ULUSLARARASI SERMAYE PİYASALARI - GÜNLÜK RAPOR 16/01/2018

1 ULUSLARARASI SERMAYE PİYASALARI - GÜNLÜK RAPOR 16/01/2018 Eurotahvil Piyasaları ABD tahvil piyasalarının kapalı olduğu haftanın ilk işlem gününde düşük hacimli de olsa Avrupa tahvillerinde yatayeksi seyir kaydedildi. ECB nin varlık alım programına dair gelen açıklamalar sonrasında satıcılı seyre giren Almanya 10 yıl vadeli tahvilinin getirisi bugün de 0,7 baz puan kadar yükselerek %0,58 e çıktı. Benzer vadeli Fransa kıymeti getirisi de 1 baz puan kadar yükselerek %0,85 in üzerinde fiyatlandı. İtalya ve İspanya 10 yıl vadeli kıymetlerinin getirileri de sırasıyla 2 ve 3,2 baz puan kadar yükselirken benzer vadeli İngiltere kıymetinde 1,6 baz puanlık alıcılı seyir takip edildi. Gelişmekte olan ülke piyasalarına baktığımızda ise Türkiye kıymetlerinde düşük hacimli ve yatay bir gün geride kaldı. 2023 vadeli Türkiye kıymeti $95,300 seviyesinde işlem görürken 2028 vadeli kıymet de $99,200 bölgesinde fiyatlandı. Türkiye 5 yıl vadeli CDS ise 160 baz puan seviyesinde günü kapattı. Şirket eurotahvillerine tarafında ise 2023 vadeli TSKB kıymeti 99,50 civarında fiyatlanırken, sermaye benzeri 2028 vadeli İş Bankası kıymeti $101,500 bölgesinde işlem gördü. ABD & Avrupa Hisse Senedi Piyasaları 15 Ocak Pazartesi günü ABD piyasaları Martin Luther King Günü sebebiyle kapalıydı. Vadeli işlem borsaları da ABD de yarım gün işlem gördü. Avrupa endekslerini açık olduğu günde işlem hacimleri ise son bir aylık ortalamanın %20 ile %35 altında kaldı. ABD Doları nın değer kaybı bugün de devam etti. Dolar endeksi günü %0,7 düşüşle 90,355 seviyesinde sürdürüyor. Avrupa endekslerinde genel olarak satış görüldü. DAX endeksi 44,52 puan, İngiltere FTSE 100 9,5 puan ve Fransız CAC40 endeksi de 7,4 puan değer kaybetti. İtalya endeksi FTSE MIB 113,7 puan artışla günü 23543,5 seviyesinde sonlandırdı. Euro nun 2014 yılı zirvelerine yükselişi Avrupa piyasalarında değer kayıplarına yol açtı. DAX endeksi %0,34 değer kaybetti. 30 hissenin 18 i değer kaybı yaşadı. 9 sektörden de sadece altyapı %0,39 ile artıda kapanış gerçekleştirdi. Tüketici hizmetleri %2,22 ve teknoloji de %0,77 düşüş yaşadı. ProSiebenSat.1 Media %1,93 ile en primli hisse oldu. RWE AG elektrik dağıtım şirketi de günü %0,7 primle 17,85 seviyesinden sonlandırdı. En fazla değer kaybı %4,17 değer kaybıyla Deutsche Lufthansa hisselerinde yaşandı. Vonovia %1,28, HeidelebergCement %1,24 ve Continental de %1,23 düşüş yaşadı. FTSE 100 endeksinde ise 10 sektörden 5 i değer kazancı yaşadı. Teknoloji %1,61 düşüşle endeksi aşağı çekti. Mali sektör de %0,51 düşüş yaşadı. Temel maddeler %0,45 ile en primli sektör oldu. GKN PLC %4,14 ile günün en primli şirketi oldu. British American Tobacco %0,95, BHP Billiton %0,76 ve Unilever de %0,4 primlendi. HSBC Holdings %0,86 ile endeksi aşağı çekti. Bugün önemli bir ekonomik veri açıklaması yer almazken, yarın Asya da Japonya Aralık ayı ÜFE ve ve Kasım ayı Sınai endeks verisi takip edilecek. Avrupa da Almanya ve İtalya Aralık ayı TÜFE verisi kesinleştirilecek, İngiltere Aralık ayı ÜFE, TÜFE ve Perakende fiyat endeksi verileri açıklanacak. ABD tarafında ise Empire imalat Ocak verisi takip edilecek. Emtia & FX Vadeli Kontratları (Futures) Geçtiğimiz hafta aşağı yönlü hareketini hızlandıran Dolar Endeksi, ABD deki tatile rağmen %0,67 lik değer kaybıyla birlikte 90,300 seviyesine kadar düştü. G10 para birimlerinin tamamına karşı değer kaybeden ABD Doları en büyük kaybı %0,86 lık düşüşle NZD ye karşı yaşadı. Güne 1,2200 seviyesinde açılış yapan EURUSD paritesi 1,2275 seviyesine kadar yükselerek %0,60 a yakın değerlenme kaydetti ve 2014 ten bu yana en yüksek seviyeleri gördü. Benzer şekilde 1,3730 seviyesinde açılış yapan GBPUSD paritesi de 1,3810 seviyesine kadar yükseldi ve %0,61 lik prim gördü. USDJPY paritesi ise 111,10 seviyesinde başadığı güne %0,60 lık değer kaybıyla birlikte 110,40 bölgesine kadar çekildi. Petrolde değer kazancı sürüyor. Gün içerisinde karışık bir seyir içerisinde olan Şubat ayı WTI petrol kontratı gün sonu itibariyle %0,79 primle 64,81 seviyesinden işlem görüyor ve 6. İşlem gününde yükselişini sürdürmüş oldu. Mayıs 2014 ten bu yana en yüksek seviye WTI petrol de test ediliyor. Brent petrol de Kasım 2014 seviyelerine kadar yükseldi. 