MEAN Fixed Income Daily Update - 28 July

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1. Kuwait Financial Centre “Markaz” MENA Daily Fixed Income Report – 28 July 2016 News Update: GCC Bonds & Sukuk: Best and worst Performers (28 July 2016) Best daily Performers Daily change UAE's Pacific Controls in bank talks about 1.4 Bn dirhams CBIUH 6 1/2 12/29/49 1.18% debt- Pacific Controls, a Dubai-based technology company, is in OMGRID 3.958 05/07/25 0.66% talks with banks about restructuring debts of 1.4 billion dirhams KUWAIE 9 1/2 08/04/19 0.43% ($381 million), sources told Reuters, one of the largest firms to Best YTD Performers YTD change DPWDU 6.85 07/02/37 16.93% have to do so since the emirate's economy began to slow. It is also SECO 5 1/2 04/08/44 14.19% set to be the highest-profile example to date of a company DUGB 5 1/4 01/30/43 13.42% receiving assistance from a special mechanism set up by the United Source: Bloomberg Arab Emirates' banking federation to help firms struggling to repay Bonds & Sukuk Indices (28 July 2016) debt owed to more than one lender, the sources said. Index Name Price 1-Day ∆ 116.080 0.02% 117.380 -0.01% 112.890 0.07% 117.661 0.52% 128.273 0.06% 155.063 -0.14% 157.039 -0.21% 129.142 0.05% S&P MENA Bond and Sukuk Index S&P MENA Bond Index S&P MENA Sukuk Index Bloomberg Global Developed Sovereign Bond Index Bloomberg Global Investment Grade Corporate Bond Index Bloomberg Global High Yield Corporate Bond Index Bloomberg USD Emerging Market Composite Bond Index Bloomberg US Treasury Bond Index UAE's property loans improving despite price slide -IMF-The quality of real estate loans in the United Arab Emirates has continued to improve despite sliding home prices, the International Monetary Fund said, in a sign that the UAE is coping better with a real estate downturn than it did in the last slump seven years ago. Dubai‟s average residential real estate price plunged 11 percent in 2015 and in neighbouring Abu Dhabi prices sank 0.8 percent, the Dow Jones Sukuk Index IMF said in a report on Wednesday after annual consultations with Interbank Rates (%) the UAE government. 3 Month Quarterly profits fall at UAE banks NBAD and FGB as bad loans weigh- National Bank of Abu Dhabi and First Gulf Bank, in merger talks to create one of the largest banks in the Middle East and Africa, both reported lower profits on Wednesday, reflecting challenging conditions in the UAE. The results bring to a close a generally tepid earnings season for the Gulf state's banks, with many struggling under the weight of higher defaults and sluggish credit growth. DAE signs 737 sale, leaseback deal with Oman Air- Dubai Aerospace Enterprise (DAE), a Middle East-based aircraft lessor, said on Wednesday it has reached a sale and leaseback agreement with Oman Air for two Boeing 737-800.In May, DAE told Gulf News it plans to buy as many as 65 ATR 72-600s, a turboprop aircraft, and would consider sale and leaseback deals for new model A320s known as “neos,” or new engine option. SAIBOR KIBOR BHIBOR QATAR AEIBOR SAIBOR LIBOR LIBOR EURIBOR JDIBOR TRLIBOR 28/07/16 2.2291 1.5000 1.5500 1.5934 1.1433 0.7335 -0.2980 4.3570 9.7146 2.2291 1.5000 U.S. Treasuries 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year 5-Year 7-Year 10-Year 30-Year Current Yield (%) 0.54 0.31 0.41 0.54 0.76 0.87 1.16 1.40 1.57 2.28 103.741 31/12/15 1.5488 1.6875 0.6500 1.3107 1.0549 0.6127 -0.1310 4.3570 11.4679 1.5488 1.6875 6 Month 28/07/16 31/12/15 2.3182 1.6338 1.8125 1.8750 1.9500 1.7750 1.7263 1.4059 1.4039 1.2210 1.0597 0.8462 -0.1870 -0.0400 5.0470 5.0340 9.7645 11.4679 2.3182 1.6338 1.8125 1.8750 -0.002 0.003 -0.005 -0.002 -0.012 -0.035 0.010 -0.070 -0.055 0.023 USD KWD SAR BHD QAR OMR AED EGP JOD EUR 0.3029 3.7509 0.3774 3.6418 0.3850 3.6730 8.9012 0.7107 1.0994 Daily change -2.96% -0.58% -0.31% YTD change -5.55% -3.72% -3.35% YTD∆ 5.12% 5.60% 4.06% 10.39% 8.05% 11.14% 11.87% 5.10% 0.05% Yield 0.00% 0.00% 0.00% 0.48% 2.11% 6.45% 4.78% 1.22% 2.96% 12 Month 28/07/16 31/12/15 2.4836 1.7850 2.1250 2.1875 2.2500 2.0500 1.9923 1.5551 1.7064 1.4746 1.3859 1.1780 -0.0480 0.0600 5.6410 5.5970 9.8391 11.4668 2.4836 1.7850 2.1250 2.1875 Currencies 1-Day ∆ Sovereign Ratings Worst daily Performers EBIUH 5 11/27/23 PLCSNO 0 12/30/22 QATAR 9 3/4 06/15/30 Worst YTD Performers DPWDU 1 3/4 06/19/24 EMAAR 8 1/2 08/03/16 KWIPKK 8 7/8 10/17/16 Swap rates 1-Day ∆ 1 Year (%) 0.0001 0.0001 (0.0001) (0.0002) (0.0000) 0.0000 (0.0068) 0.0003 0.0007 0.311% 0.096% -0.035% 0.011% 0.016% 0.000% -11.841% -0.127% 1.206% 2-Y 5-Y 10-Y 30-Y Last price 1-Day ∆ 0.987 1.184 1.472 1.849 0.015 0.015 0.007 0.000 Moody’s S&P Fitch Abu Aa2 AA AA Dhabi Bahrain Ba2 BB BB+ Kuwait Aa2 AA AA Oman Baa1 BBB- NR Qatar Aa2 AA AA KSA A1 A- AA- UAE Aa2 NR NR Egypt B3 B- B Lebanon B2 B- B Turkey Baa3 BB+ BBBTunisia Ba3 NR BB- Morocco Ba1 BBB- BBBJordan B1 BB- NR China Aa3 AA- A+ UK Aa1 AAA AA+ USA Aaa AA+ AAA USD 5-Year CDS YTD Change Abu Dhabi Dubai 80.000 -13.59 172.250 -26.28 Bahrain 392.335 7.73 Qatar 105.000 13.40 Saudi 180.000 15.54 Egypt 450.000 -6.01 Lebanon 474.505 12.47 Turkey 276.306 1.00 Iran 35.110 Morocco 183.410 8.03 -11.05 China 111.000 2.48 France 32.407 22.96 Germany 16.331 26.87 Japan 35.700 -26.59 UK 36.097 88.89 US 18.585 -3.25 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.