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					                                                                                                                                                                                                                                                            Kuwait Financial Centre “Markaz”
                                                                                                                                                                                                                                                                   GCC Daily Fixed Income Report – 22 March 2011
News Update                                                                                                                                Select GCC Bond and Sukuk Prices (21 March 2011)
                                                                                                                                                                                                                                                                                                                                        GCC Sovereign Ratings
                                                                                                                                              Type        Name                                       Maturity Size (Mn)                    Rating Bid Price                  Ask Price         Bid Yield        Ask Yield
UAE Urged to Rejoin GCC Currency Bloc- The UAE remains involved in                                                                            Bond        State of Qatar                              9-Apr-14  2,000                      AA/Aa2 107.015                    107.333           2.766%           2.663%
                                                                                                                                                                                                                                                                                                                                       Moody’s S&P                     Fitch
planning the GCC monetary union and the four states within the project                                                                        Bond        State of Qatar                              9-Apr-19  1,000                      AA/Aa2 112.244                    112.613           4.712%           4.660%               Abu
                                                                                                                                                                                                                                                                                                                                            Aa2 AA                       AA
are still hoping it will rejoin the proposed bloc, says the Saudi Arabian                                                                                                                                                                                                                                                            Dhabi
                                                                                                                                              Bond        Emirate of Abu Dhabi                        8-Apr-14  1,500                      AA/Aa2 108.900                    109.015           2.488%           2.451%
central bank governor. The comments come as economists stress the                                                                             Bond        Emirate of Abu Dhabi                        8-Apr-19  1,500                      AA/Aa2 114.489                    114.740           4.585%           4.551%               Bahrain A3              BBB        BBB
importance of the project to help the region compete with other emerging                                                                      Bond        Mubadala Development Co.                    6-May-14  1,250                      Aa3/Aa2 107.980                   108.517           3.084%           2.913%               Kuwait Aa2 AA-                      AA
markets. "The GCC monetary union is an absolute priority for the four                                                                         Bond        Mubadala Development Co.                    6-May-19   500                       Aa3/Aa2 115.907                   116.557           5.207%           5.117%
                                                                                                                                                                                                                                                                                                                                     Oman            A1        A         NR
                                                                                                                                              Bond        Qatar Telecom                              10-Jun-14   900                        A/A2   109.130                   109.630           3.480%           3.330%
countries involved," said Mohammed al Jasser, the governor of the SAMA.
                                                                                                                                              Bond        Qatar Telecom                              10-Jun-19   600                        A/A2   117.000                   118.000           5.280%           5.210%               Qatar          Aa2 AA-              NR
But the UAE has frequently stated it will stand by its decision in May 2009                                                                   Sukuk       Aldar Properties                           27-May-14 1,500                       BB-/Ba3 106.725                   106.975           7.362%           7.277%
to remain outside the monetary union. Oman has also ruled itself out.                                                                                                                                                                                                                                                                KSA            Aa3 AA-              AA-
                                                                                                                                              Sukuk       DP World Ltd                                 2-Jul-17 1,500                      BB/Ba1  96.515                     97.265           6.938%           6.787%
                                                                                                                                                                                                                                                                                                                                     UAE            Aa2       AA         AA
Bahrain February Inflation Hits 4-Month High- Bahrain's inflation                                                                          HSBC/NASDAQ Dubai GCC Sukuk & Bonds US Dollar Index
                                                                                                                                                                         Total                                                                            Clean                                                                      GCC Currencies
climbed to a four-month high of 1.6% on an annual basis in February as                                                                     Sukuk
                                                                                                                                                                         Return
                                                                                                                                                                                               Duration Yield                  Spread             Life
                                                                                                                                                                                                                                                          Price
                                                                                                                                                                                                                                                                                Coupon Total Market Cap
consumer prices jumped from the previous month fuelled by soaring food                                                                                                                                                                                                                                                               Currency            USD 1-Day ∆
                                                                                                                                           14-January-11                    124.81                  3.30             5.24          337.39            3.59   93.87                   4.36                   122.04
and transport costs, data from the Central Informatics Organization                                                                        31-December-10                   123.28                  3.13             5.50          362.10            3.40   92.56                   3.91                   126.48
                                                                                                                                                                                                                                                                                                                                     KWD                0.2765 (0.0002)
showed. Bahrain has been hit by its worst public unrest since 1990s,                                                                       Conventional                                                                                                                                                                              SAR                3.7502 (0.0002)
starting in February. Bahrain has introduced martial law and security forces                                                               14-January-11                       134.72               5.21             5.03          229.09            7.32          98.48            5.54                   766.07                    BHD                0.3770         0.0000
cracked down on protesters last week. Bahrain’s economy is seen growing                                                                    31-December-10                      132.68               5.22             5.28          247.13            7.36          97.17            5.54                   755.83
                                                                                                                                                                                                                                                                                                                                     QAR                3.6415         0.0001
3.4% in 2011, lower than previously expected due to public unrest.                                                                         Interbank Rates (%)
                                                                                                                                                                                                                                                                                                                                     OMR                0.3850         0.0000
                                                                                                                                                                                    1-Month                                             3-Month                                                   1-Year
Abu Dhabi Sees 7% Growth in 2011- Abu Dhabi's economy expanded                                                                                                              22/03/11      31/12/10                              22/03/11      31/12/10                              22/03/11                  31/12/10               AED                3.6729         0.0000
by around 7.6% in 2010 and is expected to grow by nearly 7% this year in                                                                   SAIBOR                            0.3575         0.3275                               0.7500         0.7513                               1.0538                    1.0488
