Analysis of emerging markets issuance for 12 months through April 2008

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Yield

	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Less than 5%	0.811	1.107	0	0	0.999	0.216	0	0	0.393	0	0	0.117
5%-5.99%	2.679	1.944	1.297	0	0.498	4.939	0	0	1.749	0	0	0.299
6%-6.99%	7.670	5.010	0.395	0	3.780	6.049	0.700	0	2.826	0.113	0	0.496
7%-7.99%	3.596	1.730	0.200	1.250	0	1.883	0	0.030	1.000	1.115	0.249	0.811
8%-8.99%	0	2.442	0.438	0	0.750	2.342	0.424	1.000	0	0	0	2.050
9% and higher	1.710	1.482	1.934	0.126	1.685	0.743	0.553	0	0.100	0	0	2.045
Floater	3.696	7.055	2.299	0.975	0	1.100	0.325	0.250	0	0	0.510	0
NA	0	0	0.135	0	0.041	0.710	0	0	4.225	0.897	0.100	2.800
Total	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.859	8.618
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	0.999	1	0.216	1	0.393	1	0.117	1	0.510	2	3.644	8	2.32%
5%-5.99%	1.795	3	4.939	6	1.749	2	0.299	1	2.048	3	13.405	20	9.35%
6%-6.99%	4.176	4	6.749	9	2.940	6	0.496	2	3.436	8	27.040	39	15.69%
7%-7.99%	1.450	2	1.913	5	2.364	4	0.811	3	3.175	7	11.863	32	14.50%
8%-8.99%	1.188	3	3.767	7	0	0	2.050	2	2.050	2	9.446	20	9.36%
9% and higher	3.745	19	1.296	7	0.100	1	2.045	3	2.145	4	10.378	49	9.80%
Floater	3.274	7	1.675	4	0.510	3	0	0	0.510	3	16.210	34	2.33%
NA	0.176	2	0.710	1	5.222	10	2.800	8	8.022	18	8.908	21	36.64%
Total	16.802	41	21.265	40	13.278	27	8.618	20	21.895	47	100.894	223	100.00%
Versus Talk
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Lower	3.686	0	0.200	0	0	0	0	0	0.397	0.100	0	1.799
Low end	4.485	3.465	1.499	1.250	0.750	4.819	0.174	0	1.499	0.298	0	0.896
Middle	3.701	8.553	1.144	0.026	4.599	2.054	0.325	1.030	4.370	0.965	0	4.204
High end	0	0	0.300	0	0	0	0	0	0	0	0	0
Higher	0	1.000	0.322	0	0	2.714	0.463	0	0	0	0	0
NA	8.290	7.752	3.233	1.075	2.404	8.395	1.040	0.250	4.028	0.762	0.859	1.718
Total	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.859	8.618
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0.200	1	0	0	0.496	2	1.799	3	2.295	5	6.181	12	10.48%
Low end	3.499	5	4.993	9	1.797	2	0.896	2	2.694	4	19.136	39	12.30%
Middle	5.769	13	3.409	7	5.334	7	4.204	6	9.539	13	30.971	53	43.57%
High end	0.300	2	0	0	0	0	0	0	0	0	0.300	2	0.00%
Higher	0.322	2	3.177	5	0	0	0	0	0	0	4.500	9	0.00%
NA	6.711	18	9.685	19	5.650	16	1.718	9	7.368	25	39.807	108	33.65%
Total	16.802	41	21.265	40	13.278	27	8.618	20	21.895	47	100.894	223	100.00%
Upsized?
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Yes	0	3.245	0.200	0	0	1.669	0	0	0	0.113	0	0.891
No	20.162	15.090	6.298	2.251	7.663	16.091	2.003	1.280	10.294	2.012	0.859	7.726
Downsized	0	2.436	0.200	0.100	0.090	0.223	0	0	0	0	0	0
Total	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.859	8.618
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	0.200	1	1.669	2	0.113	1	0.891	2	1.004	3	6.118	8	4.59%
