Credit spreads move up

Transcription

1 Credi spreads move up Marki fixed income research Issue 16, April 215 Daa as of March 31s, 215 Marki iboxx fixed income monhly marke monior Sovereign bonds across EUR, USD and GBP gain as yield curves drop Credi spreads across markes widened in March, causing corporae bonds o underperform sovereigns an fixed income araced $4bn for he monh Marke movemens Spreads widen Sovereign bonds across he hree major currencies provided posiive performance in March, as heir respecive yield curves shifed downwards. Marki iboxx Eurozone, US Treasuries UK Gils and gained 3.95%,.7% and 2.12%, respecively an sovereigns bonds in he core (Germany and France) slighly ouperformed hose in Ialy, Spain, Porugal and Ireland- as periphery spreads ighened Marki iboxx Corporaes los.17%, on he back of negaive credi reurn (-43bps). Spreads in Marki iboxx High Yield increased in March, leaving he oal reurn fla a.1% UK Gils increased by 2.12%, on he back of posiive duraion reurn of 188bps. Similarly, Corporaes regisered a 1.3% gain mainly due o duraion reurn. Spreads widening subraced 65bps from oal reurn The volailiy of Inflaion bonds coninues as he bonds gained 5.22% in March, afer losing 5.62% in February US Treasuries gained.7% in March. Marki iboxx $ Corporaes also provided a posiive reurn of.37% ETF marke aciviy review an Fixed income araced $4bn The US fixed income ETF marke experienced ouflows of $.95bn during March. Treasury los $3.2bn of AUM an fixed income araced ne inflows of $4bn for he las monh. Sovereign, Corporaes and High Yield bond araced he majoriy of new asses - $1.4bn, $1.4bn and $.9bn Top 1 Fixed Income ETF providers by posiive inflows in March (in $mm) Vanguard Forune SG Fund ComSage Sae Sree Deusche Bank Amundi BMO Funds Guggenheim Invesmens Van Eck Securiies Ohers Source: Marki ETP Analyics Vanguard was able o arac he bigges chunk of oal inflows o is fixed income in March, wih $1.5bn New ETF launches in March March saw eleven new ETF issuances in he US Deusche X-rackers launched hree ineres rae hedged producs - Deusche X-rackers High Yield Corporae Bond(Ineres Rae Hedged), Deusche X- rackers Invesmen Grade Bond(Ineres Rae Hedged), Deusche X-rackers Emerging Markes Bond(Ineres Rae Hedged)

2 Marki iboxx fixed income monhly marke monior \ April 215 ishares launched he ishares Shor Mauriy Municipal Bond ETF and seven versions of Targe Dae Corporae Bond April 215 2

3 Marki iboxx fixed income monhly marke monior \ April 215 Conens Facs and figures... 4 Key rends: Marki iboxx Corporaes and Eurozone Key rends: Marki iboxx spo and swap curve Key rends: Marki iboxx Corporaes and Gils Key rends: Marki iboxx spo and swap curve Key rends: Marki iboxx $ Corporaes and $ Treasuries Key rends: Marki iboxx $ spo and swap curve Marki iboxx Corporaes rebalance movemens Marki iboxx Corporaes rebalance movemens Marki iboxx $ Corporaes rebalance movemens Analysis and rends Fixed income reurn aribuion... 2 Fixed income reurn aribuion $ Fixed income reurn aribuion Fixed income sress es Fixed income sress es... 3 $ Fixed income sress es Fixed income ETF marke aciviy April 215 3

4 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income marke Facs and figures April 215 4

5 US UK Germany France Ialy Spain US IG US HY EU IG EU HY UK IG UK HY EM Sov USD EM Corp USD Brazil Russia China India Turkey Mexico US UK Germany US UK Germany France Ialy Spain US IG US HY EU IG EU HY UK IG UK HY EM Sov USD EM Corp USD Brazil Russia China India Turkey Mexico US UK Germany Marki iboxx fixed income monhly marke monior \ April 215 YTD Figure 1: Global fixed income marke YTD oal reurns 14.% Sovereigns Corporaes Emerging Markes Inflaion 12.4% 12.% 1.% 8.% 6.% 5.5% 4.% 2.%.% 1.7% 2.3% 3.7% 4.% 3.8% 2.8% 3.4% 2.8% 2.2%2.3% 1.9% 2.3% 1.4%.5% 4.5% 4.1% 3.1% 3.3% 1.4% 1.%.% March Figure 2: Global fixed income marke MTD oal reurns 7.% Sovereigns Corporaes 6.% 5.% 4.% Emerging Markes 6.4% Inflaion 5.2% 3.% 2.% 1.%.% -1.% -2.%.7% 2.1% 1.5% 1.3%1.%.9%.4% -.77% -.17%.% 1.1%.2%.4%.5%.5%.4%.5% -.1% -1.% -1.1% 2.% Source: Marki iboxx Daa April 215 5

6 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income correlaion Table 1: 1-monh correlaion Correlaion is based on daily reurns for he period saed, excluding common holidays Correlaion beween indices in differen currencies is based on unhedged daily reurns in USD of he wo indices Marki iboxx CVBX index represens he performance of USD denominaed converible bonds EUR GBP USD EUR GBP USD Sov Corp IG HY Gils Corp IG HY IL TSY Corp IG HY TIPS EM Sov EM Corp Loans CVBX Sov Corp IG HY Gils Corp IG HY IL TSY Corp IG HY TIPS EM Sov EM Corp Loans CVBX Source: Marki iboxx Daa April 215 6

7 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income correlaion Table 2: 1-year correlaion Correlaion is based on daily reurns for he period saed, excluding common holidays Correlaion beween indices in differen currencies is based on unhedged daily reurns in USD of he wo indices Marki iboxx CVBX index represens he performance of USD denominaed converible bonds Euro GBP USD EUR GBP USD Sov Corp IG HY Gils Corp IG HY IL TSY Corp IG HY TIPS EM Sov EM Corp Loans CVBX Sov Corp IG HY Gils Corp IG HY IL TSY Corp IG HY TIPS EM Sov EM Corp Loans CVBX Source: Marki iboxx Daa April 215 7

