Lead arrangers/book runners 13-Jun-23 Barclays, Royal Bank of Scotland Country Sector UAE Financial services Real estate S&P/Moodys/Fitch Notes NR NR A Issue price: 100.237 with yield-to-call 1.27%, call option on 13-Jun-23
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16-May CHF 150
21-May USD 450
Bank Al Khair, Goldman Sachs, Senior 24-May-18 Deutsche Bank, Emirates NBD, unsecured Masraf Al Rayan, Qinvest
UAE
B+
NR
NR
Sukuk, guaranteed, Reg S/144a
Emirates NBD
22-May USD 1,000
Junior 5.75%, 100.000 5.750% subordivariable nated 3.125% 99.757 3.178%
perpetual
BofA-Merrill Lynch, Deutsche Bank, HSBC, UAE ING, Morgan Stanley, Emirates NBD Capital
Financial services Financial services Financial services Financial services
NR
NR
NR
Tier 1, hybrid, first call option on 30-May-19, coupon reset on the first call date and every six years thereafter (6yr ms+4.513%) Lower Tier 2, call option on 28-May-18, Reg S
Abu Dhabi Commercial Bank (ADCB) Qatar National Bank
22-May USD 300
Sub28-May-23 Standard Chartered ordinated Senior 27-Jun-16 Deutsche Bank unsecured Barwa Bank, Credit Agricole, CIMB, Senior National Bank of Abu Dhabi, Natixis, 04-Jun-18 NCB Capital, Royal Bank of Scotland, unsecured Standard Chartered
UAE
A-
NR
28-May CHF 200
0.500% 99.911
Qatar
NR
NR
NR
Issue price: 100.511
Islamic Development Bank
29-May USD 1,000 1.535% 100.000 1.535%
Saudi Arabia
NR
NR
NR
Sukuk, Reg S
USD 600
5.625% 100.000 5.625%
Senior secured
21-Jun-18
BB+
Baa3
NR Dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes ratings by two notches below the companys foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moodys)) and not restored within three months thereafter, Reg S/144a
Israel Electric Corporation
18-Jun
Barclays, Citigroup
Israel
Energy
USD 500
6.875% 100.000 6.875%
Senior secured
21-Jun-23
BB+
Baa3
NR
86

BOND ISSUES3Q13
MIDDLE EAST
Issuer Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector S&P/Moodys/Fitch Notes Tap of USD 600m 5.625% 2018, dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes ratings by two notches below the companys foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moodys)) and not restored within three months thereafter, Reg S/144a Tap of USD 500m 6.875% 2023, dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes ratings by two notches below the companys foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moodys)) and not restored within three months thereafter, Reg S/144a
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02-Jul
USD 150
5.625% 101.750
Senior secured
21-Jun-18
BB+
Baa3
NR
Israel Electric Corporation
Barclays, Citigroup
Israel
Energy
USD 150
6.875% 100.375
Senior secured
21-Jun-23
BB+
Baa3
NR
Bahrain (Govt of)
24-Jul USD 1,500 6.125% 99.447 6.200%
Senior BNP Paribas, Citigroup, 01-Aug-23 unsecured Gulf International Bank, JPMorgan Senior secured
Bahrain
Sovereign
NR
Baa1
BBB Reg S/144a
Ruwais Power Company (Shuweihat 2)
25-Jul
USD 825
6.000% 100.000 6.000%
BNP Paribas, Citigroup, HSBC, Mitsubishi 06-Aug-36 UFJ Securities, National Bank of Abu Dhabi, UAE Standard Chartered Saudi Arabia
Energy
A-
A3
NR
Amortising bond
Saudi Basic Industries Corp. (SABIC)
26-Sep USD 1,000 2.625% 100.000 2.625%
Senior Citigroup, HSBC, Mizuho, 03-Oct-18 unsecured Royal Bank of Scotland
A+
A1
A+
Reg S
87

