EuroSterling Spreads. Fixed Income

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1 Fixed Income EuroSterling Spreads Marc Ostwald Tel: EUROSTERLING SPREADS (Iboxx mid prices where available) 18 July 2016 Sovereigns, Supras & Agencies Bloomberg TK ISIN code Size (Mln) S&P Moodys Fitch Name Coupon Maturity Px Mid Mid Yld S/A Cheap/Dear Spread/Gvt Chg/Day High Low Gvt Yld Days Acc Dur Adj Swap Rt Bid Swap Sprd XS Corp XS ,000 AAA Aaa AAA EIB /08/ D XS Corp XS ,030 AAA Aaa AAA INTL BK RECON & DEVELOP /10/ XS Corp XS AA Aa1 AA DEUTSCHE BAHN FINANCE /10/ XS Corp XS AA+ Aa2 AA TRANSPORT FOR LONDON (TFL) /11/ XS Corp XS AAA Aaa AA+ BK NEDERLANDSE GEMEENTEN /11/ XS Corp XS AAA Aa1 AA+ KFW /12/ XS Corp XS ,525 AAA Aaa AAA NETWORK RAIL INFRA FIN /12/ XS Corp XS AA+ Aaa AAA REPUBLIC OF FINLAND /12/ XS Corp XS AAA Aaa AAA INTER-AMERICAN DEVELOPMENT BA /12/ XS Corp XS ,225 AAA Aaa AAA EIB /10/ XS Corp XS AAA Aaa n.a. KOMMUNEKREDIT /12/ XS Corp XS AA+ Aaa AAA FINLAND /12/ C XS Corp XS n.a. Aa2 AA- KOREA DEVELOPMENT BANK /12/ XS Corp XS AAA Aaa AAA BELGIUM /12/ D XS Corp XS AAA Aaa AA+ BK NEDERLANDSE GEMEENTEN /01/ BE Corp BE n.a. NR AA KFW /09/ C XS Corp XS AAA Aaa n.a. NORDIC INVESTMENT BANK /11/ XS Corp XS AAA Aaa AA+ BK NEDERLANDSE GEMEENTEN /12/ XS Corp XS AAA Aaa AAA FMS WERTMANAGEMENT /12/ XS Corp XS AAA Aaa n.a. EXPORT DEVELOPMENT OF CANADA /12/ XS Corp XS AA+ Aaa AAA FINLAND /12/ FR Corp FR AA Aa2 n.a. CAISSE DES DEPOTS ET CONSIGNAT /12/ XS Corp XS n.a. Aa1 AA+ COUNCIL OF EUROPE /12/ XS Corp XS ,000 AAA Aaa AAA KFW /12/ D XS Corp XS AAA Aaa AAA KFW /06/ XS Corp XS AA+ Aaa AAA FINLAND /12/ C XS Corp XS ,825 AAA Aaa AAA EIB /06/ XS Corp XS AAA Aaa AAA WORLD BANK /06/ XS Corp XS AA Aa2 AA RESEAU FERRE DE FRANCE /12/ XS Corp XS AAA Aaa AAA EIB /12/ XS Corp XS AA Aa1 AA DEUTSCHE BAHN FINANCE /06/ XS Corp XS AA+ Aa2 AA TRANSPORT FOR LONDON (TFL) /08/ XS Corp XS ,300 AAA Aaa AAA EIB /10/ XS Corp XS AAA Aa1 AA+ NETWORK RAIL INFRA FIN /09/ XS Corp XS AAA Aa1 AA+ NETWORK RAIL INFRA FIN /01/ XS Corp XS AAA Aaa AAA KFW /09/ XS Corp XS ,425 AAA Aaa AAA EIB /04/ XS Corp XS AA+ Aa2 AA TRANSPORT FOR LONDON /04/ D XS Corp XS AA- Aa3 AA SNCF /03/ XS Corp XS AAA Aaa AAA EIB /12/ XS Corp XS ,500 NR Baa2u BBB+ REPUBLIC OF ITALY /08/ XS Corp XS AAA Aaau AAA EBRD /12/ C XS Corp XS ,274 AAA Aaa AAA EIB /12/ D US31359MEE93 Corp US31359MEE AA+ Aaa AAA FANNIE MAE /12/ XS Corp XS AA Aa2 AA RESEAU FERRE DE FRANCE /12/ XS Corp XS BBB+ Baa2 BBB+ KINGDOM OF SPAIN /04/ XS Corp XS AAA Aaa AAA EIB /06/ XS Corp XS n.a. Aa2 AA TRANSPORT FOR LONDON /04/ D XS Corp XS ,065 AAA Aaa AAA EIB /06/ D XS Corp XS AAA Aaa