8 Marki iboxx fixed income monhly marke monior \ April 215 Table 3: Marki iboxx marke snapsho: he monh in figures Marki iboxx Index Toal Reurn Yield OAS Bonds Duraion Monh YTD Curren Monh YTD Curren Monh YTD Overall.85% 3.28%.73% -.11% -.44% ,5 6.5 Sovereigns Germany 1.52% 3.71%.27% -.18% -.45% France 1.28% 3.96%.6% -.14% -.45% Ialy.96% 5.51% 1.35% -.12% -.68% Spain.88% 3.81% 1.22% -.9% -.49% Porugal 1.1% 6.72% 1.55% -.11% -.82% Ireland 1.16% 3.41%.63%.2% -.35% Corporaes Corporaes -.17% 1.38% 1.1%.3% -.25% , Corporaes A -.18% 1.19%.96%.6% -.16% Corporaes AA -.5%.99%.76%.5% -.13% Corporaes AAA.2% 2.7%.87% -.1% -.31% Corporaes BBB -.21% 1.71% 1.38% -.1% -.41% Financials -.15% 1.22% 1.15%.6% -.23% Banks -.12%.89%.96%.6% -.2% Insurance -.44% 3.59% 2.22%.11% -.43% Non-Financials -.2% 1.5% 1.7%.1% -.26% Basic Maerials -.24% 1.33% 1.7%.7% -.2% Consumer Goods -.31%.99%.92%.7% -.14% Consumer Services -.26% 1.78% 1.3%.4% -.43% Healh Care -.28% 1.29%.93%.7% -.15% Indusrials -.14% 1.21%.91%.6% -.16% Oil & Gas -.14% 1.83% 1.21% -.47% -.76% Technology -.15% 2.14%.91%.3% -.25% Telecommunicaions -.21% 1.83% 1.25%.7% -.21% Uiliies -.12% 1.65% 1.14%.6% -.21% Covered.42% 1.42%.38% -.8% -.26% High Yield High Yield.1% 2.81% 3.86%.19% -.51% High Yield B.31% 3.75% 6.5%.14% -.63% High Yield BB -.3% 2.62% 3.5%.45% -.6% High Yield CCC -1.66% -.42% 13.95% -5.% -2.3% Inflaion-linked France Inflaion-Linked 2.52% 6.57% -.8% -.31% -.78% Germany Inflaion- Linked 2.3% 4.14% -1.6% -.4% -.81% Ialy Inflaion-Linked 3.3% 1.46%.6% -.36% -1.2% ABS ABS 1.62% 6.45% 788 Coningen Converible Coningen Converible.95% 5.26% 5.14% -.7% -.79% Source: Marki iboxx Daa April 215 8

9 Marki iboxx fixed income monhly marke monior \ April 215 Table 4: Marki iboxx marke snapsho: he monh in figures Marki iboxx Index Toal Reurn Yield OAS Bonds Duraion Monh YTD Curren Monh YTD Curren Monh YTD Overall 1.85% 2.58% 2.25% -.17% -.22% Sovereigns Gils 2.12% 2.3% 1.99% -.17% -.16% Gils %.32%.44% -.16% -.1% Gils %.81%.87% -.21% -.16% Gils % 1.1% 1.18% -.21% -.15% Gils % 1.48% 1.46% -.2% -.15% Gils % 2.28% 1.71% -.21% -.19% Gils % 4.1% 2.24% -.18% -.19% Corporaes Corporaes 1.8% 3.42% 3.25% -.13% -.35% Corporaes A 1.6% 3.57% 3.24% -.12% -.32% Corporaes AA 1.64% 3.37% 2.8% -.15% -.27% Corporaes AAA 2.8% 5.2% 2.59% -.17% -.29% Corporaes BBB.94% 3.28% 3.43% -.14% -.42% Banks.72% 3.31% 3.23% -.9% -.35% Basic Maerials 1.42% 2.56% 3.2% -.16% -.28% Consumer Goods.97% 2.4% 2.48% -.14% -.24% Consumer Services 1.56% 3.23% 3.7% -.14% -.43% Financials.85% 3.5% 3.32% -.9% -.37% Healh Care 1.78% 4.57% 3.14% -.12% -.29% Indusrials 1.22% 3.58% 3.9% -.12% -.32% Insurance.52% 3.94% 3.9% -.3% -.44% Non-Financials 1.24% 3.37% 3.21% -.15% -.34% Oil & Gas 1.33% 2.17% 2.85% -1.2% -1.25% Telecommunicaions 1.1% 3.58% 3.42% -.9% -.3% Uiliies 1.18% 3.77% 3.38% -.9% -.28% Collaeralized Collaeralized 1.51% 3.4% 2.96% -.14% -.41% Covered 1.67% 2.39% 2.14% -.2% -.25% ABS 1.3% 2.45% 3.17% -.1% -.86% MBS 1.28% 2.63% 2.9% -.14% -.26% Housing Associaions 2.1% 5.21% 3.41% -.12% -.29% High Yield High Yield.18% 2.78% 5.36% -.3% -.97% Inflaion-linked Gil Inflaion-Linked 5.22% 4.46% -.93% -.22% -.2% Coningen Converible Coningen Converible 1.29% 2.76% 7.62% -.13%.86% Source: Marki iboxx Daa April 215 9

10 Marki iboxx fixed income monhly marke monior \ April 215 Table 5: Marki iboxx $ marke snapsho: he monh in figures $ Marki iboxx Index Toal Reurn Yield OAS Bonds Duraion Monh YTD Curren Monh YTD Curren Monh YTD $ Overall.56% 1.84% 2.52% -.8% -.22% Sovereigns $ Treasuries.7% 1.75% 1.9% -.8% -.2% $ Treasuries 1-3Y.24%.51%.58% -.7% -.12% $ Treasuries 3-5Y.7% 1.49% 1.18% -.13% -.25% $ Treasuries 5-7Y.9% 2.9% 1.56% -.11% -.27% $ Treasuries 7-1Y.91% 2.47% 1.83% -.9% -.25% $ Treasuries 1-15Y 1.3% 2.69% 2.8% -.8% -.22% $ Treasuries 15Y+ 1.26% 3.89% 2.51% -.6% -.18% Corporaes $ Corporaes.37% 2.22% 3.61% -.6% -.25% , $ Corporaes A.41% 2.13% 3.24% -.6% -.23% $ Corporaes AA.36% 2.4% 3.5%.% -.18% $ Corporaes AAA.59% 2.15% 3.19%.5% -.7% $ Corporaes BBB.32% 2.37% 4.13% -.9% -.31% $ Banks.37% 1.88% 3.18% -.6% -.26% $ Basic Maerials.3% 2.8% 4.37%.3% -.17% $ Consumer Goods.53% 2.9% 3.25% -.2% -.19% $ Consumer Services.57% 2.22% 3.68% -.2% -.16% $ Financials.4% 1.99% 3.29% -.5% -.25% $ Healh Care.5% 2.46% 3.35% -.2% -.19% $ Indusrials.57% 2.19% 3.4% -.3% -.18% $ Insurance.56% 2.8% 3.81% -.4% -.22% $ Non-Financials.35% 2.35% 3.74% -.7% -.26% $ Oil & Gas.% 2.52% 4.24% -.24% -.49% $ Technology.35% 2.4% 3.17%.3% -.14% $ Telecommunicaions.55% 2.55% 4.6% -.2% -.19% $ Uiliies.14% 2.78% 3.74%.2% -.21% High Yield $ Liquid High Yield -.77% 2.27% 6.2%.33% -.33% Inflaion-linked $ TIPS Inflaion-Linked -.9% 3.35%.28%.2% -.38% Emerging Markes $ EM Sovereigns.36% 1.87% 4.94% -.2% -.26% $ EM Corporaes.55% 2.27% 5.58% -.2% -.31% Loans $ Leveraged Loans.27% 2.7% 1152 RMBS $ US RMBS Seniors.89% 3.15% 36 Converible $ CVBX.62% 2.76% -.34% -.34% -.57% Coningen Converible $ Coningen Converible.94% 3.72% 6.71% -.13% -.61% Source: Marki iboxx Daa April 215 1