BOND ISSUES4Q13
4Q13 MIDDLE EAST
<< BACK TO CONTENTS
Al Hilal Bank
01-Oct
USD 500
3.267% 100.000 3.267%
Senior Citigroup, HSBC, National Bank of Abu 08-Oct-18 unsecured Dhabi, Standard Chartered
UAE
Financial services
NR
A1
A+
Sukuk, issuer: AHB Sukuk Company Ltd
Petrofac
04-Oct
USD 750
3.400% 99.627
Senior Barclays, Deutsche Bank, JPMorgan, 10-Oct-18 unsecured Royal Bank of Scotland Al Hilal Bank, Citigroup, Mashreqbank, Senior 21-Oct-18 National Bank of Abu Dhabi, unsecured Standard Chartered Senior BNP Paribas, HSBC, QNB Capital, 22-Oct-18 unsecured Standard Chartered
Other
Energy
BBB+ Baa1
NR
Debut, guaranteed, negative pledge provision, use of proceeds incl. paying down the RCF, change-of-control put option, Reg S/144a Sukuk, issuer: RAK Capital, Reg S
Ras Al Khaimah (Govt of) 08-Oct Al Khalij Commercial Bank
USD 500
3.297% 100.000 3.297%
UAE
Sovereign Financial services
NR
09-Oct
USD 500
3.250% 99.575
Qatar
NR
NR
A-
Issuer: AKCB Finance Ltd, Reg S Guaranteed, coupon of 7.125% before the first call date (29-Oct-18), coupon reset to a new fixed rate every five years, following a change-of-control event: call option or interest margin increase of 5%, issuer: MAF Global Securities Ltd, Reg S
Majid Al Futtaim (MAF) Group
23-Oct
USD 500
7.125%, Sub100.000 7.125% variable ordinated
BofA-Merrill Lynch, Emirates NBD, Perpetual Goldman Sachs, HSBC, JPMorgan, Standard Chartered
UAE
Real estate
NR
NR
NR
USD 750 Qatar National Bank 23-Oct USD 750
Libor 100.000 +1.25%
Senior 31-Oct-16 unsecured
A+ HSBC, JPMorgan, QNB Capital, Royal Bank of Scotland, Standard Chartered Qatar Financial services A+
Aa3
A+ Dual-tranche, Reg S
Senior 2.750% 99.459 2.867% 31-Oct-18 unsecured 8.625% 100.000 8.625%
Aa3
A+ Debut, NC3, issuer: Topaz Marine SA, guarantors include Nico Middle East Ltd, Reg S/144a Guaranteed by the US Use of proceeds incl. future capex related to development of the Atrush Block (20.1%-owned by ShaMaran via General Exploration Partners)
Topaz Energy and Marine 25-Oct
USD 350
Senior Goldman Sachs, HSBC, 01-Nov-18 unsecured Standard Chartered Senior 30-Oct-20 Citigroup, HSBC, JPMorgan unsecured Senior secured
UAE
Energy
B-
B3
NR
Jordan (Govt of)
29-Oct USD 1,250 2.503% 100.000 2.503%
Jordan
Sovereign
NR
NR
NR
ShaMaran Petroleum
29-Oct
USD 150 11.500%
31-Dec-18 Pareto Securities
Other
Energy
NR
NR
NR
88