AAA WORLD BANK /06/ XS Corp XS AA+ Aa2 AA TRANSPORT FOR LONDON /09/ D XS Corp XS NR n.a. BBB+ REPUBLIC OF ITALY /12/ XS Corp XS AA Aa2 AA RESEAU FERRE DE FRANCE /01/ XS Corp XS AAA Aa1 AA+ LCR FINANCE PLC /12/ XS Corp XS AAA Aaa n.a. NEW S WALES TREASURY CRP /02/ XS Corp XS AA+ Aa2 AA TRANSPORT FOR LONDON (TFL) /07/ D XS Corp XS AAA n.a. n.a. AFFORDABLE HOUSING FINANCE /08/ XS Corp XS ,500 AAA Aa1 AA+ LCR FINANCE PLC /03/ XS Corp XS AA Aa2 AA RESEAU FERRE DE FRANCE /03/ C Corporates XS Corp XS NR Baa3 n.a. SAFEWAY LTD /01/ XS Corp XS BB+ Ba1 WD UPM-KYMMENE CORP /01/ XS Corp XS NR WR WD DUBAI HOLDING COMM OP /02/ XS Corp XS BBB+ A3 A MORGAN STANLEY /02/ XS Corp XS BBB Baa1 A- SCOTTISH POWER UK PLC /02/

2 XS Corp XS BBB Baa2 BBB+ WPP PLC /04/ XS Corp XS BBB+ Baa1 A- AT&T INC /04/ XS Corp XS ,400 AAA Aa1 AA+ LLOYDS TSB BANK PLC /05/ XS Corp XS BBB Baa2 BBB- LAFARGE SA /05/ XS Corp XS A- A3 A NATIONAL GRID GAS PLC /06/ D XS Corp XS A+ A1 A+ UNILEVER PLC /06/ BE Corp BE A- A2 /*- A /*- ANHEUSER-BUSCH INBEV SA /06/ XS Corp XS BBB+ A1 n.a. VOLKSWAGEN FIN SERV NV /08/ D XS Corp XS n.a. A2 A ABN AMRO BANK NV /09/ XS Corp XS A- A3 A- DAIMLER AG /11/ D XS Corp XS A+ A2 n.a. BMW FINANCE NV /11/ D XS Corp XS BBB+ Baa1 BBB+ VODAFONE GROUP PLC /12/ XS Corp XS A+ /*- A2 /*+ A+ BG ENERGY CAPITAL PLC /12/ D XS Corp XS AA- Aa3 A TOYOTA MOTOR CREDIT CORP /12/ D XS Corp XS AA Aa2 AA+ NESTLE HOLDINGS INC /12/ XS Corp XS BBB+ Baa1 BBB+ REED ELSEVIER INVESTMENT /12/ FR Corp FR BBB+ Baa1 BBB+ ORANGE SA /12/ D XS Corp XS BBB+ A3 n.a. SEVERN TRENT WATER UTIL /01/ D XS Corp XS n.a. Ba3 BB+ ANGLIAN WATER OSPREY FIN /01/ XS Corp XS NR WR n.a. PHONES4U FINANCE PLC /04/ , XS Corp XS n.a. Aaa AAA COVENTRY BLDG SOCIETY /04/ XS Corp XS NR Ba3 BB+ ANGLO AMERICAN CAPITAL /05/ XS Corp XS A- A3 A- AUSNET SERVICES HOLDINGS /06/ D XS Corp XS BBB Baa1 BBB MONDELEZ INTERNATIONAL /07/ XS Corp XS BBB- n.a. n.a. AA BOND CO LTD /07/ DD XS Corp XS B B2 n.a. TRAVELEX FINANCING PLC /08/ XS Corp XS B+ B2 BB VOYAGE CARE BONDCO PLC /08/ XS Corp XS AA+ A1 n.a. GE CAPITAL UK FUNDING /08/ D NL Corp NL BBB- Baa3 n.a. POSTNL NV /08/ D XS Corp XS B+ Ba3 WD GALA GROUP FINANCE PLC /09/ XS Corp XS BB- n.a. BB- JERROLD FINCO PLC /09/ XS Corp XS BBB- n.a. BBB- FIRSTGROUP PLC /09/ D XS Corp XS A- Baa1 n.a. EXPERIAN FINANCE PLC /11/ D XS Corp XS A+ A2 A PRUDENTIAL PLC /11/ XS Corp XS BBB Baa3 BBB IMPERIAL TOBACCO FINANCE /12/ D XS Corp XS A- A2 /*- A BP CAPITAL MARKETS PLC /12/ XS Corp XS BBB Baa3 A- CITIGROUP INC /12/ XS Corp XS B- B3 /*+ n.a. BRAKES CAPITAL /12/2018 #VALUE! #VALUE! CC #N/A N/A ###### #N/A N/A #N/A N/A XS Corp XS n.a. Aaa