ULUSLARARASI SERMAYE PİYASALARI - GÜNLÜK RAPOR 31/12/2018

1 ULUSLARARASI SERMAYE PİYASALARI - GÜNLÜK RAPOR 31/12/2018 Eurotahvil Piyasaları ABD hazine tahvil getirilerinde daralma gerçekleşti, on yıllık tahviller 2,77% getiri seviyesinde güne başladıktan sonra seansı 2,72% bölgesinde noktalarken Şubat ayından bu yana en düşük getiri seviyesi görüldü, iki yıllık tahvillerde de daralma yaşanırken 2-10 yıl getirimakası 19 baz puan oldu. Türk hazine eurobondları hacimlerin zayıf olduğu seansı yatay geçirdi, on yıl vadeli kıymet 6,90% getiri seviyesinde işlem görürken uzun vade kıymetler 7.20-7.30% bölgesinde işlem gördü. Şirket kıymetlerinde hacimler düşük olurken yakın vadeli sermaye benzeri kıymetlerde fiyatlar hafif geriledi, İş Bankası ve Garanti nin uzun vade sermaye benzeri kıymetlerinde alım talepleri öne çıktı, beş yıllık CDS primi ise 360 bölgesinde haftayı noktaladı. ABD & Avrupa Hisse Senedi Piyasaları Haftanın son seansında ABD endeksleri yön bulmakta zorlandı, hacimler son bir ayın ortalamalarının %10 civarında altında kaldı. Dow Jones endeksi seans içinde tam 3 kez yön değiştirdi, 23381 seviyesine kadar yükselen endeks son bir saatte kazanımlarının tamamını geri verdi ve %0.3 kayıpla 23062 seviyesinden eksi bölgede kapanış yaptı. Komünikasyon ve sağlık hariç tüm sektörler satıcılı kapandı, enerji vefinansallar en fazla gerileyenler oldu. Intel, walmart, Disney ve Pfizer %0.8-%0.2 bandında yükselerek, endeksin primli kapanış yapan hisseleri oldu.goldman, Exxon %1 in üzerinde değer kaybetti. S&P 500 endeksi de benzer şekilde bir eksi bir artı bölgeye geçti, kapanış %0.1 kayıpla 2486 seviyesinden oldu. 11 sektörün 7 sinde satıcılı kapanış vardı. Enerji %0.9 değer kaybetti. General Electric, Applied Materials, Chipotle ve Coty %2 nin üzerinde primlenerek endekste en iyi performans gösteren hisseler oldular, Apple ve Netflix yatay kapanışlar yaptı. Devlet otoriteleriile yapılan anlaşma gereği yönetim kuruluna 2 bağımsız yönetici atayan Tesla %5.6 primle 334 seviyesinden kapandı. Nasdaq comp. yatay artı kapanışla6584.52 seviyesinden kapandı. Russell 2000 endeksi de benzer şekilde son bir saatte önemli satış görse de, diğer endekslere göre dahaiyi performans gösterdi. Avrupa hisse endekslerinde nisan ayından bu yana en büyük sıçrama yaşandı ve %1 in üzerinde primlerle kapanış yapılırken, hacimler son bir ayın ortalamasının %40 civarında altında kaldı. Yılbaşı tatili sebebiyle erken kapanış yapan DAX %1.7 primle 10559 seviyesinden 2018 yılını sonlandırdı. Temel maddeler %2.4 kazanımla en fazla yükselen sektör oldu, IT ve finansallar %2 primlendi. Gayrimenkul hariç tüm sektörlerde alıcılı kapanış