No	16.212	36	19.374	37	13.165	26	7.726	18	20.891	44	91.728	208	95.41%
Downsized	0.390	4	0.223	1	0	0	0	0	0	0	3.048	7	0.00%
Total	16.802	41	21.265	40	13.278	27	8.618	20	21.895	47	100.894	223	100.00%
Seniority
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
sovereign	1.193	1.504	0.999	0	3.030	0.862	0.950	1.000	6.114	0.965	0.450	0.851
senior secured	0.195	1.708	0	0	0	0	0	0	0	0	0	0
secured	0.175	0	0.135	0	0	0	0	0	0.250	0	0	0
senior	14.595	16.124	5.264	2.351	4.723	16.871	1.053	0.030	3.830	1.160	0.409	7.767
subordinated	4.003	1.435	0.300	0	0	0.249	0	0.250	0.100	0	0	0
Total	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.859	8.618
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
sovereign	4.029	5	2.812	6	7.528	10	0.851	3	8.379	13	17.917	29	38.27%
senior secured	0	0	0	0	0	0	0	0	0	0	1.903	3	0.00%
secured	0.135	1	0	0	0.250	1	0	0	0.250	1	0.560	3	1.14%
senior	12.338	32	17.953	32	5.400	15	7.767	17	13.167	32	74.176	171	60.14%
subordinated	0.300	3	0.499	2	0.100	1	0	0	0.100	1	6.337	17	0.46%
Total	16.802	41	21.265	40	13.278	27	8.618	20	21.895	47	100.894	223	100.00%
Moody's Rating
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Aaa	0	0	0	0	0.999	0	0	0	0.999	0.499	0	0
Aa2	2.000	0.300	0.999	0	0	2.000	0	0	0	0	0	0
Aa3	0	0.284	0	0	0	1.499	0	0	0.999	0	0	0.651
A1	1.311	4.842	0	0	0	0	0	0	0.245	0.298	0	0.299
A2	0	1.731	0.995	0	0	0.927	0	0	0	0	0	0.351
A3	3.779	0.875	0	1.250	0	3.116	0	0	0	0	0	1.996
Baa1	1.037	0	0.499	0	0.498	2.475	0	0	3.347	0	0	0
Baa2	2.287	0.803	0.298	0.475	2.540	3.681	0	0	0.440	0	0	0
Baa3	1.635	0.497	0.237	0	0	0.100	0	0	0.397	0	0	0.495
Ba1	0.225	1.666	0	0	0	0	0	0.030	0	0.100	0.249	0.110
Ba2	1.897	1.150	0.200	0	0	0.991	0.174	0	0	0	0	2.000
Ba3	0.650	0.425	0.450	0	1.241	0.170	0.213	0	3.028	0.965	0	1.600
B1	1.570	1.937	1.086	0	0	0.146	0.950	0	0.590	0	0	0
B2	0.835	1.805	0.100	0.100	0	0.150	0.165	0	0	0	0	0
B3	0.439	0	0	0.026	0.175	0	0	0	0	0	0	0
Caa1	0	0.848	0	0	0	0	0	0	0	0	0	0
NR	2.496	3.608	1.834	0.500	2.301	2.727	0.500	1.250	0.250	0.263	0.610	1.116
Total	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.859	8.618
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Aaa	0.999	1	0	0	1.498	2	0	0	1.498	2	2.497	3	6.84%
Aa2	0.999	1	2.000	2	0	0	0	0	0	0	5.299	6	0.00%
Aa3	0	0	1.499	1	0.999	1	0.651	3	1.650	4	3.432	6	7.54%
A1	0	0	0	0	0.543	2	0.299	1	0.842	3	6.996	9	3.85%
A2	0.995	3	0.927	2	0	0	0.351	2	0.351	2	4.003	10	1.60%
A3	1.250	1	3.116	5	0	0	1.996	4	1.996	4	11.016	16	9.12%
Baa1	0.997	2	2.475	3	3.347	4	0	0	3.347	4	7.856	11	15.29%
Baa2	3.313	4	3.681	4	0.440	2	0	0	0.440	2	10.523	19	2.01%
Baa3	0.237	1	0.100	1	0.397	1	0.495	1	0.891	2	3.361	9	4.07%
Ba1	0	0	0.030	1	0.349	2	0.110	1	0.459	3	2.379	10	2.10%
Ba2	0.200	1	1.166	2	0	0	2.000	2	2.000	2	6.413	13	9.13%
Ba3	1.691	4	0.383	2	3.993	4	1.600	2	5.593	6	8.742	16	25.54%