71,40 seviyesi direnç olarak takip edilebilir. Bugün emtia günü %0,39 primle 70,14 seviyesinde tamamladı. Gümüş Mart vadeli kontratı günü %1,34 ile 17,37 seviyesinde tamamladı. Bakır Mart vadeli kontrat ise %1,32 primle 3,2610 seviyesinden günü sonlandırdı. LME Bakır 3 aylık kontratı da günü %1,41 primle 7210 seviyesinden tamamladı. 7290 ve 7395 seviyeleri direnç olarak takip edilebilir. 7100 ve 7000 seviyeleri ise destek olarak görülebilir. Benchmark Tahviller Fiyat Getiri Türkiye 106.141 5.122 Brezilya 100.963 4.481 Rusya 174.303 3.965 Güney Afrika 102.930 4.374 ABD 97.547 2.533 Almanya 99.322 0.567 5 Yıllık CDS GIP Değişim (bps) Türkiye 162 2 Brezilya 145-1 Rusya N/A N/A Güney Afrika N/A N/A Hisse Senedi Piyasaları Kapanış Değişim % Dow Jones 25,803.19 0.89 S&P 500 2,786.24 0.67 NASDAQ 7,261.06 0.68 Almanya 13,238.02 0.28 İngiltere 7,768.45-0.01 Fransa 5,519.27 0.17 Japonya 23,951.81 1.00 Şangay 3,436.59 0.77 Hong Kong 31,904.75 1.81 Brezilya 79,752.38 0.51 Emtia Piyasaları Kapanış Değişim % Petrol 64.300 0.78 Altın 1,340.060 0.16 Gümüş 17.352 0.61 Bakır 7,210.00 1.41 Döviz Dünkü Seviye Değişim % EUR/USD 1.2264 0.51 USD/JPY 110.5400-0.47 USD/CAD 1.2429-0.24 GBP/USD 1.3792 0.47 AUD/USD 0.7965 0.61 NZD/USD 0.7300 0.80 USD/CNH 6.4363-0.47 USD/TRY 3.8245 1.33 USD/RUB 56.4364-0.55 USD/ZAR 12.2480-0.49 Futures Dünkü Seviye Değişim % Dow Jones Mini 25,801.00 0.96 S&P 500 Mini 2,788.75 0.70 DAX 13,204.00-0.16 EUR/USD 1.2229 1.19 TREASURY 10Y 122.94-0.15

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 US900123BA75 USD 6.75 03/04/2018 100.831 101.081 2.69 1.51 Ba1/BB+ 2,250 100,000-0.28% -3.07% US900123BD15 USD 7.00 11/03/2019 104.383 104.758 3.08 2.75 Ba1/BB+ 1,500 100,000-0.04% -1.53% US900123BF62 USD 7.50 07/11/2019 107.183 107.558 3.36 3.15 Ba1/BB+ 1,500 100,000-0.04% -0.99% US900123AX87 USD 7.00 05/06/2020 107.690 108.065 3.60 3.44 Ba1/BB+ 2,000 2,000 0.04% 0.76% US900123BH29 USD 5.63 30/03/2021 105.201 105.576 3.88 3.76 Ba1/BB+ 2,000 100,000 0.14% 3.39% US900123BY51 USD 5.13 25/03/2022 103.642 104.092 4.17 4.05 Ba1/BB+ 1,000 200,000 0.16% 4.95% US900123BZ27 USD 6.25 26/09/2022 108.399 108.899 4.25 4.14 Ba1/BB+ 2,500 200,000 0.25% 4.86% US900123CA66 USD 3.25 23/03/2023 94.880 95.380 4.36 4.25 Ba1/BB+ 1,500 200,000 0.66% 7.36% US900123CF53 USD 5.75 22/03/2024 105.682 106.182 4.68 4.59 Ba1/BB+ 2,500 200,000 0.23% 5.81% US900123AW05 USD 7.38 05/02/2025 114.917 115.417 4.85 4.77 Ba1/BB+ 3,250 2,000 0.14% 5.43% US900123CJ75 USD 4.25 14/04/2026 94.931 95.431 5.01 4.93 Ba1/BB+ 1,500 200,000-0.09% 7.21% US900123CK49 USD 4.88 09/10/2026 98.029 98.529 5.16 5.08 Ba1/BB+ 3,000 200,000-0.39% 6.21% US900123CP36 USD 5.13 17/02/2028 98.894 99.194 5.27 5.23 Ba1/BB+e 2,000 200,000 N/A N/A US900123CL22 USD 6.00 25/03/2027 105.832 106.207 5.19 5.14 Ba1/BB+ 3,250 200,000-0.30% N/A US900123AL40 USD 11.88 15/01/2030 156.897 157.522 5.38 5.32 Ba1/BB+ 1,500 1,000 0.53% 5.39% US900123AT75 USD 8.00 14/02/2034 123.040 123.665 5.78 5.73 Ba1/BB+ 1,500 2,000 0.49% 8.29% US900123AY60 USD 6.88 17/03/2036 111.397 112.022 5.85 5.80 Ba1/BB+ 2,750 2,000 0.63% 9.21% US900123BB58 USD 7.25 05/03/2038 115.718 116.343 5.90 5.86 Ba1/BB+ 1,000 2,000 0.12% 8.91% US900123BG46 USD 6.75 30/05/2040 109.666 110.291 