Daily Market Chatter (22-August-2016) G10

Daily Market Chatter (22-August-2016) FX G10  So the dollar closed high on the weekend and remained bid after a further hawkish rhetoric from Fed’s F...
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Daily Market Chatter (22-August-2016) FX G10  So the dollar closed high on the weekend and remained bid after a further hawkish rhetoric from Fed’s Fischer as he joined his fellow Fed members advocating a possible rate hike this year. Now the market is eyeing Yellen’s speech on Friday and will look for any clues on the timing of the next hike. Thus the fear is now for a disappointment, after all of this hawkish rhetoric, as she might tip the scales. Additionally, we had BOJ Kuroda who seemed a bit anxious than before and sees “sufficient chance” for BOJ to ease in September.  Today’s data slate is empty to say the least. We only have the US Chicago Fed Nat Activity.  EUR – I am happy to report that we finally have a trend in EURUSD, after spending months range bound and lonely in the corner as the market’s focus was elsewhere. EURUSD has been marking fresh modest highs every day, despite the growing chorus of hawkish Fed speakers including Bullard, Williams, Lockhart, and Dudley indicating that they still see one rate hike this year as likely. With that said, the FOMC minutes shed very little light on the timing of the next hike, while the ECB minutes brought little information about the future path of monetary policy beyond what president Draghi has already said. This week the focus will be on Yellen’s speech on Friday and I would expect that the USD bulls would try to spin any hawkish comments, but as the latest moves have showed, the dollar strength will be short-lived.  GBP – The cable bears have been cornered recently as Cable could not stay below 1.2900 and had a sustained rally last week with the recent UK data showing that it is not all gloomy after Brexit. Point made by the UK retail sales for July which beat the estimate. With that said, the upward momentum is somewhat limited by the weight of the short positioning which have hit a record high this month, so speculators have shifted to trading the pound through the crosses (GBPJPY and EURGBP mainly). Furthermore, the current Cable level makes me question if the BOE will do more as the overall depreciation of the currency this year may not provide as much economic stimulus as previously thought.  JPY – USDJPY has been tumbling and dipped below 100 multiple times and was saved by importer demand. This decline shows a clear disconnect between the Japanese stock rally and the BOJ efforts to weaken the currency, which shows the reluctance from their part to intervene in the FX market and rumors are spreading through the market that BOJ will refrain from actively acting in the market while USDJPY is above 95.00. On the other hand, Kuroda was on the wires last week and

indicated that he will not hesitate to add more stimulus in September, and there's "technically" room for deeper negative rates, he said, while ruling out helicopter money, as a result USDJPY gapped higher as JPY weakens further, and 101.50 resistance might be tested in the near-term.  AUD – The main market mover last week was the RBA minutes in which the CB repeated the same rhetoric “there was room for stronger growth, which could be assisted by lower interest rates”. Additionally, the latest AUD employment data was decent, but the lack of new buyers halted the move and the AUD strength on the back of the commodity rise ran out of steam and AUD lost some grounds after Moody’s cut the outlook for 5 Australian banks. AUDUSD broke 0.7600 effortlessly and might continue trading on the back foot today as speculators continue to push the dollar higher. Prev day Close EUR USD GBP USD USD JPY

1.1325 1.3075 100.22

% Change 1D -0.04% -0.48% +0.19%

1W +1.46% +1.20% -1.07%

1M +3.17% -0.26% -5.57%

1YR -1.77% -16.94% -15.92%

YTD +4.22% -11.26% -16.62%

Source: Bloomberg

EM  Asian EM currencies continue their weakening trend post hawkish statements from Fed officials stating chance of rate hike this year remains highly probably. KRW, TWD were among the ones getting hit the hardest reversing earlier gains this month. USDKRW paid up to 1130, and TWD paid up to 31.86. USDCNH spot traded 2 big figures higher after fixing came out over 400 pips higher. Corporate demand with local supply diminishing were main driver for this leg higher.  CNH DF also got paid up yet funding remains ease with t/n still trading around 1.1 pip / day.  Ahead of Jackson Hole meeting this Friday, I believe Asian EM will still get pressured as market has been underpriced USD rate hike expectation. Prev day Close USD TRY USD INR USD IDR

2.9292 67.061 13,163.0

% Change 1D +0.01% +0.38% +0.33%

1W -0.99% +0.26% +0.34%

1M -4.46% -0.03% +0.52%

1YR -0.04% +0.62% -6.31%

YTD +0.42% +1.37% -4.53%

Source: Bloomberg

G10 Rates  Deputy Fed Chair Fischer has shaken the market up a little ahead of Friday's Jackson Hole Symposium. He was very hawkish in a speech in Aspen, totally the wrong time of the year to be in Aspen but hey ho. He feels that the FED is close to target and 1.6% inflation (ex food and energy) is 'within hailing distance' of their 2% goal. He's happy with employment although recognises that falling productivity levels have added to the drag on GDP. Fixed income is lower on the back of this in the Asia

session and likely to push further as Europe comes in with TY heading to its next support around 131-18.  Quiet data day today with Chicago Fed National Activity Index the only number on the docket and its not what you'd call a first tier piece of info. UST Yield

