ULUSLARARASI SERMAYE PİYASALARI - GÜNLÜK RAPOR

1 ULUSLARARASI SERMAYE PİYASALARI - GÜNLÜK RAPOR 22.02.2017 Eurotahvil Piyasaları ABD piyasalarının yeniden açılması ile birlikte tahvil piyasaları yeniden canlandı. Enflasyon beklentilerindeki artış, tahvil faizlerinin yükselmesine ve getiri eğrilerinin dikleşmesine de sebep oldu. 10 yıl vadeli ABD tahvil getirisi %2.45 e kadar yükselirken, 2 yıl vadeli tahvilde getiri seviyesi %1.22 oldu. Benzer bir görünüm Avrupa tahvillerinde de vardı. 10 yıl vadeli Almanya tahvili %0.32, İngiliz tahvili ise %1.26 seviyesinden işlem gördü. Benzer vadedeki Fransa tahvilinde de gün %1.09 seviyesinden tamamlandı. Diğer yandan gelişmekte olan ülkelerde de değer kayıpları mevcuttu. Türkiye ülke eurotahvillerinde gün içerisinde yatay negatif bir performans ön plana çıktı. 2030 vadeli eurotahvil $0.35 gerileyerek 153.000 seviyesinden günü tamamlarken, diğer uzun vadeli kıymetlerde de benzer hareket dikkat çekti. Şirket eurotahvillerinde ise yatay bir görüntü dikkat çekti. Nisan 2022 vadeli İş Bankası kıymeti alış tarafında 98.750, yine 2022 vadeli Yapı Kredi kıymeti de 95.750 seviyesinden işlem gördü. Türkiye 5 yıllık CDS i 241 baz puandan fiyatlandı. ABD & Avrupa Hisse Senedi Piyasaları Haftanın ikinci işlem gününde, Amerikan endeksleri günü artıda kapatmayı başardı. ABD tarafında bugün açıklanan Şubat ayı öncü imalat PMI göstergesi beklentilerin (55.4) hafif altında 54.3 olarak gerçekleşti. Dow Jones endeksi %0.58 yükselerek günü 20.743 düzeyinden, S&P 500 %0.60 primle 2365 ve Nasdaq %0.47 artarak günü 5866 dan günü sonlandırdı. Perakende sektörü hisse senetleri değer kazanırken, Wal Mart, Macy s ve Home Depot günün ön plana çıkan hisseleri oldular. Avrupa endekslerinde, İngiltere dışında pozitif bir kapanış yaşanırken endeksler 14 ayın zirvesine ulaştılar. Rallide enerji hisseleri başı çekerken, Euro bölgesinden ekonomik büyümeye dair gelen toparlanma sinyalleri risk iştahını arttırdı. Almanya DAX endeksi %1.18 yükselişle 11967 seviyesinden günü tamamlarken Nisan 2015 den beri en yüksek kapanışını gerçekleştirdi. Siemens (+%2.88) ve Adidas (+%2.46) günün en ön plana çıkan hisse senetleri oldular. İngiliz FTSE100 ise %0.34 değer kaybıyla 7274 düzeyinden günü tamamdı. Vodafone %2.3 yükseliş kaydederken, Finansal sektör hisse senetleri %2.79 değer kaybettiler. Gün içerisinde beklentilerin üstünde açıklanan Şubat ayı PMI verileri endeksleri destekledi. Çarşamba gün içinde açıklanacak veri akışına göz attığımızda, Euro bölgesi Ocak ayı tüketici fiyat endeksi ve Şubat Almanya IFO verileri ön plana çıkıyorlar. ABD tarafında Ocak ayı Ev Satışları verisi takip edilecek. Emtia & FX Vadeli Kontratları (Futures) 21 Şubat Salı günü G10 para birimlerinde genel olarak satıcılı seyir vardı, Euro en fazla değer kaybedenler arasında başı çekerken güne 1,0614 seviyesinden açılış yapan EURUSD paritesi 1,0526 seviyelerine gerileme gösterdi. Bu hareketle 1,0594 seviyesinde bulunan 50 günlük hareketli ortalama da aşağı yönlü kırılmış oldu. Kapanışa gelindiğinde G10 para birimleri arasında tek değer kazanan para birimi olarak GBP öne çıkarken GBPUSD paritesi günün ilk yarısında değer kaybetse de sonrasında açılışı yaptığı 1,2460 seviyelerine toparlanmayı başardı. Aşağıda destek olarak 1,2408 seviyesinde 100, 1,2396 da ise 50 günlük hareketli ortalamalar öne çıkıyor. USDJPY paritesi günün açılışını 113,10 dan yapmasının ardından yükseliş göstererek 113,50 üzerine yerleşti. Spot altın genel USD hareketi ile paralel günün ilk yarısını satışlarla geçirirken sonrasında toparlanarak 1235 üzerine çıkmayı başardı ve ABD seansını bu seviye üzerinde geçirdi. LME metallerinde satışlar vardı, 3 ay vadeli bakır kontratı günü 6060 seviyesinden %0,16 ekside sonlandırırken çinko kontratında %0,31 satış