yapıldı. Wirecard %4.3, Linde ve İnfineon %3.2 primlendi. Endekste sadece Fresenius Medical ve Vonovia eksi bölgede kapanış yaptı. FTSE 100%2.3 primle 6734 seviyesinden haftayı sonlandırdı. IT, enerji ve altyapı sektörleri %3 e yakın primlendi, tüm sektörlerin alıcılı kapanış yaptığını gördük. Endekste en fazla ağırlığı olan hisselerden HSBC %1.9, Royal Dutch Shell %2.3 ve BP %3.5 yükseldi. Endekste eksi bölgede kapanışyapan tek hisse olan Randgold %1.7 değer kaybetti. CAC40 %1.7 primle 4679 seviyesinden haftayı sonlandırdı. Emtia & FX Vadeli Kontratları (Futures) EUR/USD güne 1.1430 seviyesinde başladı, Asya seansında alıcılı bir seyir izleyen parite 1.1470 bölgesini test ederken, Almanya dan gelen enflasyon rakamları satışlara neden olarak kısa süreliğine tekrar açılış bölgesine çekilmede etkili oldu, tekrar alım görerek1.1470 seviyesini yine test eden parite yön konusunda kararsız bir seyir izledi ve günü 1.1445 bölgesinde noktalarken, haftalık bazda peş peşe ikinci kez kazanım gösterdi. Spot altın son dönemde gösterdiği yükseliş trendini bugün de sürdürdü, $1,275 bölgesinde seansa başlayan altın öğle saatlerinde $1,280 bandının üzerine yükseldikten sonra inişli çıkışlı seyir izledi, son dönemde endekslerde oynaklığın artması altına talebi canlandırırken,ay başından bu yana gerçekleşen yaklaşık 4,9% lik yükseliş aylık bazda 2017 den bu yana en iyi performans oldu. WTI petrol, Noel tatili sonrası yaşadığı güçlü yükselişin ardından $45 seviyesinde tutunmaya çalışıyor, ABD de açıklanan stokların hafif azalması, hacimlerin nisbeten düşük olmasının da etkisiyle alımların daha kuvvetli etki göstermesini sağladı, gün içi iki sefer $45 altınasarkan Şubat vade kontrat gelen alımlarla haftayı $45.25 bölgesinde noktalarken, Pazartesi günü güçlü bir seyir izlenmediği takdirde, aylık bazda peş peşe üçüncü kez değer kaybının önüne geçilemedi. Benchmark Tahviller Fiyat Getiri Türkiye 87.723 6.909 Brezilya 96.400 5.094 Rusya 95.008 4.972 Güney Afrika 95.150 5.610 ABD 103.453 2.723 Almanya 100.109 0.235 5 Yıllık CDS GIP Değişim (bps) Türkiye 362-2 Brezilya 210-3 Rusya 153-1 Güney Afrika 223-1 Hisse Senedi Piyasaları Kapanış Değişim % Dow Jones 23,062.40-0.33 S&P 500 2,485.74-0.12 NASDAQ 6,584.52 0.08 Almanya 10,558.96 1.71 İngiltere 6,741.09 0.11 Fransa 4,700.32 0.46 Japonya 20,014.77-0.31 Şangay 2,493.90 0.44 Hong Kong 25,845.70 1.34 Brezilya 87,887.26 2.84 Emtia Piyasaları Kapanış Değişim % Petrol 45.330 1.61 Altın 1,281.100 0.42 Gümüş 15.381 0.97 Bakır 5,997.00 0.18 Döviz Dünkü Seviye Değişim % EUR/USD 1.1444 0.12 USD/JPY 110.2700-0.67 USD/CAD 1.3638 0.14 GBP/USD 1.2699 0.43 AUD/USD 0.7047 0.20 NZD/USD 0.6718 0.24 USD/CNH 6.8760 0.11 USD/TRY 5.2815-0.23 USD/RUB 69.6650-0.07 USD/ZAR 14.3938-0.42 Futures Dünkü Seviye Değişim % Dow Jones Mini 23,035.00-0.51 S&P 500 Mini 2,486.00-0.36 DAX 10,561.50 1.88 EUR/USD 1.1516-0.10 TREASURY 10Y 121.63 0.08