Prev day Close

5Y 10Y 30Y

1.16% 1.58% 2.29%

Change (basis points) 1D +5.5 +4.3 +2.7

1W +6.7 +6.5 +5.6

1D +4.4 +3.7 +3.0

1W +6.6 +5.2 +2.4

1M +4.7 +1.2 +0.4

1YR -26.3 -45.8 -43.7

YTD -59.5 -69.0 -72.9

1YR -33.7 -65.4 -77.8

YTD -54.6 -73.9 -84.8

Source: Bloomberg

$ Mid Swap

Prev day Close (bps)

5Y 10Y 30Y

118.3 144.8 176.5

Change (basis points) 1M +2.5 -1.6 -8.3

Source: Bloomberg

Commodities Market  WTI Sep 16 futures closed higher at $48.52 on Friday after 2 Louisiana refineries were running at reduced capacity after severe flooding. The Exxon Mobil Baton Rouge complex (the 4th largest refinery in the US with a capacity of approx. 500kb/d) continues to run but most likely at reduced capacity – some reports suggest that production was cut by up to 60%. The Motiva Enterprises refinery (capacity of 235kb.d) was also affected as flooding prevented staff from reaching the plant. For the week ending 19 Aug, the late Friday evening Baker Hughes report printed a 8th consecutive weekly increase of 10 rigs, bringing the total to US rig count to 406 (vs. 674 this time last year). Despite the potential supply side disruption, front month gasoline cracks failed to break the $15/bbl level (vs $25 – 30 range this time last year).  This temporary supply side disruption in the US was tempered by news that a Libyan tanker has started loading at Zueitina port on Thursday as rival factions controlling that area had permitted docking and loading, according to an official from the Libyan National Oil Company. Fears around the potentially damaged port infrastructure was eased; the Zuetina port and storage facility holds about 3.1mb of crude and 180kb of condensate. Libyan output has dropped to 200kb/d due to blockades and damaged infrastructure as a result of the domestic strife and unrest.

MENA Fixed Income  Thursday was one of the busiest days we had in couple of weeks. Most of the activity was in the Qatar and Oman curve in good size but we also traded other names like Bahrain and Etisalat in good size as well. The SECO curve is still marching higher although we started to see some accounts inquiring if now is a good time to lighten up after that rally. Another name to keep an eye on is DP World 23s which has been well bid in the last couple of sessions and expect that to continue

after they got included in the JP Morgan Bond Index and looks cheap compared to the 20s.  Federal Reserve Vice Chairman Stanley Fischer signaled that a 2016 rate hike is still under consideration, saying the US economy is already close to meeting the central bank’s goals and that growth will gain steam. All eyes will be on Yellen Jackson Hole speech. US10yr yield @ 1.59% now vs 1.55% a week ago.  Coming to new Issues, National Bank of Abu Dhabi has mandated BofAML, Citi, Crédit Agricole CIB, HSBC, MUFG and NBAD, as joint lead managers and joint bookrunners to arrange a series of fixed income investor meetings in Asia and Europe commencing 22 August. A 5-year fixed rate USD denominated Green/Sustainable benchmark Regulation S offering will follow, subject to market conditions. NBAD, rated Aa3 (neg)/AA- (neg)/AA-(stable) by Moody's/S&P/Fitch, is the largest bank in the UAE by assets and the highest rated bank in the Middle East.  This is good news as there has been a lack of new issues all summer. If I remember correctly the last GCC new issue we had was Qtel and that was back in June. As for Fins think it was EIB back in May, so expect to see good demand back by the solid rating and the lack of Fins Issuance. Change (basis points)

Indices

Prev day Close (bps)

1D

1W

1M

1YR

YTD

JPMEMBI Sov

342.0

-2.4

-9.6

-18.4

-91.5

-68.1

Sovx CEEMEA

114.9

+1.0

-0.9

-14.1

-233.0

-68.7

Itrax Xover

310.7

+2.9

+2.6

-7.8

-53.0

-3.8

Indices

Prev day Close (bps)

1D

1W

1M

1YR

YTD

ADGB 5Y

72.0

+1.0

-3.1

-0.3

-8.2

-20.6

Qatar 5Y

96.0

+1.0

-5.2

-3.0

+12.7

+3.4

Dubai 5Y

162.2

+1.4

-1.8

-7.3

-68.2

-71.5

Source: Bloomberg

Change (basis points)

Source: Bloomberg

Continued…

Overnight market headlines Global News  Fischer signals 2016 rate hike with economy nearing Fed goals; says Fed close to hitting job and inflation targets  Fischer says monetary policy isn’t equipped to boost productivity growth  ‘Sufficient chance’ of BOJ easing September, Kuroda tells Sankei  Treasury yield climbs to two-month high and dollar gets a boost as Fischer joins hawks; yen falls on BOJ’s hints for further easing; Asian shares drop  Oil falls after the longest run of gains in four years as Iraq seeks export boost and Nigeria militants declare end to attacks