11 ASW (bps) Marki iboxx fixed income monhly marke monior \ April 215 Key rends: Marki iboxx Corporaes and Eurozone Figure 3: Toal reurn 12 Figure 4: Yield Corporaes Eurozone Corporaes Eurozone Figure 5: Duraion Figure 6: ASW Corporaes Eurozone Corporaes AAA Corporaes AA Corporaes A Corporaes BBB Source: Marki iboxx Daa April

12 Yield Bps Yield Bps Marki iboxx fixed income monhly marke monior \ April 215 Key rends: Marki iboxx spo and swap curve Figure 7: Spo curve 3 Figure 8: Curve seepness Mauriy 215-Mar Feb Mar-31 2s1s 1s3s Figure 9: Spo vs. Swap curve Figure 1: One monh change Spo vs. Swap Mauriy -5 2Y 5Y 1Y 3Y Yield curve 215-Mar-31 Yield curve 215-Feb-28 Spo Swap Swap curve 215-Mar-31 Swap curve 215-Feb-28 Source: Marki iboxx Daa April

13 Bps Marki iboxx fixed income monhly marke monior \ April 215 Key rends: Marki iboxx Corporaes and Gils Figure 11: Toal reurn Figure 12: Yield Corporaes Gils Corporaes Gils Figure 13: Duraion Figure 14: ASW Corporaes Gils Corporaes AAA Corporaes AA Corporaes A Corporaes BBB Source: Marki iboxx Daa April

14 Yield Bps Yield Bps Marki iboxx fixed income monhly marke monior \ April 215 Key rends: Marki iboxx spo and swap curve Figure 15: Spo curve Figure 16: Curve seepness Mauriy 215-Mar Feb Mar-31 2s1s 1s3s Figure 17: Spo vs. Swap curve Figure 18: One monh change Spo vs. Swap Mauriy Y 5Y 1Y 3Y Yield curve 215-Mar-31 Yield curve 215-Feb-28 Spo Swap Swap curve 215-Mar-31 Swap curve 215-Feb-28 Source: Marki iboxx Daa April

15 ASW (bps) Marki iboxx fixed income monhly marke monior \ April 215 Key rends: Marki iboxx $ Corporaes and $ Treasuries $ Figure 19: $ Toal reurn Figure 2: $ Yield $ Treasuries $ Corporaes $ Treasuries $ Corporaes Figure 21: $ Duraion Figure 22: $ ASW $ Treasuries $ Corporaes $ Corporaes AAA $ Corporaes AA $ Corporaes A $ Corporaes BBB Source: Marki iboxx Daa April

16 Bps Yield Yield Bps Marki iboxx fixed income monhly marke monior \ April 215 Key rends: Marki iboxx $ spo and swap curve $ Figure 23: $ Spo curve Figure 24: $ Curve seepness Mauriy Mar Feb Mar-31 2s1s 1s3s Figure 25: $ Spo vs. Swap curve Figure 26: $ One monh change Spo vs. Swap Mauriy -16 2Y 5Y 1Y 3Y Yield curve 215-Mar-31 Swap curve 215-Mar-31 Yield curve 215-Feb-28 Swap curve 215-Feb-27 Spo Swap Source: Marki iboxx Daa April

17 Marki iboxx fixed income monhly marke monior \ April 215 Marki iboxx Corporaes rebalance movemens Table 6: Index rebalance sas Afer rebalance Changes due o rebalance Sub-Index Bonds Weigh Yield Duraion OAS Bonds Weigh Yield Duraion OAS Corporaes 1,617 1% % Non-Financials 1,7 57.% % Financials % % AAA 6.5% %... AA % % A % % BBB % % y % % y % % y % % y % % y % % % % Marki iboxx Corporaes rebalance movemens Table 7: Index rebalance sas Afer rebalance Changes due o rebalance Sub-Index Bonds Weigh Yield Duraion OAS Bonds Weigh Yield Duraion OAS Corporaes 74 1% %..1.9 Non-Financials % % Financials % % AAA 5.8% %... AA % % A % % BBB % % y % % y % % y % % y % % y % % % %..3.4 Source: Marki iboxx Daa April

18 Marki iboxx fixed income monhly marke monior \ April 215 Marki iboxx $ Corporaes rebalance movemens $ Table 8: Index rebalance sas Afer rebalance Changes due o rebalance Sub-Index Bonds Weigh Yield Duraion OAS Bonds Weigh Yield Duraion OAS Corporaes 4,359 1% % Non-Financials 2, % % Financials 1, % % AAA 6 1.4% % AA % % A 1, % % BBB 1, % % y % % y % % y % % y % % y % % % % Source: Marki iboxx Daa April

19 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income marke Analysis and rends April

20 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income reurn aribuion Table 15: Reurn aribuion (bps) Toal Reurn = Income Reurn + Price Reurn + Residual Reurn Price Reurn = Duraion Reurn + Credi Reurn + Calendar Reurn + Opion Reurn + Redempion Reurn Duraion Reurn = 1-5Y + 6-1Y + 15+Y Credi Reurn = Secor Reurn + Issuer Reurn Index Weigh Toal Reurn Income Reurn Price Reurn Duraion Reurn Curve 1-5Y 6-1Y 15+Y Spread Calendar Reurn Opion Reurn Redemp ion Overall 1.% Sovereigns 61.23% Sub-Sovereigns 13.6% Collaeralized 9.16% Corporaes 16.55% Financials 7.15% Non-Financials 9.4% Corporaes AAA.8% Corporaes AA 2.22% Corporaes A 7.49% Corporaes BBB 6.75% Credi Reurn Secor Reurn Issuer Reurn Residual Reurn Source: Marki iboxx Daa April 215 2

