Analysis of emerging markets issuance for 12 months through December 2008

Yield

	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Less than 5%	0.393	0	0	0.117	0.238	0.768	0	0	0.104	0	0.210	0
5%-5.99%	1.749	0	0	0.299	0.849	1.257	0	0.206	0	0	0	1.996
6%-6.99%	2.826	0.113	0	0.496	2.009	2.651	2.343	0.011	0	0	0	0
7%-7.99%	1.000	1.115	0.249	0.811	3.343	1.943	1.699	0	1.494	0	0	0
8%-8.99%	0	0	0	2.050	0.753	4.739	1.650	0.497	0	0	0	0
9% and higher	0.100	0	0	2.045	0.694	2.836	2.550	0.330	0.804	0	0	0
Floater	0	0	0.510	0	0.307	0.155	0.147	0.174	0	0	0	0.017
NA	4.225	0.897	0.100	7.633	1.371	9.380	0.107	1.363	0	0	0	0
Total	10.294	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	0.393	1	1.123	6	0.104	1	0.210	1	1.830	9	1.830	9	2.42%
5%-5.99%	1.749	2	2.406	6	0.206	2	1.996	1	6.356	11	6.356	11	8.39%
6%-6.99%	2.940	6	5.157	10	2.354	4	0	0	10.450	20	10.450	20	13.80%
7%-7.99%	2.364	4	6.097	12	3.193	5	0	0	11.655	21	11.655	21	15.39%
8%-8.99%	0	0	7.542	9	2.147	2	0	0	9.689	11	9.689	11	12.80%
9% and higher	0.100	1	5.575	10	3.684	11	0	0	9.359	22	9.359	22	12.36%
Floater	0.510	3	0.461	4	0.321	3	0.017	1	1.309	11	1.309	11	1.73%
NA	5.222	10	18.384	22	1.471	4	0	0	25.076	36	25.076	36	33.11%
Total	13.278	27	46.745	79	13.479	32	2.222	3	75.724	141	75.724	141	100.00%
Versus Talk
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Lower	0.397	0.100	0	1.799	1.213	2.323	0.400	0	0	0	0	0
Low end	1.499	0.298	0	0.896	3.610	3.201	0	0	0.225	0	0	0
Middle	4.370	0.965	0	4.204	1.096	6.898	4.392	0.497	1.494	0	0	0
High end	0	0	0	0	0.296	3.476	0	0	0	0	0	0
NA	4.028	0.762	0.859	6.551	3.350	7.832	3.704	2.084	0.683	0	0.210	2.012
Total	10.294	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0.496	2	5.335	7	0.400	1	0	0	6.231	10	6.231	10	8.23%
Low end	1.797	2	7.707	11	0.225	1	0	0	9.730	14	9.730	14	12.85%
Middle	5.334	7	12.198	17	6.383	8	0	0	23.915	32	23.915	32	31.58%
High end	0	0	3.772	5	0	0	0	0	3.772	5	3.772	5	4.98%
NA	5.650	16	17.733	39	6.471	22	2.222	3	32.076	80	32.076	80	42.36%
Total	13.278	27	46.745	79	13.479	32	2.222	3	75.724	141	75.724	141	100.00%
Upsized?
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Yes	0	0.113	0	0.891	0.660	3.381	0.950	0	0	0	0	0
No	10.294	2.012	0.859	12.560	8.754	20.348	7.546	2.580	2.402	0	0.210	2.012
Downsized	0	0	0	0	0.150	0	0	0	0	0	0	0
Total	10.294	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	0.113	1	4.932	10	0.950	2	0	0	5.996	13	5.996	13	7.92%
No	13.165	26	41.662	68	12.529	30	2.222	3	69.578	127	69.578	127	91.88%
Downsized	0	0	0.150	1	0	0	0	0	0.150	1	0.150	1	0.20%
Total	13.278	27	46.745	79	13.479	32	2.222	3	75.724	141	75.724	141	100.00%
Seniority
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
sovereign	6.114	0.965	0.450	5.451	0.550	12.853	0	0.497	1.494	0	0	1.996
secured	0.250	0	0	0	0	0	0	0	0	0	0	0
senior	3.830	1.160	0.409	8.000	9.014	10.876	8.419	2.084	0.270	0	0.210	0.017
subordinated	0.100	0	0	0	0	0	0.077	0	0.638	0	0	0
Total	10.294	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