görüldü. WTI ve Brent petrolde kazanım vardı, ABD kapanışına gelindiğinde aktif vade WTI petrol %1,24, Brent petrol ise %0,94 kazanımlı işlem görmekteydi. Benchmark Tahviller Fiyat Getiri Türkiye 102.972 5.588 Brezilya 108.251 4.835 Rusya 104.933 4.086 Güney Afrika 102.252 4.520 ABD 98.594 2.409 Almanya 99.993 0.249 5 Yıllık CDS Dünkü Kapanış Değişim (bps) Türkiye 240-2 Brezilya 225-6 Rusya N/A N/A Güney Afrika N/A N/A Hisse Senedi Piyasaları Kapanış Değişim % Dow Jones 20,743.00 0.58 S&P 500 2,365.38 0.60 NASDAQ 5,865.95 0.47 Almanya 11,973.06 0.05 İngiltere 7,286.77 0.16 Fransa 4,892.40 0.07 Japonya 19,379.87-0.01 Şangay 3,261.22 0.24 Hong Kong 24,201.96 0.99 Brezilya 69,052.02 0.76 Rusya 1,153.22-0.73 Emtia Piyasaları Kapanış Değişim % Petrol 54.330 1.74 Altın 1,235.700-0.23 Gümüş 17.977-0.43 Bakır 6,060.00-0.16 Döviz Dünkü Seviye Değişim % EUR/USD 1.0536-0.73 USD/JPY 113.6800 0.51 USD/CAD 1.3141 0.27 GBP/USD 1.2473 0.08 AUD/USD 0.7675-0.17 NZD/USD 0.7161-0.40 USD/CNH 6.8616 0.09 USD/TRY 3.6146-0.11 USD/RUB 57.8492-0.96 USD/ZAR 13.1010 0.72 Futures Dünkü Seviye Değişim % Dow Jones Mini 20,688.00 0.49 S&P 500 Mini 2,360.00 0.51 DAX 11,960.00 1.09 EUR/USD 1.0556-0.55 TREASURY 10Y 124.70 0.00

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 US900123BE97 USD 7.50 14.07.2017 102.250 102.400 1.54 1.16 Ba1/BB+ 2,250 100,000-0.37% -4.44% US900123BA75 USD 6.75 03.04.2018 104.313 104.688 2.74 2.40 Ba1/BB+ 2,250 100,000 0.30% -2.83% US900123BD15 USD 7.00 11.03.2019 107.000 107.375 3.42 3.23 Ba1/BB+ 1,500 100,000 1.06% -1.70% US900123BF62 USD 7.50 07.11.2019 109.375 109.750 3.80 3.66 Ba1/BB+ 1,500 100,000 1.16% -2.21% US900123AX87 USD 7.00 05.06.2020 108.780 109.030 4.10 4.02 Ba1/BB+ 2,000 2,000 1.78% -2.00% US900123BH29 USD 5.63 30.03.2021 104.000 104.500 4.54 4.41 Ba1/BB+ 2,000 100,000 1.84% -1.56% US900123BY51 USD 5.13 25.03.2022 101.250 101.750 4.84 4.73 Ba1/BB+ 1,000 200,000 2.40% -1.46% US900123BZ27 USD 6.25 26.09.2022 106.310 106.810 4.94 4.84 Ba1/BB+ 2,500 200,000 2.22% -2.24% US900123CA66 USD 3.25 23.03.2023 90.875 91.375 5.01 4.91 Ba1/BB+ 1,500 200,000 2.39% -0.95% US900123CF53 USD 5.75 22.03.2024 102.750 103.250 5.28 5.19 Ba1/BB+ 2,500 200,000 2.88% -2.84% US900123AW05 USD 7.38 05.02.2025 112.620 112.870 5.40 5.36 Ba1/BB+ 3,250 2,000 3.32% -3.54% US900123CJ75 USD 4.25 14.04.2026 91.550 91.800 5.44 5.40 Ba1/BB+ 1,500 200,000 3.45% -2.61% US900123CK49 USD 4.88 09.10.2026 95.230 95.605 5.52 5.47 Ba1/BB+ 3,000 200,000 3.37% N/A US900123CL22 USD 6.00 25.03.2027 102.885 103.125 5.62 5.59 Ba1/BB+ 3,250 200,000 3.14% N/A US900123AL40 USD 11.88 15.01.2030 153.125 153.625 5.92 5.88 Ba1/BB+ 1,500 1,000 2.94% -6.77% US900123AT75 USD 8.00 14.02.2034 118.500 119.000 6.22 6.18 Ba1/BB+ 1,500 2,000 4.41% -4.82% US900123AY60 USD 6.88 17.03.2036 106.750 107.250 6.26 6.22 Ba1/BB+ 2,750 2,000 4.66% -4.47% US900123BB58 USD 7.25 05.03.2038 110.875 111.375 6.31 6.27 Ba1/BB+ 1,000 2,000 4.60% -5.03% US900123BG46 USD 6.75 30.05.2040 105.625 106.125 6.29 6.25 Ba1/BB+ 2,000 100,000 4.84% -4.63% US900123BJ84 USD 6.00 14.01.2041 96.750 97.250 6.26 6.22 Ba1/BB+ 3,000 200,000 4.59% -4.44% US900123CB40 USD 4.88 16.04.2043 84.500 85.000 6.06 6.02 Ba1/BB+ 3,000 200,000 4.81% -3.43% US900123CG37 USD 6.63 17.02.2045 105.000 105.500 6.24 6.21 Ba1/BB+ 3,000 200,000 6.06% -5.83% XS0285127329 EUR 5.88 02.04.2019 109.730 109.980 1.16 1.05 Ba1/BB+ 1,250 50,000 0.90% -1.81% XS0503454166 EUR 5.13 18.05.2020 109.875 110.250 1.94 1.82 Ba1/BB+ 2,000 50,000 2.10% -1.01% XS0993155398 EUR 4.35 12.11.2021 107.800 108.300 2.57 2.46 Ba1/BB+ 1,250 100,000 2.91% 1.22% XS1057340009 EUR 4.13 11.04.2023 106.000 106.500 3.04 2.95 Ba1/BB+ 1,000 100,000 3.41% 1.19% AKBANK USM0375YAJ75 USD 3.88 24.10.2017 100.504 101.254 3.09 1.95 Ba1/BB+ 500 150,000 