21 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income reurn aribuion Table 16: Reurn aribuion (bps) Toal Reurn = Income Reurn + Price Reurn + Residual Reurn Price Reurn = Duraion Reurn + Credi Reurn + Calendar Reurn + Opion Reurn+ Redempion Reurn Duraion Reurn = 1-5Y + 6-1Y + 15+Y Credi Reurn = Secor Reurn + Issuer Reurn Index Weigh Toal Reurn Income Reurn Price Reurn Duraion Reurn Curve 1-5Y 6-1Y 15+Y Spread Calendar Reurn Opion Reurn Redemp ion Overall 1.% Gils 69.17% Sub-Sovereigns 6.16% Collaeralized 4.24% Corporaes 2.16% Financials 7.77% Non-Financials 12.38% Corporaes AAA.15% Corporaes AA 2.14% Corporaes A 9.24% Corporaes BBB 8.63% Credi Reurn Secor Reurn Issuer Reurn Source: Marki iboxx Daa Residual Reurn April

22 Marki iboxx fixed income monhly marke monior \ April 215 $ Fixed income reurn aribuion $ Table 17: Reurn aribuion (bps) Toal Reurn = Income Reurn + Price Reurn + Residual Reurn Price Reurn = Duraion Reurn + Credi Reurn + Calendar Reurn + Opion Reurn+ Redempion Reurn Duraion Reurn = 1-5Y + 6-1Y + 15+Y Credi Reurn = Secor Reurn + Issuer Reurn Index Weigh Toal Reurn Income Reurn Price Reurn Duraion Reurn Curve 1-5Y 6-1Y 15+Y Spread Calendar Reurn Opion Reurn Redemp ion $ Overall 1.% $ Treasuries 58.94% $ Sub-Sovereigns 8.43% $ Covered.57% $ Corporaes 29.21% $ Financials 1.76% $ Non-Financials 18.45% $ Corporaes AAA.3% $ Corporaes AA 3.89% $ Corporaes A 12.81% $ Corporaes BBB 12.21% Credi Reurn Secor Reurn Issuer Reurn Source: Marki iboxx Daa Residual Reurn April

23 Marki iboxx fixed income monhly marke monior \ April 215 Figure 27: Reurn aribuion for curren monh (bps) Non-Financials and Financials Income Reurn Duraion Reurn Credi Reurn Calendar Reurn Opion Reurn Redemp ion Toal Reurn Non-Financials Financials Figure 28: Reurn aribuion by monhs (bps) - Corporaes Oc-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar Income Reurn Duraion Reurn Credi Reurn Source: Marki iboxx Daa April

24 Marki iboxx fixed income monhly marke monior \ April 215 Figure 29: Reurn aribuion for curren monh (bps) Non-Financials and Financials Income Reurn Duraion Reurn Credi Reurn Calendar Reurn Opion Reurn Redempion Toal Reurn Non-Financials Financials Figure 3: Reurn aribuion by monhs (bps) - Corporaes monhly Oc-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar Income Reurn Duraion Reurn Credi Reurn Source: Marki iboxx Daa April

25 Marki iboxx fixed income monhly marke monior \ April 215 Figure 31: Reurn aribuion for curren monh (bps) $ Non-Financials and Financials $ Income Reurn Duraion Reurn -52 Credi Reurn Calendar Reurn Opion Reurn Redempion Reurn Toal Reurn $ Non-Financials $ Financials Figure 32: Reurn aribuion by monhs (bps) - $ Corporaes monhly Oc-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar Income Reurn Duraion Reurn Credi Reurn Source: Marki iboxx Daa April

26 Bps Bps Bps Marki iboxx fixed income monhly marke monior \ April 215 Key rae duraion and aribuion Corporaes Figure 33: Key rae duraion a beginning of April Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y KRD Figure 34: Yield curve shifs for Feb-14 a key raes Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y RF Dela Figure 35: Reurn aribuion for Feb-14 by key raes Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y Reurn Source: Marki iboxx Daa April

27 Bps Bps Bps Marki iboxx fixed income monhly marke monior \ April 215 Key rae duraion and aribuion Corporaes Figure 36: Key rae duraion a beginning of Feb Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y KRD Figure 37: Yield curve shifs for Feb-14 a key raes Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y RF Dela Figure 38: Reurn aribuion for Feb-14 by key raes Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y Reurn Source: Marki iboxx Daa April

28 Bps Bps Bps Marki iboxx fixed income monhly marke monior \ April 215 Key rae duraion and aribuion $ Corporaes $ Figure 39: Key rae duraion a beginning of Feb Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y KRD Figure 4: Yield curve shifs for Feb-14 a key raes Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y RF Dela Figure 41: Reurn aribuion for Feb-14 by key raes Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 1Y 15Y 2Y 25Y 3Y Reurn Source: Marki iboxx Daa April

29 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income sress es Table 18: Sress es The able shows how much each index will move in he following scenarios (in bps) Yield curve shif: Shif up All key raes 1-3yr (+ 1 bps) Seepener - key raes 1-5 yr (+ 5 bps), key raes 1,15,2,25,3 yr (- 5 bps) Buerfly - key raes 1-5 yr (+ 5 bps), key raes 6-9 yr (- 5 bps), key raes 1,15,2,25,3 yr (+ 5 bps) Highes hisorical shif bigges monhly hisorical shif of he yield curve for he pas 12 monhs Spreads shif: Shif up: BBB bonds (+ 1 bps), A bonds (+ 85 bps), AA bonds (+ 52 bps), AAA bonds (- 42 bps) based on 1 year rolling correlaion beween spreads Yield Curve Overall Sovereigns Sub- Sovereigns Collaeralized Corporaes Financials Non- Financials Corporaes AAA Corporaes AA Corporaes A Shif up Seepener Buerfly Highes hisorical shif Spreads Shif up Source: Marki iboxx Daa Corporaes BBB April

30 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income sress es Table 19: Sress es The able shows how much each index will move in he following scenarios (in bps) Yield curve shif: Shif up All key raes 1-3yr (+ 1 bps) Seepener - key raes 1-5 yr (+ 5 bps), key raes 1,15,2,25,3 yr (- 5 bps) Buerfly - key raes 1-5 yr (+ 5 bps), key raes 6-9 yr (- 5 bps), key raes 1,15,2,25,3 yr (+ 5 bps) Highes hisorical shif bigges hisorical shif of he yield curve for he pas 12 monhs Spreads shif: Shif up: BBB bonds (+ 1 bps), A bonds (+ 97 bps), AA bonds (+ 99 bps), AAA bonds (+ 95 bps) based on 1 year rolling correlaion beween spreads Yield Curve Overall Gils Sub- Sovereigns Collaeralized Corporaes Financials Non- Financials Corporaes AAA Corporaes AA Corporaes A Corporaes BBB Shif up Seepener Buerfly Highes hisorical shif Spreads Shif up Source: Marki iboxx Daa April 215 3