BOND ISSUES4Q13
<< BACK TO CONTENTS
First Gulf Bank
05-Nov USD 500
3.250% 99.274 3.405%
Senior BofA-Merrill Lynch, Citigroup, 14-Jan-19 unsecured Deutsche Bank, First Gulf Bank, HSBC
UAE
Financial services
NR
A2
A+
Change-of-control put option, Reg S
Guaranty Trust Bank
05-Nov USD 400
6.000% 99.469 6.125%
Senior 08-Nov-18 JPMorgan, Morgan Stanley unsecured Senior Deutsche Bank, JPMorgan, 09-Jan-17 unsecured Standard Chartered Bank
Nigeria
Financial services Financial services Chemicals & materials Services: other
BB-
NR
B+
Guaranteed, Reg S/144a
Abu Dhabi Commercial Bank (ADCB) Saudi Basic Industries Corp. (SABIC)
12-Nov USD 500
Libor 100.000 +1.3%
UAE
NR
A+
Guaranteed, issuer: ADCB Finance (Cayman) Ltd, change-of-control put option, Reg S Guaranteed, negative pledge provision, change-of-control put option, issuer: SABIC Capital I BV, Reg S Debut sukuk (mudaraba), call option on 21-Nov-18, fixed rate until first call date, issuer: GEMS MEA Sukuk Ltd
13-Nov
EUR 750
2.750% 99.280 2.865%
Senior Credit Agricole, ING, JPMorgan, Mitsubishi Saudi 20-Nov-20 unsecured UFJ Securities, Standard Chartered Arabia Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley
A+
NR
A+
Gems Education
18-Nov USD 200
12%, Subordi100.000 12.000% variable nated
Perpetual
UAE
NR
NR
NR
Dar Al-Arkan Real Estate Development Company (DAAR)
20-Nov USD 300
5.750% 99.323 6.000%
Bank Alkhair, BoA-Merril Lynch, Senior 25-Nov-16 Deutsche Bank, Emirates NBD, unsecured Goldman Sachs
Saudi Arabia
Real estate
B+
NR
NR
Sukuk, guaranteed
Aldar Properties
26-Nov USD 750
Dubai Islamic Bank, First Gulf Bank, Senior 4.348% 100.000 4.348% 03-Dec-18 Goldman Sachs, National Bank of Abu unsecured Dhabi, Standard Chartered
UAE
Real estate
BB
Ba2
NR
Sukuk (musataha), issuer: Sukuk Funding (No. 3) Ltd, negative pledge provision, cross-acceleration provision, waiver of immunity, Reg S Sukuk, issuer: Ooredoo Tamweel Ltd, negative pledge provision, cross-default provision, change-of-control put option, Reg S
Ooredoo (formerly: Qatar Telecom)
26-Nov USD 1,250 3.039% 100.000 3.039%
Senior DBS Bank, Deutsche Bank, HSBC, Qinvest, 03-Dec-18 unsecured QNB Capital
Qatar
Telecoms
A2
A+
89

FY13AFRICA

BY COUNTRY
South Africa Supranational Nigeria Other Morocco Egypt
Gabon USD 1.1bn 9 issues
USD 6.8bn USD 3.9bn USD 2.6bn 7 issues 6 issues
DEALS BY SECTOR
2 issues 1 issue USD 1.5bn 1 issue USD 0.8bn 1 issue USD 0.6bn 1 issue USD 0.4bn 1 issue USD 0.3bn
Ghana Tanzania Rwanda Burundi
Energy
Sovereign
LARGEST DEALS
Issuer Egypt (Govt of) South Africa (Govt of) Gabon (Govt of) AngloGold Ashanti Size (m) USD 2,700 USD 2,000 USD 1,500 USD 1,250 Size (USDm) Coupon 2,700 2,000 1,500 1,250 4.250% 5.875% 6.375% 8.500% Maturity Country Sector Sovereign Sovereign 28-Nov-14 Egypt 16-Sep-25 12-Dec-24 30-Jul-20 Gabon
Telecoms
South Africa Sovereign & South Africa Metals mining
Consumer: retail
Transport
90

1Q13
Supranational 2 issues USD 1.3bn
Other 2 issues USD 1.5bn 2 issues USD 0.8bn 1 issue USD 2.7bn 1 issue USD 0.4bn 1 issue USD 0.3bn
<< BACK TO CONTENTS
2Q13
Supranational 4 issues USD 1.6bn
Tanzania
1 issue USD 0.6bn

Morocco
Nigeria
1 issue USD 0.6bn
Egypt
Rwanda
South Africa
1 issue USD 0.4bn

Nigeria
3Q13
South Africa 5 issues USD 5.3bn
4Q13
South Africa 3 issues USD 1.2bn 3 issues USD 1.8bn 1 issue USD 1.5bn 1 issue USD 0.4bn 1 issue USD 0.3bn 1 issue USD 0.3bn
Nigeria
3 issues USD 1.3bn
Other
Gabon
Supranational 1 issue USD 1.0bn
Nigeria
Egypt 1 issue USD 1.0bn
Burundi
Ghana
1 issue USD 0.8bn
Morocco
91

