SAXO BANK CENTRAL & EASTERN EUROPE BOND INSPIRATION

Transcription

1 SAXO BANK CENTRAL & EASTERN EUROPE BOND INSPIRATION Inspiration list of selected corporate and government bonds. Pricing source is OTC market prices. Bonds included on the list are for inspirational purpose only and liquidity will vary. None of the suggested bonds constitute any form of trade recommendation to sell or buy. Last update: 03-Sep-14 *if perpetual maturity the next call date and yield to first call is shown ISIN Issuer Price Currency Maturity* Rating Coupon Yield* Duration Collateral Industry Minimum Country RUSSIA XS ALFA BANK (ALFA BOND) USD 9/25/2017 BB % 7.2% 2.6 Sr Unsecured Banks 100 RU XS ALFA BANK (ALFA BOND) USD 9/26/2019 BB % 7.4% 4.0 Subordinated Banks 200 RU XS ALFA BANK (ALFA BOND) USD 4/28/2021 BB % 7.1% 5.0 Sr Unsecured Banks 200 RU XS ALLIANCE OIL CO LTD USD 3/11/2015 NR 9.875% 9.4% 0.5 Sr Unsecured Oil&Gas 100 RU XS ALLIANCE OIL CO LTD USD 5/4/2020 NR 7.000% 10.5% 4.3 Sr Unsecured Oil&Gas 200 RU XS ALROSA FINANCE SA USD 11/3/2020 BB % 7.2% 4.7 Sr Unsecured Mining 200 RU XS BRUNSWICK RAIL FINANCE USD 11/1/2017 B % 7.5% 2.7 Sr Unsecured Transportation 200 RU XS CREDIT BANK OF MOSCOW (C USD 11/13/2018 NR 8.700% 11.2% 3.3 Subordinated Banks 200 RU XS DME AIRPORT LTD USD 11/26/2018 BB % 6.8% 3.6 Sr Unsecured Diversified Finan Serv 200 RU XS EDC FINANCE LTD USD 4/17/2020 BB 4.875% 6.0% 4.7 Sr Unsecured Oil&Gas Services 200 RU XS EUROCHEM M & C OJSC VIA USD 12/12/2017 BB 5.125% 6.1% 2.9 Sr Unsecured Chemicals 200 RU XS EVRAZ GROUP SA USD 11/10/2015 B % 6.7% 1.1 Sr Unsecured Iron/Steel 100 RU XS EVRAZ GROUP SA USD 4/24/2017 B % 7.6% 2.3 Sr Unsecured Iron/Steel 200 RU XS EVRAZ GROUP SA USD 4/27/2018 B % 8.5% 3.1 Sr Unsecured Iron/Steel 200 RU XS GAZPROM (GAZ CAPITAL SA) USD 4/11/2018 BBB 8.146% 4.6% 3.0 Sr Unsecured Oil&Gas 100 RU XS GAZPROM (GAZ CAPITAL SA) EUR 3/20/2020 BBB 3.389% 4.8% 4.8 Sr Unsecured Oil&Gas 100 RU XS GAZPROM (GAZ CAPITAL SA) USD 1/23/2021 BBB 5.999% 5.5% 5.2 Sr Unsecured Oil&Gas 200 RU XS GAZPROM (GAZ CAPITAL SA) EUR 3/21/2025 BBB 4.364% 4.8% 8.1 Sr Unsecured Oil&Gas 100 RU XS GAZPROM (GAZ CAPITAL SA) USD 8/16/2037 BBB 7.288% 7.0% 11.2 Sr Unsecured Oil&Gas 100 RU 1 OF 8