31 Marki iboxx fixed income monhly marke monior \ April 215 $ Fixed income sress es $ Table 2: Sress es The able shows how much each index will move in he following scenarios (in bps) Yield curve shif: Shif up All key raes 1-3yr (+ 1 bps) Seepener - key raes 1-5 yr (+ 5 bps), key raes 1,15,2,25,3 yr (- 5 bps) Buerfly - key raes 1-5 yr (+ 5 bps), key raes 6-9 yr (- 5 bps), key raes 1,15,2,25,3 yr (+ 5 bps) Highes hisorical shif bigges hisorical shif of he yield curve for he pas 12 monhs Spreads shif: Shif up: BBB bonds (+ 1 bps), A bonds (+ 96 bps), AA bonds (+ 99 bps), AAA bonds (+ 95 bps) based on 1 year rolling correlaion beween spreads Yield Curve Overall Treasuries Sub- Sovereigns Covered Corporaes Financials Non- Financials Corporaes AAA Corporaes AA Corporaes A Corporaes BBB Shif up Seepener Buerfly Highes hisorical shif Spreads Shif up Source: Marki iboxx Daa April

32 Yield Yield Marki iboxx fixed income monhly marke monior \ April 215 Relaive value opporuniies in Financials Figure 42: Financial AA secor curve Figure 43: Financial A secor curve Mauriy Mauriy Yield Curve Yield Curve Table 21: Top/Boom 5 bonds according o disance o curve Boom 5 Table 22: Top/Boom 5 bonds according o disance o curve Boom 5 ISIN Name TTM OAS XS IND BK OF KOREA XS GE CAP EUR FUND XS MET LIFE GLOB XS BERKSHIRE HATHWY XS BNZ INTL FUND/LN ISIN Name TTM OAS XS HYPO NOE GRUPPE ATA12GN VIENNA INSURANCE XS GE CAP TRUST IV DEA1YCQ29 ALLIANZ SE XS GEN ELEC CAP CRP Top 5 ISIN Name TTM OAS XS GE CAP EUR FUND DEA1RE1W1 DEUTSCHE BOERSE XS SVENSKA HNDLSBKN XS BERKSHIRE HATHWY DEA1HG1K6 ALLIANZ FINANCE Top 5 ISIN Name TTM OAS DEBHYA56 BERLIN HYP AG XS BANQ FED CRD MUT XS BNP PARIBAS XS SOCIETE GENERALE XS UNIBAIL-RODAMCO Source: Marki iboxx Daa April

33 Yield Yield Marki iboxx fixed income monhly marke monior \ April 215 Figure 44: Financial BBB secor curve Figure 45: Financial BB secor curve Mauriy Mauriy Yield Curve Yield Curve Table 23: Top/Boom 5 bonds according o disance o curve Boom 5 ISIN Name TTM OAS XS BANCO BRASL XS ERSTE GROUP XS VAKIFBANK XS DELTA LLOYD XS DELTA LLOYD LEVE Top 5 ISIN Name TTM OAS XS AON PLC FR GECINA XS ASSICURAZIONI XS PROLOGIS LP XS EXOR SPA Relaive value opporuniy rades in and $ fixed income markes currenly unavailable Table 24: Top/Boom 5 bonds according o disance o curve Boom 5 ISIN Name TTM OAS XS RZB FIN JERSEY XS SANTANDER FINANC XS SANTANDER FINANC XS RAIFFEISEN BK IN XS RAIFFEISEN BK IN Top 5 ISIN Name TTM OAS XS INTESA SANPAOLO XS BPE FINANCIACION XS BANCO POPOLARE ES313861O6 BANCO SABADELL XS CERVED TECH Source: Marki iboxx Daa April

34 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income marke ETF marke aciviy April

35 Marki iboxx fixed income monhly marke monior \ April 215 ETF produc launch aciviy Table 25: fixed income ETF launches Launch dae ETF Name Ticker Provider Type No launches Table 26: US fixed income ETF launches Launch dae ETF Name Ticker Provider Type 3/3/215 Deusche X-rackers High Yield Corporae Bond - Ineres Rae Deusche X- HYIH Hedged - HYIH rackers Corporae 3/3/215 Deusche X-rackers Invesmen Grade Bond - Ineres Rae Hedged Deusche X- IGIH - IGIH rackers Corporae 3/3/215 Deusche X-rackers Emerging Markes Bond - Ineres Rae Hedged Deusche X- EMIH - EMIH rackers 5/3/215 ishares Shor Mauriy Municipal Bond ETF MEAR US Municipal 13/3/215 ishares ibonds Dec 225 Corporae ETF IBDQ US Corporae 13/3/215 ishares ibonds Dec 224 Corporae ETF IBDP US Corporae 13/3/215 ishares ibonds Dec 223 Corporae ETF IBDO US Corporae 13/3/215 ishares ibonds Dec 222 Corporae ETF IBDN US Corporae 13/3/215 ishares ibonds Dec 221 Corporae ETF IBDM US Corporae 13/3/215 ishares ibonds Dec 219 Corporae ETF IBDK US Corporae 13/3/215 ishares ibonds Dec 217 Corporae ETF IBDJ US Corporae Fixed income ETF cash flows Table 27: Fixed income ETF cash flows by secor All figures in $ million excep oherwise saed Mar-15 Type * USA* Asia* Toal * USA* Asia* Toal Broad Marke ,922 (1) 5,553 Sovereigns 1,398 (3,155) (149) (1,97) 4,156 2,41 (98) 6,468 Sub-Sovereigns , ,383 Corporaes IG 1, ,18 4,579 4, ,423 Covered (37) 3 (34) (26) 13 (193) Converible 14 (14) (1) 174 (87) 87 High Yield 889 (419) 47 2,865 4,856 7,721 Loans (177) (177) (172) (172) Asse Backed CDS (2) 25 Inflaion (1) Money Marke (44) 1,59 1,15 (61) 2,619 2,558 Preferred Sock ,897 1,897 Yield-Curve Sraegy Toal 4,7 (951) 926 3,981 12,76 2,861 2,545 36,113 YTD * Lising Region Source: Marki ETP Analyics April