                                                                                                                                                                                                                                                                                                                                     EUR/USD 1.4222                    0.0048
line with the emirate's 2008-2012 development plan. From around                                                                            KIBOR                             0.6250         0.6250                               0.8750         0.8750                               1.3750                    1.3750
AED517.8bn in 2010, the emirate's real GDP is projected to rise to                                                                         BHIBOR                            0.4400         0.4100                               0.6600         0.6300                               1.1400                    1.1600                JPY               80.8900 (0.0400)
                                                                                                                                           QATAR                             1.2500         2.2200                               1.6400         2.1600                               2.9200                    3.3700
AED554bn in 2011.                                                                                                                                                                                                                                                                                                                                                     YTD
                                                                                                                                           OMIBOR                            3.4667         3.4667                               3.7167         3.7167                               4.7250                    4.7250                USD 5-Year CDS
                                                                                                                                                                                                                                                                                                                                                                     Change
                                                                                                                                           AEIBOR                            1.5800         1.6400                               2.1313         2.1438                               2.5713                    2.5938
Dar Al-Arkan Retains its S&P Long-Term Corporate Rating at BB-,                                                                                                                                                                                                                                                                      Abu
                                                                                                                                           LIBOR                             0.2525         0.2606                               0.3090         0.3028                               0.7720                    0.7809                                116.440          24.1%
                                                                                                                                                                                                                                                                                                                                     Dhabi
Outlook is Stable- Dar Al-Arkan Real-Estate Development Company                                                                            EURIBOR                           0.8478         0.7820                               1.1269         1.0060                               1.8825                    1.5070
                                                                                                                                                                                                                                                                                                                                     Dubai           423.440           2.0%
announced that S&P’s credit rating agency reaffirmed its long-term
                                                                           U.S. Treasuries (21 March 2011)                                                                                                                                                                                                                           Bahrain 354.460                  90.7%
corporate rating at ‘BB-' with a stable outlook. S&P initiated coverage on               Coupon        Price                                                                                                                    Price Change                   Current Yield (%) Yield Change (%)
DAAR in January 2010, and assigned its 'BB-' long-term corporate credit 3-Month           0.000        0.07                                                                                                                         0.003                            0.09               0.003                                        Qatar           117.000          32.5%
rating with a stable outlook.                                              2-Year         0.625       100-00                                                                                                                        0-00+                            0.62              -0.008                                        Saudi           125.575          66.5%
                                                                                                                                           3-Year                        1.250                    100-13 ½                          0-00+                            1.11              -0.005
                                                                                                                                           5-Year                        2.125                      100-16                         0-01 ½                            2.02              -0.010                                        Egypt           370.000          52.6%
Oil Near One-Week High on Libya Strikes; Soc Gen Sees $20
Premium- Oil traded near the highest in more than a week as Allied                                                                         10-Year                       3.625                     102-18+                           0-03                            3.32              -0.011                                        Lebanon 359.000                  18.0%
                                                                                                                                           30-Year                       4.750                     405-04+                           0-08                            4.44              -0.015
airstrikes in Libya threatened to prolong a supply disruption from Africa’s                                                                                                                                                                                                                                                          Turkey          162.000          15.0%
third-largest crude producer and protests intensified in Yemen. Futures                                                                    Equity Market Snapshot                                                                                               Crude Oil
                                                                                                                                                                                                                                                                                                                                     China            74.500          10.2%
were above $102 a barrel in New York after climbing as much as 0.3% as                                                                                                   Last Close                1 Day Change                 YTD Change                                                  Price              1 Day ∆
                                                                                                                                           Abu Dhabi SE                   2,602.26                     0.67%                      -3.30%                                                                                             France           77.250         -28.4%
unrest escalated in Yemen where thousands spent the night on streets to                                                                                                                                                                                           Brent                    114.96               0.90%
                                                                                                                                           Bahrain SE                     1,391.81                    -1.60%                       0.12%
maintain pressure on President Ali Abdullah Saleh, who is facing a growing                                                                 Dubai SE                       1,509.82                     2.57%                      -7.44%
                                                                                                                                                                                                                                                                                                                                     Germany 46.000                  -22.4%
internal revolt. Tension in the MENA is adding a risk premium of $15 to $20                                                                                                                                                                                       WTI                      102.33               1.25%                Japan           105.640          46.7%
                                                                                                                                           Kuwait SE                      6,251.60                    -0.19%                      -8.55%
a barrel to Brent oil prices, Societe Generale said.                                                                                       Muscat SE                      6,353.64                     1.33%                      -5.18%                                                                                             UK               56.645         -22.9%
                                                                                                                                                                                                                                                                  OPEC
                                                                                                                                           Qatar SE                       8,395.02                     2.56%                      -0.79%                                                   108.08               2.16%
                                                                                                                                                                                                                                                                  Basket                                                             US               42.860           3.3%
                                                                                                                                           Saudi SE                       6,357.37                     0.21%                      -3.20%

  This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz) , which is regulated by the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz.
  Any user after obtaining Markaz permission to use this report must clearly mention the source as “Markaz “ .This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any
  jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report.For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804 800
  Fax: 00965 2245 0647 Email: research@markaz.com
                                                                                                                                                                                                          A number of sources which include Bloomberg, Zawya, and daily newspapers were utilized in the creation of this report.

				
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