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Kuwait Financial Centre “Markaz” MENA Daily Fixed Income Report –18 November 2012 News Update GCC Bond & Sukuk: Best and worst Performers (14 November 2012) Gulf Investment Corporation Selects 4 Banks for Possible Bond Daily Best daily Performers Worst daily Performers Issue- Gulf Investment Corporation , or GIC , a firm owned by the six oilchange 0.87% DANAGS 7 1/2 10/31/49 rich Gulf Cooperation Council states, has selected four banks to arrange a NBADUH 0 02/28/18 0.69% MASQUH 0 01/24/17 series of meetings with investors that could lead to a possible bond sale, QATAR 5.15 04/09/14 0.26% DHBKQD 0 12/12/16 according to an official at one of the mandated banks. GIC has appointed GULINT 0 09/30/15 0.21% RAKS 8 07/22/14 BNP Paribas (BNP.FR), Citigroup (C), National Bank of Abu Dhabi DUGB 4.9 05/02/17 DUGB 5.591 06/22/21 0.19% TAQAUH 5 7/8 12/13/21 (NBAD.AD) and Standard Chartered Bank (STAN.LN) to set up a series of Monthly Best monthly Performers Worst monthly Performers investor meetings in the Middle East, Asia and Europe starting on Nov. 18. change A regulation U.S. dollar benchmark bond offering may follow, subject to DANAGS 7 1/2 10/31/49 18.44% GOBLT 0 05/15/12 market conditions. QATAR 4 1/2 01/20/22 5.45% BHRAIN 6.273 11/22/18 Fitch Affirms Abu Dhabi Islamic Bank's Ratings- Fitch Ratings has affirmed Abu Dhabi Islamic Bank 's (ADIB) Long-term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook and Viability Rating (VR) at 'bb'. A full list of rating actions is at the end of this release. ADIB's IDRs are driven by potential state support from the UAE authorities. A change in Fitch's view of the willingness or ability of the UAE authorities to support ADIB would be negative for its IDRs and its Support Rating Floor. Tilal plans to raise RO53m via Sukuk- Tilal Development Company, the Sultanate's leading real estate company announced its intention to raise RO53 million by way of Islamic debt instrument or sukuk, which will be the first such issue in Oman in order to put into motion plans for expansion of the complex that houses Muscat Grand Mall. Hassan Jaboub, general manager of Tilal Development Company said, "These are very exciting times for us. The Muscat Grand Mall, our finest venture has seen unparalleled success and it is only natural for us to move forward the expansion way." Dubai's MAF May Issue Bonds Next Yr To Finance New ProjectsDubai-based Majid Al Futtaim Holding , or MAF , may issue bonds next year to finance two mega mall projects in Riyadh and Abu Dhabi worth a combined 6 billion U.A.E. dirhams, the company's chief executive officer said. "We are looking to acquire land in Abu Dhabi and Riyadh each of about 160,000 square meters to 200,000sqm to build malls there. If we find such lands in 2013 we'd start construction in 2014. Such large projects are about 3 bn dirhams and we may issue bonds to finance them,". Lebanon Launches Bond Exchange Offer- Lebanon Friday said it was offering some of its bond holders the opportunity to exchange their debt for new, longer-dated bonds. "The purpose of the exchange offer is to proactively conduct liability management operations, increase the Republic's financial flexibility and extend its debt maturity profile," a release said. The bonds qualified for exchange are the 9.125% bond due March 2013, and the 8.625% bond due June 2013. The outstanding amount on the former is $875 million, and the latter $650 million.

NBADUH 4.365 08/09/32 EBIUH 0 10/31/16 NBADUH 5.01 05/22/42

3.67% 3.32% 2.36% YTD change 39.96% 35.84% 34.43% 33.05% 32.84%

Best YTD Performers NBADUH 4.8 09/15/36 INTPET 6 7/8 11/01/41 MBPSFN 11 1/4 11/15/15 TAQAUH 6 1/2 10/27/36 NAKHL 10 08/25/16

Daily change -0.31% -0.31% -0.29% -0.27% -0.24% Monthly change -19.09% -0.91% -0.62% -0.52% -0.41% YTD change -2.56% -2.21% -2.20% -2.18% -1.77%

DAEAVI 11 1/4 08/01/15 BHRAIN 6 1/8 07/05/22 EMAAR 6.4 07/18/19 Worst YTD Performers DAEAVI 11 1/4 08/01/15 RAKS 8 07/22/14 DUGB 4 02/22/14 TAQAUH 6.6 08/01/13 ADGB 5 1/2 04/08/14

Source: Bloomberg, Markaz Analysis

HSBC/NASDAQ Dubai Middle East US Dollar Sukuk /Bond Index Sukuk 16-Nov-12 31-Dec-11

Total Return 165.076 148.84

Duration Yield 5.024 4.99

Interbank Rates (%) SAIBOR KIBOR BHIBOR QATAR AEIBOR LIBOR EURIBOR JDIBOR TRLIBOR

3-Month 18/11/12 31/12/11 0.9737 0.5188 0.8125 0.5625 1.2000 0.8500 1.2000 0.4300 1.3000 0.9750 0.3117 0.2953 0.1960 0.9643 5.0130 3.8410 6.5596 11.2750

3.59 5.07

Spread 237.176 326.79

Clean Coupon Total Market Cap Price 6.320 105.481 5.36 1522.690 6.80 99.35 5.81 1157.44

Life

6-Month 18/11/12 31/12/11 1.0112 0.7800 1.0625 0.8125 1.5333 1.2583 1.3714 1.1000 1.4713 1.5200 0.5357 0.5810 0.3810 1.2921 5.4470 4.2380 7.0702 11.316

1-Year 18/11/12 1.1275 1.3125 1.8917 1.7071 1.6312 0.8737 0.6070 5.9967 7.3767

U.S. Treasuries 15 November 2012 3-Month 2-Year 3-Year 5-Year 7-Year 10-Year 30-Year

Current Yield (%) 0.10 0.25 0.34 0.63 1.03 1.60 2.73

1-Day ∆ (%) 0.000 -0.008 0.003 -0.006 -0.007 -0.017 -0.022

31/12/11 1.0400 1.3125 1.9583 2.1500 1.9725 1.1281 1.9134 5.2000 11.3743

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-

Morocco Ba1 BBB- BBBJordan

Ba2

BB

NR

China

Aa3 AA-

A+

UK

Aaa AAA

AAA

US

Aaa AA+

AAA

USD 5-Year CDS Abu Dhabi Dubai

USD 0.2825 3.7504 0.3770 3.6411 0.3849 3.6730 6.1005 0.7092 1.2743

1-Day ∆ 0.0006 0.0001 0.0005 0.0001 (0.0005) 0.0001 0.0002 0.0012 0.0038

1 Year (%) -2.248% -0.003% 0.003% 0.014% 0.021% 1.9260% -2.241% 0.085% -3.154%

93.190

YTD Change -26.9%

246.538 -43.6%

Bahrain 210.6800 -45.8% Qatar

92.390 -37.5%

Saudi

80.410

-39.1%

Egypt

433.225

-32.2%

Lebanon 438.580

7.2%

Turkey Iran

Currency KWD SAR BHD QAR OMR AED EGP JOD EUR/USD

Ba1

A

154.030 -47.5% 37.900

Morocco 243.460

-2.9% -8.9%

China

71.000 -51.5%

France

90.700 -58.6%

Germany

31.000 -69.1%

Japan

73.500 -49.5%

UK US

36.400 -25.6% 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.

DFIU18112012  

DFIU18112012

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