2 XS GAZPROM NEFT (GPN CAPITA EUR 4/26/2018 BBB % 5.0% 3.3 Sr Unsecured Oil&Gas 100 RU XS GAZPROM NEFT (GPN CAPITA USD 11/27/2023 BBB % 6.6% 6.8 Sr Unsecured Oil&Gas 200 RU XS GAZPROMBK (GPB FINANCE) USD 5/17/2017 BBB % 6.0% 2.4 Sr Unsecured Banks 200 RU XS GAZPROMBK (GPB FINANCE) EUR 10/30/2018 BBB % 6.1% 3.5 Sr Unsecured Banks 100 RU XS GAZPROMBK (GPB FINANCE) USD 4/25/2018 (PERP) NR 7.875% 10.6% 3.0 Subordinated Banks 200 RU XS GAZPROM (GAZ CAPITAL SA) GBP 9/25/2020 BBB 5.338% 6.2% 4.9 Sr Unsecured Oil&Gas 100 RU CH GAZPROM (GAZ CAPITAL SA) CHF 10/25/2019 BBB 2.850% 5.0% 4.5 Sr Unsecured Oil&Gas 50 RU XS LUKOIL INTL FINANCE BV USD 4/24/2018 BBB % 4.6% 3.3 Sr Unsecured Oil&Gas 200 RU XS LUKOIL INTL FINANCE BV USD 4/24/2023 BBB % 5.7% 6.8 Sr Unsecured Oil&Gas 200 RU XS METALLOINVEST FINANCE LT USD 4/17/2020 BB 5.625% 7.3% 4.6 Sr Unsecured Iron/Steel 200 RU XS MMC NORILSK NICK VIA MMC USD 10/28/2020 BBB % 5.3% 5.1 Sr Unsecured Mining 200 RU XS MOBILE TELESYS (MTS INT) USD 6/22/2020 BB % 5.4% 4.6 Sr Unsecured Telecommunications 100 RU XS OFCB CAPITAL PLC USD 4/26/2019 NR % 10.7% 3.5 Subordinated Banks 200 RU XS NOVATEK(NOVATEK FIN LTD) USD 2/3/2021 BBB % 6.5% 5.1 Sr Unsecured Oil&Gas 200 RU XS OAO TMK (TMK CAPITAL) USD 4/3/2020 B % 8.5% 4.4 Sr Unsecured Metal Fabricate/Hardware 200 RU XS OJSC NOVO(STEEL FUNDING) USD 9/26/2019 BB % 5.6% 4.3 Sr Unsecured Iron/Steel 200 RU XS OJSC RUSS AGRIC BK(RSHB) USD 7/25/2018 BBB % 7.0% 3.4 Sr Unsecured Banks 200 RU XS OJSC RUSS AGRIC BK(RSHB) USD 10/16/2023 NR 8.500% 9.7% 5.9 Subordinated Banks 200 RU XS PHOSAGRO(PHOS BOND FUND) USD 2/13/2018 BB % 4.9% 3.1 Sr Unsecured Chemicals 200 RU XS POLYUS GOLD INTL LTD USD 4/29/2020 BB % 6.7% 4.6 Sr Unsecured Mining 200 RU XS PROMSVYAZBK(PSB FINANCE) USD 4/25/2017 BB % 8.4% 2.2 Sr Unsecured Banks 200 RU XS ROSNEFT FINANCE SA USD 3/13/2018 BBB 7.875% 6.2% 2.9 Sr Unsecured Oil&Gas 100 RU XS ROSNEFT(ROSNEFT INT FIN) USD 3/6/2022 BBB 4.199% 6.5% 6.2 Sr Unsecured Oil&Gas 200 RU XS RZD CAPITAL PLC (RZD) USD 4/3/2017 BBB 5.739% 4.9% 2.3 Sr Unsecured Transportation 100 RU XS RZD CAPITAL PLC (RZD) EUR 5/20/2021 BBB 3.374% 5.3% 5.7 Sr Unsecured Transportation 100 RU XS RZD CAPITAL PLC (RZD) USD 4/5/2022 BBB 5.700% 6.1% 5.9 Sr Unsecured Transportation 200 RU XS SBERBANK (SB CAP SA) USD 3/24/2017 BBB 5.400% 5.4% 2.3 Sr Unsecured Banks 100 RU XS SBERBANK (SB CAP SA) USD 6/16/2021 BBB 5.717% 6.4% 5.4 Sr Unsecured Banks 200 RU XS SBERBANK (SB CAP SA) USD 5/23/2023 NR 5.250% 7.7% 6.6 Subordinated Banks 200 RU XS SBERBANK (SB CAP SA) USD 2/26/2024 NR 5.500% 7.3% 3.8 Subordinated Banks 200 RU XS SEVERSTAL (STEEL CAP) USD 