AAA LEEDS BUILDING SOCIETY /12/ XS Corp XS BBB- n.a. BBB- FIRSTGROUP PLC /01/ D XS Corp XS BBB- Baa3 n.a. GLENCORE FINANCE EUROPE /02/ XS Corp XS NR WR n.a. THAMES WATER KEMBLE FINA /04/ ,538-5, XS Corp XS n.a. B1 BB PHOSPHORUS HOLDCO PLC /04/ XS Corp XS n.a. n.a. n.a. JOHN LEWIS PLC /04/ XS Corp XS BB- n.a. BB- SOUTHERN WATER GREENSAND /04/ XS Corp XS AA- Aa3 A+ SWEDBANK AB /04/ D XS Corp XS BBB n.a. n.a. PORTERBROOK RAIL FIN LTD /04/ XS Corp XS A A3 A ROLLS-ROYCE PLC /04/ XS Corp XS CCC+ B3 CCC+ /*+ GALA ELECTRIC CASINOS LT /06/ XS Corp XS CCC- Caa3 B ELLI FINANCE UK PLC /06/ C +1, XS Corp XS BB+ Ba1 BBB- TELECOM ITALIA SPA /06/ XS Corp XS n.a. Ba3 BB+ HEATHROW FINANCE PLC /09/ XS Corp XS B+ B2 n.a. CABOT FINANCIAL LUX SA /10/ XS Corp XS B- B3 n.a. KEYSTONE FINANCING /10/ XS Corp XS BBB+ Baa1 n.a. LONDON STOCK EXCHANGE PL /10/ XS Corp XS BBB Baa2 BBB- NORDEA BANK AB /11/ D XS Corp XS AA- Aa3 AA- FCE BANK /11/ DE000A1ZSQC7 Corp DE000A1ZSQC7 300 A+ A2 n.a. BNP PARIBAS /11/ D XS Corp XS A+ /*- A1 A+ BMW US CAPITAL /11/ XS Corp XS n.a. n.a. n.a. J SAINSBURY /11/ C XS Corp XS BBB+ Baa1 BBB+ DEUTSCHE TELEKOM INT FIN /12/ D XS Corp XS A- A3 A- BAT INTL FINANCE PLC /12/ XS Corp XS BB+ Ba1 BB+ TESCO PLC /12/ XS Corp XS BB+ Ba1 BB+ FINMECCANICA FINANCE /12/ XS Corp XS BBB+ /*- A3 /*- BBB+ VATTENFALL AB /12/ XS Corp XS n.a. n.a. n.a. DEUT PFANDBRIEFBANK AG /12/ C DE000A1PG3M8 Corp DE000A1PG3M8 375 NR Aa1 n.a. CARILLION FINANCE JERSEY /12/ XS Corp XS A+ /*- Aa1 /*- AA- SHELL INTERNATIONAL FINANCE /12/ XS Corp XS AAA Aaa AAA LANDWIRTSCH. RENTENBANK /12/ XS Corp XS n.a. Ba3 BB MELTON RENEWABLE ENERGY /02/ C XS Corp XS B- B2 n.a. WAGAMAMA FINANCE /02/ XS Corp XS A- A3 A+ JPMORGAN CHASE & CO /02/ XS Corp XS A A1 A ABBEY NATL TREASURY SERVICES /02/ XS Corp XS AA- Aa2 AA- NATIONAL AUSTRALIA BANK /02/ XS Corp XS BBB n.a. BBB CPUK FINANCE LTD /02/

3 XS Corp XS BBB Baa2 BBB+ TELEFONICA EMISIONES SAU /03/ D XS Corp XS BB Ba2 BB- JAGUAR LAND ROVER AUTOMOTIVE /03/ XS Corp XS BBB n.a. BBB HEATHROW FUNDING LTD /03/ D XS Corp XS BBB Baa2 BBB+ BRITISH TELECOM PLC /03/ XS Corp XS n.a. Baa1 A- HAMMERSON PLC /03/ XS Corp XS n.a. B3 B TIG FINCO /04/ C +1, XS Corp XS BBB+ A1 n.a. VOLKSWAGEN FINANCIAL SERVICES /04/ XS Corp XS n.a. n.a. BBB+ VIRGIN MONEY /04/ XS Corp XS BBB- Baa3 n.a. GLENCORE CANADA FIN CORP /05/ XS Corp XS B B2 n.a. BAKKAVOR FINANCE 2 PLC /06/ XS Corp XS AA Aa3 AA DEXIA CREDIT LOCAL /06/ D XS Corp XS BB n.a. n.a. CO-OPERATIVE GROUP HOLDINGS /07/ XS Corp XS B B2 n.a. VOUGEOT BIDCO PLC /07/ D XS Corp XS B+ B2 n.a. LAKE BRIDGE INTERNATIONAL /07/ C +1, XS Corp XS BBB- n.a. n.a. AA BOND CO LTD /07/ D XS Corp XS B+ B2 n.a. CABOT FINANCIAL LUXEMBOU /08/ XS Corp XS B+ B2 n.a. MARLIN IMDT HOLDINGS /08/ XS Corp XS B n.a. B CPUK FINANCE /08/ D XS Corp XS n.a. n.a. B+ MOTO FINANCE /09/ XS Corp XS BB+ Ba1 /*- BBB- GAZPROM (GAZ CAPITAL SA) /09/ XS Corp XS BBB Baa2 BBB+ WPP FINANCE SA /11/ FR Corp FR BBB+ Baa1 BBB+ ORANGE SA /11/ XS Corp XS B B3 n.a. PERFORM GROUP FINANCING /11/ C +1, XS Corp XS n.a. Baa2 BBB- FCE BANK PLC /11/ D XS Corp XS AA- Aa2 AA- SVENSKA HANDELSBANKEN AB /11/ XS Corp XS BBB Baa2 /*- n.a. WALGREENS BOOTS ALLIANCE /11/ D XS Corp XS BBB Baa2 BBB- SKY PLC /11/ XS Corp XS n.a. Aa2 AA+ NESTLE HOLDINGS /12/ XS Corp XS BBB A3 BBB+ AXA SA /12/ XS Corp XS BBB- n.a. BB+ GRAINGER PLC /12/ XS Corp XS A+ Aa1 /*- AA- TOTAL CAPITAL /12/ D XS Corp XS A+ Aa3 A+ SKANDINAVISKA ENSKILDA /12/ XS Corp XS AA- Aa3 A+ IBM CORP /12/ FR Corp FR A /*- A1 /*- n.a. ENGIE /02/ XS Corp XS A A1 A ING BANK NV /04/ D XS Corp XS BBB /*- Baa2 /*- BBB+ /*- RWE FINANCE BV /04/ DD XS Corp XS AAA Aaa n.a. WELLCOME TRUST FINANCE /05/ XS Corp XS n.a. Ba1 BB+ OLD MUTUAL PLC /06/ XS Corp XS AA+ A1 n.a. GENERAL ELEC CAP CORP /06/ D XS Corp XS B+ B1 n.a. INTERGEN NV /06/ C +1, XS Corp XS n.a. Baa3 A- BARCLAYS BANK PLC /08/ XS Corp XS B B2 n.a. COGNITA FINANCING /08/ XS Corp XS BB+ n.a. n.a. TRAVIS PERKINS /09/ C XS Corp XS BBB- Baa2 A- GOLDMAN SACHS GROUP INC /10/ XS Corp XS BBB- Baa3 BBB- LEND LEASE EUROPE FIN /10/ XS Corp XS BBB Baa2 WD NEXT PLC /10/ XS Corp XS CCC+ B3 n.a. GALAXY FINCO LTD /11/ XS Corp XS BBB Baa3 A- BANK OF AMERICA CORP /11/ XS Corp XS A+ A2 n.a. BMW FINANCE /12/ D XS Corp XS n.a. A2 A ABN AMRO BANK /12/ XS Corp XS A- A3 A- DAIMLER AG /12/ DD XS Corp XS ,000 BBB Baa3 BBB IMPERIAL TOBACCO FINANCE /02/ D XS Corp XS n.a. Baa3 BBB- INVESTEC BANK PLC /02/ XS Corp XS BB+ Ba1 BB+ TESCO PLC /02/ XS Corp XS BBB+ Baa1 /*- A- CENTRICA PLC /03/ D XS Corp XS n.a. Aa2 AA- RABOBANK /03/ XS Corp XS n.a. Aaa AAA LLOYDS BANK PLC /03/ XS Corp XS BBB- Baa3 n.a. GLENCORE FINANCE EUROPE /04/ XS Corp XS A A1 n.a. SCENTRE GROUP TRUST /04/ XS Corp XS A- A3u A- FRIENDS LIFE GROUP PLC /04/ XS Corp XS A A2 AA- WELLS FARGO /04/ XS Corp XS A A1 A NATIONWIDE BUILDING SOCIETY /04/ XS Corp XS n.a. Baa2 /*+ n.a. INVESTEC PLC /05/ XS Corp XS AA- Aa3 WD POHJOLA BANK PLC /05/ XS Corp XS BBB+ Baa3 A CRED SUISSE GROUP FUNDING /05/ D XS Corp XS A A1 A+ LLOYDS BANK PLC /06/ XS Corp XS AA- Aa3 AA- NORDEA BANK /06/ D XS Corp XS BBB+ Baa2 BBB+ BAE SYSTEMS PLC /06/ D XS Corp XS BBB n.a. n.a. KENNEDY WILSON EUROPE /06/ C XS Corp XS B B1 B NEW LOOK - SECURED ISSUER /07/ XS Corp XS n.a. B1 BB THAMES WATER KEMBLE FINANCE /07/ XS Corp XS BB- n.a. n.a. AA BOND CO LTD /07/