5.96 5.91 Ba1/BB+ 2,000 100,000 0.18% 8.71% US900123BJ84 USD 6.00 14/01/2041 101.050 101.550 5.92 5.88 Ba1/BB+ 3,000 200,000 0.47% 9.10% US900123CB40 USD 4.88 16/04/2043 86.958 87.458 5.87 5.83 Ba1/BB+ 3,000 200,000-0.09% 7.85% US900123CG37 USD 6.63 17/02/2045 108.107 108.607 6.01 5.98 Ba1/BB+ 3,000 200,000 0.93% 8.92% US900123CM05 USD 5.75 11/05/2047 96.761 97.261 5.98 5.95 Ba1/BB+ 3,500 200,000 0.07% N/A XS0285127329 EUR 5.88 02/04/2019 106.114 106.364 0.75 0.55 Ba1/BB+ 1,250 50,000-0.27% -2.42% XS0503454166 EUR 5.13 18/05/2020 109.313 109.813 1.05 0.85 Ba1/BB+ 2,000 50,000 0.14% 1.57% XS0993155398 EUR 4.35 12/11/2021 109.527 110.027 1.75 1.62 Ba1/BB+ 1,250 100,000 0.46% 4.76% XS1057340009 EUR 4.13 11/04/2023 108.248 108.873 2.42 2.30 Ba1/BB+ 1,000 100,000 0.63% 5.74% XS1629918415 EUR 3.25 14/06/2025 101.702 102.327 2.99 2.89 Ba1/BB+ 1,000 100,000 0.89% N/A AKBANK USM0300LAC02 USD 6.50 09/03/2018 100.442 100.817 3.29 0.71 Ba1/BB+ 500 150,000-0.22% -2.01% AK FINANSAL XS0914394688 USD 4.13 17/04/2018 100.024 100.649 3.99 1.47 NA/BB+ 250 200,000 0.03% 1.81% AKBANK XS1111101314 USD 4.00 24/01/2020 100.150 100.650 3.92 3.66 Ba1/BB+ 500 200,000 0.20% 4.05% AKBANK USM0375YAK49 USD 5.00 24/10/2022 101.014 101.514 4.76 4.64 Ba1/BB+ 500 150,000 0.46% 8.04% AKBANK XS1210422074 USD 5.13 31/03/2025 98.676 99.176 5.35 5.26 Ba1/BB+ 500 200,000 0.60% 10.56% AKBANK XS1574750292 USD 7.20 16/03/2027 105.208 105.833 5.77 5.61 B1/BB 500 200,000 0.49% N/A ALBARAKA XS1082151868 USD 6.25 30/06/2019 99.985 100.985 6.26 5.53 NA/NA 350 200,000-0.22% N/A ALBARAKA XS0927211754 USD 7.75 07/05/2023 93.250 93.750 10.78 10.65 NA/NA 200 200,000 0.81% -1.84% ALBARAKA XS1301525207 USD 10.50 30/11/2025 102.072 104.072 9.65 8.85 NA/NA 250 200,000-0.53% N/A ALTERNATİFBANK XS1089556358 USD 3.13 22/07/2019 99.414 100.414 3.53 2.84 NA/A 250 200,000 0.21% 0.93% ALTERNATİFBANK XS1396282177 USD 8.75 16/04/2026 103.762 106.262 7.42 6.57 Ba3/BB+ 300 200,000 0.19% 2.73% ANADOLU EFES XS0848940523 USD 3.38 01/11/2022 97.922 98.672 3.85 3.68 Baa3/NA 500 200,000 0.48% 11.28% ARÇELİK XS1109959467 EUR 3.88 16/09/2021 106.500 107.500 2.01 1.74 NA/BB+ 350 100,000 0.07% 5.05% ARÇELİK XS0910932788 USD 5.00 03/04/2023 101.680 102.180 4.63 4.52 NA/BB+ 500 200,000 0.54% 8.60% BANK ASYA XS0907295942 USD 7.50 28/03/2023 41.000 51.000 30.17 24.04 WR/NA 250 200,000 0.00% 310.00% BANKPOZİTİF XS0887586922 USD 5.00 07/02/2018 99.980 100.730 5.26-8.58 NA/BBB- 150 200,000 0.02% 2.29% COCA-COLA XS0975576165 USD 4.75 01/10/2018 101.200 101.700 3.01 2.29 Baa3/BBB 500 200,000 N/A -0.98% COCA-COLA XS1577950402 USD 4.22 19/09/2024 102.256 102.881 3.82 3.71 Baa3/BBB 500 200,000 0.84% N/A EXPORT CREDIT BANK XS0774764152 USD 5.88 24/04/2019 102.702 103.202 3.67 3.27 Ba1/NA 750 200,000 0.06% 1.43% EXPORT CREDIT BANK XS1345632811 USD 5.38 08/02/2021 102.738 103.238 4.41 4.23 Ba1/BB+ 500 200,000 0.36% 5.92% EXPORT CREDIT BANK XS1028943089 USD 5.00 23/09/2021 101.612 102.112 4.52 4.37 Ba1/BB+ 500 200,000 0.43% 6.12% EXPORT CREDIT BANK XS1684378208 USD 4.25 18/09/2022 97.854 98.354 4.77 4.65 Ba1/BB+ 500 200,000 0.63% N/A EXPORT CREDIT BANK XS1496463297 USD 5.38 24/10/2023 101.410 101.960 5.09 4.98 Ba1/BB+ 500 200,000 0.45% 9.63% FİBABANKA XS1386178237 USD 7.75 24/11/2027 101.169 103.169 7.47 7.01 NA/B+ 300 200,000 0.38% N/A FİNANSBANK XS1063442484 USD 6.25 30/04/2019 102.869 103.244 3.93 3.63 Ba1/BBB- 500 200,000 0.05% 0.78% FİNANSBANK XS1613091500 USD 4.88 19/05/2022 98.889 99.389 5.16 5.03 Ba1/BBB- 750 200,000 0.64% N/A GARANTİ XS1084838496 EUR 3.38 08/07/2019 103.422 104.422 1.01 0.35 Ba1/BBB- 500 100,000 0.12% 2.91% GARANTİ XS1057541838 USD 4.75 17/10/2019 101.572 102.072 3.81 3.51 Ba1/BBB- 750 200,000 0.14% 2.86% GARANTİ USM8931TAA71 USD 6.25 