10/25/2017 BB % 4.9% 2.8 Sr Unsecured Iron/Steel 100 RU XS SEVERSTAL (STEEL CAP) USD 10/17/2022 BB % 6.2% 6.2 Sr Unsecured Iron/Steel 200 RU XS SIBUR SECURITIES LTD USD 1/31/2018 BB % 6.1% 3.1 Sr Unsecured Oil&Gas 200 RU XS SISTEMA JSFC (SISTEMA IN USD 5/17/2019 BB 6.950% 6.8% 3.9 Sr Unsecured Diversified Finan Serv 200 RU XS TRANSNEFT(TRANS CAP INV) USD 8/7/2018 BBB 8.700% 4.9% 3.3 Sr Unsecured Pipelines 100 RU XS URALKALI (URALKALI FINAN USD 4/30/2018 BBB % 5.0% 3.3 Sr Unsecured Diversified Finan Serv 200 RU 2 OF 8

3 XS VEB-LEASING (VEB) USD 5/27/2016 BBB % 5.2% 1.6 Sr Unsecured Banks 200 RU XS VIMPELCOM (UBS SA) USD 5/23/2016 BB % 4.6% 1.6 Sr Unsecured Telecommunications 100 RU XS VIMPELCOM (VIP FIN) USD 4/30/2018 BB % 6.8% 3.0 Sr Unsecured Telecommunications 100 RU XS VIMPELCOM (VIP FIN) USD 2/2/2021 BB % 6.9% 5.0 Sr Unsecured Telecommunications 200 RU XS VNESHECONOMBANK(VEB) USD 7/9/2020 BBB % 7.7% 4.6 Sr Unsecured Banks 100 RU XS VTB BANK (VTB CAPITAL SA USD 5/29/2018 BBB % 7.1% 3.2 Sr Unsecured Banks 100 RU XS VTB BANK (VTB CAPITAL SA USD 10/13/2020 BBB % 6.5% 4.8 Sr Unsecured Banks 100 RU CH VTB BANK (VTB CAPITAL SA CHF 12/16/2016 NR 3.150% 6.8% 2.0 Sr Unsecured Banks 50 RU XS VTB BANK (VTB EURASIA) USD 12/6/2022 (PERP) NR 9.500% 10.7% 5.4 Jr Subordinated Banks 200 RU GEORGIA XS BANK OF GEORGIA JSC USD 7/5/2017 BB % 5.1% 2.5 Sr Unsecured Banks 200 GE XS GEORGIAN OIL & GAS CORP USD 5/16/2017 B % 4.4% 2.4 Sr Unsecured Pipelines 200 GE XS GEORGIAN RAILWAY JSC USD 7/22/2015 BB % 2.9% 0.8 Sr Unsecured Transportation 100 GE XS GEORGIAN RAILWAY JSC USD 7/11/2022 BB % 5.7% 5.9 Sr Unsecured Transportation 200 GE XS REPUBLIC OF GEORGIA USD 4/12/2021 BB % 4.5% 5.2 Unsecured Sovereign 200 GE KAZAKHSTAN XS ATF BANK USD 5/11/2016 CCC % 7.1% 1.5 Sr Unsecured Banks 100 KZ XS DEVELOPMENT BANK OF KAZA USD 12/20/2015 BBB 5.500% 2.2% 1.2 Sr Unsecured Banks 200 KZ XS DEVELOPMENT BANK OF KAZA USD 12/10/2022 BBB 4.125% 4.8% 6.8 Sr Unsecured Banks 200 KZ XS HALYK SAVINGS BANK-KAZAK USD 5/3/2017 BB 7.250% 4.1% 2.4 Sr Unsecured Banks 100 KZ XS HALYK SAVINGS BANK-KAZAK USD 1/28/2021 BB 7.250% 5.6% 5.1 Sr Unsecured Banks 200 KZ USN45748AB15 INTERGAS FINANCE BV USD 5/14/2017 BB % 3.2% 2.4 Sr Unsecured Gas 100 KZ XS KASPI BANK JSC USD 10/28/2016 B % 7.2% 1.9 Sr Unsecured Banks 200 KZ XS KAZAGRO NATL MGMT HLDNG USD 5/24/2023 BBB 4.625% 5.0% 7.0 Sr Unsecured Sovereign 200 KZ XS KAZAKHSTAN TEMIR ZHOLY USD 