2 Şirket Adı ISINKodu Para Birimi Kupon Vade Alış Satış Alış Getiri Satış Getiri Kredi Notu (Moody's / Fitch) Miktar (M) Minimum Fiyat Performansı 1A ( ) 1Y( ) Türkiye (Sukuk) US900123BD15 USD 7.00 3/11/2019 100.400 100.600 4.76 3.72 Ba3/BB 1,500 100,000-0.05% -3.88% US900123BF62 USD 7.50 11/7/2019 101.850 102.050 5.22 4.98 Ba3/BB 1,500 100,000 0.54% -5.08% US900123AX87 USD 7.00 6/5/2020 102.000 102.250 5.51 5.33 Ba3/BB 2,000 2,000 1.14% -5.36% US900123BH29 USD 5.63 3/30/2021 99.982 100.629 5.63 5.32 Ba3/BB 2,000 100,000 2.58% -4.88% US900123BY51 USD 5.13 3/25/2022 97.380 97.880 6.03 5.85 Ba3/BB 1,000 200,000 3.05% -5.90% US900123BZ27 USD 6.25 9/26/2022 100.500 101.000 6.09 5.94 Ba3/BB 2,500 200,000 3.61% -7.22% US900123CA66 USD 3.25 3/23/2023 89.375 89.875 6.14 6.00 Ba3/BB 1,500 200,000 4.38% -5.36% US900123CR91 USD 7.25 12/23/2023 102.375 102.875 6.67 6.55 Ba3/BB 2,000 200,000 3.15% N/A US900123CF53 USD 5.75 3/22/2024 96.375 96.875 6.58 6.46 Ba3/BB 2,500 200,000 4.08% -8.67% US900123AW05 USD 7.38 2/5/2025 103.000 103.500 6.76 6.66 Ba3/BB 3,250 2,000 4.44% -10.42% US900123CJ75 USD 4.25 4/14/2026 86.000 86.783 6.71 6.56 Ba3/BB 1,500 200,000 5.00% -9.59% US900123CK49 USD 4.88 10/9/2026 88.530 89.262 6.80 6.67 Ba3/BB 3,000 200,000 5.16% -10.07% US900123CP36 USD 5.13 2/17/2028 87.604 88.104 6.98 6.90 Ba3/BB 2,000 200,000 4.36% N/A US900123CQ19 USD 6.13 10/24/2028 92.000 92.500 7.28 7.20 Ba3/BB 2,000 200,000 3.49% N/A US900123CL22 USD 6.00 3/25/2027 94.380 94.880 6.90 6.82 Ba3/BB 3,250 200,000 5.01% -11.21% US900123AL40 USD 11.88 1/15/2030 134.210 134.965 7.30 7.22 Ba3/BB 1,500 1,000 4.10% -14.59% US900123AT75 USD 8.00 2/14/2034 104.700 105.700 7.47 7.37 Ba3/BB 1,500 2,000 6.24% -14.52% US900123AY60 USD 6.88 3/17/2036 94.280 95.030 7.47 7.39 Ba3/BB 2,750 2,000 7.44% -14.58% US900123BB58 USD 7.25 3/5/2038 96.375 97.500 7.61 7.50 Ba3/BB 1,000 2,000 6.43% -16.97% US900123BG46 USD 6.75 5/30/2040 91.875 92.625 7.52 7.44 Ba3/BB 2,000 100,000 6.96% -16.18% US900123BJ84 USD 6.00 1/14/2041 84.335 85.248 7.46 7.36 Ba3/BB 3,000 200,000 6.71% -16.34% US900123CB40 USD 4.88 4/16/2043 74.130 75.010 7.13 7.04 Ba3/BB 3,000 200,000 5.90% -15.43% US900123CG37 USD 6.63 2/17/2045 90.440 91.440 7.46 7.37 Ba3/BB 3,000 200,000 8.03% -16.06% US900123CM05 USD 5.75 5/11/2047 81.250 82.000 7.33 7.25 Ba3/BB 3,500 200,000 7.26% -15.99% XS0285127329 EUR 5.88 4/2/2019 100.990 101.350 1.72 0.32 Ba3/BB 1,250 50,000 