20/04/2021 105.818 106.318 4.31 4.15 Ba1/BBB- 500 200,000 0.28% 4.51% GARANTİ USM8931TAF68 USD 5.25 13/09/2022 102.291 102.791 4.69 4.58 Ba1/BBB- 750 200,000 0.59% 7.11% GARANTİ XS1576037284 USD 5.88 16/03/2023 104.310 104.810 4.92 4.81 Ba1/BBB- 500 200,000 0.58% N/A GARANTİ XS1617531063 USD 6.13 24/05/2027 100.728 101.378 5.93 5.76 Ba3/BB+ 750 200,000 0.75% N/A GLOBAL LİMAN XS1132825099 USD 8.13 14/11/2021 101.840 103.090 7.38 6.90 B1/BB- 250 200,000-0.01% 5.11% HALK BANKASI XS1069383856 USD 4.75 04/06/2019 98.468 99.468 5.92 5.15 Ba2/BB+ 500 200,000 0.47% 0.73% HALK BANKASI XS0882347072 USD 3.88 05/02/2020 95.767 96.767 6.10 5.57 Ba2/BB+ 750 200,000 0.69% 3.25% HALK BANKASI XS1188073081 USD 4.75 11/02/2021 95.932 96.932 6.23 5.86 Ba2/BB+ 500 200,000 0.84% 4.27% HALK BANKASI XS1439838548 USD 5.00 13/07/2021 96.056 97.056 6.28 5.95 Ba2/BB+ 500 200,000 0.94% 4.41% İŞ BANKASI XS0808632250 USD 3.75 10/10/2018 100.123 100.498 3.57 3.05 Ba1/BB+ 750 200,000 0.00% 1.91% İŞ BANKASI XS0982644774 USD 5.50 21/04/2019 101.822 102.322 4.00 3.59 Ba1/BB+ 500 200,000 0.02% 1.32% İŞ BANKASI XS1121459074 USD 5.00 30/04/2020 101.155 101.655 4.46 4.23 Ba1/BB+ 750 200,000 0.19% 4.55% İŞ BANKASI XS1079527211 USD 5.00 25/06/2021 100.232 100.732 4.92 4.77 Ba1/BB+ 750 200,000 0.24% 6.35% İŞ BANKASI XS1390320981 USD 5.38 06/10/2021 101.120 101.620 5.04 4.89 Ba1/BB+ 750 200,000 0.27% 7.01% İŞ BANKASI XS1508390090 USD 5.50 21/04/2022 101.281 101.781 5.16 5.03 Ba1/BB+ 600 200,000 0.32% 9.19% İŞ BANKASI XS0847042024 USD 6.00 24/10/2022 100.748 101.498 5.82 5.63 Ba3/BB 1,000 200,000 0.57% 8.33% İŞ BANKASI XS1003016018 USD 7.85 10/12/2023 106.334 107.334 6.54 6.34 B1/BB 400 200,000 0.32% 4.76% İŞ BANKASI XS1578203462 USD 6.13 25/04/2024 101.310 101.810 5.87 5.77 Ba1/BB+ 1,250 200,000 0.22% N/A İŞ BANKASI XS1623796072 USD 7.00 29/06/2028 101.373 102.123 6.69 6.53 B1/BB 500 200,000 1.31% N/A KOÇ HOLDİNG XS0922615819 USD 3.50 24/04/2020 99.850 100.600 3.57 3.22 Baa3/NA 750 200,000 0.10% 2.15% KOÇ HOLDİNG XS1379145656 USD 5.25 15/03/2023 105.250 105.750 4.06 3.95 Baa3/NA 750 200,000 0.35% 8.72%

3 KUVEYT TÜRK XS1079236169 USD 5.16 26/06/2019 102.151 102.801 3.61 3.15 NA/BBB- 500 200,000 0.07% 0.89% KUVEYT TÜRK XS1323608635 USD 7.90 17/02/2026 101.693 103.693 7.27 6.55 NA/BB+ 350 200,000 0.26% N/A MERSİN LİMAN XS0957598070 USD 5.88 12/08/2020 103.310 103.810 2.54 1.68 Baa3/BBB- 450 200,000 0.02% -0.07% ODEABANK XS1655085485 USD 7.63 01/08/2027 93.497 94.372 8.97 8.83 B2/B+ 300 200,000 1.58% N/A ŞİŞECAM XS0927634807 USD 4.25 09/05/2020 101.350 101.750 3.63 3.45 Ba1/NA 500 200,000-0.05% 4.22% TSKB XS1117601796 USD 5.38 30/10/2019 101.404 102.054 4.54 4.16 Ba1/BB+ 350 200,000 0.19% 3.47% TSKB XS1219733752 USD 5.13 22/04/2020 100.837 101.587 4.73 4.38 Ba1/BB+ 350 200,000 0.27% 3.96% TSKB XS1412393172 USD 4.88 18/05/2021 99.376 100.126 5.08 4.83 Ba1/BB+ 300 200,000 0.42% 7.43% TSKB XS1750996206 USD 5.50 16/01/2023 99.289 99.789 5.67 5.55 Ba1/BB+ 350 200,000 N/A N/A TSKB XS1584113184 USD 7.63 29/03/2027 102.330 103.330 6.97 6.70 B1/BB- 300 200,000 1.45% N/A TÜPRAŞ XS0849020556 USD 4.13 02/05/2018 100.206 100.706 3.38 1.66 Ba1/BBB- 700 200,000-0.05% 0.71% TURKCELL XS1298711729 USD 5.75 15/10/2025 108.149 108.901 4.49 4.38 Baa3/BBB- 500 200,000 0.75% 12.66% TÜRK TELEKOM XS1028952155 USD 3.75 19/06/2019 100.700 101.200 3.24 2.88 NA/BBB- 500 200,000 0.03% 2.23% TÜRK TELEKOM XS1028951264 USD 4.88 19/06/2024 102.300 102.800 4.46 4.37 NA/BBB- 500 200,000 0.61% 10.97% TÜRKİYE FİNANS XS1057852912 USD 5.38 24/04/2019 101.954 102.704 3.78 3.18 NA/BBB- 500 200,000 0.11% 0.20% VAKIFLAR BANKASI XS0916347759 USD 3.75 15/04/2018 100.021 100.521 3.63 1.57 Ba1/BB+ 600 200,000 0.10% 2.06% VAKIFLAR BANKASI XS0987355939 USD 5.00 