Middle East & Africa News  Kuwait lowers current fiscal year's projected deficit to by $4.6bn to $23.2bn  Saudi Arabia's ACWA Power expands revolving credit facility  Ooredoo Oman to invest more than $150m in network expansion  Egypt sees eurobond yield at 5.5-6% for Sept/Oct issuance  Moody's affirms Egypt’s B3 rating; outlook stable  Fitch keeps Turkey at investment grade by affirming its BBB- credit rating; revises outlook to negative  Gulf edges down despite petchems; Telecom Egypt climbs  Nigeria to allocate $180m more in capital spending  Nigeria banks to set naira rate on Monday without central bank intervention  IMF says Kenya may pay higher debt price for wide fiscal gap Please refer to our daily news summary if you wish to read the full articles

Continued…

Key data points – Global Major Stock Markets

Prev day Close

Change 1D

1W

1M

1YR

YTD

GLOBAL Dow Jones Inds. Avg

18,553

-0.24%

-0.13%

-0.10%

+12.71%

+6.47%

S&P 500

2,184

-0.14%

-0.01%

+0.41%

+10.81%

+6.85%

Nasdaq Composite

5,238

-0.03%

+0.10%

+2.71%

+11.31%

+4.61%

Nikkei

16,546

+0.36%

-2.21%

-0.49%

-14.87%

-13.07%

Hang Seng

22,937

-0.37%

+0.75%

+4.43%

+2.35%

+4.67%

Shanghai

3,108

+0.13%

+1.88%

+3.16%

-11.39%

-12.18%

Mumbai Sensex

28,077

-0.17%

-0.27%

+0.98%

+2.60%

+7.50%

DAX

10,544

-0.55%

-1.58%

+3.91%

+4.15%

-1.85%

CAC 40

4,401

-0.82%

-2.21%

+0.44%

-4.98%

-5.10%

FTSE 100

6,859

-0.15%

-0.83%

+1.91%

+10.85%

+9.88%

DJ Stoxx 50

2,968

-0.90%

-2.52%

-0.14%

-8.59%

-9.16%

FTSE MIB Index

16,310

-2.18%

-4.05%

-2.79%

-25.00%

-23.85%

SMI Index

8,127

-0.76%

-2.02%

-0.82%

-7.63%

-7.83%

MENA Abu Dhabi - ADX

4,519

+0.02%

-0.17%

-1.54%

+0.15%

+4.92%

Dubai – DFM

3,560

-0.36%

-0.22%

+0.44%

-4.05%

+12.97%

Saudi Arabia

6,212

-0.23%

-2.54%

-5.89%

-22.47%

-10.12%

Qatar

11,298

-0.20%

+2.20%

+7.24%

-0.42%

+8.32%

Bahrain

1,157

+0.69%

-0.07%

-0.29%

-12.35%

-4.85%

Kuwait

5,468

-0.08%

-0.57%

+1.42%

-9.66%

-2.62%

Oman

5,899

+0.08%

-0.18%

+1.39%

-3.13%

+9.12%

Egypt

8,352

+0.42%

+0.01%

+12.31%

+16.45%

+19.22%

Turkey

78,146

+0.22%

-0.11%

+8.93%

+5.89%

+8.95%

Source: Bloomberg

Major Commodities Prices

Change

Prev day Close

1D

1W

1M

1YR

YTD

WTI Oil $/bbl

48.52

+0.62%

+9.06%

+9.80%

+19.95%

+30.99%

Brent Oil $/bbl

50.88

-0.02%

+8.32%

+11.36%

+11.92%

+36.48%

Gold spot $/oz

1,341

-0.71%

+0.41%

+1.42%

+16.06%

+26.29%

Silver spot $/Troy oz

19.31

-2.20%

-2.05%

-1.66%

+29.39%

+39.13%

Alluminium 3MO $

1,667

-0.95%

+0.73%

+1.21%

+7.10%

+10.62%

Nickel 3MO $

10,355

+0.05%

+0.49%

-1.94%

-0.62%

+17.40%

Copper 3MO $

4,798

-0.23%

+0.78%

-3.73%

-3.94%

+1.98%

Source: Bloomberg

Key data points – GCC Fixed Income Security

S&P

Moody's

Ccy

Maturity Date

Mid Px

Mid Zsp

Mid Yield

Wk Chng

Mth Chng

Abu Dhabi Sovereigns ADGB 6.75 19

AA

Aa2

USD

8-Apr-19

114.350

15

1.18

-8

-16

ADGB 2.125 21

AA

N/A

USD

3-May-21

101.550

65

1.78

-0

+4

ADGB 3.125 26

AA

N/A

USD

3-May-26

106.250

100

2.40

-1

+6

ADWA 3.925 20

AA

Aa2

USD

28-Jul-20

104.300

25

2.76

-6