36 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income ETF issuers by AUM Table 28: Top 1 Fixed income ETF issuers by AUM and regions All figures in $ million excep oherwise saed Issuer AUM Share Issuer AUM Share 67, % US 169, % db x-rackers - 13, % Vanguard - US 74, % Lyxor 7,51 6.9% SPDR - US 36, % Source ETF 4,81 4.4% PowerShares - US 15, % Amundi ETF 4, % PIMCO 11,66 3.5% SPDR - 4, % Guggenheim Funds 6, % Deka 2, % Marke Vecors 5, % ComSage 2, % ProShares 4, % UBS ETF - 1, % Charles Schwab 3,13.9% Think Capial 54.5% FlexShares 2,699.8% Ohers 436.4% Ohers 7, % Toal 19,225 1.% Toal 337,792 1.% US Asia Toal Issuer AUM Share Issuer AUM Share Forune SG China 5, % BlackRock 237, % SSgA Asia 3, % Vanguard 74, % Yinhua China 1, % Sae Sree 44,95 9.5% Kodex Korea 1, % PowerShares 16,19 3.4% CSOP Hong Kong % Deusche Bank 13, % BeaShares Ausralia % PIMCO 11,66 2.5% Tiger Korea % Sociéé Générale 7,51 1.6% KSar Korea % Guggenheim Invesmens 6, % Nikko Singapore 4 2.3% Forune SG Fund Managemen 5, % HSBC - Hong Kong % Van Eck Securiies Corporaion 5, % Ohers 2, % Ohers 42, % Toal 17,388 1.% Toal 464,46 1.% Source: Marki ETP Analyics April

37 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income by inflow and ouflow Table 29: op 1 fixed income ETF by inflows during las monh All figures in $ million excep oherwise saed ETF Name Ticker Issuer Mar-15 Flows ishares Euro Corporae Bond IEAC BlackRock 672 1,567 ishares Euro High Yield Corporae Bond IHYG BlackRock 476 1,67 ComSage ETF iboxx EUR Liquid Sovereigns Diversified 3-5 TR X53 ComSage ComSage ETF iboxx EUR Liquid Sovereigns Diversified 5-7 TR X54 ComSage ishares $ High Yield Corporae Bond IHYU BlackRock ishares Euro Corporae Bond BBB-BB IEBB BlackRock Amundi EX AAA Bond EuroMTS Invesmen Grade X1G Amundi ishares Euro Bond IEGA BlackRock PIMCO Low Duraion Euro Corporae Bond Source LDCE Source ishares Euro Inflaion Linked Bond IBCI BlackRock YTD Flows Table 3: US op 1 fixed income ETF by inflows in las monh All figures in $ million excep oherwise saed ETF Name Ticker Issuer Mar-15 Flows Vanguard Toal Bond Marke ETF BND Vanguard 1, SPDR Barclays Shor Term High Yield Bond ETF SJNK Sae Sree ishares U.S. Preferred Sock ETF PFF BlackRock 44 1,188 ishares iboxx $ Invesmen Grade Corporae Bond ETF LQD BlackRock 358 2,729 ishares TIPS Bond ETF TIP BlackRock Vanguard Inermediae-Term Corporae Bond Index Fund VCIT Vanguard ishares U.S. Treasury Bond ETF GOVT BlackRock ishares MBS ETF MBB BlackRock Vanguard Inermediae-Term Bond ETF BIV Vanguard ishares Naional AMT-Free Muni Bond ETF MUB BlackRock YTD Flows Source: Marki ETP Analyics April

38 Marki iboxx fixed income monhly marke monior \ April 215 Table 31: op 1 fixed income ETF by ouflows during las monh All figures in $ million excep oherwise saed ETF Name Ticker Issuer Mar-15 Flows ishares Euro Covered Bond ICOV BlackRock (39) (256) Deka Deusche Börse EUROGOV Germany 5-1 EL4U Deka (14) (96) ishares Emerging Markes Local Bond IEML BlackRock (14) (6) ishares UK Gils IGLT BlackRock (85) 156 db x-rackers II Fed Funds Effecive Rae DXSZ Deusche Bank (84) 28 ishares Euro Bond 1-3yr IBGS BlackRock (79) (25) UBS ETF Marki iboxx Germany 1-3 (EUR) A-dis UEFL UBS AG (77) 57 LYXOR DAILY DOUBLE SHORT BUND LYXOR EURO CORPORATE BOND - C-EUR DSB CRP Sociéé Générale Sociéé Générale (59) 58 (43) 81 ishares $ TIPS IDTP BlackRock (39) 139 YTD Flows Table 32: US op 1 fixed income ETF by ouflows during las monh All figures in $ million excep oherwise saed ETF Name Ticker Issuer Mar-15 Flows ishares 2+ Year Treasury Bond ETF TLT BlackRock (1,1) (96) ishares iboxx $ High Yield Corporae Bond ETF HYG BlackRock (1,81) 2,15 ishares 7-1 Year Treasury Bond ETF IEF BlackRock (85) (61) ishares Shor Treasury Bond ETF SHV BlackRock (651) 1,676 ishares 3-7 Year Treasury Bond ETF IEI BlackRock (553) 461 Firs Trus Enhanced Shor Mauriy ETF FTSM Firs Trus (354) 867 SPDR Barclays High Yield Bond ETF JNK Sae Sree (327) 1,527 PowerShares Senior Loan Porfolio ETF BKLN PowerShare s YTD Flows (265) (296) ishares Core U.S. Aggregae Bond ETF AGG BlackRock (195) 458 PIMCO Enhanced Shor Mauriy Sraegy Fund MINT PIMCO (191) (28) Source: Marki ETP Analyics April

39 Marki iboxx fixed income monhly marke monior \ April 215 Fixed income by asses Table 33: op 2 fixed income by asses All figures in $ million excep oherwise saed ETF Name Ticker Issuer Type AUM Turnover ishares Euro Corporae Bond IEAC Corporae 6, ishares Euro Corporae Bond Large Cap IBXLQ Corporae 5, ishares Euro High Yield Corporae Bond IHYG High Yield 4, ishares J.P. Morgan $ Emerging Markes Bond IEMB Sovereign 4, ishares $ Corporae Bond LQDE Invesmen Grade 2, ishares Euro Corporae Bond ex-financials IEXF Corporae 2, ishares $ Treasury Bond 1-3yr IDBT Treasury 2, db x-rackers II iboxx EUR Sovereigns Euro Yield Plus UCITS ETF XY4P db x-rackers - ishares Corporae Bond SLXX 2, Invesmen Grade 2, ishares Euro Aggregae Bond IEAG Broad Marke 2, Amundi EX AAA Bond EuroMTS Invesmen Grade X1G Amundi ETF 2, ishares $ High Yield Corporae Bond IHYU High Yield 1, PIMCO Euro Shor Mauriy Source PJS1 Source ETF Broad Marke 1, ishares Emerging Markes Local Bond IEML 1, ishares UK Gils IGLT 1, ishares $ Treasury Bond 7-1yr IDTM Treasury 1, SPDR Barclays Emerging Markes Local Bond SYBM SPDR - 1, ishares Euro Bond 3-5yr IBGX 1, db x-rackers II iboxx Sovereigns Eurozone DBXN db x-rackers - 1,44 78 ishares Euro Corporae Bond ex-financials 1-5yr IEX5 Corporae 1, Source: Marki ETP Analyics April

