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Kuwait Financial Centre “Markaz” MENA Daily Fixed Income Report –30 August 2012 News Update Select MENA Bond and Sukuk Prices (30 August 12) Qatar Islamic Bank Plans $1.5 Billion Sukuk Program- Qatar Islamic Type Name Maturity Size (Mn) Rating Bid Price Bank invited shareholders to meet Sept. 16 to approve an Islamic bond Sovereign program valued at $1.5 billion. Bond State of Qatar 20-Jan-17 2,000 AA/Aa2 104.586 8-Apr-19 1,500 AA/Aa2 127.000 Nakheel to Give Creditors Third Tranche of Bonds- Nakheel PJSC, Bond Emirate of Abu Dhabi Sukuk Dubai DOF Sukuk Ltd 2-May-17 600 -/-/106.459 the builder of artificial islands off Dubai’s coast, plans to issue a 220 Bond Kingdom of Bahrain 5-Jul-20 1,500 BBB/100.575 million-dirham ($60 million) sukuk before the end of the year, as a third Bond Lebanese Republic 12-Oct-17 600 -/97.224 payment to trade creditors, Al Khaleej reported citing company chairman Bond Republic of Turkey 14-Jul-17 2,250 BB/Ba1 121.250 Ali Rashed Lootah. The company also plans to settle 210 million dirhams Bond Arab Republic of Egypt 29-Apr-20 1,000 -/101.870 before the end of this month to its financial creditors, he said. Nakheel Bond Kindgom of Jordan 12-Nov-15 750 Ba2/BB 97.125 15-Jan-28 2,700 -/87.510 wrote down the value of its real estate after the 2009 credit crisis caused Bond Republic of Iraq the emirate’s speculation-driven property market to collapse. The company Corporates 18-Jan-17 300 Baa1/- 104.473 received an $8.6 billion bailout from Dubai’s government as part of a $10.5 Bond Tamweel Funding Ltd Bond Qatar Telecom 10-Jun-19 600 A/A2 127.964 billion debt restructuring that included issuing an Islamic bond to repay Sukuk Aldar Properties 27-May-14 1,500 BB-/B1 109.723 trade creditors. Bond Rasgas LNG 3 30-Sep-20 1,400 A/Aa3 112.130

Ask Price Bid Yield Ask Yield 105.016 127.750 107.057 101.450 98.889 121.750 103.707 98.625 88.490

2.027% 2.317% 3.392% 5.405% 5.630% 2.800% 5.446% 4.853% 7.436%

1.927% 2.211% 3.258% 5.264% 5.249% 2.702% 5.157% 4.337% 7.297%

105.340 128.934 110.300 113.220 109.628 116.608 109.535 103.330

4.029% 3.818% 3.244% 3.106% 4.851% 4.524% 2.420% 2.190% 4.169% 4.038% 6.779% 6.631% 6.529% 6.347% 2.027% 1.9034%

2-Jul-17 1,500 BBB-/Baa3 109.026 Dubai Court Sanctions $2.2 Billion Drydocks Restructuring - A Sukuk DP World Ltd Bond Kuwait Projects Co. 15-Jul-20 500 BBB-/Baa3 115.621 Dubai court sanctioned the $2.2 billion debt restructuring of Drydocks Bond Burgan Bank 29-Sep-20 400 BBB/Baa1 108.336 World LLC, after creditors approved the plan. The ruling by the special Bond Saudi Electricity Co. 3-Apr-17 500 A1/AA- 102.781 tribunal said 97.8 percent of Drydocks’s creditors agreed to the terms. A government decree allows the tribunal to enforce a restructuring proposal HSBC/NASDAQ Dubai Middle East US Dollar Sukuk /Bonds US Index Total Clean if at least two-thirds of the creditors agree to it. Sukuk Duration Yield Spread Life Coupon Total Market Cap

Dubai DP World Beats Estimates as Net Rises to $274 Million- DP World Ltd., the world’s third- biggest port operator, said first-half profit rose 0.4 percent, beating analyst estimates, as the company handled rising container traffic in Asia and increased handling charges. Net income attributable to owners of the company before separately disclosed items rose to $246.8 million from $245.7 million in the same period a year earlier, Dubai-based DP World said in a statement to Nasdaq Dubai.

