Analysis of emerging markets issuance for 12 months through September 2009

Yield

	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Less than 5%	0	0.210	0	0.997	0	0.153	1.990	0	0	0.500	0	4.176
5%-5.99%	0	0	1.996	0	0	1.492	3.236	1.501	0.300	2.862	1.035	8.207
6%-6.99%	0	0	0	1.006	1.491	0	1.992	1.538	4.924	10.075	0	4.238
7%-7.99%	0	0	0	2.591	0	0.995	5.523	1.041	0	3.282	0	0.946
8%-8.99%	0	0	0	7.429	1.474	0.694	0.690	1.148	0.593	2.459	0.744	0
9% and higher	0	0	0	0.496	2.981	0.508	3.191	0	1.159	2.176	1.704	1.501
Floater	0	0	0.017	0	0.998	0	0	0.050	0	0	0	0
NA	0	0	0	2.614	0	2.027	6.017	4.333	0.499	4.671	4.500	1.321
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	0.210	1	1.150	2	1.990	1	4.676	5	7.816	8	8.026	9	6.40%
5%-5.99%	1.996	1	1.492	1	5.037	5	12.104	13	18.634	19	20.630	20	15.27%
6%-6.99%	0	0	2.497	3	8.454	10	14.313	16	25.264	29	25.264	29	20.70%
7%-7.99%	0	0	3.586	4	6.565	8	4.228	5	14.379	17	14.379	17	11.78%
8%-8.99%	0	0	9.598	6	2.432	6	3.202	3	15.232	15	15.232	15	12.48%
9% and higher	0	0	3.985	6	4.350	5	5.379	14	13.715	25	13.715	25	11.24%
Floater	0.017	1	0.998	1	0.050	1	0	0	1.048	2	1.065	3	0.86%
NA	0	0	4.641	3	10.850	12	10.492	11	25.983	26	25.983	26	21.29%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144	100.00%
Versus Talk
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Lower	0	0	0	0	0	0	3.995	1.488	1.739	5.949	4.848	2.998
Low end	0	0	0	5.773	1.474	0.694	4.389	1.739	2.483	1.408	0.843	3.596
Middle	0	0	0	3.454	2.980	2.516	8.418	0.754	0.797	3.465	0.738	6.534
High end	0	0	0	0	0	0	0	0	0	0	0.198	0
Higher	0	0	0	1.992	0	0	0.993	0	0.159	0	0	1.061
NA	0	0.210	2.012	3.914	2.489	2.659	4.846	5.632	2.297	15.204	1.355	6.199
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0	0	7.222	6	13.795	12	21.017	18	21.017	18	17.22%
Low end	0	0	7.942	8	8.611	8	5.847	8	22.400	24	22.400	24	18.35%
Middle	0	0	8.950	7	9.969	9	10.736	14	29.654	30	29.654	30	24.29%
High end	0	0	0	0	0	0	0.198	1	0.198	1	0.198	1	0.16%
Higher	0	0	1.992	1	1.152	2	1.061	1	4.206	4	4.206	4	3.45%
NA	2.222	3	9.062	10	12.774	23	22.758	31	44.594	64	46.816	67	36.53%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144	100.00%
Upsized?
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	0	0	0	0	0	0	0.197	0.754	0	2.468	0.348	2.464
No	0	0.210	2.012	15.133	6.943	5.570	22.443	8.858	7.475	23.557	7.634	17.924
Downsized	0	0	0	0	0	0.300	0	0	0	0	0	0
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0	0	0.951	2	5.280	7	6.231	9	6.231	9	5.10%
No	2.222	3	27.646	25	38.777	46	49.115	60	115.538	131	117.760	134	94.65%
Downsized	0	0	0.300	1	0	0	0	0	0.300	1	0.300	1	0.25%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144	100.00%
Seniority
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
sovereign	0	0	1.996	5.773	4.471	3.022	14.052	3.285	0	4.919	0.538	3.031
senior secured	0	0	0	0.496	0	0	0	0	0	2.985	0	0.652
secured	0	0	0	0	0	0	0	0	0	0.435	0	0
senior	0	0.210	0.017	8.864	2.472	2.848	8.589	6.327	7.475	17.686	7.445	15.956
subordinated	0	0	0	0	0	0	0	0	0	0	0	0.750
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
sovereign	1.996	1	13.266	11	17.337	13	8.487	9	39.090	33	41.086	34	32.02%
senior secured	0	0	0.496	1	0	0	3.637	7	4.132	8	4.132	8	3.38%
secured	0	0	0	0	0	0	0.435	1	0.435	1	0.435	1	0.36%