0.38% -0.49% AKBANK USM0300LAC02 USD 6.50 09.03.2018 103.000 103.750 3.52 2.79 Ba1/BB+ 500 150,000 0.49% -1.90% AKBANK XS1111101314 USD 4.00 24.01.2020 98.880 99.630 4.41 4.13 Ba1/BB+ 500 200,000 2.73% 1.68% AKBANK USM0375YAK49 USD 5.00 24.10.2022 97.500 98.250 5.52 5.36 Ba1/BB+ 500 150,000 4.00% 0.00% AKBANK XS1210422074 USD 5.13 31.03.2025 93.875 94.500 6.09 5.99 Ba1/BB+ 500 200,000 5.18% -0.13% ALBARAKA XS1082151868 USD 6.25 30.06.2019 99.181 100.094 6.63 6.20 NA/NA 350 200,000 0.01% 0.56% ALBARAKA XS0927211754 USD 7.75 07.05.2023 97.196 98.383 9.16 8.90 NA/NA 200 200,000 0.18% 8.44% ALBARAKA XS1301525207 USD 10.50 30.11.2025 107.750 109.700 8.07 7.49 NA/NA 250 200,000-2.53% N/A ALTERNATİFBANK XS1089556358 USD 3.13 22.07.2019 99.625 100.125 3.29 3.07 NA/A+ 250 200,000 1.14% 2.18% ALTERNATİFBANK XS1396282177 USD 8.75 16.04.2026 104.000 104.750 7.60 7.39 Ba3/BB+ 300 200,000 2.59% N/A ANADOLU EFES XS0848940523 USD 3.38 01.11.2022 92.500 93.500 4.90 4.69 Baa3/NA 500 200,000 4.52% 10.12% ARÇELİK XS1109959467 EUR 3.88 16.09.2021 104.550 105.500 2.80 2.58 NA/BB+ 350 100,000 2.35% N/A ARÇELİK XS0910932788 USD 5.00 03.04.2023 98.380 99.380 5.31 5.12 NA/BB+ 500 200,000 4.66% 7.52% BANK ASYA XS0907295942 USD 7.50 28.03.2023 10.000 20.000 81.71 49.97 WR/NA 250 200,000 0.00% -85.71% BANKPOZİTİF XS0887586922 USD 5.00 07.02.2018 99.875 100.625 5.13 4.32 NA/BBB- 150 200,000 1.65% 2.70% COCA-COLA XS0975576165 USD 4.75 01.10.2018 102.910 103.910 2.88 2.25 Baa3/BBB- 500 200,000 0.63% -0.07% EXPORT CREDIT BANK XS0774764152 USD 5.88 24.04.2019 103.400 103.900 4.21 3.98 Ba1/NA 750 200,000 1.62% 0.15% EXPORT CREDIT BANK XS1345632811 USD 5.38 08.02.2021 101.000 101.750 5.09 4.88 Ba1/BB+ 500 200,000 2.54% 0.90% EXPORT CREDIT BANK XS1028943089 USD 5.00 23.09.2021 98.858 99.508 5.28 5.12 Ba1/BB+ 500 200,000 2.98% 0.62% EXPORT CREDIT BANK XS1496463297 USD 5.38 24.10.2023 97.380 98.380 5.85 5.67 Ba1/BB+ 500 200,000 4.37% N/A FİNANSBANK XS0849733273 USD 5.15 01.11.2017 101.376 101.876 3.10 2.37 Ba1/BBB- 350 200,000 0.29% -0.71% FİNANSBANK XS1063442484 USD 6.25 30.04.2019 104.625 105.375 4.01 3.66 Ba1/BBB- 500 200,000 1.95% 0.36% GARANTİ USM8931TAE93 USD 4.00 13.09.2017 100.488 100.988 3.09 2.16 Ba1/BBB- 600 200,000 0.37% -0.75% GARANTİ XS1084838496 EUR 3.38 08.07.2019 102.650 103.250 2.21 1.95 Ba1/BBB- 500 100,000 1.84% N/A GARANTİ XS1057541838 USD 4.75 17.10.2019 101.375 101.875 4.19 3.99 Ba1/BBB- 750 200,000 2.53% 1.48% GARANTİ USM8931TAA71 USD 6.25 20.04.2021 104.125 104.625 5.13 5.00 Ba1/BBB- 500 200,000 2.71% -0.36% GARANTİ USM8931TAF68 USD 5.25 13.09.2022 99.250 99.750 5.41 5.30 Ba1/BBB- 750 200,000 3.39% 0.00% GLOBAL LİMAN XS1132825099 USD 8.13 14.11.2021 98.000 99.000 8.64 8.38 B1/BB- 250 200,000-1.61% 12.62% HALK BANKASI XS0806482948 USD 4.88 19.07.2017 100.580 100.933 3.40 2.52 Ba1/BB+ 750 200,000 0.16% -1.15% HALK BANKASI XS1069383856 USD 4.75 04.06.2019 100.000 100.750 4.75 4.40 Ba1/BB+ 500 200,000 1.78% 0.50% HALK BANKASI XS0882347072 USD 3.88 05.02.2020 95.875 96.625 5.41 5.12 Ba1/BB+ 750 200,000 2.27% 1.59% HALK BANKASI XS1188073081 USD 4.75 11.02.2021 96.375 97.125 5.79 5.57 Ba1/BB+ 500 200,000 3.91% 0.92% HALK BANKASI XS1439838548 USD 5.00 13.07.2021 96.500 97.250 5.92 5.72 Ba1/BB+ 500 200,000 4.04% N/A İŞ BANKASI XS0852697712 USD 3.88 07.11.2017 100.531 101.031 3.10 2.38 Ba1/BB+ 500 200,000 0.48% -0.22% İŞ BANKASI XS0808632250 USD 3.75 10.10.2018 99.900 100.400 3.81 3.49 Ba1/BB+ 750 200,000 1.68% 0.91% İŞ BANKASI XS0982644774 USD 5.50 21.04.2019 102.500 103.000 4.27 4.03 Ba1/BB+ 500 200,000 1.74% 0.24% İŞ BANKASI XS1121459074 USD 5.00 30.04.2020 99.560 100.560 5.15 4.81 Ba1/BB+ 750 200,000 2.67% 0.13% İŞ BANKASI XS1079527211 USD 5.00 25.06.2021 98.375 99.125 5.42 5.23 Ba1/BB+ 750 200,000 4.10% 0.64% İŞ BANKASI XS1390320981 USD 5.38 06.10.2021 99.375 99.875 5.53 5.40 Ba1/BB+ 750 200,000 4.88% N/A İŞ BANKASI XS1508390090 USD 5.50 21.04.2022 98.200 99.200 5.91 5.68 Ba1/BB+ 600 200,000 5.08% N/A İŞ BANKASI XS0847042024 USD 6.00 24.10.2022 98.000 99.000 6.42 6.21 Ba3/BB 1,000 200,000 4.53% -0.25% İŞ BANKASI XS1003016018 USD 7.85 10.12.2023 105.250 106.250 6.87 6.69 B1/BB 400 200,000 3.44% 2.93% KOÇ HOLDİNG XS0922615819 USD 3.50 24.04.2020 99.940 100.940 3.52 3.18 Baa3/NA 750 200,000 2.18% 4.38% KOÇ HOLDİNG XS1379145656 USD 5.25 15.03.2023 101.750 102.750 4.90 4.70 Baa3/NA 750 200,000 4.69% N/A KUVEYT TÜRK XS1079236169 USD 5.16 26.06.2019 102.300 102.900 4.12 3.85 NA/BBB- 500 200,000 0.54% N/A KUVEYT TÜRK XS1323608635 USD 7.90 17.02.2026 106.250 106.980 6.11 5.91 NA/BB+ 350 200,000 0.66% N/A MERSİN LİMAN XS0957598070 USD 5.88 12.08.2020 104.310 105.310 3.81 3.13 Baa3/BBB- 450 200,000 0.90% 2.01% ŞİŞECAM XS0927634807 USD 4.25 09.05.2020 99.500 100.500 4.42 4.08 Ba1/NA 500 200,000 2.11% 3.11% TSKB XS1117601796 USD 5.38 30.10.2019 101.000 101.750 4.97 4.67 Ba1/BB+ 350 200,000 2.54% -0.25% TSKB XS1219733752 USD 5.13 22.04.2020 100.250 101.000 5.04 4.78 Ba1/BB+ 350 200,000 3.08% 1.01% TSKB XS1412393172 USD 4.88 18.05.2021 97.125 97.875 5.65 5.44 Ba1/BB+ 300 200,000 3.88% N/A

3 TÜPRAŞ XS0849020556 USD 4.13 02.05.2018 101.060 102.060 3.21 2.36 Ba1/BBB- 700 200,000 1.44% 1.72% TURKCELL XS1298711729 USD 5.75 15.10.2025 100.560 101.560 5.67 5.52 Baa3/BBB- 500 200,000 4.88% 4.91% TÜRK TELEKOM XS1028952155 USD 3.75 19.06.2019 100.380 101.380 3.58 3.13 NA/BBB- 500 200,000 1.91% 1.39% TÜRK TELEKOM XS1028951264 USD 4.88 19.06.2024 95.630 96.630 5.61 5.44 NA/BBB- 500 200,000 3.66% 1.46% TÜRKİYE FİNANS XS1057852912 USD 5.38 24.04.2019 102.500 103.250 4.15 3.80 NA/BBB- 500 200,000 0.61% -0.12% VAKIFLAR BANKASI XS0772024120 USD 5.75 24.04.2017 100.365 100.715 3.48 1.42 Ba1/BB+ 500 200,000-0.08% -2.32% VAKIFLAR BANKASI XS0916347759 USD 3.75 15.04.2018 99.750 100.500 3.97 3.30 Ba1/BB+ 600 200,000 1.14% 0.76% VAKIFLAR BANKASI XS0987355939 USD 5.00 31.10.2018 101.250 101.750 4.22 3.91 Ba1/BB+ 500 200,000 1.00% -0.49% VAKIFLAR BANKASI XS1077629225 EUR 3.50 17.06.2019 101.750 102.300 2.70 2.46 Ba1/BB+ 500 100,000 1.95% N/A VAKIFLAR BANKASI XS1403416222 EUR 2.38 04.05.2021 98.750 99.760 2.69 2.43 Baa1/NA 500 100,000 2.28% N/A VAKIFLAR BANKASI XS1508914691 USD 5.50 27.10.2021 98.250 99.000 5.93 5.74 Ba1/BB+ 500 200,000 3.97% N/A VAKIFLAR BANKASI XS0849728190 USD 6.00 01.11.2022 97.500 98.250 6.53 6.37 Ba3/BB 672 200,000 4.84% 0.26% VAKIFLAR BANKASI XS1175854923 USD 6.88 03.02.2025 99.250 100.250 7.16 6.78 B1/BB 500 200,000 4.47% 2.98% YAPI KREDİ XS0994815016 USD 5.25 03.12.2018 101.850 102.350 4.15 3.86 Ba1/BBB- 500 200,000 1.85% -0.63% YAPI KREDİ XS1028938915 USD 5.13 22.10.2019 100.625 101.125 4.87 4.67 Ba1/BBB- 550 200,000 2.29% -0.47% YAPI KREDİ XS0874840688 USD 4.00 22.01.2020 97.500 98.250 4.93 4.65 Ba1/BBB- 500 200,000 2.65% 0.78% YAPI KREDİ XS0861979440 USD 5.50 06.12.2022 95.500 96.500 6.44 6.23 Ba2/BB+ 1,000 200,000 4.37% -1.04% YAPI KREDİ XS1376681067 USD 8.50 09.03.2026 105.250 106.250 6.99 6.71 Ba3/BB+ 500 200,000 3.19% N/A YAŞAR HOLDİNG XS1132450427 USD 8.88 06.05.2020 101.750 103.250 8.13 7.51 B2/B 250 200,000 0.00% 0.74% ZİRAAT BANKASI XS1083936028 USD 4.25 03.07.2019 99.375 99.875 4.53 4.30 Ba1/BB+ 750 200,000 1.15% 0.51% ZİRAAT BANKASI XS1223394914 USD 4.75 29.04.2021 97.627 98.377 5.39 5.18 Ba1/BB+ 500 200,000 2.77% N/A Brezilya US105756BT66 BRL 8.50 05.01.2024 94.375 95.250 9.87 9.68 Ba2/BB 3,150 350,000-1.30% 12.62% US105756AR10 USD 8.88 15.04.2024 126.500 128.000 4.49 4.28 Ba2/BB 1,081 1,000 2.22% 13.30% US105756BV13 USD 4.25 07.01.2025 97.600 98.100 4.62 4.54 Ba2/BB 4,300 200,000 2.52% 16.89% US105756AE07 