BOND ISSUES1Q13
AFRICA
Issuer African Development Bank Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector SupraFinancial national services S&P/Moodys/Fitch Notes
<< BACK TO CONTENTS
16-Jan USD 1,000 0.875% 99.655 0.955%
Senior BNP Paribas, Deutsche Bank, 15-Mar-18 unsecured JPMorgan, Nomura
AAA
Aaa
AAA
Edcon Holdings
08-Feb
EUR 300
Senior 9.500% 96.500 10.415% secured
Barclays, BofA-Merrill Lynch, 01-Mar-18 Goldman Sachs, JPMorgan, Morgan Stanley
South Africa
Consumer: retail
B3
NR
Tap of EUR 317m 9.5% 2018, issued to repurchase 2014 senior secured notes, makewhole call and equity claw-back options before 01-Mar-14, call option from 01-Mar-14
African Development Bank
21-Feb
USD 250
0.875% 99.347
n.a.
Senior 15-Mar-18 BNP Paribas, Deutsche Bank unsecured
SupraFinancial national services
AAA
Aaa
AAA Tap of USD 1bn 0.875% 2018
Tanzania (Govt of)
27-Feb
USD 600
Libor 100.000 +6.0%
n.a.
Senior 08-Mar-20 Standard Bank unsecured
Tanzania Sovereign
NR
NR
NR
Debut, amortising equal semi-annual installments from 08-Mar-16, average life of five years Call options on 26-Mar-15 and every six months until 26-Dec-17, use of proceeds incl. repayment of ~USD 156.5m Bank of Scotland facility and USD 200m 13% convertible 2015 notes, quarterly coupon, Reg S/144a
Sea Trucks Group
15-Mar USD 575
Senior 9.000% 100.000 9.000% secured
26-Mar-18 Pareto Securities
Nigeria
Transport
NR
NR
NR
92

BOND ISSUES2Q13
AFRICA
Issuer African Development Bank Anglo American Date priced 09-Apr Size (m) USD 425 Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector SupraFinancial national services Other Metals & mining S&P/Moodys/Fitch Notes AAA Aaa AAA Tap of USD 1.25bn 0.875% 2018 Senior 15-Mar-18 Standard Chartered, TD Securities unsecured Senior BBVA, BNP Paribas, Credit Agricole, 29-Apr-21 unsecured Lloyds Banking Group, Santander Senior 02-May-23 BNP Paribas, Citigroup unsecured Senior 15-Mar-18 Deutsche Bank, TD Securities unsecured Senior 09-May-18 Citigroup, Deutsche Bank unsecured
<< BACK TO CONTENTS
0.875% 100.072 0.860%
22-Apr
EUR 750
2.500% 99.379 2.587%
BBB
Baa1
NR
Reg S
Rwanda (Govt of) African Development Bank Fidelity Bank
25-Apr
USD 400
6.625% 98.213 6.875%
Rwanda Sovereign SupraFinancial national services Nigeria Financial services
NR
Debut, Reg S/144a
25-Apr
USD 500
0.875% 100.120
AAA
Aaa
AAA Tap of USD 1.675bn 0.875% 2018
03-May USD 300
6.875% 99.480 7.000%
NR
Reg S/144a
Millicom International Cellular
17-May USD 500
Senior 4.750% 99.266 4.875% 22-May-20 BNP Paribas, JPMorgan, Standard Bank unsecured
Other
Telecoms
NR
Ba2
Make-whole option and equity claw-back options before 22-May-17, call option from BB+ 22-May-17, to refinance existing debt of Millicoms African subsidiaries; Reg S/144a BBBTap of USD 1bn 4.25 2022, dual-tranche, Reg S/144a Tap of USD 500m 5.5% 2042, dual-tranche, Reg S/144a Series 1
USD 500 Morocco (Govt of) 22-May USD 250
4.250% 100.263 4.216%
Senior 11-Dec-22 unsecured Barclays, BNP Paribas, Citigroup, Natixis Morocco Sovereign
BBB-
Ba1
Senior 5.500% 99.032 5.567% 11-Dec-42 unsecured Senior 28-Nov-14 HSBC, Qatar National Bank unsecured Senior HSBC, Commerzbank, Mitsubishi UFJ 04-Jun-18 unsecured Securities, Standard Bank Senior 15-Mar-17 Goldman Sachs, Standard Chartered unsecured Egypt Sovereign
BBB-
Ba1
BBB-
Egypt (Govt of) African ExportImport Bank African Development Bank
28-May USD 2,700 4.250% 100.000 4.250%
B-
B3
28-May USD 500
3.875% 99.282 4.035%
SupraFinancial national services SupraFinancial national services
BBB- Baa2 BBB-
13-Jun
USD 200
1.125% 100.791 0.909%
AAA
Aaa
AAA Tap of USD 1.5bn 1.125% 2017
93