10/6/2020 BBB % 4.1% 5.0 Sr Unsecured Transportation 200 KZ XS KAZAKHSTAN TEMIR ZHOLY USD 7/10/2042 BBB % 6.0% 13.0 Sr Unsecured Transportation 200 KZ XS KAZKOMMERTSBANK USD 11/3/2015 B 8.000% 6.4% 1.1 Sr Unsecured Banks 100 KZ XS KAZKOMMERTSBANK USD 11/29/2016 B 7.500% 7.1% 2.0 Sr Unsecured Banks 100 KZ XS KAZMUNAYGAS NATIONAL CO USD 5/5/2020 BBB % 3.8% 4.7 Sr Unsecured Oil&Gas 100 KZ XS KAZMUNAYGAS NATIONAL CO USD 4/9/2021 BBB % 4.1% 5.3 Sr Unsecured Oil&Gas 200 KZ XS KAZMUNAYGAS NATIONAL CO USD 4/30/2023 BBB % 4.3% 7.0 Sr Unsecured Oil&Gas 200 KZ XS KAZMUNAYGAS NATIONAL CO USD 4/30/2043 BBB % 5.8% 13.6 Sr Unsecured Oil&Gas 200 KZ USN64884AA29 NOSTRUM OIL & GAS FIN BV USD 2/14/2019 B 6.375% 5.1% 3.8 Sr Unsecured Oil&Gas 200 KZ USN97716AA72 ZHAIKMUNAI LLP USD 11/13/2019 B 7.125% 5.2% 4.3 Sr Unsecured Oil&Gas 200 KZ 3 OF 8

4 CZECH REPUBLIC XS CE ENERGY AS EUR 2/1/2021 B % 6.2% 5.1 1st lien Energy-Alternate Sources 100 CZ XS CESKE DRAHY EUR 7/23/2019 NR 4.125% 2.0% 4.4 Sr Unsecured Transportation 100 CZ XS CET 21 SPOL S R O EUR 11/1/2017 B 9.000% 7.1% 2.6 1st lien Media 50 CZ XS CEZ AS EUR 10/19/2021 A % 1.3% 6.0 Sr Unsecured Electric 50 CZ XS CEZ AS USD 4/3/2022 A % 3.3% 6.4 Sr Unsecured Electric 200 CZ XS CEZ AS EUR 6/5/2028 A % 2.4% 11.2 Sr Unsecured Electric 100 CZ XS CZECH REPUBLIC EUR 5/24/2022 A % 1.2% 6.8 Sr Unsecured Sovereign 50 CZ XS EP ENERGY AS EUR 5/1/2018 NR 4.375% 2.3% 3.3 1st lien Energy-Alternate Sources 100 CZ XS EP ENERGY AS EUR 11/1/2019 NR 5.875% 2.8% 4.4 Secured Energy-Alternate Sources 100 CZ XS RPG BYTY SRO EUR 5/1/2020 BB % 6.0% 4.6 1st lien Real Estate 100 CZ HUNGARY XS HUNGARIAN DEVELOPMENT BA EUR 5/31/2016 NR 5.875% 1.5% 1.6 Sr Unsecured Banks 100 HU XS HUNGARIAN DEVELOPMENT BA USD 10/21/2020 BB % 4.1% 5.0 Sr Unsecured Banks 200 HU XS HUNGARY EUR 1/11/2019 BB 6.000% 2.1% 3.8 Sr Unsecured Sovereign 50 HU US445545AE60 HUNGARY USD 3/29/2021 BB 6.375% 3.9% 5.3 Sr Unsecured Sovereign 50 HU US445545AJ57 HUNGARY USD 11/22/2023 BB 5.750% 4.4% 7.1 Sr Unsecured Sovereign 50 HU US445545AF36 HUNGARY USD 3/29/2041 BB 7.625% 5.5% 12.7 Sr Unsecured Sovereign 50 HU XS MAGYAR EXPORT-IMPORT BAN USD 2/12/2018 BB 5.500% 3.3% 3.1 Sr Unsecured Sovereign 200 HU XS MNV ZRT EUR 4/2/2019 NR 3.375% 2.5% 4.2 Sr Unsecured Diversified Finan Serv 100 HU XS MOL GROUP FINANCE SA USD 9/26/2019 BB % 4.0% 4.2 Sr Unsecured Oil&Gas 200 HU XS MOL HUNGARIAN OIL & GAS EUR 4/20/2017 BB % 2.4% 2.4 Sr