USD 10.13 15.05.2027 141.000 143.000 4.96 4.76 Ba2/BB 1,350 1,000 2.17% 14.17% US105756BB58 USD 8.25 20.01.2034 121.750 123.000 6.16 6.06 Ba2/BB 1,502 1,000 2.05% 21.39% ANDRADE GUTIER USL01795AA80 USD 4.00 30.04.2018 89.000 91.000 14.50 12.46 Caa2/B- 500 200,000 0.00% 45.90% BANCO DO BRASIL US05957PAN69 BRL 9.75 18.07.2017 97.750 99.000 15.83 12.36 Ba2/NA 350 5,000-0.06% 6.93% BANCO DO BRASIL USP3772WAF97 USD 9.00 PERP 100.350 101.350 8.86 8.74 B2/NA 2,170 200,000 3.45% 92.06% BRASKEM USG1315RAD38 USD 5.75 15.04.2021 105.400 106.400 4.31 4.05 Ba1/BBB- 1,000 200,000-0.57% 15.19% BRASKEM USG1315RAG68 USD 5.38 02.05.2022 104.000 105.000 4.50 4.29 Ba1/BBB- 500 200,000 0.73% 17.51% BRASKEM US10553YAF25 USD 6.45 03.02.2024 107.150 108.150 5.21 5.04 Ba1/BBB- 750 200,000 0.37% 19.06% BRASKEM USG1315RAC54 USD 7.38 PERP 99.550 100.800 7.48-63.43 Ba1/BBB- 700 100,000-0.20% 27.22% BRF USP1905CAE05 USD 4.75 22.05.2024 101.000 102.000 4.58 4.42 Ba1/BBB 750 200,000 3.06% 10.84% CSN ISLANDS XI USG2583XAA93 USD 6.88 21.09.2019 90.250 92.250 11.36 10.39 Caa1/B- 750 100,000 2.56% 128.48% FIBRIA US31572UAE64 USD 5.25 12.05.2024 102.100 103.100 4.90 4.74 Ba1/BBB- 600 2,000 1.59% 8.04% ITAU UNIBANCO US46556MAF95 USD 5.65 19.03.2022 104.650 105.650 4.61 4.39 Ba3/BB- 1,250 200,000 1.60% 12.53% JBS USA29866AA70 USD 7.75 28.10.2020 105.500 106.500 5.04 3.60 NA/BB+ 1,000 200,000-0.47% 9.04% MARFRIG USN54468AA65 USD 8.38 09.05.2018 105.500 106.500 3.64 2.82 B2/BB- 282 200,000-0.24% 7.93% MARFRIG USN54468AD05 USD 6.88 24.06.2019 103.650 104.650 5.18 2.97 B2/BB- 660 200,000-0.34% 13.90% MINERVA USL6401PAC79 USD 7.75 31.01.2023 106.250 107.250 4.90 3.85 B1/BB- 250 200,000 0.00% 14.25% PETROBRAS US71645WAM38 USD 5.88 01.03.2018 103.100 103.850 2.74 2.01 B2/BB 545 2,000 0.83% 13.30% PETROBRAS US71645WAN11 USD 7.88 15.03.2019 109.200 109.950 3.20 2.84 B2/BB 706 2,000-0.82% 24.80% PETROBRAS US71645WAR25 USD 5.38 27.01.2021 101.200 101.850 5.03 4.85 B2/BB 5,250 2,000 0.95% 36.30% PETROBRAS US71647NAP42 USD 8.38 23.05.2021 111.650 112.650 5.27 5.02 B2/BB 6,750 2,000 1.18% N/A PETROBRAS US71647NAF69 USD 4.38 20.05.2023 93.000 93.750 5.73 5.57 B2/BB 3,500 2,000 2.48% 41.98% PETROBRAS US71647NAM11 USD 6.25 17.03.2024 101.400 102.150 6.00 5.87 B2/BB 2,500 2,000 2.42% 40.35% PETROBRAS XS0716979595 EUR 5.88 07.03.2022 111.000 111.600 3.45 3.33 B2/BB 600 100,000 2.21% 51.02% PETROBRAS XS0982711714 EUR 4.75 14.01.2025 100.550 101.050 4.66 4.59 B2/BB 800 100,000 2.29% 49.52% PETROBRAS US71647NAN93 USD 6.85 05.06.2115 85.500 86.700 8.01 7.90 B2/BB 2,500 2,000 N/A 37.35% SUZANO USG8600UAA19 USD 5.88 23.01.2021 105.650 106.650 4.29 4.02 Ba1/BB+ 646 100,000 2.57% 7.81% VOTORANTIM USP98088AA83 USD 7.25 05.04.2041 100.500 102.000 7.21 7.08 Ba2/BBB- 1,151 200,000 3.61% 47.79% VOTORANTIM USP98088AA83 USD 7.25 05.04.2041 100.500 102.000 7.21 7.08 Ba2/BBB- 1,151 200,000 3.61% 47.79% VALE US91911TAM53 USD 4.38 11.01.2022 102.900 103.900 3.72 3.50 Ba3/BBB 2,250 2,000 3.68% 34.07% Rusya XS0504954347 USD 5.00 29.04.2020 107.750 108.050 2.45 2.36 Ba1/BBB- 3,500 100,000 1.15% 3.61% XS0971721450 USD 4.88 16.09.2023 107.450 107.800 3.59 3.53 Ba1/BBB- 3,000 200,000 1.48% 5.09% XS0088543193 USD 12.75 24.06.2028 174.650 175.650 4.34 4.26 Ba1/BBB- 2,500 10,000 1.69% 8.99% XS0971721963 USD 5.88 16.09.2043 113.000 113.500 4.99 4.96 Ba1/BBB- 1,500 200,000 0.00% 15.90% ALFA BANK XS0620695204 USD 7.75 28.04.2021 114.000 114.750 4.07 3.89 Ba2/BB+ 1,000 200,000 0.44% 9.09% CRBKMO XS0924078453 USD 8.70 13.11.2018 105.750 106.750 5.15 4.57 NR/BB- 500 200,000 2.17% 15.57% EVRAZ XS0618905219 USD 6.75 27.04.2018 104.000 104.500 3.25 2.82 B1/BB- 527 200,000 0.12% 6.39% GAZPROM XS0424860947 USD 9.25 23.04.2019 113.450 113.750 2.80 2.67 Ba1/BBB- 2,250 100,000 0.29% 