0.06% -5.30% XS0503454166 EUR 5.13 5/18/2020 103.125 103.425 2.76 2.54 Ba3/BB 2,000 50,000 0.71% -5.73% XS0993155398 EUR 4.35 11/12/2021 102.210 103.015 3.52 3.23 Ba3/BB 1,250 100,000 1.16% -6.30% XS1057340009 EUR 4.13 4/11/2023 99.540 100.469 4.24 4.00 Ba3/BB 1,000 100,000 1.43% -7.79% XS1629918415 EUR 3.25 6/14/2025 91.000 91.500 4.91 4.81 Ba3/BB 1,000 100,000 2.25% -9.89% XS1303467077 USD 4.25 6/8/2021 96.520 97.270 5.81 5.46 Ba3/BB 1,000 200,000 1.66% -4.19% XS1586385178 USD 5.00 4/6/2023 94.881 95.631 6.39 6.18 Ba3/BB 1,250 200,000 1.98% -6.88% XS1141043296 USD 4.49 11/25/2024 90.535 91.285 6.44 6.28 Ba3/BB 1,000 200,000 2.84% -7.92% AKBANK XS1111101314 USD 4.00 1/24/2020 98.125 98.875 5.85 5.10 B1/B+ 500 200,000 1.82% -2.24% AKBANK USM0375YAK49 USD 5.00 10/24/2022 93.500 94.500 6.97 6.66 B1/B+ 500 150,000 3.31% -7.20% AKBANK XS1210422074 USD 5.13 3/31/2025 87.750 88.750 7.63 7.41 B1/B+ 500 200,000 4.78% -10.80% AKBANK XS1574750292 USD 7.20 3/16/2027 87.750 89.750 9.61 9.23 Caa1/B 500 200,000 3.54% -16.43% AKBANK XS1772360803 USD 6.80 4/27/2028 85.500 90.500 9.06 8.20 Caa1/B 400 200,000 8.92% N/A ALTERNATİFBANK XS1089556358 USD 3.13 7/22/2019 98.500 99.500 5.92 4.05 NA/A 250 200,000 0.77% N/A ALTERNATİFBANK XS1396282177 USD 8.75 4/16/2026 87.834 89.834 12.32 11.87 B2/B+ 300 200,000 0.58% -14.91% ANADOLU EFES XS0848940523 USD 3.38 11/1/2022 92.000 93.000 5.73 5.42 Ba2/NA 500 200,000 0.55% -5.64% ARÇELİK XS1109959467 EUR 3.88 9/16/2021 98.750 99.750 4.37 3.97 NA/BB+ 350 100,000 0.51% -7.06% ARÇELİK XS0910932788 USD 5.00 4/3/2023 90.500 91.500 7.66 7.36 NA/BB+ 500 200,000 0.84% -10.58% COCA-COLA XS1577950402 USD 4.22 9/19/2024 93.625 94.125 5.53 5.42 Ba2/BBB- 500 200,000 1.22% -7.76% CREDIT EUROPE BANK XS1706923148 USD 7.25 11/9/2027 79.000 83.000 11.30 10.48 B2/B+ 150 200,000 N/A N/A EXPORT CREDIT BANK XS0774764152 USD 5.88 4/24/2019 99.750 100.250 6.63 5.00 B1/NA 750 200,000 0.50% -2.97% EXPORT CREDIT BANK XS1345632811 USD 5.38 2/8/2021 96.625 97.375 7.13 6.73 B1/BB- 500 200,000 2.11% -5.50% EXPORT CREDIT BANK XS1028943089 USD 5.00 9/23/2021 94.625 95.625 7.21 6.78 B1/BB- 500 200,000 2.85% -6.54% EXPORT CREDIT BANK XS1684378208 USD 4.25 9/18/2022 90.375 91.375 7.25 6.92 B1/BB- 500 200,000 3.43% N/A EXPORT CREDIT BANK XS1496463297 USD 5.38 10/24/2023 91.000 92.000 7.64 7.38 B1/BB- 500 200,000 3.70% -10.12% EXPORT CREDIT BANK XS1814962582 USD 6.13 5/3/2024 91.625 92.500 8.09 7.87 B1/BB- 500 200,000 3.24% N/A FİBABANKA XS1711581337 USD 6.00 1/25/2023 79.000 84.000 12.79 10.99 NA/B+ - 200,000 3.27% N/A FİBABANKA XS1386178237 USD 7.75 11/24/2027 73.375 74.500 12.83 12.57 NA/B- 300 200,000 1.11% -27.33% FİNANSBANK