Unsecured Oil&Gas 50 HU POLAND XS CIECH GROUP FINANCING AB EUR 11/30/2019 B 9.500% 6.4% 4.1 1st lien Chemicals 100 PL USW24505AA23 EILEME 2 AB USD 1/31/2020 B % 7.6% 4.1 1st lien Telecommunications 200 PL XS ENERGA FINANCE AB EUR 3/19/2020 BBB 3.250% 1.7% 5.0 Sr Unsecured Electric 100 PL XS PKO FIN AB (PKO BANK PL) EUR 1/23/2019 A % 1.4% 4.1 Sr Unsecured Banks 100 PL XS PKO FIN AB (PKO BANK PL) USD 9/26/2022 A % 3.9% 6.6 Sr Unsecured Banks 200 PL XS PLAY FINANCE 1 SA EUR 8/1/2019 B % 5.0% 4.2 Sr Unsecured Telecommunications 100 PL US731011AR30 REPUBLIC OF POLAND USD 7/15/2019 A % 2.3% 4.2 Sr Unsecured Sovereign 50 PL US857524AC63 REPUBLIC OF POLAND USD 1/22/2024 A % 3.4% 7.8 Sr Unsecured Sovereign 50 PL XS REPUBLIC OF POLAND EUR 1/20/2025 A % 1.9% 8.2 Sr Unsecured Sovereign 50 PL XS TVN FINANCE CORP III AB EUR 12/15/2020 B % 5.2% 5.0 Sr Unsecured Media 100 PL 4 OF 8

5 UKRAINE XS AVANGARDCO INVESTMENTS USD 10/29/2015 NR % 21.3% 1.0 Sr Unsecured Food 100 UA XS FERREXPO FINANCE PLC USD 4/7/2016 CCC 7.875% 10.5% 1.4 Sr Unsecured Iron/Steel 200 UA XS FINANCING OF INFRASTRUCT USD 11/3/2017 NR 8.375% 10.4% 2.6 Sr Unsecured Sovereign 100 UA XS METINVEST BV USD 2/14/2018 CCC 8.750% 24.1% 2.6 Sr Unsecured Iron/Steel 200 UA USL6366MAB92 MHP SA USD 4/29/2015 CCC % 11.9% 0.6 Sr Unsecured Agriculture 100 UA USL6366MAC75 MHP SA USD 4/2/2020 CCC 8.250% 12.7% 4.0 Sr Unsecured Agriculture 200 UA XS MRIYA AGRO HOLDING PLC USD 4/19/2018 C % 52.9% 1.9 Sr Unsecured Agriculture 200 UA XS OSCHADBANK (SSB #1 PLC) USD 3/20/2018 CCC % 17.5% 2.7 Sr Unsecured Banks 200 UA XS UKRAINE GOVERNMENT EUR 10/13/2015 CCC % 16.5% 0.9 Sr Unsecured Sovereign 50 UA XS UKRAINE GOVERNMENT USD 11/14/2017 CCC % 11.8% 2.7 Sr Unsecured Sovereign 100 UA XS UKREXIMBANK(BIZ FIN PLC) USD 1/22/2018 CCC % 19.4% 2.6 Sr Unsecured Sovereign 200 UA XS UZ RAIL VIA SHORTLINE USD 5/21/2018 CCC 9.500% 17.2% 2.8 Sr Unsecured Transportation 200 UA TURKEY XS AK FINANSAL KIRALAMA AS USD 4/17/2018 NR 4.125% 4.7% 3.3 Sr Unsecured Diversified Finan Serv 200 TR USM0300LAC02 AKBANK TAS USD 3/9/2018 BBB % 3.7% 3.1 Sr Unsecured Banks 150 TR XS ANADOLU EFES USD 11/1/2022 BBB % 5.0% 6.9 Sr Unsecured Beverages 200 TR XS ARCELIK AS USD 4/3/2023 BB % 5.7% 6.7 Sr Unsecured Home Furnishings 200 TR XS FINANSBANK AS USD 11/1/2017 BB % 4.1% 2.8 Sr Unsecured Banks 200 TR XS HAZINE MUSTESARLIGI VARL USD 10/10/2018 BBB % 3.4% 3.7 Sr Unsecured Sovereign 200 TR XS KOC HOLDINGS AS USD 4/24/2020 BBB % 4.4% 5.0 Sr Unsecured Holding Companies-Divers 200 TR XS REPUBLIC OF TURKEY EUR 2/16/2017 BBB % 1.6% 2.3 Sr Unsecured Sovereign 50 TR US900123CF53 REPUBLIC OF TURKEY USD 3/22/2024 BBB % 4.3% 7.3 Sr Unsecured Sovereign 200 TR XS TUPRAS-TURKIYE PETROL RA USD 5/2/2018 BB % 4.1% 3.3 Sr Unsecured Oil&Gas 200 TR XS TURK SISE VE CAM FABRIKA USD 5/9/2020 BB % 5.1% 4.9 Sr Unsecured Housewares 200 TR USM8931TAE93 TURKIYE GARANTI BANKASI USD 9/13/2017 BBB % 3.5% 2.8 Sr Unsecured Banks 200 TR XS TURKIYE IS BANKASI A.S USD 10/10/2018 BBB % 4.1% 3.7 Sr Unsecured Banks 200 TR XS TURKIYE IS BANKASI A.S USD 12/10/2023 BB 7.850% 6.5% 6.5 Subordinated Banks 200 TR XS TURKIYE VAKIFLAR BANKASI USD 4/15/2018 BBB % 4.2% 3.3 Sr Unsecured Banks 200 TR XS TURKIYE VAKIFLAR BANKASI USD 11/1/2022 BB 6.000% 6.2% 6.2 Subordinated Banks 200 TR XS YAPI VE KREDI BANKASI USD 1/22/2020 BBB % 4.9% 4.7 Sr Unsecured Banks 200 TR XS YAPI(UNICREDIT LUXEMB) USD 10/13/2015 BBB % 2.4% 1.0 Sr Unsecured Banks 100 TR 5 OF 8

6 BALCAN COUNTRIES XS ADRIA BIDCO BV EUR 11/15/2020 B 7.875% 6.5% 4.8 Secured Internet 100 RS XS AGROKOR D.D EUR 5/1/2019 B 9.875% 7.0% 3.6 Sr Unsecured Food 100 HR XS AGROKOR D.D EUR 2/1/2020 B 9.125% 6.4% 4.3 Sr Unsecured Food 100 HR XS CROATIA USD 4/27/2017 BB 6.250% 3.2% 2.4 Sr Unsecured Sovereign 200 HR XS CROATIA EUR 7/9/2018 BB 5.875% 2.7% 3.4 Sr Unsecured Sovereign 100 HR XS CROATIA USD 1/26/2024 BB 6.000% 5.0% 7.2 Sr Unsecured Sovereign 200 HR XS FYR MACEDONIA EUR 12/8/2015 BB 4.625% 2.4% 1.2 Sr Unsecured Sovereign 50 MK XS HRVATSKA ELEKTROPRIVREDA USD 11/9/2017 BB % 4.3% 2.8 Sr Unsecured Electric 200 HR XS REPUBLIC OF ALBANIA EUR 11/4/2015 B 7.500% 2.8% 1.1 Sr Unsecured Sovereign 50 AL XS REPUBLIC OF MONTENEGRO EUR 9/14/2015 BB % 2.0% 0.9 Sr Unsecured Sovereign 50 ME XS REPUBLIC OF MONTENEGRO EUR 4/8/2016 BB % 2.7% 1.5 Sr Unsecured Sovereign 100 ME XS REPUBLIC OF SERBIA USD 12/3/2018 B % 4.2% 3.7 Unsecured Sovereign 200 RS XS REPUBLIC OF SERBIA USD 2/25/2020 B % 4.5% 4.8 Sr Unsecured Sovereign 200 RS XS REPUBLIC OF SERBIA USD 9/28/2021 B % 4.7% 5.5 Sr Unsecured Sovereign 200 RS BALTIC COUNTRIES XS EESTI ENERGIA AS EUR 10/2/2018 BBB 4.250% 1.5% 3.6 Sr Unsecured Electric 100 EE XS EESTI ENERGIA AS EUR 11/18/2020 BBB 4.500% 2.1% 5.3 Sr Unsecured Electric 50 EE XS ELERING EUR 7/12/2018 NR 4.625% 1.3% 3.6 Sr Unsecured Electric 100 EE XS REPUBLIC OF LATVIA USD 2/22/2017 