31/10/2018 100.817 101.317 3.92 3.28 Ba1/BB+ 500 200,000 0.20% 1.07% VAKIFLAR BANKASI XS1077629225 EUR 3.50 17/06/2019 102.263 103.263 1.85 1.15 Ba1/BB+ 500 100,000 0.27% 3.30% VAKIFLAR BANKASI XS1403416222 EUR 2.38 04/05/2021 100.250 101.250 2.29 1.98 Baa1/NA 500 100,000 0.00% 4.10% VAKIFLAR BANKASI XS1508914691 USD 5.50 27/10/2021 100.837 101.462 5.25 5.07 Ba1/BB+ 500 200,000 1.04% 7.27% VAKIFLAR BANKASI XS1622626379 USD 5.63 30/05/2022 100.504 101.004 5.49 5.36 Ba1/BB+ 500 200,000 1.13% N/A VAKIFLAR BANKASI XS0849728190 USD 6.00 01/11/2022 99.550 100.050 6.11 5.99 Ba3/BB 672 200,000 1.14% 7.91% VAKIFLAR BANKASI XS1175854923 USD 6.88 03/02/2025 101.038 102.038 6.32 5.80 B1/BB 500 200,000 0.78% 6.36% VAKIFLAR BANKASI XS1551747733 USD 8.00 01/11/2027 103.407 104.407 7.14 6.90 B1/BB 228 200,000 1.40% N/A YAPI KREDİ XS0994815016 USD 5.25 03/12/2018 101.538 101.913 3.45 3.01 Ba1/BBB- 500 200,000 0.03% 1.67% YAPI KREDİ XS1028938915 USD 5.13 22/10/2019 101.770 102.270 4.07 3.78 Ba1/BBB- 550 200,000 0.20% 3.85% YAPI KREDİ XS0874840688 USD 4.00 22/01/2020 99.314 99.964 4.36 4.02 Ba1/BBB- 500 200,000 0.34% 5.09% YAPI KREDİ XS0861979440 USD 5.50 06/12/2022 99.021 99.771 5.73 5.55 Ba2/BB+ 1,000 200,000 0.66% 8.81% YAPI KREDİ XS1571399754 USD 5.75 24/02/2022 102.351 102.851 5.11 4.97 Ba1/BBB- 600 200,000 0.54% N/A YAPI KREDİ XS1634372954 USD 5.85 21/06/2024 100.657 101.157 5.73 5.63 Ba1/BBB- 500 200,000 0.71% N/A YAPI KREDİ XS1376681067 USD 8.50 09/03/2026 107.047 108.047 6.00 5.66 Ba3/BB+ 500 200,000 0.57% 5.73% YAŞAR HOLDİNG XS1132450427 USD 8.88 06/05/2020 101.798 103.048 7.77 7.03 B2 /*-/B 250 200,000-0.25% 0.32% ZİRAAT BANKASI XS1083936028 USD 4.25 03/07/2019 100.016 100.766 4.24 3.70 Ba1/BB+ 750 200,000 0.44% 2.19% ZİRAAT BANKASI XS1223394914 USD 4.75 29/04/2021 99.764 100.514 4.83 4.58 Ba1/BB+ 500 200,000 0.88% 5.85% ZİRAAT BANKASI XS1605397394 USD 5.13 03/05/2022 100.085 100.835 5.10 4.90 Ba1/BB+ 600 200,000 0.92% N/A ZİRAAT BANKASI XS1691349010 USD 5.13 29/09/2023 98.434 99.184 5.45 5.29 Ba1/NR 500 200,000 1.23% N/A TÜPRAŞ XS1686704948 USD 4.50 18/10/2024 98.858 99.608 4.70 4.57 Ba1/BBB- 700 200,000 0.05% N/A Brezilya US105756BT66 BRL 8.50 05/01/2024 101.000 101.500 8.45 8.34 Ba2/BB 3,150 350,000-0.55% 5.74% US105756AR10 USD 8.88 15/04/2024 127.000 128.250 3.95 3.75 Ba2/BB 1,029 1,000 0.20% 2.42% US105756BV13 USD 4.25 07/01/2025 102.000 102.400 3.92 3.85 Ba2/BB 4,300 200,000 0.25% 5.81% US105756AE07 USD 10.13 15/05/2027 142.750 143.750 4.47 4.36 Ba2/BB 838 1,000-0.04% 2.51% US105756BB58 USD 8.25 20/01/2034 131.000 132.000 5.34 5.27 Ba2/BB 1,502 1,000-0.42% 8.04% BANCO DO BRASIL USP3772WAF97 USD 9.00 PERP 108.500 109.250 7.31 7.17 B2/NA 2,170 200,000 0.46% 12.32% BRASKEM USG1315RAD38 USD 5.75 15/04/2021 105.750 106.500 3.84 3.61 Ba1/BBB- 1,000 200,000 0.24% 0.24% BRASKEM USG1315RAG68 USD 5.38 02/05/2022 105.650 106.400 3.93 3.74 Ba1/BBB- 500 200,000 0.14% N/A BRASKEM US10553YAF25 USD 6.45 03/02/2024 111.900 112.650 4.20 4.07 Ba1/BBB- 750 200,000 0.81% 5.22% BRF USP1905CAE05 USD 4.75 22/05/2024 101.750 102.500 4.43 4.29 Ba1/BBB- 750 200,000-0.49% 3.43% CSN ISLANDS XI USG2583XAA93 USD 6.88 21/09/2019 97.300 98.700 8.63 7.71 Caa2/B- /*- 750 100,000 3.51% 11.84% FIBRIA US31572UAE64 USD 5.25 12/05/2024 107.550 108.300 3.89 3.76 Ba1/BBB- 600 2,000 0.51% N/A ITAU UNIBANCO US46556MAF95 USD 5.65 19/03/2022 104.300 105.050 4.51 4.31 Ba3/BB- 1,250 200,000-0.19% 1.61% JBS USA29866AA70 USD 7.75 28/10/2020 102.300 103.300 6.35 5.76 NA/BB- /*- 1,000 200,000 0.29% N/A MARFRIG USN54468AA65 USD 8.38 09/05/2018 101.650 102.400 2.93 0.57 B2/BB- 216 200,000-3.65% N/A MARFRIG USN54468AD05 USD 6.88 24/06/2019 102.750 103.250 4.36 3.22 B2/BB- 660 200,000-0.24% N/A MINERVA USL6401PAC79 USD 7.75 31/01/2023 103.650 104.400 13.52-7.41 B1/BB- 250 200,000 0.14% N/A PETROBRAS US71645WAN11 USD 7.88 15/03/2019 105.100 105.800 3.34 2.75 Ba3/BB 558 2,000-0.28% -4.45% PETROBRAS US71645WAR25 USD 5.38 27/01/2021 104.600 105.000 3.75 3.61 Ba3/BB 2,713 2,000 0.72% 3.92% PETROBRAS US71647NAP42 USD 8.38 23/05/2021 114.600 115.100 3.70 3.55 Ba3/BB 2,845 2,000 0.57% 3.57% PETROBRAS US71647NAF69 USD 4.38 20/05/2023 99.700 100.200 4.44 4.33 Ba3/BB 3,500 2,000 0.45% 9.26% PETROBRAS US71647NAM11 USD 6.25 17/03/2024 107.050 107.550 4.91 4.82 Ba3/BB 2,500 2,000 2.10% 7.48% PETROBRAS XS0716979595 EUR 5.88 07/03/2022 116.100 116.600 1.80 1.68 Ba3/BB 600 100,000 0.09% 7.85% PETROBRAS XS0982711714 EUR 4.75 14/01/2025 111.100 111.600 2.97 2.89 Ba3/BB 800 100,000 0.36% 13.14% PETROBRAS US71647NAN93 USD 6.85 05/06/2115 97.600 98.450 7.02 6.96 Ba3/BB 2,500 2,000 1.51% N/A SUZANO USG8600UAA19 USD 5.88 23/01/2021 107.850 108.850 3.13 2.79 Ba1/BBB- 186 100,000-0.37% 4.71% VOTORANTIM USP98088AA83 USD 7.25 05/04/2041 110.500 111.250 6.38 6.32 Ba2/BBB- 1,151 200,000 2.31% N/A VOTORANTIM USP98088AA83 USD 7.25 05/04/2041 110.500 111.250 6.38 6.32 Ba2/BBB- 1,151 200,000 2.31% N/A VALE US91911TAM53 USD 4.38 11/01/2022 103.500 104.200 3.43 3.24 Ba1/BBB+ 2,250 2,000-0.05% 3.66% Rusya XS0504954347 USD 5.00 29/04/2020 104.814 105.064 2.80 2.69 Ba1/BBB- 3,500 100,000-0.34% -1.44% XS0971721450 USD 4.88 16/09/2023 108.240 108.490 3.27 3.22 Ba1/BBB- 3,000 200,000 0.01% 2.00% XS0088543193 USD 12.75 24/06/2028 174.070 174.450 4.00 3.97 Ba1/BBB- 2,500 10,000 0.13% 1.43% XS0971721963 USD 5.88 16/09/2043 116.680 117.280 4.74 4.71 Ba1/BBB- 1,500 200,000 0.73% 3.03% ALFA BANK XS0620695204 USD 7.75 28/04/2021 112.107 112.707 3.78 3.60 Ba1/BB+ 1,000 200,000-0.21% -1.01% GAZPROM XS0424860947 USD 9.25 23/04/2019 107.600 108.100 3.07 2.68 Ba1/BBB- 2,250 100,000-0.32% -4.98% GAZPROM XS0906946008 EUR 3.39 20/03/2020 105.250 105.850 0.93 0.66 Ba1/BBB- 1,000 100,000-0.13% 0.38% GAZPROM XS0290580595 USD 6.51 07/03/2022 110.710 111.210 3.69 3.57 Ba1/BBB- 1,300 100,000 0.01% 0.76% GAZPROMBANK XS0987109658 EUR 3.98 30/10/2018 102.156 102.656 1.19 0.56 Ba2/BB+ 1,000 100,000-0.13% -1.77% GAZPROMBANK XS0779213460 USD 7.25 03/05/2019 103.900 104.200 4.11 3.88 B2/BB 500 200,000-0.38% -2.90%

4 GAZPROMBANK XS0975320879 USD 7.50 28/12/2023 102.750 103.650 4.49 3.53 NR/BB 750 200,000-0.05% -1.90% LUKOIL XS0919502434 USD 3.42 24/04/2018 100.100 100.400 3.01 1.89 Ba1/BBB+ 1,500 200,000-0.05% -1.01% LUKOIL XS0461926569 USD 7.25 05/11/2019 107.328 107.728 3.03 2.81 Ba1/BBB+ 600 100,000-0.35% -2.98% LUKOIL XS0554659671 USD 6.13 09/11/2020 107.750 108.250 3.21 3.04 Ba1/BBB+ 1,000 200,000-0.23% -0.83% LUKOIL XS0304274599 USD 6.66 07/06/2022 112.757 113.257 3.49 3.38 Ba1/BBB+ 500 100,000-0.22% 1.35% LUKOIL XS0919504562 USD 4.56 24/04/2023 103.830 104.330 3.75 3.65 Ba1/BBB+ 1,500 200,000-0.21% 2.81% NORILSK XS1298447019 USD 6.63 14/10/2022 112.350 112.850 3.75 3.65 Ba1/BBB- 1,000 200,000-0.47% 0.76% PROMSVYAZ BANK XS1086084123 USD 10.50 30/07/2021 7.000 17.000 174.90 93.77 C/WD 321 200,000-30.00% -93.68% ROSNEFT XS0861981180 USD 4.20 06/03/2022 100.800 101.400 3.99 3.83 Ba1/WD 2,000 200,000-0.05% 2.35% RUSSIAN AGRI BANK XS0979891925 USD 8.50 16/10/2023 112.092 112.842 5.98 5.83 NR/NA 500 200,000-0.39% 3.07% RUSSIAN STD BANK XS1117280625 USD 13.00 27/10/2022 12.000 22.000 101.21 66.24 NA/NA 545 164,000-45.45% -75.00% SBERBANK XS0897427570 TRY 7.40 04/03/2018 98.985 99.223 15.08 13.22 Ba1/BBB- 550 300,000 0.61% N/A SBERBANK XS0799357354 USD 5.18 28/06/2019 102.646 103.146 3.29 2.94 Ba1/BBB- 1,000 200,000-0.30% -2.01% SBERBANK XS0638572973 USD 5.72 16/06/2021 107.250 107.750 3.44 3.30 Ba1/BBB- 1,000 200,000-0.46% 0.59% SBERBANK XS0848530977 USD 