senior	0.226	2	14.184	14	22.391	35	41.086	49	77.662	98	77.888	100	63.62%
subordinated	0	0	0	0	0	0	0.750	1	0.750	1	0.750	1	0.61%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144	100.00%
Moody's Rating
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Aaa	0	0	0	0.997	0.998	0	0	2.990	0	1.495	0	0.495
Aa2	0	0	0	0	0	2.027	7.708	0	0.997	3.477	0	1.491
Aa3	0	0	0	3.975	0	0	0	0.797	0	0	0	0.848
A1	0	0	0	0.600	0	2.340	0	0.998	1.487	0	4.500	0
A2	0	0.210	0	1.288	0	0	6.927	0	1.489	7.075	0	1.248
A3	0	0	0	0	0	0	1.495	0	0.297	0	1.035	3.491
Baa1	0	0	1.996	0	2.966	0	2.250	1.708	1.000	5.203	0	5.092
Baa2	0	0	0	2.462	0	0	0	0	0	2.987	0	0.992
Baa3	0	0	0	0	0	0	0.744	1.043	0.997	0	0.843	1.969
Ba1	0	0	0	1.997	0	0.995	1.000	0.754	0	1.609	0	0.750
Ba2	0	0	0	0	0	0	0	0	0	0.758	0	0.746
Ba3	0	0	0	1.000	2.980	0	2.139	0	0	1.495	0.744	0.624
B1	0	0	0	1.487	0	0.300	0	0.991	0.159	0	0.314	0
B2	0	0	0	0	0	0.189	0	0	0	0	0	0.652
NR	0	0	0.017	1.326	0	0.019	0.377	0.330	1.050	1.926	0.546	1.991
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Aaa	0	0	1.994	2	2.990	1	1.991	3	6.975	6	6.975	6	5.71%
Aa2	0	0	2.027	1	8.705	7	4.968	6	15.699	14	15.699	14	12.86%
Aa3	0	0	3.975	2	0.797	2	0.848	1	5.620	5	5.620	5	4.60%
A1	0	0	2.940	4	2.485	3	4.500	2	9.925	9	9.925	9	8.13%
A2	0.210	1	1.288	1	8.416	7	8.322	8	18.026	16	18.236	17	14.77%
A3	0	0	0	0	1.793	2	4.526	5	6.319	7	6.319	7	5.18%
Baa1	1.996	1	2.966	2	4.958	4	10.295	9	18.219	15	20.215	16	14.93%
Baa2	0	0	2.462	2	0	0	3.980	4	6.442	6	6.442	6	5.28%
Baa3	0	0	0	0	2.784	3	2.812	3	5.596	6	5.596	6	4.58%
Ba1	0	0	2.992	4	1.754	2	2.359	4	7.105	10	7.105	10	5.82%
Ba2	0	0	0	0	0	0	1.504	4	1.504	4	1.504	4	1.23%
Ba3	0	0	3.980	3	2.139	2	2.863	6	8.982	11	8.982	11	7.36%
B1	0	0	1.788	2	1.150	2	0.314	2	3.252	6	3.252	6	2.66%
B2	0	0	0.189	1	0	0	0.652	2	0.841	3	0.841	3	0.69%
NR	0.017	1	1.345	2	1.757	13	4.464	8	7.566	23	7.582	24	6.20%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144.000	100.00%
Use of Proceeds
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Capex	0	0	0	0.496	0	0.714	0	0	0	0	0	0
GCP	0	0	1.996	10.426	2.966	1.793	10.363	5.476	1.906	13.477	1.341	2.418
Refinance	0	0	0	0	0	0.189	0	1.043	0	2.375	0.198	2.089
Multiple/Other/NA	0	0.210	0.017	4.211	3.978	3.175	12.278	3.093	5.569	10.173	6.443	15.881
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Capex	0	0	1.209	3	0	0	0	0	1.209	3	1.209	3	0.99%
GCP	1.996	1	15.185	12	17.745	15	17.236	19	50.165	46	52.161	47	41.10%
Refinance	0	0	0.189	1	1.043	1	4.662	7	5.894	9	5.894	9	4.83%
Multiple/Other/NA	0.226	2	11.363	10	20.940	32	32.498	41	64.801	83	65.027	85	53.09%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144	100.00%
Industry Sector (by SIC code)
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.348	0
Communications (48xx)	0	0	0	0	0	0.300	0.744	0	1.646	0	0.200	0.952
Construction (15xx)	0	0	0	0	0	0	0.197	0	0	0.180	0	0.999
Electric, gas, sanitary services (49xx)	0	0.210	0	0.496	0	0.153	0	0.991	0.989	5.211	1.587	0
Finance, insurance, real estate (6xxx)	0	0	0.017	4.972	0.998	0.019	5.397	4.368	4.543	3.584	0.498	8.452
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0.500	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0.694	0	0	0	1.193	4.698	1.741
Mining (1xxx)	0	0	0	0.600	0	0	0	0	0	0	0	0.992