4 XS Corp XS AA- Aa3 A+ IBM /08/ XS Corp XS B+ Ba3 n.a. IRON MOUNTAIN EUROPE /09/ XS Corp XS A+ Aa2 AA- RABOBANK NEDERLAND /09/ D XS Corp XS BBB- Baa3 BBB- GKN HOLDINGS PLC /09/ D XS Corp XS A- A3 BBB+ SSE PLC /09/ D XS Corp XS A+ A1 n.a. AMERICAN HONDA FINANCE /10/ D XS Corp XS A A1 A PEPSICO INC /11/ XS Corp XS BBB n.a. n.a. INTERCONTINENTAL HOTELS /11/ D XS Corp XS BBB- n.a. BBB- FIRSTGROUP PLC /11/ D XS Corp XS AA- Aa3 /*- AA- MET LIFE GLOB FUNDING I /12/ XS Corp XS AA- Aa2 AA- SVENSKA HANDELSBANKEN AB /12/ XS Corp XS A+ /*- A1 /*- A ELECTRICITE DE FRANCE /12/ XS Corp XS BBB n.a. BBB+ GLOBAL SWITCH HOLDINGS L /12/ XS Corp XS AA- Aa2 AA- WESTPAC BANKING CORP /12/ XS Corp XS B+ B1 n.a. ENTERTAINMENT ONE /12/ XS Corp XS AA- Aa3 /*- AA- MET LIFE GLOB FUNDING I /01/ XS Corp XS A- Baa1 n.a. WESTERN POWER DIST EAST /01/ D XS Corp XS n.a. A2 A PRUDENTIAL PLC /01/ D XS Corp XS BBB+ n.a. WD NORTHUMBRIAN WATER FIN /02/ D XS Corp XS BBB- Baa3 BBB- TDC A/S /02/ XS Corp XS BB Ba2 BB- JAGUAR LAND ROVER /03/ XS Corp XS BBB- n.a. BBB- INTERMEDIATE CAPITAL GROUP /03/ XS Corp XS BB+ Ba1 BB+ TESCO PLC /03/ XS Corp XS BBB+ Baa1 BBB+ LONDON POWER NETWORKS /03/ D XS Corp XS BBB Baa2 A- LLOYDS TSB BANK PLC /04/ XS Corp XS n.a. Ba3 BB+ ANGLIAN WATER OSPREY FINANCE /04/ XS Corp XS A n.a. A UNITE USAF II PLC /06/ XS Corp XS CCC+ Caa1 CCC NEW LOOK - SENIOR ISSUER /07/ C +1, XS Corp XS A- A3 A ANGLIAN WATER PLC /08/ D XS Corp XS AA A1 AA ROCHE FINANCE EUROPE BV /08/ D XS Corp XS AA+ A1 n.a. GE CAPITAL UK FUNDING /09/ D XS Corp XS BBB /*- Baa2 n.a. ASCIANO FINANCE LTD /09/ XS Corp XS BB- n.a. n.a. ENTERPRISE INNS PLC /10/ C XS Corp XS BBB+ Baa3 n.a. WESTERN POWER DISTRIBUTION /11/ D XS Corp XS n.a. Aa2 AA+ NESTLE FINANCE INTL LTD /11/ D XS Corp XS BBB+ n.a. A RWE FINANCE BV /12/ XS Corp XS BBB /*- Baa2 /*- BBB+ /*- INTU METROCENTRE FINANCE /12/ DD XS Corp XS BBB Baa3 A- CREDIT AGRICOLE SA /12/ XS Corp XS BB+ Baa3 BBB- EDP FINANCE BV /01/ XS Corp XS BBB Baa1 BBB+ IBERDROLA FINANZAS SAU /01/ XS Corp XS A- A3 A NATL GRID ELECT TRANS /02/ D XS Corp XS n.a. n.a. A- SEGRO PLC /02/ XS Corp XS A- A3 A- BAT INTL FINANCE PLC /03/ XS Corp XS BBB Baa3 BBB IMPERIAL TOBACCO FINANCE /03/ D XS Corp XS A A1 AA- HSBC HOLDINGS PLC /05/ XS Corp XS BBB Baa3 A- CITIGROUP INC /07/ BE Corp BE A- A2 /*- A /*- ANHEUSER-BUSCH INBEV SA /07/ XS Corp XS n.a. n.a. BBB- PARAGON GROUP /08/ XS Corp XS A A3 A+ BHP BILLITON FINANCE LTD /09/ XS Corp XS n.a. B2 B VIRGIN MEDIA FINANCE PLC /10/ C XS Corp XS A- Baa1 n.a. WSTRN PWR DISTR WEST MID /10/ D XS Corp XS A- n.a. A- SOCIETY OF LLOYD'S /10/ XS Corp XS BBB Baa2 BBB /*- COMPAGNIE DE ST GOBAIN /11/ D XS Corp XS BBB Baa2 n.a. APT PIPELINES LTD /11/ XS Corp XS A- A3 A NATL GRID GAS PLC /12/ D XS Corp XS n.a. n.a. n.a. ESURE GROUP PLC /12/ XS Corp XS BB- Ba3 BB+ VIRGIN MEDIA - SECURED FINANCE /01/ XS Corp XS BBB Baa2 BBB DIGITAL STOUT HOLDING LL /01/ D XS Corp XS BBB Baa1 BBB+ SOUTHERN GAS NETWORK /02/ D XS Corp XS AA Aa3 AA DEXIA CREDIT LOCAL /02/ XS Corp XS n.a. Ba3 BB+ HEATHROW FINANCE /03/ XS Corp XS BBB+ Baa1 BBB+ EASTERN POWER NETWORKS /03/ D XS Corp XS A A3 A NORTHERN POWERGRID YORKSHIRE /04/ XS Corp XS A- Baa1 n.a. WESTERN POWER DISTR HLDG /05/ D XS Corp XS BBB- Baa3 BBB- MARKS & SPENCER PLC /06/ XS Corp XS A n.a. A UNITE USAF II PLC /06/ XS Corp XS BBB- n.a. n.a. AA BOND CO LTD /07/ D XS Corp XS BBB+ A3 A GOLDMAN SACHS GROUP INC /08/ XS Corp XS BBB n.a. n.a. INTERCONTINENTAL HOTELS /08/ D DE000A1G85C2 Corp DE000A1G85C2 350 A+ A1 A SIEMENS FINANCIERINGSMAT /09/ D BE Corp BE A- A2 /*- A /*- ANHEUSER-BUSCH INBEV NV /09/ D

5 XS Corp XS BBB- Baa2 BBB STAGECOACH GROUP /09/ D XS Corp XS n.a. n.a. BBB WHITBREAD GROUP /10/ D XS Corp XS n.a. Baa1 A- HAMMERSON /10/ XS Corp XS n.a. n.a. n.a. ROTHESAY LIFE /10/ XS Corp XS n.a. Ba1 BB+ OLD MUTUAL /11/ D XS Corp XS BBB Baa2 /*- n.a. WALGREENS BOOTS ALLIANCE /11/ D XS Corp XS A+ /*- A2 /*+ A+ BG ENERGY CAPITAL PLC /12/ D XS Corp XS BBB+ Baa1 BBB+ VODAFONE GROUP PLC /12/ XS Corp XS n.a. n.a. BBB- PGH CAPITAL /12/ XS Corp XS BBB+ A3 n.a. SEVERN TRENT WATER UTIL /01/ XS Corp XS AAA Aaa AAA NATIONWIDE BLDG SOCIETY /01/ XS Corp XS ,000 AAA Aaa AAA ABBEY NATL TREASURY SERV /03/ XS Corp XS BBB+ n.a. BBB+ GATWICK FUNDING LIMITED /03/ XS Corp XS BBB+ Baa1 A- ELECTRICITY NORTH WEST /03/ XS Corp XS BBB+ n.a. BBB+ NIE FINANCE PLC /06/ D XS Corp XS BBB+ Baa1 BBB+ SOUTH E POWER NETWORKS /06/ D XS Corp XS n.a. Aaa AA+ CLYDESDALE BANK /06/ XS Corp XS A A3 A ROLLS-ROYCE PLC /06/ XS Corp XS BB n.a. n.a. CO-OP GRP HLDS /07/ XS Corp XS AA Aa1 AA DEUTSCHE BAHN FINANCE BV /07/ XS Corp XS n.a. Baa3 n.a. MORRISON(WM)SUPERMARKETS /07/ XS Corp XS A- A3 A- COMMONWEALTH BANK AUST /09/ XS Corp XS n.a. Aaa AAA NATIONAL AUSTRALIA BANK /09/ XS Corp XS n.a. Aaa AAA BAT INTL FINANCE PLC /09/ XS Corp XS BBB- Baa3 A- BARCLAYS BANK PLC /09/ XS Corp XS n.a. n.a. A+ A2D FUNDING II PLC /09/ C XS Corp XS AA- Aa3 /*- AA- MET LIFE GLOB FUNDING I /09/ XS Corp XS BBB Baa2 n.a. NEXT PLC /10/ FR Corp FR BBB n.a. WD BOUYGUES SA /10/ D XS Corp XS A- A3 A- HUTCHISON WHAMPOA FIN UK /11/ D XS Corp XS BBB+ Baa1 A BANK OF AMERICA CORP /12/ XS Corp XS A- A3 A+ JPMORGAN CHASE & CO /12/ XS Corp XS BB- Ba3 BB+ VIRGIN MEDIA SECURED