+32

ETISLT 2.375 19

AA-

Aa3

USD

18-Jun-19

101.950

63

1.66

-21

-19

ETISLT 1.75 21

AA-

Aa3

EUR

18-Jun-21

107.250

38

0.24

-10

-8

ETISLT 3.5 24

AA-

Aa3

USD

18-Jun-24

108.000

107

2.37

-19

-13

ETISLT 2.75 26

AA-

Aa3

EUR

18-Jun-26

116.375

75

0.99

-4

+4

INTPET 3.75 17

AA

Aa2

USD

1-Mar-17

101.300

2

1.24

-18

-51

INTPET 2.375 18

AA

Aa2

EUR

30-May-18

104.075

27

0.07

-2

-8

INTPET 5 20

AA

Aa2

USD

15-Nov-20

112.625

77

1.88

-9

-8

INTPET 5.875 21

AA

Aa2

EUR

14-Mar-21

125.250

45

0.29

-5

-8

INTPET 5.5 22

AA

Aa2

USD

1-Mar-22

117.500

95

2.12

-5

-2

INTPET 3.625 23

AA

Aa2

EUR

30-May-23

119.125

74

0.72

-5

-1

INTPET 6.875 26

AA

Aa2

GBP

14-Mar-26

133.750

212

2.80

-13

+4

INTPET 6.875 41

AA

Aa2

USD

1-Nov-41

145.250

235

4.01

-9

+1

MUBAUH 7.625 19

AA

Aa2

USD

6-May-19

116.625

31

1.34

-10

-18

MUBAUH 5.5 21

AA

Aa2

USD

20-Apr-21

115.375

89

2.02

-6

-5

MUBAUH 3.25 22

AA

Aa2

USD

28-Apr-22

105.000

111

2.31

-7

-2

MUBAUH 2.75 23

AA

Aa2

USD

11-May-23

101.875

119

2.45

-9

-3

DOLNRG 5.888 19

N/A

A1

USD

15-Jun-19

107.300

-97

3.15

-25

-53

DOLNRG 5.5 21

Abu Dhabi Corporates

N/A

A1

USD

15-Dec-21

115.750

116

2.33

-9

-7

TAQAUH 5.875 16

A-

A3

USD

27-Oct-16

100.990

-37

0.30

-86

-180

TAQAUH 4.125 17

A-

A3

USD

13-Mar-17

101.450

25

1.49

+2

-31

TAQAUH 6.165 17

A-

A3

USD

25-Oct-17

105.500

-2

1.42

-12

-45

TAQAUH 7.25 18

A-

A3

USD

1-Aug-18

110.750

57

1.60

-17

-32

TAQAUH 2.5 18

A-

A3

USD

12-Jan-18

101.200

30

1.62

-11

-25

TAQAUH 6.25 19

A-

A3

USD

16-Sep-19

112.150

108

2.13

-5

-9

TAQAUH 5.875 21

A-

A3

USD

13-Dec-21

115.550

154

2.71

-2

+0

TAQAUH 3.625 23

A-

A3

USD

12-Jan-23

103.250

183

3.06

-10

-4

TAQAUH 3.875 24

A-

A3

USD

6-May-24

104.375

193

3.23

-9

-2

TAQAUH 6.5 36

A-

A3

USD

27-Oct-36

134.000

241

4.02

-7

+3

A-

A3

USD

31-Aug-36

122.250

260

4.33

-7

+2

BBB

Baa3

USD

3-Dec-18

104.975

109

2.10

+7

+4

-14

1.13

-6

-33

RPCUH 6 36 ALDAR 4.348 18

Abu Dhabi Financials NBADUH 3.25 17

AA- /*-

Aa3

USD

27-Mar-17

101.250

NBADUH 3 19

AA- /*-

Aa3

USD

13-Aug-19

102.950

93

1.97

-3

-1

NBADUH 2.25 20

AA- /*-

Aa3

USD

11-Feb-20

100.625

100

2.06

-2

+2

NBADUH 5.25 49

BBB- /*-

Baa3

USD

Perpetual

104.625

285

4.39

-20

-21

UNBUH 3.875 16

N/A

A1

USD

10-Nov-16

100.625

18

0.94

-73

-113

ADCBUH 4.071 16

A

A1u

USD

22-Nov-16

100.688

45

1.27

-1

-47

ADCBUH 0 17

A

NR

USD

9-Jan-17

100.275

60

1.43

-28

-29

Source: NBAD

Mid Px

Mid Zsp

Mid Yield

Wk Chng

Mth Chng

6-Mar-18

100.925

65

1.89

-9

-19

4-Mar-19

102.575

94

1.95

-5

-5

USD

16-Sep-19

102.300

93

1.97

-3

-1

N/A

USD

10-Mar-20

101.250

119

2.26

+3

+7

NR

USD

6-Mar-23

105.250

236

3.59

-7

-1

A-

NR

USD

28-May-23

100.813

153

3.16

-19

-22

ALHILA 3.267 18

N/A

A1

USD

8-Oct-18

102.750

94

1.94

-1

-3

ALHILA 5.5 49

N/A

N/A

USD

Perpetual

103.250

324

4.78

-6

-8

ADIBUH 3.78 16

N/A

A2

USD

30-Nov-16

100.825

-15

0.71

-37

-81

ADIBUH 6.375 49