27-Aug-12 31-Dec-11

5.04 4.99

4.11 5.07

262.51 326.79

Interbank Rates (%)

SAIBOR KIBOR BHIBOR Jordan’s $2 Billion IMF Loan Fails to Bolster Bonds- Jordan’s dollar QATAR bonds fell to a one- month low this week as a $2 billion International AEIBOR Monetary Fund loan accord failed to assuage investor concern over a LIBOR record current account gap. The yield on Jordan’s 3.875 percent debt due EURIBOR JDIBOR November 2015 gained seven basis points since the Washington-based TRLIBOR

fund approved the loan Aug. 3., reaching 4.80 percent yesterday, the highest since July 26. Over the same period, the yield on Lebanon’s 9.125 percent dollar bonds due March 2013 fell 19 basis points to 4.67 percent. Lebanon is rated two levels below Jordan at B1 by Moody’s Investors Service and has one of the world’s heaviest debt burdens at about 135 percent of gross domestic product, according to the IMF.

Return 160.296 148.84

3-Month 30/08/12 31/12/11 0.9537 0.5188 0.8750 0.5625 1.2400 0.8500 1.2357 0.4300 1.3212 0.9750 0.4217 0.2953 0.2880 0.9643 4.9440 3.8410 7.2250 11.2750

U.S. Treasuries (30 August 2012)

3-Month 2-Year 3-Year 5-Year Tunisia Central Bank Raises Benchmark Interest Rate to 3.75%- 7-Year The Tunisian central bank raised its benchmark interest rate by 25 basis 10-Year points to 3.75 percent. 30-Year

Current Yield (%) 0.10 0.27 0.36 0.69 1.09 1.65 2.76

1-Day ∆ (%) 0.000 0.000 -0.003 -0.003 -0.002 -0.003 -0.005

30/08/12 1.0056 1.1250 1.5700 1.4142 1.4850 0.7091 0.5490 5.3530 7.5845

6.50 6.80

Price 103.487 99.35

6-Month 31/12/11 0.7800 0.8125 1.2583 1.1000 1.5200 0.5810 1.2921 4.2380 Currencies 11.316 Currency USD

5.43 5.81

1471.730 1157.44

1-Year 30/08/12 31/12/11 1.1443 1.0400 1.3750 1.3125 1.9400 1.9583 1.7428 2.1500 1.6530 1.9725 1.0340 1.1281 0.8190 1.9134 5.8250 5.2000 7.9146 11.3743 1-Day ∆

0.2819 1-Day 0.0003∆ 1 Year (%) CurrencyKWD USD SAR 3.7502 (0.0001) -3.498% KWD 0.2820 (0.0001) SAR 3.7502 (0.0001) 0.008% BHD 0.3770 0.0000 BHD 0.3770 0.0001 0.003% QAR 3.6413 0.0004 QAR 3.6411 0.0000 0.014% OMR 0.003% OMR0.38490.3850(0.0001) 0.0003 AED 3.6730 0.0000 -0.003% AED 3.6730 0.0001 EGP 6.0946 (0.0019) -2.236% EUR/USD (0.0027) JOD 0.70901.2265 0.0014 -0.155% EUR/USD 1.2545 0.0023 -13.129%

MENA Sovereign Ratings Moody’s S&P Fitch Abu Aa2 AA AA Dhabi Bahrain Baa1 BBB

BBB

Kuwait

Aa2 AA

AA

Oman

A1

NR

Qatar

Aa2 AA

NR

KSA

Aa3 AA-

AA-

UAE

Aa2 NR

NR

Egypt

B2

B

B+

Lebanon B1

B

B

Turkey

BB

BB+

Tunisia Baa3 BB

BBB-

Ba1

A

Morocco Ba1 BBB- BBBJordan

Ba2

BB

NR

China

Aa3 AA-

A+

UK

Aaa AAA

AAA

US

Aaa AA+

AAA

USD 5-Year YTD CDS Change Abu 112.920 -11.4% Dhabi Dubai 314.493 -27.7% Bahrain 305.050 -20.4% Qatar

114.430 -10.2%

Saudi

109.930 -14.8%

Egypt

492.600 -23.9%

Lebanon 549.405

16.6%

Turkey

179.860 -38.7%

Iran

46.700

21.3%

Morocco 227.805 -14.8% China

102.895 -30.4%

France

136.450 -37.9%

Germany 58.745 -42.7% Japan

82.140 -42.2%

UK

53.590 -45.4%

US

47.500

-3.0%

This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz) , which is regulated by the Capital Markets Authority and the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. Any user after obtaining Markaz permission to use this report must clearly mention the source as “Markaz “ .This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report.For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804 800 Fax: 00965 2245 0647 Email: research@markaz.com

A number of sources which include Bloomberg, Zawya, and daily newspapers were utilized in the creation of this report.

DFIU30082012  

DFIU30082012

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