B1	1.086	5	1.096	3	0.590	2	0	0	0.590	2	6.279	19	2.69%
B2	0.200	2	0.315	2	0	0	0	0	0	0	3.156	12	0.00%
B3	0.201	2	0	0	0	0	0	0	0	0	0.639	4	0.00%
Caa1	0	0	0	0	0	0	0	0	0	0	0.848	1	0.00%
NR	4.635	14	4.477	12	1.123	7	1.116	4	2.239	11	17.455	59	10.23%
Total	16.802	41	21.265	40	13.278	27	8.618	20	21.895	47	100.894	223	100.00%
Use of Proceeds
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Acquisition	1.576	0	0	0	0	0	0	0	0	0	0	0
Capex	0	0.435	0	0	0.750	0	0.538	0	0	0	0	0.298
GCP	4.847	0.120	1.268	1.250	2.321	3.169	0.865	0	5.614	1.078	0.249	4.002
Refinance	0.778	2.936	0.421	0	1.420	2.547	0	1.000	0.100	0	0	0
Multiple/Other/NA	12.961	17.280	5.009	1.101	3.262	12.266	0.599	0.280	4.580	1.047	0.610	4.317
Total	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.859	8.618
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	0	0	0	0	0	0	1.576	5	0.00%
Capex	0.750	1	0.538	2	0	0	0.298	1	0.298	1	2.021	6	1.36%
GCP	4.839	7	4.034	9	6.941	11	4.002	9	10.943	20	24.784	46	49.98%
Refinance	1.841	6	3.547	7	0.100	1	0	0	0.100	1	9.202	20	0.46%
Multiple/Other/NA	9.372	27	13.145	22	6.237	15	4.317	10	10.554	25	63.311	146	48.20%
Total	16.802	41	21.265	40	13.278	27	8.618	20	21.895	47	100.894	223	100.00%
Industry Sector (by SIC code)
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Africa	0.671	3.766	0.499	0.500	0.750	0	0	1.000	0	0.499	0	0
Asia Banks	3.688	2.700	0.300	0	1.998	2.448	0	0.250	2.438	0	0	0.768
Asia Corporates	2.866	2.408	1.111	0.100	0.090	0.720	0	0	0	0.298	0.160	1.094
Asia Sovereigns	0.750	0	0	0	0.999	0.500	0	0	2.485	0	0	0
Caribbean	0	0.124	0	0	0	0.146	0	0	0	0	0.100	0
Emerging Europe Banks	0	0.532	0.298	0	0	0	0	0	0	0	0	0
Emerging Europe Corporates	0.406	0	0	0	0	0.710	0.165	0	0	0	0	0
Emerging Europe Sovereigns	0	0.337	0	0	0	0.216	0	0	0	0	0	0.351
Latin America Banks	1.806	0.265	0.100	0	0	0	0.174	0.030	0.245	0.100	0.249	0.110
Latin America Corporates	2.145	0.268	0.434	0.026	1.636	5.856	0.388	0	1.147	0	0	0.201
Latin America Sovereigns	0	0	0	0	1.039	0	0	0	2.596	0	0	0
Middle East Banks	0	1.019	0.200	0.475	0	0	0.325	0	0	0.150	0	0
Middle East Corporates	0	4.492	1.400	0	0	2.000	0	0	0.250	0	0	0
Middle East Sovereigns	0	0	0.999	0	1.241	0	0	0	1.033	0.965	0.350	0
Russia, CIS Banks	3.430	2.174	1.157	0	0	2.000	0	0	0.100	0.113	0	0.495
Russia, CIS Corporates	4.401	2.185	0.200	1.250	0	3.386	0	0	0	0	0	5.100
Russia, CIS Sovereigns	0	0.500	0	0	0	0	0.950	0	0	0	0	0.500
Total	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.859	8.618
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Africa	1.749	3	1.000	1	0.499	1	0	0	0.499	1	7.685	12	2.28%
Asia Banks	2.298	2	2.698	5	2.438	4	0.768	4	3.205	8	14.589	31	14.64%
Asia Corporates	1.301	6	0.720	3	0.458	3	1.094	4	1.552	7	8.847	30	7.09%
Asia Sovereigns	0.999	1	0.500	1	2.485	3	0	0	2.485	3	4.734	6	11.35%