N/A

N/A

USD

Perpetual

105.500

268

6.18

-27

-32

FGBUH 4.046 17

N/A

A2

USD

18-Jan-17

101.150

10

1.17

-32

-66

FGBUH 2.862 17

N/A

A2

USD

9-Oct-17

101.200

32

1.78

-9

-28

FGBUH 3.25 19

N/A

A2

USD

14-Jan-19

103.350

80

1.81

-9

-10

FGBUH 2.625 20

N/A

A2

USD

24-Feb-20

102.375

85

1.92

-7

-4

QATAR 3.125 17

AA

Aa2

USD

20-Jan-17

100.950

-29

0.79

-28

-57

QATAR 2.099 18

AA

Aa2

USD

18-Jan-18

100.825

19

1.50

-11

-23

QATAR 6.55 19

AA

Aa2

USD

9-Apr-19

113.000

46

1.49

-13

-20

QATAR 5.25 20

AA

Aa2

USD

20-Jan-20

111.350

74

1.80

-3

-5

QATDIA 5 20

AA

Aa2

USD

21-Jul-20

111.250

91

2.00

-6

-5

QATAR 2.375 21

AA

Aa2

USD

2-Jun-21

101.175

98

2.11

-4

+1

QATAR 4.5 22

AA

Aa2

USD

20-Jan-22

111.600

104

2.21

-3

+0

QATAR 3.241 23

AA

Aa2

USD

18-Jan-23

107.050

83

2.06

-5

+1

QATAR 3.25 26

AA

Aa2

USD

2-Jun-26

103.100

148

2.88

-5

+3

QATAR 9.75 30

AA

Aa2

USD

15-Jun-30

169.000

195

3.43

+2

+9

QATAR 6.4 40

AA

Aa2

USD

20-Jan-40

137.500

229

3.93

-2

+8

QATAR 5.75 42

AA

Aa2

USD

20-Jan-42

128.500

230

3.96

-0

+10

QATAR 4.625 46

AA

Aa2

USD

2-Jun-46

109.750

236

4.06

+2

+14

RASGAS 6.75 19

A

Aa3

USD

30-Sep-19

114.750

78

1.83

-13

-18

QTELQD 3.375 16

A-

A2

USD

14-Oct-16

100.325

46

1.06

-18

-53

QTELQD 3.039 18

A-

A2

USD

3-Dec-18

102.500

91

1.91

-15

-15

QTELQD 7.875 19

A-

A2

USD

10-Jun-19

116.750

68

1.72

-11

-19

QTELQD 4.75 21

A-

A2

USD

16-Feb-21

111.300

97

2.09

-9

-7

QTELQD 3.25 23

A-

A2

USD

21-Feb-23

103.400

144

2.68

-13

-6

QTELQD 5 25

A-

A2

USD

19-Oct-25

115.250

171

3.08

-16

-9

QTELQD 3.75 26

A-

A2

USD

22-Jun-26

105.000

176

3.15

-18

-10

QTELQD 3.875 28

A-

A2

USD

31-Jan-28

106.000

178

3.24

-22

-14

QTELQD 4.5 43

A-

A2

USD

31-Jan-43

109.500

224

3.92

-7

+4

QNBK 0 16

A+

Aa3

USD

31-Oct-16

100.100

80

1.48

+8

+12

QNBK 3.375 17

A+

Aa3

USD

22-Feb-17

101.188

-25

0.98

-40

-70

QNBK 2.125 18

A+

Aa3

USD

14-Feb-18

100.425

56

1.83

-4

-14

QNBK 2.75 18

A+

Aa3

USD

31-Oct-18

101.825

89

1.89

+1

+0

QNBK 2.875 20

N/A

Aa3

USD

29-Apr-20

103.150

91

1.98

+0

+3

Security

S&P

Moody's

Ccy

ADCBUH 2.5 18

A

A1u

USD

ADCBUH 3 19

A

NR

USD

ADCBUH 2.75 19

A

NR

ADCBUH 2.625 20

A

ADCBUH 4.5 23

A-

ADCBUH 3.125 23

Maturity Date

Abu Dhabi Financials

Qatar Sovereigns

Qatar Corporates

Qatar Financials

Source: NBAD

Mid Px

Mid Zsp

Mid Yield

Wk Chng

Mth Chng

10-Oct-17

100.700

41

1.87

-2

-19

USD

27-Oct-20

101.200

134

2.45

-5

-1

USD

11-Apr-17

101.175

20

1.50

-9

-33

USD

24-Jun-19

101.450

131

2.34

-4

-2

USD

18-Nov-19

115.250

150

2.56

-5

-9

A2

USD

13-Jun-21

102.550

154

2.68

-6

-1 -22

Security

S&P

Moody's

Ccy

QIBKQD 2.5 17

N/A

N/A

USD

QIBKQD 2.754 20

N/A

N/A

COMQAT 3.375 17

BBB+

A2

COMQAT 2.875 19

BBB+

A2

COMQAT 7.5 19

BBB

Baa2

COMQAT 3.25 21

BBB+

Maturity Date

Qatar Financials

DHBKQD 3.5 17

A-

A2

USD

14-Mar-17

101.250

0

1.25

+6

ALKHAL 3.25 18

N/A

N/A

USD

22-Oct-18

101.950

132