Oil and gas (13xx)	0	0	0	1.966	1.474	0	2.250	0.221	0.297	7.534	0	3.280
Sovereign (8888)	0	0	1.996	7.098	4.471	4.514	14.052	3.285	0	7.824	0.538	3.031
Transportation (4xxx)	0	0	0	0	0	0.189	0	0.747	0	0	0	0.495
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0	0.114	0.446
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.348	1	0.348	1	0.348	1	0.29%
Communications (48xx)	0	0	0.300	1	2.390	4	1.152	4	3.842	9	3.842	9	3.15%
Construction (15xx)	0	0	0	0	0.197	1	1.179	3	1.376	4	1.376	4	1.13%
Electric, gas, sanitary services (49xx)	0.210	1	0.649	2	1.981	2	6.798	9	9.427	13	9.636	14	7.72%
Finance, insurance, real estate (6xxx)	0.017	1	5.989	5	14.308	24	12.534	17	32.831	46	32.848	47	26.90%
Health services (8xxx)	0	0	0	0	0	0	0.500	1	0.500	1	0.500	1	0.41%
Manufacturing (2xxx, 3xxx)	0	0	0.694	1	0	0	7.632	8	8.327	9	8.327	9	6.82%
Mining (1xxx)	0	0	0.600	1	0	0	0.992	1	1.592	2	1.592	2	1.30%
Oil and gas (13xx)	0	0	3.441	2	2.768	3	10.813	9	17.022	14	17.022	14	13.94%
Sovereign (8888)	1.996	1	16.084	13	17.337	13	11.392	11	44.813	37	46.809	38	36.71%
Transportation (4xxx)	0	0	0.189	1	0.747	1	0.495	1	1.432	3	1.432	3	1.17%
Wholesale (5xxx)	0	0	0	0	0	0	0.560	2	0.560	2	0.560	2	0.46%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144	100.00%
Country
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Africa	0	0	0	0.997	0	0	0	1.488	0	0.758	0.538	0
Asia	0	0.210	0.017	5.463	3.978	0.847	7.262	5.109	1.789	6.012	5.855	6.110
Caribbean	0	0	0	0	0	0.300	0	0	0.159	0	0.843	0
Emerging Europe	0	0	0	2.614	0	2.027	1.990	1.043	0	4.900	0	0.652
Latin America	0	0	1.996	4.564	2.966	1.203	1.941	1.973	1.294	5.611	0.746	10.789
Middle East	0	0	0	1.496	0	1.492	9.197	0	3.233	4.792	0	2.338
Russia, CIS	0	0	0	0	0	0	2.250	0	1.000	3.951	0	0.500
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Africa	0	0	0.997	1	1.488	1	1.295	3	3.780	5	3.780	5	3.10%
Asia	0.226	2	10.288	8	14.159	23	17.977	22	42.424	53	42.650	55	34.75%
Caribbean	0	0	0.300	1	0.159	1	0.843	1	1.303	3	1.303	3	1.07%
Emerging Europe	0	0	4.641	3	3.034	2	5.552	5	13.226	10	13.226	10	10.83%
Latin America	1.996	1	8.732	10	5.208	8	17.146	23	31.087	41	33.082	42	25.47%
Middle East	0	0	2.988	3	12.431	11	7.130	8	22.549	22	22.549	22	18.47%
Russia, CIS	0	0	0	0	3.250	2	4.451	5	7.701	7	7.701	7	6.31%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144	100.00%
Currency
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
$	0	0	1.996	12.519	6.943	3.691	20.650	8.349	7.475	22.936	7.982	17.945
CHF	0	0	0	0	0	0	0	0	0	0	0	0.337
Y	0	0.210	0.017	0	0	0.153	0	0	0	0	0	0
€	0	0	0	2.614	0	2.027	1.990	1.043	0	3.089	0	2.105
£	0	0	0	0	0	0	0	0.221	0	0	0	0
Total	0	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	7.982	20.388
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
$	1.996	1	23.153	22	36.474	45	48.864	60	108.491	127	110.486	128	88.88%
CHF	0	0	0	0	0	0	0.337	1	0.337	1	0.337	1	0.28%
Y	0.226	2	0.153	1	0	0	0	0	0.153	1	0.379	3	0.13%
€	0	0	4.641	3	3.034	2	5.194	6	12.868	11	12.868	11	10.54%
£	0	0	0	0	0.221	1	0	0	0.221	1	0.221	1	0.18%
Total	2.222	3	27.946	26	39.728	48	54.395	67	122.070	141	124.291	144	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, Austria, Belgium, Finland, Iceland and Greece.

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