1.61% GAZPROM XS0906946008 EUR 3.39 20.03.2020 105.550 106.050 1.52 1.36 Ba1/BBB- 1,000 100,000 0.40% 10.81% GAZPROM XS0290580595 USD 6.51 07.03.2022 110.500 111.000 4.18 4.07 Ba1/BBB- 1,300 100,000 0.56% 9.14% GAZPROMBANK XS0987109658 EUR 3.98 30.10.2018 104.000 104.500 1.55 1.26 Ba2/BB+ 1,000 100,000 0.00% 7.88% GAZPROMBANK XS0779213460 USD 7.25 03.05.2019 107.630 108.230 3.59 3.32 B2/BB 500 200,000 0.45% 7.09% GAZPROMBANK XS0975320879 USD 7.50 28.12.2023 105.875 106.625 4.15 3.74 NR/B+ 750 200,000 1.32% 21.00% LUKOIL XS0919502434 USD 3.42 24.04.2018 101.000 101.500 2.54 2.11 Ba1/BBB- 1,500 200,000 0.00% 2.96% LUKOIL XS0461926569 USD 7.25 05.11.2019 110.880 111.380 3.02 2.84 Ba1/BBB- 600 100,000 0.24% 3.14% LUKOIL XS0554659671 USD 6.13 09.11.2020 109.250 109.750 3.44 3.31 Ba1/BBB- 1,000 200,000 0.46% 6.07% LUKOIL XS0304274599 USD 6.66 07.06.2022 112.250 112.750 4.06 3.96 Ba1/BBB- 500 100,000 0.72% 8.45% LUKOIL XS0919504562 USD 4.56 24.04.2023 101.810 102.310 4.23 4.13 Ba1/BBB- 1,500 200,000 0.79% 12.50% NORILSK XS1298447019 USD 6.63 14.10.2022 112.000 112.500 4.21 4.12 Ba1/BBB- 1,000 200,000 0.67% 9.11% PROMSVYAZ BANK XS1086084123 USD 10.50 30.07.2021 111.500 113.000 7.41 7.03 B3/WD 321 200,000 0.45% 15.84% ROSNEFT XS0861981180 USD 4.20 06.03.2022 100.150 100.650 4.17 4.06 Ba1/WD 2,000 200,000 1.62% 14.13%

4 RUSSIAN AGRI BANK XS0979891925 USD 8.50 16.10.2023 112.250 113.000 6.22 6.09 NR/NA 500 200,000 2.51% 22.01% RUSSIAN STD BANK XS1117280625 USD 13.00 27.10.2022 46.750 47.750 38.48 37.72 NA/NA 512 164,000-2.60% 73.15% SBERBANK XS0897427570 TRY 7.40 04.03.2018 94.805 96.616 12.95 10.97 Ba1/BBB- 550 300,000 1.84% 10.74% SBERBANK XS0799357354 USD 5.18 28.06.2019 105.500 106.000 2.74 2.53 Ba1/BBB- 1,000 200,000 0.72% 4.71% SBERBANK XS0638572973 USD 5.72 16.06.2021 107.780 108.280 3.74 3.62 Ba1/BBB- 1,000 200,000 0.85% 6.59% SBERBANK XS0848530977 USD 5.13 29.10.2022 102.000 102.500 4.72 4.62 Ba2/BB+ 2,000 200,000 0.25% 6.53% SBERBANK XS0935311240 USD 5.25 23.05.2023 102.000 102.500 4.87 4.78 NA/BB+ 1,000 200,000 1.24% 16.91% SBERBANK XS1032750165 USD 5.50 26.02.2024 103.125 103.625 3.87 3.61 NA/BB+ 1,000 200,000 1.35% 17.86% VIP XS0643183220 USD 7.50 01.03.2022 111.750 112.500 4.84 4.68 Ba2/BB+ 1,280 200,000-0.22% 9.56% VNESHECONOMBANK XS0893205186 EUR 3.04 21.02.2018 102.000 102.500 1.00 0.50 NA/BBB- 1,000 100,000 0.49% 6.53% VNESHECONOMBANK XS0993162170 USD 4.22 21.11.2018 102.000 102.500 3.03 2.74 NA/BBB- 850 200,000 0.49% 6.25% VTB BANK XS0842078536 USD 6.95 17.10.2022 109.000 109.500 5.09 5.00 Ba3/WD 1,412 200,000 0.69% 15.65% Venezuella US922646AT10 USD 13.63 15.08.2018 88.800 91.800 23.03 20.35 Caa3/CCC 753 1,000 3.86% 65.21% US922646AS37 USD 9.25 15.09.2027 51.200 52.200 20.85 20.46 Caa3/CCC 4,000 1,000-3.40% 31.28% US922646BL74 USD 9.38 13.01.2034 49.100 50.100 19.95 19.57 Caa3/CCC 1,500 2,000-0.61% 36.39% USP17625AB33 USD 9.25 07.05.2028 48.000 49.000 21.82 21.40 Caa3/CCC 2,000 100-2.24% 34.27% USP17625AC16 USD 12.75 23.08.2022 66.850 68.100 23.90 23.35 Caa3/CCC 3,000 100 3.56% 62.06% USP17625AD98 USD 11.95 05.08.2031 58.000 59.000 21.46 21.10 Caa3/CCC 4,200 100-0.68% 47.77% USP17625AE71 USD 11.75 21.10.2026 58.000 59.000 22.60 22.21 Caa3/CCC 3,000 100-1.44% 48.91% USP97475AN08 USD 7.75 13.10.2019 62.750 64.000 28.92 27.97 Caa3/CCC 2,496 100 6.81% 76.76% PDVSA USP7807HAK16 USD 8.50 02.11.2017 85.350 86.350 34.29 32.28 NA/CC 1,121 100-0.18% 87.17% PDVSA USP7807HAM71 USD 12.75 17.02.2022 66.250 66.750 24.96 24.72 NA/CC 3,000 100 N/A 68.79% PDVSA XS0294364954 USD 5.38 12.04.2027 36.250 37.250 20.58 20.09 NA/CC 3,000 400-7.05% 22.88% Meksika US91087BAA89 USD 3.60 30.01.2025 98.350 98.950 3.84 3.75 A3/BBB+ 3,000 200,000 2.98% -0.51% US91086QBF46 USD 4.60 23.01.2046 91.750 92.750 5.15 5.08 A3/BBB+ 