2.32

-6

-7

QIIK 2.688 17

N/A

A2

USD

18-Oct-17

100.800

53

1.98

-8

-25

INTBOQ 3.5 20

N/A

A2

USD

25-Nov-20

102.950

165

2.76

-5

-1

ABQKQD 3.625 21

N/A

A2

USD

13-Apr-21

103.250

174

2.87

-5

-1

SECO 2.665 17

A-

A2

USD

3-Apr-17

100.800

6

1.35

-6

-26

SECO 4.211 22

A-

A2

USD

3-Apr-22

106.750

171

2.90

-11

-6

SECO 3.473 23

A-

A2

USD

8-Apr-23

103.400

166

2.90

-20

-13

SECO 4 24

A-

A2

USD

8-Apr-24

106.250

178

3.07

-25

-18

SECO 5.06 43

A-

A2

USD

8-Apr-43

103.500

316

4.82

-22

-11

SECO 5.5 44

A-

A2

USD

8-Apr-44

108.000

330

4.96

-16

-5

SABIC 2.625 18

A-

A1

USD

3-Oct-18

101.400

95

1.94

-4

-4

SABIC 2.75 20

A-

A1

EUR

20-Nov-20

108.375

91

0.74

-1

-1

DARALA 5.75 16

NR

N/A

USD

25-Nov-16

100.250

389

4.70

-43

-39

DARALA 5.75 18

NR

N/A

USD

24-May-18

97.750

601

7.13

-40

-40

DARALA 6.5 19

NR

N/A

USD

28-May-19

97.625

643

7.46

-7

-2

Saudi Corporates

Saudi Financials BSFR 2.947 17

BBB+

N/A

USD

22-May-17

100.900

36

1.73

+8

-10

GULINT 2.375 17

NR

Baa1

USD

11-Dec-17

100.250

81

2.18

-22

-34

BHRAIN 6.273 18

BB

N/A

USD

22-Nov-18

107.250

191

2.91

+1

-5

BHRAIN 5.5 20

BB

NR

USD

31-Mar-20

105.125

288

3.96

+4

+6

BHRAIN 5.875 21

BB

N/A

USD

26-Jan-21

105.125

346

4.58

-4

-1

BHRAIN 6.125 22

BB

N/A

USD

5-Jul-22

104.750

398

5.17

-4

+1

BHRAIN 6.125 23

BB

N/A

USD

1-Aug-23

104.375

411

5.36

+5

+11

BHRAIN 7 26

BB

N/A

USD

26-Jan-26

106.750

469

6.05

-7

-0

BHRAIN 6 44

BB

N/A

USD

19-Sep-44

86.500

549

7.12

+3

+13

Bahrain Sovereigns

Bahrain Corporates MUMTAK 4 21

BB

N/A

USD

25-Nov-21

98.875

308

4.24

-13

-8

BATELC 4.25 20

BB

N/A

USD

1-May-20

100.500

302

4.10

-2

+2

AUBBI 6.875 49

N/A

N/A

USD

Perpetual

101.375

537

6.52

-1

-1

BBK 3.5 20

N/A

Ba2

USD

24-Mar-20

97.000

334

4.41

-2

+4

GULF 3.25 17

N/A

A2

USD

28-Nov-17

101.250

85

2.24

-5

-21

Bahrain Financials

Dubai Sovereigns DEWAAE 6.375 16

N/A

Baa1

USD

21-Oct-16

100.875

28

0.92

+2

-109

DUGB 4.9 17

N/A

N/A

USD

2-May-17

102.500

-8

1.26

-32

-66

DEWAAE 3 18

BBB+

N/A

USD

5-Mar-18

102.100

37

1.61

-12

-25

Source: NBAD

Mid Px

Mid Zsp

Mid Yield

Wk Chng

Mth Chng

5-Oct-20

119.500

161

2.71

-5

-6

USD

21-Oct-20

118.350

158

2.68

-6

-7

USD

22-Jun-21

112.000

177

2.91

-7

-5

N/A

USD

2-May-22

117.750

184

3.03

-8

-5

N/A

N/A

USD

30-Jan-23

104.700

183

3.06

-12

-6

DUGB 5 29

N/A

N/A

USD

30-Apr-29

108.125

268

4.17

-3

+5

DUGB 5.25 43

N/A

N/A

USD

30-Jan-43

98.500

370

5.36

-4

+6

Security

S&P

Moody's

Ccy

DUGB 7.75 20

N/A

N/A

USD

DEWAAE 7.375 20

N/A

Baa1

DUGB 5.591 21

N/A

N/A

DUGB 6.45 22

N/A

DUGB 3.875 23

Maturity Date

Dubai Sovereigns

Dubai Corporates INVCOR 3.508 20

N/A

N/A

USD

21-May-20

101.600

197

3.05

-4

-1

INVCOR 4.625 24

N/A

N/A

USD

21-May-24

104.000

272

4.02

-3

+4

MAFUAE 5.85 17

BBB

N/A

USD

7-Feb-17

102.150

-6

1.10

-7

-63

MAFUAE 5.25 19

BBB

N/A

USD

5-Jul-19

108.400

117

2.21

-4

-7

MAFUAE 4.75 24

BBB

N/A

USD

7-May-24