Caribbean	0	0	0.146	1	0.100	1	0	0	0.100	1	0.370	3	0.46%
Emerging Europe Banks	0.298	1	0	0	0	0	0	0	0	0	0.830	2	0.00%
Emerging Europe Corporates	0	0	0.875	2	0	0	0	0	0	0	1.281	3	0.00%
Emerging Europe Sovereigns	0	0	0.216	1	0	0	0.351	2	0.351	2	0.904	4	1.60%
Latin America Banks	0.100	1	0.204	2	0.594	3	0.110	1	0.704	4	3.079	13	3.22%
Latin America Corporates	2.095	9	6.244	14	1.147	2	0.201	1	1.348	3	12.101	35	6.16%
Latin America Sovereigns	1.039	2	0	0	2.596	3	0	0	2.596	3	3.635	5	11.86%
Middle East Banks	0.675	2	0.325	1	0.150	1	0	0	0.150	1	2.169	8	0.69%
Middle East Corporates	1.400	3	2.000	2	0.250	1	0	0	0.250	1	8.142	9	1.14%
Middle East Sovereigns	2.240	2	0	0	2.348	3	0	0	2.348	3	4.588	5	10.72%
Russia, CIS Banks	1.157	7	2.000	2	0.213	2	0.495	1	0.708	3	9.468	27	3.23%
Russia, CIS Corporates	1.450	2	3.386	3	0	0	5.100	6	5.100	6	16.522	26	23.29%
Russia, CIS Sovereigns	0	0	0.950	2	0	0	0.500	1	0.500	1	1.950	4	2.28%
Total	16.802	41	21.265	40	13.278	27	8.618	20	21.895	47	100.894	223	100.00%
Currency
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
$	15.487	13.936	6.429	2.351	7.753	15.351	2.003	1.280	9.854	2.012	0.859	7.499
CHF	0	0	0	0	0	0	0	0	0	0.113	0	1.002
Y	0	1.259	0	0	0	0.216	0	0	0.440	0	0	0.117
€	2.893	5.575	0.269	0	0	2.415	0	0	0	0	0	0
£	1.782	0	0	0	0	0	0	0	0	0	0	0
Total	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.859	8.618
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
$	16.532	40	18.633	37	12.725	24	7.499	14	20.224	38	84.813	190	92.37%
CHF	0	0	0	0	0.113	1	1.002	5	1.115	6	1.115	6	5.09%
Y	0	0	0.216	1	0.440	2	0.117	1	0.557	3	2.032	10	2.54%
€	0.269	1	2.415	2	0	0	0	0	0	0	11.152	15	0.00%
£	0	0	0	0	0	0	0	0	0	0	1.782	2	0.00%
Total	16.802	41	21.265	40	13.278	27	8.618	20	21.895	47	100.894	223	100.00%

Criteria

• The tables include all underwritten offerings sold in the international bond markets reported to Prospect News.

• Offerings are included in the time period in which they price (or settle if pricing date not available).

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner (or lead manager if no bookrunners). For multiple bookrunners (or lead managers), the total value is divided equally among all the firms.

• Each tranche is counted as a separate deal.

• Units made up of a bond and a warrant are included; other units are excluded.

• Best efforts and non-underwritten deals are excluded.

• Non-dollar deals are converted to dollars at the rate shown in Federal Reserve's H.10 release on day of pricing.

• Emerging markets are all countries except: United States, Canada, United Kingdom, Germany, France, Italy, Japan, Australia, New Zealand, Netherlands, Ireland, Sweden, Norway, Denmark, Spain, Portugal, Switzerland, Luxembourg, Belgium, Iceland and Greece.

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