40 Marki iboxx fixed income monhly marke monior \ April 215 Table 34: US op 2 fixed income by asses All figures in $ million excep oherwise saed ETF Name Ticker Issuer Type AUM Turnover Vanguard Toal Bond Marke ETF BND Vanguard - US Broad Marke 27,63 1,71 ishares Core U.S. Aggregae Bond ETF AGG US Broad Marke 23,997 1,497 ishares iboxx $ Invesmen Grade Corporae Bond ETF LQD US Invesmen Grade 22,382 2,679 ishares iboxx $ High Yield Corporae Bond ETF HYG US High Yield 16,73 7,263 Vanguard Shor-Term Bond ETF BSV Vanguard - US Broad Marke 16, ishares U.S. Preferred Sock ETF PFF US Preferred Sock 13, ishares TIPS Bond ETF TIP US TIPS 12, SPDR Barclays High Yield Bond ETF JNK SPDR - US High Yield 11,322 2,899 ishares 1-3 Year Credi Bond ETF CSJ US Vanguard Shor-Term Corporae Bond Index Fund VCSH Vanguard - US Invesmen Grade Invesmen Grade 1, , ishares 1-3 Year Treasury Bond ETF SHY US Treasury 7, ishares MBS ETF MBB US Agency MBS 7,46 2 ishares 7-1 Year Treasury Bond ETF IEF US Treasury 6,537 1,688 ishares 2+ Year Treasury Bond ETF TLT US Treasury 6,54 18,529 ishares Inermediae Credi Bond ETF CIU US Corporae 6,39 17 Vanguard Inermediae-Term Bond ETF BIV Vanguard - US Broad Marke 5,57 15 PowerShares Senior Loan Porfolio ETF BKLN Vanguard Inermediae-Term Corporae Bond Index Fund VCIT PowerShares - US Vanguard - US Leveraged Loan 5, Invesmen Grade 5, ishares Shor Treasury Bond ETF SHV US Treasury 4, ishares Naional AMT-Free Muni Bond ETF MUB US Municipal 4, Source: Marki ETP Analyics April 215 4

41 Marki iboxx fixed income monhly marke monior \ April 215 Marki iboxx ETF invesible universe Table 35: Marki iboxx by asse class All figures in $ million excep oherwise saed Summary Asse Class No. Indices AUM Share 9 16,9 18.5% Corporae 61 67, % Inflaion 13 3,479 4.% Toal ,69 1% indices Index Name Marki iboxx ABF Indices (HKD, ABF Hong Kong, Toal Gross Reurn) Marki iboxx ABF Indices (IDR, ABF Indonesia, Toal Gross Reurn) Marki iboxx ABF Indices (MYR, ABF Malaysia, Toal Gross Reurn) Marki iboxx ABF Indices (USD, ABF Pan-Asia, Toal Gross Reurn) Marki iboxx ABF Singapore (SGD, Toal Gross Reurn) Marki iboxx ABF Indices (THB, ABF Thailand, Toal Gross Reurn) Marki iboxx ABF Singapore (SGD, Toal Gross Reurn) Marki iboxx $ Shor Treasuries 7-1Y (USD, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 1-3, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 1-15, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 15+, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 25+, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereign Diversified 3m-1 (EUR, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 5-7, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 7-1, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified, Toal Gross Reurn) ETP Name ABF Hong Kong Bond Index Fund ABF Indonesia Bond Index ETF Fund ABF Malaysia Bond Index Fund ABF Pan Asia Bond Index Fund ABF Singapore Bond Index Fund ABF Thailand Bond Index Fund db x-rackers II Makri iboxx ABF Singapore Amundi ETF Shor US Treasury 7-1 Daily UCITS ETF ComSage ETF iboxx EUR Liquid Sovereigns Diversified 1-3 TR ComSage ETF iboxx EUR Liquid Sovereigns Diversified 1-15 TR ComSage ETF iboxx EUR Liquid Sovereigns Diversified 15+ TR ComSage ETF iboxx EUR Liquid Sovereigns Diversified 25+ TR ComSage ETF iboxx EUR Liquid Sovereigns Diversified 3m-1 TR ComSage ETF iboxx EUR Liquid Sovereigns Diversified 5-7 TR ComSage ETF iboxx EUR Liquid Sovereigns Diversified 7-1 TR ComSage ETF iboxx EUR Liquid Sovereigns Diversified Overall TR ETP Ticker Issuer Type Region AUM 2819 HSBC - Hong Kong APAC 387 R-ABFII Bahana Indonesia APAC 162 8EA 2821 A35 ABFTH KV4 SU7 X52 X57 X58 X59 X51 X54 X55 X5 AmInvesmen Malaysia SSgA Asia Nikko Singapore Kasikorn Thailand db x-rackers - Asia Amundi ETF ComSage ComSage ComSage ComSage ComSage ComSage ComSage ComSage APAC 194 APAC 3,143 APAC 46 APAC 177 APAC April