sovereign	7.528	10	18.854	17	1.991	2	1.996	1	30.369	30	30.369	30	40.10%
secured	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.33%
senior	5.400	15	27.891	62	10.772	26	0.226	2	44.289	105	44.289	105	58.49%
subordinated	0.100	1	0	0	0.716	4	0	0	0.816	5	0.816	5	1.08%
Total	13.278	27	46.745	79	13.479	32	2.222	3	75.724	141	75.724	141	100.00%
Moody's Rating
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Aaa	0.999	0.499	0	0	0	0	0	1.244	0	0	0	0
Aa2	0	0	0	0	0	0	1.499	0	0	0	0	0
Aa3	0.999	0	0	0.651	1.555	0.155	0	0.292	0	0	0	0
A1	0.245	0.298	0	0.299	0	3.083	0.993	0	0	0	0	0
A2	0	0	0	0.351	0.299	7.443	2.250	0.196	0	0	0.210	0
A3	0	0	0	1.996	1.800	0.339	0.547	0.021	0.225	0	0	0
Baa1	3.347	0	0	0	0.496	4.778	0	0	0	0	0	1.996
Baa2	0.440	0	0	0	1.998	0.943	0.077	0	0	0	0	0
Baa3	0.397	0	0	0.495	0	1.151	0	0	0	0	0	0
Ba1	0	0.100	0.249	0.110	1.546	1.982	0	0	0	0	0	0
Ba2	0	0	0	2.000	0.701	0	1.500	0	0	0	0	0
Ba3	3.028	0.965	0	1.600	0	2.628	0.600	0.250	1.494	0	0	0
B1	0.590	0	0	0	0	0.341	0	0	0	0	0	0
B2	0	0	0	0	0	0.149	0	0	0.166	0	0	0
B3	0	0	0	0	0	0.110	0.030	0.497	0	0	0	0
NR	0.250	0.263	0.610	5.950	1.169	0.629	1.000	0.080	0.517	0	0	0.017
Total	10.294	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Aaa	1.498	2	0	0	1.244	1	0	0	2.743	3	2.743	3	3.62%
Aa2	0	0	0	0	1.499	2	0	0	1.499	2	1.499	2	1.98%
Aa3	0.999	1	2.361	8	0.292	2	0	0	3.652	11	3.652	11	4.82%
A1	0.543	2	3.382	2	0.993	1	0	0	4.918	5	4.918	5	6.49%
A2	0	0	8.092	7	2.446	3	0.210	1	10.748	11	10.748	11	14.19%
A3	0	0	4.135	9	0.794	5	0	0	4.929	14	4.929	14	6.51%
Baa1	3.347	4	5.274	6	0	0	1.996	1	10.616	11	10.616	11	14.02%
Baa2	0.440	2	2.941	5	0.077	1	0	0	3.459	8	3.459	8	4.57%
Baa3	0.397	1	1.645	2	0	0	0	0	2.042	3	2.042	3	2.70%
Ba1	0.349	2	3.638	10	0	0	0	0	3.987	12	3.987	12	5.27%
Ba2	0	0	2.701	5	1.500	2	0	0	4.201	7	4.201	7	5.55%
Ba3	3.993	4	4.229	6	2.344	4	0	0	10.566	14	10.566	14	13.95%
B1	0.590	2	0.341	1	0	0	0	0	0.931	3	0.931	3	1.23%
B2	0	0	0.149	1	0.166	1	0	0	0.315	2	0.315	2	0.42%
B3	0	0	0.110	1	0.527	2	0	0	0.637	3	0.637	3	0.84%
NR	1.123	7	7.747	16	1.597	8	0.017	1	10.483	32	10.483	32	13.84%
Total	13.278	27	46.745	79	13.479	32	2.222	3	75.724	141	75.724	141	100.00%
Use of Proceeds
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Capex	0	0	0	0.298	0	1.500	0	0	0.166	0	0	0
GCP	5.614	1.078	0.249	4.002	2.153	4.669	2.250	1.244	1.823	0	0	0
Refinance	0.100	0	0	0	2.342	0.149	2.449	0	0	0	0	0
Multiple/Other/NA	4.580	1.047	0.610	9.150	5.070	17.411	3.798	1.336	0.413	0	0.210	2.012
Total	10.294	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Capex	0	0	1.798	3	0.166	1	0	0	1.965	4	1.965	4	2.59%
GCP	6.941	11	10.825	18	5.318	6	0	0	23.083	35	23.083	35	30.48%
Refinance	0.100	1	2.491	6	2.449	5	0	0	5.039	12	5.039	12	6.65%
Multiple/Other/NA	6.237	15	31.631	52	5.547	20	2.222	3	45.637	90	45.637	90	60.27%
Total	13.278	27	46.745	79	13.479	32	2.222	3	75.724	141	75.724	141	100.00%
Industry Sector (by SIC code)