XS1063442484 USD 6.25 4/30/2019 100.125 100.625 5.79 4.25 Ba3/BB- 500 200,000 0.13% -2.67% FİNANSBANK XS1613091500 USD 4.88 5/19/2022 93.500 94.500 7.07 6.72 Ba3/BB- 750 200,000 1.63% -4.74% GARANTİ XS1084838496 EUR 3.38 7/8/2019 100.000 100.750 3.32 1.86 B1/BB- 500 100,000 0.63% -3.26% GARANTİ XS1057541838 USD 4.75 10/17/2019 98.750 99.500 6.39 5.40 B1/BB- 750 200,000 0.64% -2.71% GARANTİ USM8931TAA71 USD 6.25 4/20/2021 99.375 99.875 6.54 6.30 B1/BB- 500 200,000 2.32% -5.81% GARANTİ USM8931TAF68 USD 5.25 9/13/2022 94.375 95.125 7.00 6.76 B1/BB- 750 200,000 2.30% -7.48% GARANTİ XS1576037284 USD 5.88 3/16/2023 95.000 95.750 7.27 7.06 B1/BB- 500 200,000 3.83% -8.54% GARANTİ XS1617531063 USD 6.13 5/24/2027 85.750 86.750 8.93 8.74 B3/B+ 750 200,000 6.69% -13.93% GLOBAL LİMAN XS1132825099 USD 8.13 11/14/2021 95.000 96.500 10.17 9.54 B2/BB- 250 200,000 0.66% -6.52% HALK BANKASI XS1069383856 USD 4.75 6/4/2019 97.625 98.625 10.62 8.11 B2/B+ 500 200,000 0.64% -0.64% HALK BANKASI XS0882347072 USD 3.88 2/5/2020 90.000 91.000 14.09 13.00 B2/B+ 750 200,000 1.12% -5.76% HALK BANKASI XS1188073081 USD 4.75 2/11/2021 84.625 86.125 13.36 12.44 B2/B+ 500 200,000 0.74% -11.27% HALK BANKASI XS1439838548 USD 5.00 7/13/2021 84.500 86.000 12.32 11.54 B2/B+ 500 200,000 1.50% -11.63% İŞ BANKASI XS0982644774 USD 5.50 4/21/2019 99.625 100.376 6.70 4.18 B2/B+ 500 200,000 0.50% -2.33% İŞ BANKASI XS1121459074 USD 5.00 4/30/2020 97.000 97.750 7.41 6.80 B2/B+ 750 200,000 2.11% -4.08% İŞ BANKASI XS1079527211 USD 5.00 6/25/2021 91.125 92.125 9.08 8.60 B2/B+ 750 200,000 3.26% -8.99% İŞ BANKASI XS1390320981 USD 5.38 10/6/2021 91.750 92.500 8.80 8.48 B2/B+ 750 200,000 3.67% -8.93% İŞ BANKASI XS1508390090 USD 5.50 4/21/2022 90.230 91.480 8.98 8.51 B2/B+ 600 200,000 4.92% -10.55% İŞ BANKASI XS0847042024 USD 6.00 10/24/2022 83.125 84.625 11.60 11.05 Caa1/B 1,000 200,000 1.06% -17.08% İŞ BANKASI XS1003016018 USD 7.85 12/10/2023 86.750 87.750 11.43 11.14 Caa2/B 400 200,000 2.36% -18.35% İŞ BANKASI XS1578203462 USD 6.13 4/25/2024 84.500 85.500 9.95 9.68 B2/B+ 1,250 200,000 3.68% -16.23% İŞ BANKASI XS1623796072 USD 7.00 6/29/2028 77.000 79.000 11.30 10.90 Caa2/B 500 200,000 2.33% -23.00% KOÇ HOLDİNG XS0922615819 USD 3.50 4/24/2020 96.625 97.375 6.22 5.60 Ba2/NA 750 200,000 1.44% -3.47% KOÇ HOLDİNG XS1379145656 USD 5.25 3/15/2023 93.375 94.375 7.10 6.81 Ba2/NA 750 200,000 0.95% -10.99%