3,000 200,000 4.74% 1.61% BBVA BANCOMER USP16259AB20 USD 6.50 10.03.2021 107.750 108.250 4.38 4.25 Baa3/BBB- 1,250 150,000 1.79% N/A BBVA BANCOMER USP16259AK29 USD 4.38 10.04.2024 101.250 102.250 4.17 4.01 A3/A- 750 150,000 1.76% 2.79% CFELEC USP30179AM09 USD 4.88 15.01.2024 101.600 102.450 4.60 4.46 Baa1/BBB+ 1,250 200,000 1.09% 2.63% CEMEX USP2253TJD20 USD 6.50 10.12.2019 105.750 106.750 3.15 1.93 NA/BB- 708 200,000 0.24% 6.82% CEMEX USP2253TJE03 USD 5.70 11.01.2025 102.125 102.875 5.27 5.13 NA/BB- 1,071 200,000 3.16% N/A CEMEX USP22575AF47 USD 7.25 15.01.2021 107.300 108.150 2.90 1.98 NA/BB- 727 200,000 1.23% 8.38% CEMEX XS1028960174 EUR 5.25 01.04.2021 103.100 103.600 0.60-4.01 NA/BB- 400 100,000 0.19% 12.37% CEMEX USU12763AC92 USD 9.38 12.10.2022 108.650 109.500 2.80 1.54 NA/BB- 1,056 200,000 0.14% 3.72% CEMEX USU12763AD75 USD 6.00 01.04.2024 103.500 104.350 5.21 5.02 NA/BB- 1,000 200,000 1.97% 14.21% PEMEX XS1379158048 EUR 5.13 15.03.2023 109.100 109.600 3.43 3.35 Baa3/BBB+ 900 100,000 1.02% N/A PEMEX US71654QBG64 USD 3.50 30.01.2023 94.000 94.850 4.67 4.50 Baa3/BBB+ 2,100 10,000 3.41% 9.68% PEMEX US71656MAF68 USD 6.63 PERP 96.000 97.500 7.00 6.87 Baa3/BBB+ 1,000 10,000 4.07% 15.66% Arjantin XS0501195480 USD 8.75 02.06.2017 101.400 102.000 3.49 1.35 NA/WD 950 1-0.83% -11.90% US040114GL81 USD 8.28 31.12.2033 106.600 107.600 7.43 7.30 B3/WD 3,966 1-0.14% -10.04% US040114GK09 USD 2.50 31.12.2038 62.600 63.350 7.41 7.32 B3/WD 5,297 1 0.97% -5.01% Güney Afrika US836205AN45 USD 5.50 09.03.2020 107.125 107.500 3.02 2.90 Baa2/BBB- 1,619 100,000 0.59% 2.17% US836205AQ75 USD 4.67 17.01.2024 102.875 103.265 4.18 4.12 Baa2/BBB- 1,500 100,000 1.60% 5.24% US836205AR58 USD 5.88 16.09.2025 109.750 110.250 4.49 4.42 Baa2/BBB- 2,000 200,000 1.15% 4.23% US836205AS32 USD 5.38 24.07.2044 102.375 102.875 5.21 5.18 Baa2/BBB- 1,000 200,000 1.24% 9.49% ANGLOGOLD US03512TAC53 USD 5.13 01.08.2022 103.685 104.185 4.35 4.25 Baa3/NA 750 1,000 0.79% 16.83% ESKOM XS0579851949 USD 5.75 26.01.2021 101.690 102.190 5.27 5.13 Ba1/NA 1,750 200,000 2.32% 14.26% ESKOM XS1187065443 USD 7.13 11.02.2025 103.690 104.190 6.52 6.44 Ba1/NA 1,250 200,000 2.92% 17.83% TRANSNET XS0809571739 USD 4.00 26.07.2022 98.190 98.690 4.38 4.27 Baa2/BBB-u 1,000 200,000 2.14% 12.22% ZAR SOV CAPITAL FUND XS1113141441 USD 3.90 24.06.2020 102.190 103.190 3.20 2.89 Baa2/BBB- 500 200,000 0.80% 4.01% Azerbaycan XS1044540547 USD 4.75 18.03.2024 101.550 102.050 4.49 4.41 Ba1/BB+ 1,250 200,000 1.81% 10.98% IBAZAZ XS0300013462 USD 6.17 10.05.2017 99.880 100.130 6.63 5.45 B2/NA 100 100,000-0.12% 6.26% SOCAR XS0903465127 USD 4.75 13.03.2023 98.120 98.620 5.11 5.02 Ba1/BB+ 1,000 200,000 1.15% 16.12% SOCAR XS1196496688 USD 6.95 18.03.2030 107.120 107.620 6.15 6.10 NR/BB+ 750 200,000 1.49% 26.40% Gürcistan GEORGIAN RAILWAY XS0800346362 USD 7.75 11.07.2022 110.250 111.250 5.52 5.32 NA/B+ 500 200,000 0.92% 8.35%

5 Kazakistan XS1120709669 USD 3.88 14.10.2024 100.550 100.930 3.79 3.73 Baa3/BBB 1,500 200,000 0.15% 6.40% XS1263054519 USD 5.13 21.07.2025 108.500 108.850 3.93 3.88 Baa3/BBB 2,500 200,000 1.04% 9.05% XS1120709826 USD 4.88 14.10.2044 96.500 97.000 5.11 5.08 Baa3/BBB 1,000 200,000-0.77% 18.04% XS1263139856 USD 6.50 21.07.2045 117.120 117.620 5.32 5.29 Baa3/BBB 1,500 200,000-0.85% 21.68% KAZAGRO XS0934609016 USD 4.63 24.05.2023 97.250 97.750 5.14 5.05 NA/BBB- 961 200,000 2.14% 20.43% KAZKOMMERTSBANK XS0286431100 EUR 6.88 13.02.2017 98.500 99.500 NA NA WR/NR - 50,000 0.51% 7.36% KAZKOMMERTSBANK XS0867478124 USD 5.50 21.12.2022 93.000 94.000 6.98 6.76 NA/CCC 750 1 19.23% 50.00% Yunanistan GR0128010676 EUR 3.00 24.02.2023 81.511 82.511 7.40 7.17 NA/CCC 1,792 1-0.47% 30.19% GR0128011682 EUR 3.00 24.02.2024 79.915 80.915 7.34 7.13 NA/CCC 1,771 1-0.21% 31.70% GR0128012698 