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Africa	0	0.499	0	0	0	0	0	0	0	0	0	0
Asia Banks	2.438	0	0	1.001	2.201	0.922	0.225	1.558	0.225	0	0	0.017
Asia Corporates	0	0.298	0.160	1.094	0.299	2.690	1.343	0.196	0.517	0	0.210	0
Asia Sovereigns	2.485	0	0	0	0	2.131	0	0	0	0	0	0
Caribbean	0	0	0.100	0	0	0.341	0	0	0	0	0	0
Emerging Europe Sovereigns	0	0	0	0.351	0	9.626	0	0	0	0	0	0
Latin America Banks	0.245	0.100	0.249	0.110	1.099	0.125	0.100	0	0	0	0	0
Latin America Corporates	1.147	0	0	0.201	2.112	1.649	0	0	0.166	0	0	0
Latin America Sovereigns	2.596	0	0	4.600	0.550	0.257	0	0	0	0	0	1.996
Middle East Banks	0	0.150	0	0	0	0	0	0	0	0	0	0
Middle East Corporates	0.250	0	0	0	0.998	0	1.499	0	0	0	0	0
Middle East Sovereigns	1.033	0.965	0.350	0	0	0.497	0	0.497	1.494	0	0	0
Russia, CIS Banks	0.100	0.113	0	0.495	1.750	2.510	0.730	0.330	0	0	0	0
Russia, CIS Corporates	0	0	0	5.100	0.555	2.980	4.600	0	0	0	0	0
Russia, CIS Sovereigns	0	0	0	0.500	0	0	0	0	0	0	0	0
Total	10.294	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Africa	0.499	1	0	0	0	0	0	0	0.499	1	0.499	1	0.66%
Asia Banks	2.438	4	4.125	17	2.008	9	0.017	1	8.587	31	8.587	31	11.34%
Asia Corporates	0.458	3	4.083	12	2.056	6	0.210	1	6.806	22	6.806	22	8.99%
Asia Sovereigns	2.485	3	2.131	3	0	0	0	0	4.616	6	4.616	6	6.10%
Caribbean	0.100	1	0.341	1	0	0	0	0	0.441	2	0.441	2	0.58%
Emerging Europe Sovereigns	0	0	9.977	6	0	0	0	0	9.977	6	9.977	6	13.18%
Latin America Banks	0.594	3	1.334	4	0.100	1	0	0	2.027	8	2.027	8	2.68%
Latin America Corporates	1.147	2	3.961	10	0.166	1	0	0	5.275	13	5.275	13	6.97%
Latin America Sovereigns	2.596	3	5.408	5	0	0	1.996	1	9.999	9	9.999	9	13.20%
Middle East Banks	0.150	1	0	0	0	0	0	0	0.150	1	0.150	1	0.20%
Middle East Corporates	0.250	1	0.998	1	1.499	2	0	0	2.747	4	2.747	4	3.63%
Middle East Sovereigns	2.348	3	0.497	1	1.991	2	0	0	4.837	6	4.837	6	6.39%
Russia, CIS Banks	0.213	2	4.755	7	1.060	5	0	0	6.028	14	6.028	14	7.96%
Russia, CIS Corporates	0	0	8.635	11	4.600	6	0	0	13.235	17	13.235	17	17.48%
Russia, CIS Sovereigns	0	0	0.500	1	0	0	0	0	0.500	1	0.500	1	0.66%
Total	13.278	27	46.745	79	13.479	32	2.222	3	75.724	141	75.724	141	100.00%
Currency
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
$	9.854	2.012	0.859	12.099	8.013	11.631	8.449	2.267	2.299	0	0	1.996
CHF	0	0.113	0	1.002	0	0	0	0	0	0	0	0
Y	0.440	0	0	0.350	0.238	0.768	0	0.292	0.104	0	0.210	0.017
€	0	0	0	0	1.313	11.331	0.047	0.010	0	0	0	0
£	0	0	0	0	0	0	0	0.011	0	0	0	0
Total	10.294	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
$	12.725	24	31.743	58	13.014	26	1.996	1	59.478	109	59.478	109	78.55%
CHF	0.113	1	1.002	5	0	0	0	0	1.115	6	1.115	6	1.47%
Y	0.440	2	1.356	8	0.396	3	0.226	2	2.419	15	2.419	15	3.19%
€	0	0	12.644	8	0.057	2	0	0	12.701	10	12.701	10	16.77%
£	0	0	0	0	0.011	1	0	0	0.011	1	0.011	1	0.01%
Total	13.278	27	46.745	79	13.479	32	2.222	3	75.724	141	75.724	141	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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