3 MERSİN LİMAN XS0957598070 USD 5.88 8/12/2020 99.500 100.500 6.20 5.02 Ba2/BB+ 450 200,000 0.63% -3.63% ODEABANK XS1655085485 USD 7.63 8/1/2027 61.000 64.000 16.62 15.72 Caa2/B- 300 200,000 0.00% -33.88% PETKİM XS1747548532 USD 5.88 1/26/2023 90.750 91.750 8.62 8.31 B1/B 500 200,000 0.41% N/A RONESANS XS1807502668 USD 7.25 4/26/2023 80.000 90.000 13.51 10.16 Ba3/BB 300 200,000 2.56% N/A ŞİŞECAM XS0927634807 USD 4.25 5/9/2020 97.125 98.125 6.50 5.71 Ba2/BB+ 500 200,000 0.52% -4.12% TSKB XS1117601796 USD 5.38 10/30/2019 98.250 99.250 7.59 6.31 B2/B+ 350 200,000 1.03% -3.20% TSKB XS1219733752 USD 5.13 4/22/2020 95.250 96.250 9.06 8.21 B2/B+ 350 200,000 1.06% -5.34% TSKB XS1412393172 USD 4.88 5/18/2021 90.500 91.500 9.43 8.92 B2/B+ 300 200,000 3.13% -8.59% TSKB XS1750996206 USD 5.50 1/16/2023 83.875 84.875 10.50 10.16 B2/B+ 350 200,000 2.29% N/A TSKB XS1584113184 USD 7.63 3/29/2027 80.875 82.875 11.54 11.11 Caa2/B 300 200,000 3.03% -20.42% TURKCELL XS1298711729 USD 5.75 10/15/2025 91.000 92.000 7.46 7.26 Ba2u/BB+ 500 200,000 1.68% -15.45% TURKCELL XS1803215869 USD 5.80 4/11/2028 86.000 87.000 7.96 7.79 NA/BB+ 500 200,000 1.18% N/A TÜPRAŞ XS1686704948 USD 4.50 10/18/2024 87.375 88.375 7.20 6.97 Ba2/BB+ 700 200,000 0.43% -11.52% TÜRK TELEKOM XS1028952155 USD 3.75 6/19/2019 98.625 99.125 6.82 5.69 NA/BB+ 500 200,000 0.51% -1.99% TÜRK TELEKOM XS1028951264 USD 4.88 6/19/2024 86.125 87.125 8.07 7.82 NA/BB+ 500 200,000 1.03% -15.36% VAKIFLAR BANKASI XS1077629225 EUR 3.50 6/17/2019 99.625 100.625 4.26 2.06 B1/B+ 500 100,000 0.50% -2.45% VAKIFLAR BANKASI XS1403416222 EUR 2.38 5/4/2021 95.909 95.909 4.25 4.25 Ba1/NA 500 100,000-0.03% -4.77% VAKIFLAR BANKASI XS1508914691 USD 5.50 10/27/2021 91.375 92.375 9.03 8.60 B1/B+ 500 200,000 1.81% -8.63% VAKIFLAR BANKASI XS1622626379 USD 5.63 5/30/2022 90.125 91.125 9.05 8.69 B1/B+ 500 200,000 2.41% -9.54% VAKIFLAR BANKASI XS0849728190 USD 6.00 11/1/2022 84.625 85.625 11.03 10.67 Caa1/B 672 200,000 2.58% -13.98% VAKIFLAR BANKASI XS1760780731 USD 5.75 1/30/2023 88.000 89.000 9.36 9.03 B1/B+ 650 200,000 3.83% N/A VAKIFLAR BANKASI XS1175854923 USD 6.88 2/3/2025 85.000 86.000 11.25 10.99 Caa2/B 500 200,000 1.04% -15.63% VAKIFLAR BANKASI XS1551747733 USD 8.00 11/1/2027 82.000 84.000 11.50 11.09 Caa2/B 228 200,000 3.14% -19.61% YAPI KREDİ XS1028938915 USD 5.13 10/22/2019 98.750 99.250 6.74 6.08 B1/BB- 550 200,000 1.15% -2.83% YAPI KREDİ XS0874840688 USD 4.00 1/22/2020 97.125 98.125 6.87 5.86 B1/BB- 500 200,000 2.24% -1.89% YAPI KREDİ XS0861979440 USD 5.50 12/6/2022 84.625 85.625 10.36 10.02 B2/B+ 1,000 200,000 6.45% -14.20% YAPI KREDİ XS1571399754 USD 5.75 2/24/2022 93.750 94.750 8.04 7.66 B1/BB- 600 200,000 4.02% -7.98% YAPI KREDİ XS1634372954 USD 5.85 6/21/2024 86.625 87.625 9.00 8.75 B1/BB- 500 200,000 4.05% -13.05% YAPI KREDİ XS1376681067 USD 8.50 3/9/2026 94.500 95.500 10.53 10.33 B3/B+ 500 200,000 4.85% -11.68% YAPI KREDİ XS1788516679 USD 6.10 3/16/2023 89.250 90.250 9.24 8.93 B1/BB- 500 200,000 3.48% N/A 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6.45 2/3/2024 104.800 105.550 5.36 5.19 Ba1/BBB- 750 200,000 N/A -5.59% BRF USP1905CAE05 USD 4.75 5/22/2024 91.750 92.500 6.59 6.42 Ba2/BBB- 750 200,000 N/A -9.83% CSN ISLANDS XI USG2583XAA93 USD 6.88 9/21/2019 99.250 100.250 7.95 6.49 B3/B- *- 547 100,000 0.00% N/A FIBRIA US31572UAE64 USD 5.25 5/12/2024 101.400 102.150 4.95 4.79 Ba1/BBB- 600 2,000 N/A -5.10% ITAU UNIBANCO US46556MAF95 USD 5.65 3/19/2022 101.750 102.250 5.05 4.88 Ba3/B+ 1,250 200,000 0.44% N/A MARFRIG USN54468AD05 USD 6.88 6/24/2019 101.000 101.500 4.72 3.66 B2/BB- 508 200,000 N/A -1.80% PETROBRAS US71645WAR25 USD 5.38 1/27/2021 101.700 102.150 4.50 4.28 Ba2/BB- 1,104 2,000 0.00% N/A PETROBRAS US71647NAP42 USD 8.38 5/23/2021 108.750 109.150 4.47 4.30 Ba2/BB- 902 2,000 N/A -4.73% PETROBRAS US71647NAF69 USD 4.38 5/20/2023 96.100 96.600 5.38 5.25 Ba2/BB- 3,117 2,000 0.58% N/A PETROBRAS US71647NAM11 USD 6.25 3/17/2024 101.600 102.100 5.89 5.77 Ba2/BB- 2,440 2,000 0.69% N/A PETROBRAS XS0716979595 EUR 5.88 3/7/2022 109.900 110.500 2.58 2.40 Ba2/BB- 600 100,000 N/A -5.18% PETROBRAS XS0982711714 EUR 4.75 1/14/2025 103.750 104.350 4.04 3.93 Ba2/BB- 800 100,000 N/A -6.11% PETROBRAS US71647NAN93 USD 6.85 6/5/2115 89.200 89.950 7.68 7.62 Ba2/BB- 2,500 2,000 N/A -6.84% SUZANO USG8600UAA19 USD 5.88 1/23/2021 103.250 104.000 4.21 3.83 Ba1/BBB- 186 100,000 N/A -4.62% VOTORANTIM USP98088AA83 USD 7.25 4/5/2041 102.000 102.850 7.07 6.99 Ba2/BBB- 1,151 200,000 N/A -5.56% VOTORANTIM USP98088AA83 USD 7.25 4/5/2041 102.000 102.850 7.07 6.99 Ba2/BBB- 1,151 200,000 N/A -5.56% VALE US91911TAM53 USD 4.38 1/11/2022 101.844 102.054 3.72 3.65 Baa3/BBB+ 1,069 2,000 0.25% -1.62% Rusya XS0504954347 USD 5.00 4/29/2020 NA NA #N/A #N/A Ba1/BBB- 3,500 100,000 N/A N/A XS0971721450 USD 4.88 9/16/2023 NA NA #N/A #N/A Ba1/BBB- 3,000 200,000 N/A N/A XS0088543193 USD 12.75 6/24/2028 NA NA #N/A #N/A Ba1/BBB- 2,500 10,000 N/A N/A XS0971721963 USD 5.88 9/16/2043 NA NA #N/A #N/A Ba1/BBB- 1,500 200,000 N/A N/A ALFA BANK XS0620695204 USD 7.75 4/28/2021 NA NA #N/A #N/A Ba1/BB+ 1,000 200,000 N/A N/A GAZPROM XS0424860947 USD 9.25 4/23/2019 NA NA #N/A #N/A Baa3/BBB- 2,250 100,000 N/A N/A GAZPROM XS0906946008 EUR 3.39 3/20/2020 103.035 103.634 0.85 0.37 Baa3/BBB- 1,000 100,000 N/A -2.22% GAZPROM XS0290580595 USD 6.51 3/7/2022 NA NA #N/A #N/A Baa3/BBB- 1,300 100,000 N/A N/A