BBB % 1.5% 2.3 Sr Unsecured Sovereign 200 LV XS REPUBLIC OF LATVIA USD 6/16/2021 BBB % 3.2% 5.7 Sr Unsecured Sovereign 200 LV XS REPUBLIC OF LITHUANIA USD 9/14/2017 BBB % 1.7% 2.8 Sr Unsecured Sovereign 100 LT XS REPUBLIC OF LITHUANIA EUR 2/7/2018 BBB % 0.9% 3.1 Sr Unsecured Sovereign 50 LT XS REPUBLIC OF LITHUANIA USD 2/1/2022 BBB % 3.3% 6.0 Sr Unsecured Sovereign 200 LT OTHER XS STATE OIL CO OF THE AZER USD 2/9/2017 BB % 3.1% 2.3 Sr Unsecured Oil&Gas 200 AZ XS STATE OIL CO OF THE AZER USD 3/13/2023 BB % 4.8% 6.8 Sr Unsecured Oil&Gas 200 AZ BG BULGARIA GOVERNMENT BOND EUR 1/16/2020 NR 3.500% 2.3% 4.9 Unsecured Sovereign 50 BG BG BULGARIA GOVERNMENT BOND EUR 9/29/2025 BBB % 3.3% 8.3 Unsecured Sovereign 50 BG XS BULGARIAN ENERGY HLD EUR 11/7/2018 NR 4.250% 4.4% 3.6 Sr Unsecured Electric 100 BG XS VIVACOM EUR 11/15/2018 B % 5.9% 3.6 1st lien Telecommunications 100 BG XS REPUBLIC OF BELARUS USD 8/3/2015 B % 5.6% 0.9 Sr Unsecured Sovereign 100 BY XS REPUBLIC OF BELARUS USD 1/26/2018 B % 7.1% 2.9 Sr Unsecured Sovereign 100 BY 6 OF 8

7 XS CABLE COMM SYST NV EUR 11/1/2020 B % 5.8% 4.8 Secured Media 100 RO XS ROMANIA EUR 11/7/2019 BBB % 1.9% 4.5 Sr Unsecured Sovereign 50 RO US77586TAA43 ROMANIA USD 2/7/2022 BBB % 3.6% 6.0 Sr Unsecured Sovereign 50 RO RO1419DBE013 ROMANIA GOVERNMENT BOND EUR 1/21/2019 NR 3.400% 2.0% 4.0 Unsecured Sovereign 50 RO XS REPUBLIC OF SLOVENIA USD 2/18/2019 BBB 4.125% 2.9% 4.0 Unsecured Sovereign 200 SI XS REPUBLIC OF SLOVENIA USD 2/18/2024 BBB 5.250% 4.1% 7.5 Unsecured Sovereign 200 SI SI REPUBLIKA SLOVENIJA EUR 2/6/2019 BBB 4.375% 1.5% 4.0 Sr Unsecured Sovereign 50 SI SI REPUBLIKA SLOVENIJA EUR 3/30/2026 BBB 5.125% 3.5% 8.7 Sr Unsecured Sovereign 50 SI XS TELEKOM SLOVENIJE DD EUR 12/21/2016 NR 4.875% 2.2% 2.1 Sr Unsecured Telecommunications 50 SI XS SLOVAK REPUBLIC USD 5/21/2022 A 4.375% 3.2% 6.5 Sr Unsecured Sovereign 200 SK SK SLOVAKIA GOVERNMENT BOND EUR 2/28/2023 A 3.000% 1.3% 7.5 Unsecured Sovereign 50 SK SK SLOVAKIA GOVERNMENT BOND EUR 1/16/2029 A 3.625% 2.3% 11.2 Sr Unsecured Sovereign 50 SK XS SPP INFRASTRUCTURE FIN EUR 7/18/2020 BBB % 2.4% 5.2 Sr Unsecured Gas 100 SK XS ZAPADOSLOVENSKA ENRG AS EUR 10/14/2023 NR 4.000% 2.4% 7.5 Unsecured Electric 100 SK 7 OF 8