FINANCE /01/ XS Corp XS BBB+ Baa1 A- AT&T INC /03/ D XS Corp XS ,240 n.a. Aaa AAA LLOYDS TSB BANK PLC /03/ XS Corp XS A- A3 A NATL GRID ELECT TRANS /06/ D XS Corp XS BBB- NR BB UNIQUE PUB FINANCE CO /06/ XS Corp XS BBB- Baa3 BBB- KRAFT HEINZ FOODS /07/ D XS Corp XS BBB+ A3 A RABOBANK NEDERLAND /09/ XS Corp XS BBB Baa1 n.a. SP MANWEB PLC /09/ D XS Corp XS A- A3 A ANGLIAN WATER SERV FIN /10/ D XS Corp XS A+ A2 A+ HSBC HOLDINGS PLC /12/ D XS Corp XS BBB+ A2 A+ UNITED UTILIT WATER PLC /12/ XS Corp XS BBB+ A3 A- GLAXOSMITHKLINE CAPITAL /12/ D XS Corp XS BBB+ A3 A- WESSEX WATER SERVS FIN /03/ D XS Corp XS n.a. Baa1 A- HAMMERSON PLC /04/ XS Corp XS A+ /*- A1 /*- A ELECTRICITE DE FRANCE /05/ D XS Corp XS A- A3 A NATL GRID ELECT TRANS /07/ D XS Corp XS ,240 BBB+ Baa1 A BANK OF AMERICA CORP /07/ XS Corp XS A- Baa1 A- YORKSHIRE POWER FINANCE /08/ XS Corp XS BBB+ A2 A+ HSBC HOLDINGS PLC /09/ FR Corp FR A /*- A1 /*- n.a. ENGIE /10/ D XS Corp XS BBB+ Baa1 n.a. RL FINANCE BONDS /11/ XS Corp XS BBB+ Baa1 BBB+ ORANGE SA /11/ XS Corp XS A- A3 BBB+ SSE PLC /11/ XS Corp XS BBB Baa2 BBB+ GENERAL ELEC CAP CORP /12/ D XS Corp XS AA+ A1 n.a. BRITISH TELECOM PLC /12/ D XS Corp XS n.a. n.a. A PRUDENTIAL PLC /05/ XS Corp XS BBB+ A3 n.a. SEVERN TRENT WATER UTIL /06/ D XS Corp XS AA+ Aa1 n.a. APPLE INC /07/ D XS Corp XS A- Baa1 A YORKSHIRE WATER SRV BRAD /08/ D XS Corp XS A A2 AA- WELLS FARGO & COMPANY /09/ D XS Corp XS A Baa1 BBB AMGEN INC /09/ D XS Corp XS B+ B3 BB+ PETROBRAS GLOBAL FINANCE /10/ D XS Corp XS BBB Baa2 BBB /*- COMPAGNIE DE ST GOBAIN /10/ D XS Corp XS A A1 A ABBEY NATL TREASURY SERVICES /10/ XS Corp XS BBB Baa2 BBB- SKY PLC /11/ D XS Corp XS BBB+ Baa2 BBB CRH FINANCE UK /12/ XS Corp XS A- Baa1 A- RIO TINTO FINANCE PLC /12/

6 XS Corp XS BB+ Ba1 BB+ TESCO PLC /12/ XS Corp XS AA- Aa3 NR PROCTER & GAMBLE /01/ XS Corp XS BBB Baa2 n.a. APT PIPELINES /03/ D XS Corp XS BBB /*- Baa2 /*- BBB+ /*- RWE FINANCE BV /06/ DD XS Corp XS BBB+ Baa1 BBB+ DEUTSCHE TELEKOM INT FIN /06/ D XS Corp XS A n.a. n.a. INTU (SGS) FINANCE /09/ C XS Corp XS BBB+ Baa1 BBB+ SOUTH E POWER NETWORKS /09/ D XS Corp XS A- A2 A+ HSBC BANK PLC /11/ XS Corp XS AA Aa2 AA WAL-MART STORES INC /12/ D XS Corp XS A- A3 A NATL GRID ELECT TRANS /01/ D XS Corp XS BBB n.a. n.a. GREAT ROLLING STOCK PLC /04/ XS Corp XS BBB /*- Baa2 /*- BBB /*- TIME WARNER CABLE INC /06/ D XS Corp XS A- n.a. BBB+ GREENE KING FINANCE PLC /09/ XS Corp XS BB- B1 n.a. ENTERPRISE INNS PLC /09/ C XS Corp XS n.a. Baa2 BBB TELEREAL SECURED FINANCE /12/ XS Corp XS A- A3 n.a. THAMES WATER UTIL FIN /02/ D XS Corp XS A- Baa1 n.a. WESTERN POWER DIST WEST /04/ D XS Corp