BOND ISSUES3Q13
AFRICA
Issuer Egypt (Govt of) Date priced Size (m) Coupon Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector Egypt Sovereign S&P/Moodys/Fitch Notes BB3 B Series 2 Dual-tranche, negative pledge provision, Reg S/144a 01-Jul USD 1,000 3.500% 100.000 3.500% Senior 01-Jul-16 HSBC, Qatar National Bank unsecured Senior 12-Jul-18 unsecured Citigroup, Deutsche Bank USD 500 Senior 6.375% 98.193 6.625% 12-Jul-23 unsecured 100.000 6.000% 6.000% 16-Jul USD 250 101.000 Senior 18-Jul-20 Barclays, Citigroup, JPMorgan unsecured South Africa Media NR Baa3 NR No grow tap of USD 750m 6% 2020, issuer: Myriad International Holdings BV, Reg S/144a Country invited to exchange up to USD 219.5m of 2017 notes for USD 250m of new notes, Reg S/144a Equity claw-back option before 30-Jul-16, call option from 30-Jul-16, change-of-control put option, use of proceeds includes repurchasing some/all of the 2014 convertible notes Reg S/144a Tier 2, issuer: FBN Finance Company BV, call option on 07-Aug-18 Nigeria Sovereign BBNR BBIssuer: Myriad International Holdings BV, Reg S/144a
<< BACK TO CONTENTS
USD 500 Nigeria (Govt of) 02-Jul
5.125% 98.917 5.375%
BB-
NR
BB-
11-Jul Naspers
USD 750
Ghana (Govt of)
25-Jul
USD 750
7.875% 99.151 8.000%
Senior 07-Aug-23 Barclays, Citigroup unsecured
Ghana
Sovereign
B1
B+
AngloGold Ashanti
25-Jul USD 1,250 8.500% 100.000 8.500%
Senior 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs unsecured Senior 06-Aug-23 Barclays, Citigroup unsecured Sub06-Aug-20 Citigroup, Goldman Sachs ordinated Senior Deutsche Bank, Rand Merchant Bank, 16-Sep-25 unsecured Standard Bank
South Africa South Africa Nigeria
Metals & mining Energy Financial services
BB+
Baa3
NR
Eskom
30-Jul USD 1,000 6.750% 99.107 6.875%
BBB
Baa3
NR
First Bank of Nigeria
31-Jul
USD 300
8.250% 98.999 8.500%
NR
B-
South Africa (Govt of)
09-Sep USD 2,000 5.875% 98.422 6.062%
South Africa
Sovereign BBB
Baa1
BBB
African Development Bank
25-Sep USD 1,000 1.625% 99.933 1.639%
Senior Citigroup, Goldman Sachs, HSBC, 02-Oct-18 unsecured Toronto Dominion
Suprana- Financial tional services
NR
NR
NR
94

