Analysis of emerging markets issuance for 12 months through February 2009

Yield

	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Less than 5%	0	0.117	0.238	0.768	0	0	0.104	0	0.210	0	0	0
5%-5.99%	0	0.299	0.849	1.257	0	0.206	0	0	0	1.996	0	0
6%-6.99%	0	0.496	2.009	2.651	2.343	0.011	0	0	0	0	1.006	1.491
7%-7.99%	0.249	0.811	3.343	1.943	1.699	0	1.494	0	0	0	2.591	0
8%-8.99%	0	2.050	0.753	4.739	1.650	0.497	0	0	0	0	5.446	1.474
9% and higher	0	2.045	0.694	2.836	2.550	0.330	0.804	0	0	0	0.496	2.981
Floater	0.510	0	0.307	0.155	0.147	0.174	0	0	0	0.017	0	0.998
NA	0.100	7.633	1.371	9.380	0.107	1.363	0	0	0	0	5.593	0
Total	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	15.133	6.943
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	1.123	6	0.104	1	0.210	1	0	0	0	0	1.437	8	0.00%
5%-5.99%	2.406	6	0.206	2	1.996	1	0	0	0	0	4.607	9	0.00%
6%-6.99%	5.157	10	2.354	4	0	0	2.497	3	2.497	3	10.008	17	11.31%
7%-7.99%	6.097	12	3.193	5	0	0	2.591	3	2.591	3	12.132	21	11.74%
8%-8.99%	7.542	9	2.147	2	0	0	6.920	4	6.920	4	16.609	15	31.35%
9% and higher	5.575	10	3.684	11	0	0	3.477	3	3.477	3	12.734	24	15.76%
Floater	0.461	4	0.321	3	0.017	1	0.998	1	0.998	1	2.307	12	4.52%
NA	18.384	22	1.471	4	0	0	5.593	4	5.593	4	25.548	31	25.34%
Total	46.745	79	13.479	32	2.222	3	22.076	18	22.076	18	85.381	137	100.00%
Versus Talk
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Lower	0	1.799	1.213	2.323	0.400	0	0	0	0	0	0	0
Low end	0	0.896	3.610	3.201	0	0	0.225	0	0	0	5.773	1.474
Middle	0	4.204	1.096	6.898	4.392	0.497	1.494	0	0	0	3.454	2.980
High end	0	0	0.296	3.476	0	0	0	0	0	0	0	0
Higher	0	0	0	0	0	0	0	0	0	0	1.992	0
NA	0.859	6.551	3.350	7.832	3.704	2.084	0.683	0	0.210	2.012	3.914	2.489
Total	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	15.133	6.943
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	5.335	7	0.400	1	0	0	0	0	0	0	5.735	8	0.00%
Low end	7.707	11	0.225	1	0	0	7.247	7	7.247	7	15.179	19	32.83%
Middle	12.198	17	6.383	8	0	0	6.434	4	6.434	4	25.015	29	29.14%
High end	3.772	5	0	0	0	0	0	0	0	0	3.772	5	0.00%
Higher	0	0	0	0	0	0	1.992	1	1.992	1	1.992	1	9.02%
NA	17.733	39	6.471	22	2.222	3	6.403	6	6.403	6	33.688	75	29.00%
Total	46.745	79	13.479	32	2.222	3	22.076	18	22.076	18	85.381	137	100.00%
Upsized?