109.000

212

3.41

-28

-21

MAFUAE 4.5 25

BBB

N/A

USD

3-Nov-25

107.625

215

3.52

-18

-11

MAFUAE 7.125 49

BB+

N/A

USD

Perpetual

106.625

292

6.41

+14

+7

DPWDU 6.25 17

NR

Baa3

USD

2-Jul-17

104.025

7

1.51

-2

-40

DPWDU 3.25 20

N/A

Baa3

USD

18-May-20

104.200

99

2.08

-23

-20

DPWDU 3.908 23

N/A

Baa3

USD

31-May-23

104.750

187

3.12

-37

-31

DPWDU 6.85 37

NR

Baa3

USD

2-Jul-37

119.375

370

5.30

-18

-8

KHDRWY 2.471 25

N/A

N/A

USD

31-Mar-25

101.750

82

2.25

-20

-17

EMIRAT 3.875 23

N/A

N/A

USD

19-Mar-23

102.750

162

3.40

-12

-13

EMIRAT 4.5 25

N/A

N/A

USD

6-Feb-25

103.125

238

4.06

-8

+1

FLYDU 3.776 19

N/A

N/A

USD

26-Nov-19

102.150

202

3.08

-15

-12

EMAAR 6.4 19

BBB-

Baa3

USD

18-Jul-19

111.750

116

2.20

-10

-14

EMAARM 4.564 24

BBB-

Baa2

USD

18-Jun-24

107.500

216

3.46

-10

-3

DIFCAE 4.325 24

BBB

N/A

USD

12-Nov-24

105.625

221

3.53

-5

+2

JAFZSK 7 19

N/A

Baa3

USD

19-Jun-19

112.125

148

2.52

-14

-19

DICUH 4.291 19

BB+

N/A

USD

20-Feb-19

103.750

171

2.72

-3

-4

DUBAIH 6 17

NR

WR

GBP

1-Feb-17

101.500

201

2.49

-33

-50

DAMACR 4.97 19

BB

N/A

USD

9-Apr-19

96.500

541

6.44

-6

-1

GMSEDU 12 49

N/A

N/A

USD

Perpetual

113.500

449

13.61

-4

-17

HSBC 2.75 19

N/A

A2

USD

1-Oct-19

101.250

128

2.33

-12

-9

NOORBK 2.788 20

N/A

N/A

USD

28-Apr-20

99.600

183

2.90

-5

-1

EBIUH 4.625 17

N/A

A3

USD

28-Mar-17

101.875

19

1.46

-12

-47

EBIUH 3.25 19

N/A

A3

USD

19-Nov-19

103.500

107

2.13

-8

-6

EBIUH 3 20

N/A

A3

USD

6-May-20

103.000

107

2.15

-3

-0

EBIUH 1.75 22

N/A

A3

EUR

23-Mar-22

101.250

161

1.51

-8

-3

EBIUH 4.875 23

N/A

NR

USD

28-Mar-23

104.250

95

4.26

-52

-61

EBIUH 5.75 49

N/A

N/A

USD

Perpetual

103.625

331

5.49

-1

-2

EBIUH 6.375 49

N/A

N/A

USD

Perpetual

105.625

373

5.31

-22

-23

EIBUH 4.718 17

N/A

A3

USD

18-Jan-17

101.375

21

1.28

-27

-69

EIBUH 4.147 18

N/A

A3

USD

11-Jan-18

103.000

62

1.94

-7

-25

EIBUH 3.542 21

N/A

N/A

USD

31-May-21

103.350

165

2.79

-4

+0

DIBUH 4.752 17

N/A

Baa1

USD

30-May-17

102.250

41

1.79

-13

-42

Dubai Financials

Source: NBAD

Security

S&P

Moody's

Ccy

Maturity Date

Mid Px

Mid Zsp

Mid Yield

Wk Chng

Mth Chng -12

Dubai Financials DIBUH 2.921 20

N/A

Baa1

USD

3-Jun-20

100.600

167

2.75

-16

DIBUH 3.6 21

N/A

Baa1

USD

30-Mar-21

103.000

177

2.90

-13

-9

DIBUH 6.25 49

N/A

N/A

USD

Perpetual

105.125

311

5.83

-7

-11

DIBUH 6.75 49

N/A

N/A

USD

Perpetual

105.750

415

6.05

-1

-2

TAMWEE 5.154 17

N/A

Baa1

USD

18-Jan-17

101.575

15

1.22

-47

-90

CBDUH 3.375 18

N/A

Baa1

USD

21-May-18

102.050

105

2.17

-8

-17

CBDUH 4 20

N/A

Baa1

USD

17-Nov-20

104.300

180

2.91

-3

-0

Oman OMAN 3.625 21

BBB-

Baa1

USD

15-Jun-21

104.350

152

2.66

-27

-23

OMAN 4.75 26

BBB-

Baa1

USD

15-Jun-26

105.375

269

4.08

-25

-17

BKMBOM 2.5 18

BBB-

Baa1

USD

26-Mar-18

100.175

118

2.39

-7

-15

BKMBOM 3.75 21

BBB-

Baa1

USD

3-May-21

102.750

198

3.12

-8

-4

NBOBOM 3.125 19

N/A

Baa2

USD