EUR 3.00 24.02.2025 78.540 79.540 7.27 7.08 NA/CCC 1,744 1-0.42% 32.94% GR0128013704 EUR 3.00 24.02.2026 77.412 78.412 7.19 7.02 NA/CCC 1,499 1-0.81% 33.96% GR0128014710 EUR 3.00 24.02.2027 76.034 77.034 7.18 7.02 NA/CCC 1,470 1-1.23% 34.89% GR0133006198 EUR 3.00 24.02.2028 73.228 74.228 7.42 7.26 NA/CCC 1,525 1-0.28% 33.27% GR0133007204 EUR 3.00 24.02.2029 70.676 71.676 7.61 7.45 NA/CCC 1,504 1-0.92% 30.73% GR0133008210 EUR 3.00 24.02.2030 68.991 69.991 7.67 7.52 NA/CCC 1,435 1-1.30% 29.37% GR0133009226 EUR 3.00 24.02.2031 67.719 68.719 7.69 7.54 NA/CCC 1,368 1-1.24% 28.11% GR0133010232 EUR 3.00 24.02.2032 66.612 67.612 7.68 7.54 NA/CCC 1,374 1-0.99% 28.29% GR0138005716 EUR 3.00 24.02.2033 65.525 66.525 7.69 7.55 NA/CCC 1,453 1-1.00% 27.21% GR0138006722 EUR 3.00 24.02.2034 64.620 65.620 7.68 7.54 NA/CCC 1,410 1-0.51% 26.02% GR0138007738 EUR 3.00 24.02.2035 63.678 64.678 7.69 7.55 NA/CCC 1,444 1-0.53% 25.35% GR0138008744 EUR 3.00 24.02.2036 62.901 63.901 7.68 7.55 NA/CCC 1,505 1-0.50% 24.17% GR0138009759 EUR 3.00 24.02.2037 62.370 63.370 7.65 7.52 NA/CCC 1,396 1-0.15% 23.51% GR0138010765 EUR 3.00 24.02.2038 61.840 62.840 7.63 7.50 NA/CCC 1,382 1-0.40% 22.70% GR0138011771 EUR 3.00 24.02.2039 61.653 62.653 7.57 7.44 NA/CCC 1,337 1-0.38% 22.46% GR0138012787 EUR 3.00 24.02.2040 61.441 62.441 7.51 7.39 NA/CCC 1,372 1-0.63% 22.04% GR0138013793 EUR 3.00 24.02.2041 61.435 62.435 7.44 7.32 NA/CCC 1,363 1-0.58% 22.03% GR0138014809 EUR 3.00 24.02.2042 61.434 62.434 7.38 7.26 NA/CCC 1,433 1-0.58% 22.01% Çin AGILE PROPERTY USG01218AB54 USD 8.88 28.04.2017 100.500 100.600 NA NA WR/NA - 100,000 0.00% 0.00% BANK OF CHINA US06120TAA60 USD 5.00 13.11.2024 106.503 106.858 4.01 3.96 Baa3/BBB+ 3,000 200,000 1.67% 3.16% CENTRAL CHINA XS0937236783 USD 6.50 04.06.2018 102.300 102.800 3.92 2.18 Ba3/NA 400 200,000 0.79% 7.35% CHINA SHANSHUI XS1200439609 USD 7.50 10.03.2020 78.000 83.000 17.06 14.61 NA/WD 427 200,000-2.50% -1.27% CNPC HK USG21895AC44 USD 5.95 28.04.2041 121.345 123.928 4.49 4.34 A1/A+ 500 200,000 1.98% 0.62% EVERGRANDE USG3225AAD57 USD 8.75 30.10.2018 103.250 103.750 6.66 6.19 B3/NA 1,500 200,000 0.24% 4.77% HUARONG FINANCE XS1165659357 USD 4.50 16.01.2020 102.936 103.148 3.42 3.35 Baa1/A 1,200 200,000-0.10% -1.07% IND & COMM BANK USY39656AA40 USD 6.00 PERP 105.050 105.350 4.00 3.89 Ba2/NA 2,940 200,000-0.19% 2.99% PARKSON RETAIL XS0920864708 USD 4.50 03.05.2018 99.150 99.500 5.24 4.93 B3/B- 483 200,000 1.17% 12.03% Hindistan JSW STEEL LTD XS1133588233 USD 4.75 12.11.2019 100.625 101.250 4.50 4.26 Ba3/BB 500 200,000 1.64% N/A RELIANCE HOLDINGS US759468AC51 USD 5.40 14.02.2022 108.988 109.283 3.42 3.35 Baa2/NA 1,500 250,000 0.64% 0.13% Endonezya PERTAMINA USY7138AAA89 USD 5.25 23.05.2021 106.625 107.125 3.55 3.43 Baa3/BBB- 1,000 200,000 0.59% 4.79% Peru UNACEM USP9451YAC77 USD 5.88 30.10.2021 103.000 103.750 4.97 4.75 Ba2/NA 625 150,000 0.00% 8.99% Nijerya ACCESS XS0807677496 USD 7.25 25.07.2017 100.810 101.560 5.25 3.46 NA/B 237 200,000 N/A 3.39% Birleşik Arap Emirlikleri (Sukuk) JAFZ SUKUK 2019 XS0794821453 USD 7.00 19.06.2019 109.690 110.190 2.66 2.45 Baa2/BBB 650 200,000 0.28% -0.73% DIP SUKUK LTD XS1035007530 USD 4.29 20.02.2019 102.750 103.250 2.86 2.60 NA/NA 300 200,000 1.23% 3.14% EMAAR SUKUK LTD XS0805885349 USD 6.40 18.07.2019 108.690 109.190 2.64 2.43 Baa3/NA 500 200,000 0.06% -1.41% DIB SUKUK LTD XS1241110300 USD 2.92 03.06.2020 99.500 100.000 3.08 2.92 Baa1/A 750 200,000 0.51% 1.53% EMG SUKUK XS1075401726 USD 4.56 18.06.2024 103.750 104.500 3.97 3.85 Baa2/NA 750 200,000 0.48% N/A ABU DHABI NATIONAL XS0863524277 USD 3.63 12.01.2023 100.750 101.500 3.48 3.34 A3/NA 1,250 200,000 0.50% 3.87% EMIRATES XS0885065887 USD 4.50 06.02.2025 101.500 102.500 4.28 4.13 NA/NA 571 200,000-0.13% 0.74%