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5 Gürcistan GEORGIAN RAILWAY XS0800346362 USD 7.75 7/11/2022 105.630 105.630 5.95 5.95 NA/B+ 500 200,000 N/A -5.59% Kazakistan XS1120709669 USD 3.88 10/14/2024 99.916 100.875 3.89 3.70 Baa3/BBB 1,500 200,000 N/A -3.81% XS1263054519 USD 5.13 7/21/2025 105.821 106.321 4.10 4.02 Baa3/BBB 2,500 200,000 1.54% -5.10% XS1120709826 USD 4.88 10/14/2044 99.434 100.590 4.91 4.83 Baa3/BBB 1,000 200,000 N/A -7.50% XS1263139856 USD 6.50 7/21/2045 119.673 120.842 5.13 5.06 Baa3/BBB 1,500 200,000 N/A -6.78% KAZAGRO XS0934609016 USD 4.63 5/24/2023 97.000 98.000 5.40 5.14 Ba1/BBB- 961 200,000-1.02% -4.20% KAZKOMMERTSBANK XS0867478124 USD 5.50 12/21/2022 99.500 100.500 5.64-1.16 NA/BB 750 1 0.00% -0.31% Yunanistan GR0114030555 EUR 3.50 1/30/2023 100.830 100.880 3.28 3.26 NA/BB- 4,356 1-0.12% N/A GR0124034688 EUR 3.75 1/30/2028 95.650 95.700 4.34 4.33 NA/BB- 5,963 1-0.31% N/A GR0128015725 EUR 3.90 1/30/2033 91.250 91.300 4.77 4.76 NA/BB- 6,091 1 0.66% N/A GR0133011248 EUR 4.00 1/30/2037 88.150 88.200 5.01 5.01 NA/BB- 4,805 1 1.38% N/A GR0138015814 EUR 4.20 1/30/2042 87.950 88.000 5.10 5.10 NA/BB- 4,604 1 1.38% N/A GRR000000010 EUR 0.00 10/15/2042 0.269 0.269 NA NA NA/NA 62,383 100 0.00% -47.87% Çin BANK OF CHINA US06120TAA60 USD 5.00 11/13/2024 103.121 103.251 4.39 4.36 Baa2/BBB+ 3,000 200,000 0.90% -3.31% CNPC HK USG21895AC44 USD 5.95 4/28/2041 119.061 120.216 4.58 4.50 A2/A+ 500 200,000 2.26% -7.61% HUARONG FINANCE XS1165659357 USD 4.50 1/16/2020 100.183 100.396 4.32 4.10 Baa1/A 1,200 200,000 0.29% -1.97% IND & COMM BANK USY39656AA40 USD 6.00 PERP 101.100 101.350 4.75 4.48 Ba1/NA 2,940 200,000-0.15% -2.32% Hindistan JSW STEEL LTD XS1133588233 USD 4.75 11/12/2019 99.375 100.125 5.50 4.59 Ba2/BB 500 200,000 0.13% -1.97% RELIANCE HOLDINGS US759468AC51 USD 5.40 2/14/2022 103.554 103.895 4.17 4.05 Baa2/NA 1,500 250,000 0.49% -4.59% Endonezya PERTAMINA USY7138AAA89 USD 5.25 5/23/2021 102.259 102.573 4.24 4.11 Baa2/BBB 1,000 200,000 0.46% -4.65% Peru UNACEM USP9451YAC77 USD 5.88 10/30/2021 NA NA #N/A #N/A Ba2/NA 225 150,000 N/A N/A Birleşik Arap Emirlikleri (Sukuk) JAFZ SUKUK 2019 XS0794821453 USD 7.00 6/19/2019 101.138 102.138 4.47 2.31 Baa2/BBB+ 237 200,000-0.44% -4.55% DIP SUKUK LTD XS1035007530 USD 4.29 2/20/2019 99.786 99.890 5.85 5.06 NA/BB+ 300 200,000 0.09% -1.17% EMAAR SUKUK LTD XS0805885349 USD 6.40 7/18/2019 101.118 102.118 4.29 2.44 Baa3/NA 500 200,000 N/A -4.06% DIB SUKUK LTD XS1241110300 USD 2.92 6/3/2020 98.250 98.250 4.20 4.20 A3/A 750 200,000-0.13% -1.26% EMG SUKUK XS1075401726 USD 4.56 6/18/2024 97.875 98.375 5.01 4.91 Baa2/NA 750 200,000 0.38% -5.55% ABU DHABI NATIONAL XS0863524277 USD 3.63 1/12/2023 98.125 98.625 4.14 4.00 A3/A 1,250 200,000 N/A -3.21% EMIRATES XS0885065887 USD 4.50 2/6/2025 98.000 98.500 4.88 4.79 NA/NA 464 200,000 N/A -3.21%