5.13 29/10/2022 103.509 104.009 4.30 4.19 Ba2/BB+ 2,000 200,000 0.04% 1.48% SBERBANK XS0935311240 USD 5.25 23/05/2023 104.252 104.752 4.35 4.25 NA/BB+ 1,000 200,000 0.23% 3.22% SBERBANK XS1032750165 USD 5.50 26/02/2024 101.888 102.388 3.74 3.28 NA/BB+ 1,000 200,000 0.52% -0.84% VIP XS0643183220 USD 7.50 01/03/2022 113.875 114.375 3.83 3.71 Ba2/BB+ 601 200,000 0.00% 2.01% VNESHECONOMBANK XS0893205186 EUR 3.04 21/02/2018 100.042 100.542 2.51-2.69 NA/BBB- 1,000 100,000-0.21% -1.44% VNESHECONOMBANK XS0993162170 USD 4.22 21/11/2018 100.635 101.135 3.45 2.85 NA/BBB- 850 200,000-0.08% -0.85% VTB BANK XS0842078536 USD 6.95 17/10/2022 108.501 109.201 4.92 4.76 Ba3/WD 1,412 200,000 0.14% 0.00% Venezuella US922646AT10 USD 13.63 15/08/2018 39.500 42.500 346.19 307.86 Caa3/WD 753 1,000-10.23% -52.69% US922646AS37 USD 9.25 15/09/2027 25.500 26.500 44.47 42.84 Caa3/WD 4,000 1,000 5.81% -50.00% US922646BL74 USD 9.38 13/01/2034 25.300 26.500 37.68 36.04 Caa3/WD 1,500 2,000 11.70% -46.85% USP17625AB33 USD 9.25 07/05/2028 25.100 26.300 36.68 35.34 Caa3/WD 2,000 100 11.56% -46.60% USP17625AC16 USD 12.75 23/08/2022 26.500 27.700 74.76 71.64 Caa3/WD 3,000 100 10.42% -57.53% USP17625AD98 USD 11.95 05/08/2031 25.900 27.100 58.35 55.20 Caa3/WD 4,200 100 16.14% -53.96% USP17625AE71 USD 11.75 21/10/2026 26.000 27.200 44.47 42.88 Caa3/WD 3,000 100 7.00% -54.10% USP97475AN08 USD 7.75 13/10/2019 25.000 26.300 113.84 109.00 Caa3/WD 2,496 100 5.49% -55.67% PDVSA USP7807HAM71 USD 12.75 17/02/2022 27.750 28.950 64.67 62.47 NA/C 3,000 100-0.89% -56.02% PDVSA XS0294364954 USD 5.38 12/04/2027 24.200 25.400 29.89 28.80 NA/C 3,000 400 4.31% -36.32% Meksika US91087BAA89 USD 3.60 30/01/2025 100.400 100.800 3.54 3.47 A3/BBB+ 2,454 200,000-1.38% 3.77% US91086QBF46 USD 4.60 23/01/2046 97.100 97.850 4.79 4.74 A3/BBB+ 3,000 200,000-1.72% 8.07% BBVA BANCOMER USP16259AB20 USD 6.50 10/03/2021 107.900 108.650 3.81 3.57 Baa3/BBB- 1,250 150,000-1.19% 1.79% BBVA BANCOMER USP16259AK29 USD 4.38 10/04/2024 103.750 104.500 3.69 3.56 A3/A- 750 150,000-0.48% 4.11% CFELEC USP30179AM09 USD 4.88 15/01/2024 106.000 106.850 3.75 3.59 Baa1/BBB+ 1,250 200,000-0.80% 6.00% CEMEX USP2253TJD20 USD 6.50 10/12/2019 103.000 104.000 NA NA NA/WD - 200,000 0.00% -2.14% CEMEX USP2253TJE03 USD 5.70 11/01/2025 105.300 106.050 4.27 3.89 NA/BB- 1,071 200,000 0.29% 5.99% CEMEX USP22575AF47 USD 7.25 15/01/2021 103.750 104.600 5.13-5.49 NA/BB- 342 200,000-1.66% -2.35% CEMEX USU12763AD75 USD 6.00 01/04/2024 105.150 105.900 4.02 3.41 NA/BB- 1,000 200,000 0.14% 3.70% PEMEX XS1379158048 EUR 5.13 15/03/2023 116.400 116.800 1.77 1.69 Baa3/BBB+ 900 100,000 0.00% 8.66% PEMEX US71654QBG64 USD 3.50 30/01/2023 97.510 98.010 4.05 3.94 Baa3/BBB+ 2,100 10,000-0.30% 6.28% PEMEX US71656MAF68 USD 6.63 PERP 100.700 101.900-2.68-18.29 Baa3/BBB+ 1,000 10,000-0.30% 7.13% Arjantin US040114GL81 USD 8.28 31/12/2033 116.100 116.850 6.23 6.14 B2/WD 3,966 1-0.94% 8.15% US040114GK09 USD 2.50 31/12/2038 71.600 72.100 6.60 6.55 B2/WD 5,297 1-1.45% 13.65% YPF SOCIEDAD USP989MJBE04 USD 8.50 28/07/2025 115.350 116.100 5.94 5.83 B2/B 1,500 1,000-0.69% 9.86% Güney Afrika US836205AN45 USD 5.50 09/03/2020 104.784 105.284 3.17 2.93 Baa3 /*-/BB+ 1,619 100,000-0.13% -1.73% US836205AQ75 USD 4.67 17/01/2024 102.881 103.381 4.12 4.02 Baa3 /*-/BB+ 1,500 100,000 0.96% 1.24% US836205AR58 USD 5.88 16/09/2025 109.779 110.279 4.36 4.29 Baa3 /*-/BB+ 2,000 200,000 1.18% 1.06% US836205AS32 USD 5.38 24/07/2044 101.885 102.635 5.24 5.19 Baa3 /*-/BB+ 1,000 200,000 4.20% 0.13% ANGLOGOLD US03512TAC53 USD 5.13 01/08/2022 104.072 104.702 4.13 3.98 Baa3/NA 750 1,000-0.77% 0.92% ESKOM XS0579851949 USD 5.75 26/01/2021 99.994 100.494 5.75 5.57 B1 /*-/NA 1,750 200,000 0.64% -0.38% ESKOM XS1187065443 USD 7.13 