| Issuer: | Abu Dhabi National Energy Co. PJSC (TAQA)
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| Date: | Dec. 5
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| Size/Structure: | $1.5 billion two-tranche issue of notes, including $750 million 4 1/8% notes due Dec. 13, 2017 that priced at 99.502 to yield 4.233%, or Treasuries plus 330 bps; $750 million 5 7/8% notes due Dec. 13, 2021 that priced at 99.515 to yield 5.94%, or Treasuries plus 390 bps
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| Lead banks: | Bank of America Merrill Lynch, Mitsubishi UFJ Securities, RBS and Standard Chartered
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| Proceeds: | To refinance debt
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| • Considered groundbreaking for its scale
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| • Final book totaled $7.5 billion with more than 300 orders
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| • Compressed the premium relative to the Abu Dhabi sovereign
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| QATAR
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| Issuer: | Qatar
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| Date: | Nov. 29
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| Size/Structure: | $5 billion issue of notes in three tranches, including $2 billion 3 1/8% notes due Jan. 20, 2017 that priced at 99.719 to yield 3.184%, or Treasuries plus 225 bps; $2 billion 4½% notes due Jan. 20, 2022 that priced at 98.951 to yield 4.63%, or Treasuries plus 262.5 bps; and $1 billion 5¾% notes due Jan. 20, 2042 that priced at 98.928 to yield 5 7/8%, or Treasuries plus 287.5 bps
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| Lead banks: | Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities, QNB Capital, Standard Chartered Bank
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| • Significant size, setting a benchmark for the region
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| • Timing of the roadshow, around the Thanksgiving holiday in the United States, meant the issuer may have had to pay more than some expected
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| • Deal priced at the lowest yields ever seen across the sovereign curve
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| CITY OF KIEV
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| Issuer: | City of Kiev
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| Date: | June 30
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| Size/Structure: | $300 million 9 3/8% loan participation notes due July 11, 2016 that priced at par
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| Lead banks: | Credit Suisse, Deutsche Bank, Vnesheconombank, VTB Capital
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| Proceeds: | To refinance a $200 million eurobond due July 15 and for general budgetary purposes
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| • Impressive that the infrequent issuer could get a deal done against a particularly difficult global backdrop
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| • Kiev's bonds have typically lagged, even during a market recovery
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| • Investors who focus on positioning seem to like the tenor of these bonds
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| NAMIBIA
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| Issuer: | Namibia
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| Date: | Oct. 27
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| Size/Structure: | $500 million 5½% notes due Nov. 3, 2021 that priced at 98.119 to yield 5¾%
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| Lead banks: | Barclays Capital, Standard Bank
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| Proceeds: | For general budgetary purposes
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| • Attracted a lot of attention from buyside accounts and was five times oversubscribed
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| • Was said to spark a larger rally in the face of the European debt crisis
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| • Continues to inspire other new African issuers to consider bringing deals to the market
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| VENEZUELA
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| Issuer: | The Bolivarian Republic of Venezuela
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| Date: | Oct. 17
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| Size/Structure: | $3 billion 11¾% notes due Oct. 21, 2026 that priced at 95
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| Proceeds: | To fund social projects
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| • Significant for its size and for the sovereign's constancy of issuance
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| • Largest issuer in Latin America
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| • Some investors thought the timing was poor; risk aversion forced the issuer to pay double-digit yields
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