BOND ISSUES4Q13
4Q13 AFRICA
Issuer African Bank Date priced 01-Oct Size (m) CHF 105 Coupon 5.500% Re-offer Re-offer Seniority price yield Maturity Lead arrangers/book runners Country Sector South Africa Financial services S&P/Moodys/Fitch Notes NR Baa3 NR ZAR/CHF hedge applied
<< BACK TO CONTENTS
Senior 11-Oct-17 Credit Suisse, UBS unsecured
Millicom International Cellular
10-Oct
USD 800
6.625% 100.000 6.625%
Senior 15-Oct-21 BNP Paribas, Citigroup, JPMorgan unsecured
Other
Telecoms
NR
Ba2
Make-whole call option before 15-Oct-17, call option from 15-Oct-17, equity claw-back option before 15-Oct-16, use of proceeds incl. funding a merger of Millicom Spain Cable BB+ (parent of Colombia Movil, 50%+1 share owned by Millicom) with UNE-EPM Telecomunicaciones (owned by Empresas Publicas de Medellin) in Colombia, change-of-control put option, Reg S/144a NR NR Upsized from USD 500m, NC3 Euroclearable, Reg S/144a Use of proceeds: refinancing senior 2015 notes, make-whole call and equity claw-back options before 30-Jun-15, call option from 30Jun-15, Reg S/144a Negative pledge provision, cross-default provision, Reg S Guaranteed, use of proceeds: purchase any/all of 2016 senior secured notes and up to USD 100m of 2019 senior secured notes, Reg S/144a In conjunction with a tender offer for 2016 notes, Reg S Amortising in three equal annual installments from 12-Dec-22, issued in conjunction with an exchange offer on USD 1bn 8.2% 2017 notes, negative pledge provision, Reg S/144a
Tullow Oil Transnet
01-Nov USD 650
6.000% 100.000 6.000%
BNP Paribas, BofA-Merrill Lynch, Senior 01-Nov-20 Barclays, Credit Agricole, Deutsche Bank , unsecured JPMorgan, Societe Generale Senior 13-May-21 Deutsche Bank unsecured Barclays, BofA-Merrill Lynch, Goldman 30-Jun-19 Sachs, JPMorgan, RMB Morgan Stanley
Other South Africa South Africa
Energy
BB-
B1 A3
06-Nov ZAR 5,000 9.500% 100.000 9.500%
Transport BBB Consumer: retail Financial services
Edcon Holdings Banque Marocaine du Commerce Exterieur (BMCE) Afren Eastern and Southern African Trade and Development Bank (PTA Bank) Gabon (Govt of)
08-Nov
Senior EUR 425 13.375% 100.000 13.375% subordinated 6.250% 98.947 6.500%
CCC
Caa2
NR
21-Nov USD 300
Senior Barclays, BMCE Capital, 27-Nov-18 unsecured BNP Paribas, Citigroup BofA-Merrill Lynch, Citigroup, 09-Dec-20 Credit Suisse
Morocco
NR
Ba1
NR
27-Nov USD 360
Senior 6.625% 100.000 6.625% secured
Other
Energy
B+
NR
B+
29-Nov USD 300
6.375% 100.000 6.375%
Senior 06-Dec-18 BNP Paribas, Standard Chartered unsecured
Burundi
Financial services
NR
Ba1
BB
05-Dec USD 1,500 6.375% 100.000 6.375%
Senior Citigroup, Deutsche Bank, 12-Dec-24 unsecured Standard Chartered
Gabon
Sovereign
BB-
NR
BB-
95
CEEMEA Research
Olzhas Akpambetov, Analyst +44 (0)20 7010 6394, olzhas.akpambetov@debtwire.com Antigone Miltiadous, Analyst +44 (0)20 7010 5163, antigone.miltiadous@debtwire.com Elena Shutova, Analyst +44 (0)20 7010 6175, elena.shutova@debtwire.com Andrew Cairncross, Research Editor +44 (0)20 7010 5157, andrew.cairncross@debtwire.com
CEEMEA Editorial
Nick Briggs, Editor +44 (0)20 7059 6244, nb@debtwire.com Yulianna Vilkos, Deputy Editor +44 (0)20 7010 6273, yv@debtwire.com Victoria Bakir, Head of Capital Markets +44 (0)20 7010 6223, vb@debtwire.com Alesia Sidliarevich, Assistant Editor, Restructuring +44 (0)20 7010 6112, alesia.sidliarevich@debtwire.com John Foster, Senior Reporter, Africa +44 (0)20 7010 6347, john.foster@debtwire.com

Disclaimer: We have obtained the information provided in this report in good faith from sources which we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and DW intelligence.
FY13
Rachel McGovern, Reporter, Syndicated Loans +44 (0)20 7010 6391, rachel.mcgovern@debtwire.com Davide Barbuscia, Reporter, Africa +27 (0) 603622291, davide.barbuscia@debtwire.com Elias Lambrianos-Sabeh, Reporter, Middle East +44 (0)20 7010 6367, elias.lambrianos-sabeh@debtwire.com
Debtwire Sales
Angus Codd, Head of Sales, Debtwire EMEA +44 (0)20 7010 6121, ac@debtwire.com Daniel Kalyan, Sales, CEEMEA +44 (0)20 7010 6226, daniel.kalyan@debtwire.com William Brayshaw, Sales, GCC +44 (0)20 7010 5151, william.brayshaw@debtwire.com Ralph Morales, Sales, Americas +1 212 500 1381, ralph.morales@debtwire.com Jonathan Reed, Managing Director +1 212 686 5418, jonathan.reed@debtwire.com
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