42 Marki iboxx fixed income monhly marke monior \ April 215 Marki iboxx EUR Sovereigns Germany Capped Indices (EUR, Sovereigns Germany Capped 1-5, Toal Gross Reurn) Marki iboxx EUR Sovereigns Germany Capped Indices (EUR, Sovereigns Germany Capped 1+, Toal Gross Reurn) Marki iboxx EUR Sovereigns Germany Capped 3m-2 (EUR, Toal Gross Reurn) Marki iboxx EUR Sovereigns Germany Capped Indices (EUR, Sovereigns Germany Capped 5-1, Toal Gross Reurn) Marki iboxx EUR Eurozone (EUR, Eurozone AAA, Toal Gross Reurn) Marki iboxx EUR Sovereigns Eurozone Yield Plus (EUR, Hedged, Toal Gross Reurn) Marki iboxx EUR Sovereigns Eurozone Yield Plus (EUR, Toal Gross Reurn) Marki iboxx GBP Gils Indices (GBP, Gils, Toal Gross Reurn) Marki iboxx EUR Germany Indices (EUR, Germany 1-3, Toal Gross Reurn) Marki iboxx EUR Germany Indices (EUR, Germany 3-5, Toal Gross Reurn) Marki iboxx EUR Germany Indices (EUR, Germany 7-1, Toal Gross Reurn) Marki iboxx EUR Germany Covered Indices (EUR, Germany Covered 1-3, Toal Gross Reurn) Marki iboxx EUR Germany Indices (EUR, Germany, Toal Gross Reurn) Marki iboxx EUR Germany Indices (EUR, Germany, Toal Gross Reurn) Marki iboxx Japan Sovereign Shor Index (JPY, Toal Gross Reurn) Marki iboxx EUR Eurozone (EUR, Eurozone 1-15, Toal Gross Reurn) Marki iboxx EUR Eurozone (EUR, Eurozone 15+, Toal Gross Reurn) Marki iboxx EUR Eurozone (EUR, Eurozone 25+, Toal Gross Reurn) Marki iboxx EUR Eurozone (EUR, Eurozone 5-7, Toal Gross Reurn) Marki iboxx EUR Eurozone (EUR, Eurozone 7-1, Toal Gross Reurn) Marki iboxx EUR Eurozone (EUR, Eurozone AAA 1-3, Toal Gross Reurn) Marki iboxx EUR Sovereigns Eurozone AAA Index (EUR, Toal Gross Reurn) ComSage ETF iboxx EUR Sovereigns Germany Capped 1-5 TR ComSage ETF iboxx EUR Sovereigns Germany Capped 1+ TR Comsage ETF iboxx EUR Sovereigns Germany Capped 3m-2 TR ComSage ETF iboxx EUR Sovereigns Germany Capped 5-1 TR db x-rackers II iboxx EUR Sovereigns Euro AAA TR db x-rackers II iboxx EUR Sovereigns Euro Yield Plus 2C db x-rackers II iboxx EUR Sovereigns Euro Yield Plus db x-rackers II iboxx GBP Gils db x-rackers II iboxx Germany 1-3 db x-rackers II iboxx Germany 3-5 db x-rackers II iboxx Germany 7-1 db x-rackers II iboxx Germany Covered 1-3 db x-rackers II iboxx Germany db x-rackers II iboxx Germany 4% - D db x-rackers II IBOXX JAPAN SOVEREIGN SHORT DAILY db x-rackers II iboxx Sovereigns Eurozone 1-15 db x-rackers II iboxx Sovereigns Eurozone 15+ db x-rackers II iboxx Sovereigns Eurozone 25+ db x-rackers II iboxx Sovereigns Eurozone 5-7 db x-rackers II iboxx Sovereigns Eurozone 7-1 db x-rackers II iboxx Sovereigns Eurozone AAA 1-3 db x-rackers II IBOXX SOVEREIGNS EUROZONE AAA XBAT XHYP XY4P XBUT D5BC XGN5 XG71 X3A D5BB X3G XJSS DBXC DBXF DBXG DBXR DBXB XAXA XBAI ComSage ComSage ComSage ComSage db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers , April

43 Marki iboxx fixed income monhly marke monior \ April 215 Marki iboxx EUR Eurozone (EUR, Eurozone, Toal Gross Reurn) Marki iboxx EUR Eurozone (EUR, Eurozone, Toal Gross Reurn) Marki iboxx EUR Sovereigns Eurozone Yield Plus 1-3 Index (EUR, Toal Gross Reurn) Marki iboxx EUR Sovereigns Eurozone Yield Plus 1-3 Index (EUR, Toal Gross Reurn) Marki iboxx EUR Sovereigns Eurozone Yield Plus (EUR, Toal Gross Reurn) Marki iboxx EUR Spain Indices (EUR, Spain 1-3, Toal Gross Reurn) Marki iboxx EUR Spain Covered (EUR, Toal Gross Reurn) Marki iboxx ABF Indices (IDR, ABF Indonesia, Toal Gross Reurn) Marki iboxx EUR Shor Sovereigns Eurozone Index (EUR, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 1-1, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 1-3, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 1+, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 5-7, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Diversified (EUR, Liquid Sovereign Diversified 7-1, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Global (EUR, Toal Gross Reurn) Marki iboxx EUR Sovereigns Indices (EUR, Sovereigns 1-3, Toal Gross Reurn) Marki iboxx EUR Sovereigns Indices (EUR, Sovereigns 3-7, Toal Gross Reurn) Marki iboxx EUR Sovereigns Indices (EUR, Sovereigns 7-1, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Capped (EUR, Liquid Sovereigns Capped , Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Capped (EUR, Liquid Sovereigns Capped , Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Capped (EUR, Liquid Sovereigns Capped 1.5+, Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Capped (EUR, Liquid Sovereigns Capped , Toal Gross Reurn) Marki iboxx EUR Liquid Sovereigns Capped (EUR, Liquid Sovereigns db x-rackers II iboxx Sovereigns Eurozone UCITS ETF db x-rackers II iboxx Sovereigns Eurozone UCITS ETF 4% - D db x-rackers II IBOXX Sovereigns Eurozone Yield ETF db x-rackers II IBOXX SOVEREIGNS EUROZONE YIELD PLUS 1-3 db x-rackers II IBOXX SOVEREIGNS EUROZONE YIELD PLUS db x-rackers II IBOXX SPAIN 1-3 db x-rackers II IBOXX SPAIN db x-rackers II Marki iboxx ABF Indonesia db x-rackers II Shor Shor iboxx EURO Sovereigns Eurozone Daily Deka iboxx EUR Liquid Sovereign Diversified 1-1 Deka iboxx EUR Liquid Sovereign Diversified 1-3 Deka iboxx EUR Liquid Sovereign Diversified 1+ Deka iboxx EUR Liquid Sovereign Diversified 5-7 Deka iboxx EUR Liquid Sovereign Diversified 7-1 IBOXX? LIQUID SOVEREIGNS GLOBAL THEAM EASY ishares Euro Bond 1-3 (Acc) ishares Euro Bond 3-7 (Acc) ishares Euro Bond 7-1 (Acc) ishares Euro Bond Capped yr (DE) ishares Euro Bond Capped yr UCITS ETF (DE) ishares Euro Bond Capped 1.5+yr UCITS ETF (DE) ishares Euro Bond Capped yr UCITS ETF (DE) ishares Euro Bond Capped yr DBXN X3F XYP1 XY1D XYPD X1ES XIES XIDR DXSV EL4K EL4L EL4Q EL4N EL4P EEIB db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - db x-rackers - Deka Deka Deka Deka Deka EasyETF CSBGE3 CSBGE7 CSBGE EXHF EXHG EXHK EXHH EXHJ 1, , April