XS BBB+ /*- Baa1 /*- BBB+ SOUTHERN ELECTRIC POWER /06/ D XS Corp XS A- A3 n.a. E.ON INTL FINANCE BV /06/ XS Corp XS BBB+ Baa1 BBB+ VODAFONE GROUP PLC /11/ XS Corp XS n.a. A3 n.a. GREATER GABBARD OFTO PLC /11/ XS Corp XS BBB Baa1 n.a. 3I GROUP PLC /12/ D XS Corp XS n.a. A2 n.a. NOTTING HILL HOUS TRST /12/ XS Corp XS BB+ Ba1 BB+ TESCO PLC /01/ XS Corp XS AA- Aa3 NR PROCTER & GAMBLE /01/ XS Corp XS BBB+ NR WD NORTHUMBRIAN WATER FIN /04/ D XS Corp XS A- A2 A AMERICA MOVIL SAB DE CV /07/ XS Corp XS A- A2 A+ HSBC BANK PLC /08/ XS Corp XS AA A1 n.a. LONDON & QUADRANT HOUSING /12/ XS Corp XS ,000 A+ A2 A+ GLAXOSMITHKLINE CAPITAL /12/ D XS Corp XS B+ B3 BB+ PETROBRAS GLOBAL FINANCE /01/ D FR Corp FR BBB+ Baa1 BBB+ ORANGE SA /01/ D XS Corp XS A- A3 n.a. THAMES WATER UTIL CAY FINANCE /07/ D XS Corp XS BBB Baa2 BBB+ WELLTOWER /12/ D XS Corp XS n.a. n.a. n.a. JOHN LEWIS /12/ XS Corp XS A n.a. A DIGNITY FINANCE /12/ XS Corp XS BBB n.a. A- EVERSHOLT FUNDING PLC /02/ XS Corp XS A- A3 NR FRESHWATER FINANCE PLC /04/ XS Corp XS ,000 AA Aa2 AA WAL-MART STORES INC /09/ D XS Corp XS BBB Baa1 BBB MONDELEZ INTERNATIONAL /12/ D XS Corp XS A+ n.a. n.a. LAND SECURITIES CM PLC /02/ XS Corp XS AA n.a. AA FRESHWATER FINANCE PLC /10/ XS Corp XS A- A3 n.a. ELECTRICITE DE FRANCE /03/ FR Corp FR A+ /*- A1 /*- A THAMES WATER UTIL FIN /09/ XS Corp XS A- A3 n.a. THFC FUNDING NO 1 PLC /12/ D XS Corp XS A- /*- A1 A+ STANDARD CHARTERED BANK /01/ XS Corp XS BBB+ A2 A+ HSBC HOLDINGS PLC /04/ XS Corp XS A- A3 A NATL GRID GAS PLC /05/ D XS Corp XS BBB+ Baa1 A CITIGROUP INC /06/ XS Corp XS n.a. A2 n.a. LIBRA TREASURY PLC /08/ XS Corp XS A- A3 BBB+ SSE PLC /08/ XS Corp XS n.a. Aa3 n.a. AFFINITY SUTTON CM PLC /09/ XS Corp XS AA+ A1 n.a. GE CAPITAL UK FUNDING /01/ D XS Corp XS BBB+ /*- Baa1 /*- BBB+ E.ON INTL FINANCE BV /01/ D XS Corp XS A+ A2 A+ GLAXOSMITHKLINE CAPITAL /03/ D XS Corp XS ,000 BBB+ /*- A3 /*- BBB+ VATTENFALL AB /04/ D XS Corp XS ,100 BBB+ Baa1 A- AT&T INC /04/ XS Corp XS BBB Baa1 BBB+ SOUTHERN GAS NETWORK PLC /05/ D XS Corp XS A- Baa1 n.a. WESTERN POWER DIST EAST /12/ D XS Corp XS AA+ A1 n.a. GENERAL ELEC CAP CORP /12/ D XS Corp XS A- A3 n.a. THAMES WATER UTIL CAYMAN /02/ D XS Corp XS BBB+ n.a. BBB+ GATWICK FUNDING LIMITED /03/ XS Corp XS A+ Aa2 /*- n.a. STATOIL ASA /04/ XS Corp XS A- n.a. A- HEATHROW FUNDING LTD /05/ XS Corp XS A+ Aa2 AA- RABOBANK NEDERLAND /05/ XS Corp XS BBB Baa2 BBB QBE CAPITAL FUNDING IV L /05/ XS Corp XS BBB Baa1 n.a. AVIVA PLC /06/ FR Corp FR BBB+ n.a. n.a. CNP ASSURANCES /09/ XS Corp XS ,000 A+ A2 A+ GLAXOSMITHKLINE CAPITAL /04/ D

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