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Yes	0	0.891	0.660	3.381	0.950	0	0	0	0	0	0	0
No	0.859	12.560	8.754	20.348	7.546	2.580	2.402	0	0.210	2.012	15.133	6.943
Downsized	0	0	0.150	0	0	0	0	0	0	0	0	0
Total	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	15.133	6.943
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	4.932	10	0.950	2	0	0	0	0	0	0	5.882	12	0.00%
No	41.662	68	12.529	30	2.222	3	22.076	18	22.076	18	79.349	124	100.00%
Downsized	0.150	1	0	0	0	0	0	0	0	0	0.150	1	0.00%
Total	46.745	79	13.479	32	2.222	3	22.076	18	22.076	18	85.381	137	100.00%
Seniority
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
sovereign	0.450	5.451	0.550	12.853	0	0.497	1.494	0	0	1.996	5.773	4.471
senior secured	0	0	0	0	0	0	0	0	0	0	0.496	0
senior	0.409	8.000	9.014	10.876	8.419	2.084	0.270	0	0.210	0.017	8.864	2.472
subordinated	0	0	0	0	0.077	0	0.638	0	0	0	0	0
Total	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	15.133	6.943
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
sovereign	18.854	17	1.991	2	1.996	1	10.244	9	10.244	9	33.535	31	46.40%
senior secured	0	0	0	0	0	0	0.496	1	0.496	1	0.496	1	2.25%
senior	27.891	62	10.772	26	0.226	2	11.336	8	11.336	8	50.635	101	51.35%
subordinated	0	0	0.716	4	0	0	0	0	0	0	0.716	4	0.00%
Total	46.745	79	13.479	32	2.222	3	22.076	18	22.076	18	85.381	137	100.00%
Moody's Rating
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Aaa	0	0	0	0	0	1.244	0	0	0	0	0.997	0.998
Aa2	0	0	0	0	1.499	0	0	0	0	0	0	0
Aa3	0	0.651	1.555	0.155	0	0.292	0	0	0	0	3.975	0
A1	0	0.299	0	3.083	0.993	0	0	0	0	0	0.600	0
A2	0	0.351	0.299	7.443	2.250	0.196	0	0	0.210	0	1.288	0
A3	0	1.996	1.800	0.339	0.547	0.021	0.225	0	0	0	0	0
Baa1	0	0	0.496	4.778	0	0	0	0	0	1.996	0	2.966
Baa2	0	0	1.998	0.943	0.077	0	0	0	0	0	2.462	0
Baa3	0	0.495	0	1.151	0	0	0	0	0	0	0	0
Ba1	0.249	0.110	1.546	1.982	0	0	0	0	0	0	1.997	0
Ba2	0	2.000	0.701	0	1.500	0	0	0	0	0	0	0
Ba3	0	1.600	0	2.628	0.600	0.250	1.494	0	0	0	1.000	2.980
B1	0	0	0	0.341	0	0	0	0	0	0	1.487	0
B2	0	0	0	0.149	0	0	0.166	0	0	0	0	0
B3	0	0	0	0.110	0.030	0.497	0	0	0	0	0	0
NR	0.610	5.950	1.169	0.629	1.000	0.080	0.517	0	0	0.017	1.326	0
Total	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	15.133	6.943
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Aaa	0	0	1.244	1	0	0	1.994	2	1.994	2	3.239	3	9.03%
Aa2	0	0	1.499	2	0	0	0	0	0	0	1.499	2	0.00%
Aa3	2.361	8	0.292	2	0	0	3.975	2	3.975	2	6.629	12	18.01%
A1	3.382	2	0.993	1	0	0	0.600	1	0.600	1	4.975	4	2.72%
A2	8.092	7	2.446	3	0.210	1	1.288	1	1.288	1	12.036	12	5.83%
A3	4.135	9	0.794	5	0	0	0	0	0	0	4.929	14	0.00%
Baa1	5.274	6	0	0	1.996	1	2.966	2	2.966	2	10.235	9	13.44%
Baa2	2.941	5	0.077	1	0	0	2.462	2	2.462	2	5.481	8	11.15%
Baa3	1.645	2	0	0	0	0	0	0	0	0	1.645	2	0.00%
Ba1	3.638	10	0	0	0	0	1.997	3	1.997	3	5.884	14	9.05%
Ba2	2.701	5	1.500	2	0	0	0	0	0	0	4.201	7	0.00%
Ba3	4.229	6	2.344	4	0	0	3.980	3	3.980	3	10.553	13	18.03%
B1	0.341	1	0	0	0	0	1.487	1	1.487	1	1.829	2	6.74%
B2	0.149	1	0.166	1	0	0	0	0	0	0	0.315	2	0.00%
B3	0.110	1	0.527	2	0	0	0	0	0	0	0.637	3	0.00%
NR	7.747	16	1.597	8	0.017	1	1.326	1	1.326	1	11.296	30	6.01%
Total	46.745	79	13.479	32	2.222	3	22.076	18	22.076	18	85.381	137	100.00%
Use of Proceeds
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Capex	0	0.298	0	1.500	0	0	0.166	0	0	0	0.496	0
GCP	0.249	4.002	2.153	4.669	2.250	1.244	1.823	0	0	1.996	10.426	2.966
Refinance	0	0	2.342	0.149	2.449	0	0	0	0	0	0	0