11/02/2025 103.263 104.013 6.54 6.41 B1 /*-/NA 1,250 200,000 1.31% 1.18% TRANSNET XS0809571739 USD 4.00 26/07/2022 99.138 99.638 4.21 4.09 Baa3 /*-/BB+u 1,000 200,000 1.68% 3.27% ZAR SOV CAPITAL FUND XS1113141441 USD 3.90 24/06/2020 101.218 101.843 3.38 3.11 Baa3 /*-/BB+ 500 200,000 0.06% -0.15% Azerbaycan XS1044540547 USD 4.75 18/03/2024 103.884 104.384 4.03 3.94 Ba2/BB+ 1,250 200,000 0.96% 3.24% SOCAR XS0903465127 USD 4.75 13/03/2023 102.333 102.733 4.24 4.15 Ba2/BB+ /*- 1,000 200,000 1.55% 4.97% SOCAR XS1196496688 USD 6.95 18/03/2030 113.846 114.646 5.38 5.30 NR/BB+ /*- 750 200,000 3.07% 7.53%

5 Gürcistan GEORGIAN RAILWAY XS0800346362 USD 7.75 11/07/2022 112.500 113.250 4.63 4.45 NA/B+ 500 200,000 0.55% 3.57% Kazakistan XS1120709669 USD 3.88 14/10/2024 103.872 104.222 3.23 3.17 Baa3/BBB 1,500 200,000-0.71% 3.10% XS1263054519 USD 5.13 21/07/2025 111.368 111.718 3.40 3.35 Baa3/BBB 2,500 200,000-1.24% 3.12% XS1120709826 USD 4.88 14/10/2044 108.098 108.848 4.36 4.31 Baa3/BBB 1,000 200,000 0.24% 10.59% XS1263139856 USD 6.50 21/07/2045 129.070 129.820 4.62 4.58 Baa3/BBB 1,500 200,000-0.10% 8.81% KAZAGRO XS0934609016 USD 4.63 24/05/2023 101.890 102.440 4.23 4.11 NA/BBB- 961 200,000 0.18% 6.97% KAZKOMMERTSBANK XS0867478124 USD 5.50 21/12/2022 99.750 100.500 5.56-1.16 NA/BB- /*+ 750 1 0.00% 31.25% Yunanistan GR0114030555 EUR 3.50 30/01/2023 101.450 101.950 3.18 3.08 NA/B- 4,356 1 N/A N/A GR0124034688 EUR 3.75 30/01/2028 98.875 99.375 3.89 3.83 NA/B- 5,963 1 N/A N/A GR0128015725 EUR 3.90 30/01/2033 96.000 96.500 4.27 4.22 NA/B- 6,091 1 N/A N/A GR0133011248 EUR 4.00 30/01/2037 95.750 96.250 4.33 4.29 NA/B- 4,805 1 N/A N/A GR0138015814 EUR 4.20 30/01/2042 95.875 96.375 4.48 4.45 NA/B- 4,604 1 N/A N/A GRR000000010 EUR 0.00 15/10/2042 0.536 0.616 NA NA NA/NA 62,383 100 6.99% 194.51% Çin BANK OF CHINA US06120TAA60 USD 5.00 13/11/2024 106.414 106.732 3.92 3.87 Baa3/BBB+ 3,000 200,000-0.51% 1.07% CENTRAL CHINA XS0937236783 USD 6.50 04/06/2018 100.500 100.750 5.11 4.45 B1/NA 400 200,000 N/A -0.99% CHINA SHANSHUI XS1200439609 USD 7.50 10/03/2020 80.000 84.000 19.31 16.66 NA/WD 427 200,000 N/A 0.00% CNPC HK USG21895AC44 USD 5.95 28/04/2041 127.128 128.379 4.13 4.05 A2/A+ 500 200,000-1.63% 5.82% HUARONG FINANCE XS1165659357 USD 4.50 16/01/2020 101.965 102.147 3.47 3.38 Baa1/A 1,200 200,000-0.38% -1.14% IND & COMM BANK USY39656AA40 USD 6.00 PERP 103.500 103.600 4.00 3.94 Ba2/NA 2,940 200,000-0.31% -1.52% PARKSON RETAIL XS0920864708 USD 4.50 03/05/2018 100.000 101.000 4.46 1.05 B3/B- 485 200,000 N/A 2.04% Hindistan JSW STEEL LTD XS1133588233 USD 4.75 12/11/2019 101.500 102.000 3.88 3.60 Ba3/BB 500 200,000 0.12% 2.27% RELIANCE HOLDINGS US759468AC51 USD 5.40 14/02/2022 108.025 108.269 3.28 3.22 Baa2/NA 1,500 250,000-0.67% -0.51% Endonezya PERTAMINA USY7138AAA89 USD 5.25 23/05/2021 107.000 107.375 3.03 2.92 Baa3/BBB 1,000 200,000-0.23% 0.82% Peru UNACEM USP9451YAC77 USD 5.88 30/10/2021 103.850 104.850 4.39 3.28 Ba2/NA 625 150,000 0.58% 0.83% Birleşik Arap Emirlikleri (Sukuk) JAFZ SUKUK 2019 XS0794821453 USD 7.00 19/06/2019 105.766 106.391 2.82 2.39 Baa2/BBB+ 650 200,000-0.44% -3.30% DIP SUKUK LTD XS1035007530 USD 4.29 20/02/2019 100.750 101.000 3.58 3.35 NA/NA 300 200,000-0.25% -0.86% EMAAR SUKUK LTD XS0805885349 USD 6.40 18/07/2019 105.261 105.886 2.79 2.38 Baa3/NA 500 200,000-0.37% -3.10% DIB SUKUK LTD XS1241110300 USD 2.92 03/06/2020 99.500 100.000 3.14 2.92 A3/A 750 200,000 0.00% 0.38% EMG SUKUK XS1075401726 USD 4.56 18/06/2024 103.750 104.250 3.90 3.81 Baa2/NA 750 200,000 0.00% 0.24% ABU DHABI NATIONAL XS0863524277 USD 3.63 12/01/2023 101.000 101.500 3.41 3.30 A3/NA 1,250 200,000-0.37% 0.00% EMIRATES XS0885065887 USD 4.50 06/02/2025 101.130 102.130 4.31 4.15 NA/NA 536 200,000 0.00% -0.49%