8 DISCLAIMER Unless specifically stated, no Publication of the Saxo Bank Group should be construed as an offer (or solicitation of an offer) to: buy or sell any currency, product or financial instrument, make any investment, or participate in any particular trading strategy (collectively Offers ). NO REPRESENTATION, NO WARRANTY The Saxo Bank Group uses reasonable efforts to obtain information from reliable sources, but all Publications are provided on an "as is" basis without representation or warranty of any kind (neither express nor implied) and the Saxo Bank Group disclaims liability for any Publication not being complete, accurate, suitable and relevant for the recipient. Specifically, the Saxo Bank Group disclaims liability towards any subscriber, client, partner, supplier, counterparty and other recipients for: the accuracy of any market quotations, any delay, inaccuracy, error, interruption or omission in providing market quotations, and any discontinuance of market quotations. If a Publication becomes outdated the Saxo Bank Group shall be under no obligation to; update the Publication, inform the recipients of a Publication, or perform any other action. NO RECOMMENDATIONS The Saxo Bank Group does not in any of its Publications take into account any particular recipient s investment objectives, special investment goals, financial situation, and specific needs and demands. Therefore, all Publications of the Saxo Bank Group are, unless otherwise specifically stated, intended for informational and/or marketing purposes only and should not be construed as: business, financial, investment, hedging, legal, regulatory, tax or accounting advice, a recommendation or trading idea, or any other type of encouragement to act, invest or divest in a particular manner (collectively Recommendations ). The Saxo Bank Group shall not be responsible for any loss arising from any investment based on a perceived Recommendation. RISK WARNING Trading of products and services offered by the Saxo Bank Group, even when executed in accordance with a perceived recommendation, entails a risk and may result in both profits and losses. PRODUCT RISK Danish banks are required to categorise investment products offered to retail clients depending on the product s complexity and risk as: green, yellow or red. Bonds are categorised as either green, yellow or red products depending on the individual instrument. For more information about the categorisation of the individual instrument and the level of risk involved, please see the 'Product Risk Categorisation' located under our General Business Terms. 8 OF 8