Multiple/Other/NA	0.610	9.150	5.070	17.411	3.798	1.336	0.413	0	0.210	0.017	4.211	3.978
Total	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	15.133	6.943
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Capex	1.798	3	0.166	1	0	0	0.496	1	0.496	1	2.460	5	2.25%
GCP	10.825	18	5.318	6	1.996	1	13.392	10	13.392	10	31.779	36	60.66%
Refinance	2.491	6	2.449	5	0	0	0	0	0	0	4.939	11	0.00%
Multiple/Other/NA	31.631	52	5.547	20	0.226	2	8.188	7	8.188	7	46.202	85	37.09%
Total	46.745	79	13.479	32	2.222	3	22.076	18	22.076	18	85.381	137	100.00%
Industry Sector (by SIC code)
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Africa	0	0	0	0	0	0	0	0	0	0	0.997	0
Asia Banks	0	1.001	2.201	0.922	0.225	1.558	0.225	0	0	0.017	3.975	0.998
Asia Corporates	0.160	1.094	0.299	2.690	1.343	0.196	0.517	0	0.210	0	0	0
Asia Sovereigns	0	0	0	2.131	0	0	0	0	0	0	1.487	2.980
Caribbean	0.100	0	0	0.341	0	0	0	0	0	0	0	0
Emerging Europe Sovereigns	0	0.351	0	9.626	0	0	0	0	0	0	2.614	0
Latin America Banks	0.249	0.110	1.099	0.125	0.100	0	0	0	0	0	0	0
Latin America Corporates	0	0.201	2.112	1.649	0	0	0.166	0	0	0	2.566	1.474
Latin America Sovereigns	0	4.600	0.550	0.257	0	0	0	0	0	1.996	1.997	1.491
Middle East Corporates	0	0	0.998	0	1.499	0	0	0	0	0	0.496	0
Middle East Sovereigns	0.350	0	0	0.497	0	0.497	1.494	0	0	0	1.000	0
Russia, CIS Banks	0	0.495	1.750	2.510	0.730	0.330	0	0	0	0	0	0
Russia, CIS Corporates	0	5.100	0.555	2.980	4.600	0	0	0	0	0	0	0
Russia, CIS Sovereigns	0	0.500	0	0	0	0	0	0	0	0	0	0
Total	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	15.133	6.943
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Africa	0	0	0	0	0	0	0.997	1	0.997	1	0.997	1	4.52%
Asia Banks	4.125	17	2.008	9	0.017	1	4.973	3	4.973	3	11.123	30	22.53%
Asia Corporates	4.083	12	2.056	6	0.210	1	0	0	0	0	6.508	21	0.00%
Asia Sovereigns	2.131	3	0	0	0	0	4.467	3	4.467	3	6.598	6	20.23%
Caribbean	0.341	1	0	0	0	0	0	0	0	0	0.441	2	0.00%
Emerging Europe Sovereigns	9.977	6	0	0	0	0	2.614	2	2.614	2	12.591	8	11.84%
Latin America Banks	1.334	4	0.100	1	0	0	0	0	0	0	1.683	6	0.00%
Latin America Corporates	3.961	10	0.166	1	0	0	4.041	3	4.041	3	8.168	14	18.30%
Latin America Sovereigns	5.408	5	0	0	1.996	1	3.489	4	3.489	4	10.892	10	15.80%
Middle East Corporates	0.998	1	1.499	2	0	0	0.496	1	0.496	1	2.993	4	2.25%
Middle East Sovereigns	0.497	1	1.991	2	0	0	1.000	1	1.000	1	3.839	5	4.53%
Russia, CIS Banks	4.755	7	1.060	5	0	0	0	0	0	0	5.815	12	0.00%
Russia, CIS Corporates	8.635	11	4.600	6	0	0	0	0	0	0	13.235	17	0.00%
Russia, CIS Sovereigns	0.500	1	0	0	0	0	0	0	0	0	0.500	1	0.00%
Total	46.745	79	13.479	32	2.222	3	22.076	18	22.076	18	85.381	137	100.00%
Currency
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
$	0.859	12.099	8.013	11.631	8.449	2.267	2.299	0	0	1.996	12.519	6.943
CHF	0	1.002	0	0	0	0	0	0	0	0	0	0
Y	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	2.614	0
£	0	0	0	0	0	0.011	0	0	0	0	0	0
Total	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	15.133	6.943
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
$	31.743	58	13.014	26	1.996	1	19.462	16	19.462	16	67.074	106	88.16%
CHF	1.002	5	0	0	0	0	0	0	0	0	1.002	5	0.00%
Y	1.356	8	0.396	3	0.226	2	0	0	0	0	1.979	13	0.00%
€	12.644	8	0.057	2	0	0	2.614	2	2.614	2	15.315	12	11.84%
£	0	0	0.011	1	0	0	0	0	0	0	0.011	1	0.00%
Total	46.745	79	13.479	32	2.222	3	22.076	18	22.076	18	85.381	137	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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