7-Oct-19

101.250

166

2.70

-2

+1

NBOBOM 7.875 49

N/A

N/A

USD

Perpetual

104.250

580

7.16

-21

-21

OMGRID 3.958 25

BBB-

Baa1

USD

7-May-25

98.250

285

4.20

-31

-23

BKDBOM 6.85 49

N/A

N/A

USD

Perpetual

100.125

572

6.41

-8

-8

101.750

265

3.73

-6

-3

Jordan HIKLN 4.25 20

BB+

Ba1

USD

10-Apr-20 Kuwait

KWIPKK 8.875 16

BBB-

Baa3

USD

17-Oct-16

101.250

-10

0.52

-115

-275

KWIPKK 4.8 19

BBB-

Baa3

USD

5-Feb-19

105.750

135

2.37

-7

-10

KWIPKK 9.375 20

BBB-

Baa3

USD

15-Jul-20

125.500

138

2.47

-6

-10

KWIPKK 5 23

BBB-

Baa3

USD

15-Mar-23

106.750

259

3.83

-18

-12

NTBKKK 5.75 49

N/A

Baa3

USD

Perpetual

103.875

368

5.20

+11

+10

SHARSK 3.839 21

A

A3

USD

Perpetual

106.250

123

2.34

-5

-2

SHARSK 3.764 24

A

A3

USD

17-Sep-24

106.250

157

2.89

-9

-2

RAKS 3.297 18

A

N/A

USD

21-Oct-18

102.975

89

1.89

-11

-12

RAKS 3.094 25

N/A

N/A

USD

31-Mar-25

100.250

171

3.06

-4

+4

SIB 2.95 18

BBB+

N/A

USD

16-Apr-18

101.050

112

2.30

-3

-11

SIB 2.843 20

N/A

A3

USD

17-Mar-20

100.350

167

2.74

+6

+10

BOSUH 3.374 20

N/A

N/A

USD

8-Jun-20

99.750

236

3.44

-12

-8

RAKBNK 3.25 19

N/A

Baa1

USD

24-Jun-19

101.250

176

2.79

-9

-7

UAE (Other)

Source: NBAD

NBAD Global Markets Contact details G10 FX & Rates

EM FX & Rates

Craig Tredgett

Husain Askar

[email protected]

[email protected]

Alison Higgins

Ahmed ElAlami

[email protected]

[email protected]

G10 FX Spot

Non-Linear Rate &Derivatives

Phil Muldoon

Hein Van Der Wielen

[email protected]

[email protected]

Nourah Al Zahmi

Vijesh Peris

[email protected]

[email protected]

Mohamed Bouzoubaa

MENA Fixed Income Matthew Locke [email protected]

[email protected]

Naoufal Alami [email protected]

Market Insights & Strategy Chavan Bhogaita [email protected]

NBAD Global Markets Tel: 00971 2611 0111 Disclaimer: To the fullest extent allowed by applicable laws and regulations, National Bank of Abu Dhabi PJSC (the “Bank”) and any other affiliate or subsidiary of the Bank, expressly disclaim all warranties and representations in respect of this communication. The content is confidential and is provided for your information purposes only on an “as is” and “as available” basis and no liability is accepted for or representation is made by the Bank in respect of the quality, completeness or accuracy of the information and the Bank has undertaken no independent verification in relation thereto nor is it under any duty to do so whether prepared in part or in full by the Bank or any third party. Furthermore, the Bank shall be under no obligation to provide you with any change or update in relation to said content. It is not intended for distribution to private investors or private clients and is not intended to be relied upon as advice; whether financial, legal, tax or otherwise. To the extent that you deem necessary to obtain such advice, you should consult with your independent advisors. Any content has been prepared by personnel of the Global Markets division at the Bank and does not reflect the views of the Bank as a whole or other personnel of the Bank.