Analysis of emerging markets issuance for 13 months through August 2010

Yield

	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Less than 5%	0.702	4.176	2.993	0.499	1.070	2.250	2.845	9.718	1.748	1.250	5.561	12.545	2.332
5%-5.99%	1.035	8.381	3.220	3.052	0.250	7.268	1.593	10.897	3.624	0	2.696	9.778	2.678
6%-6.99%	0	4.738	7.467	1.576	0	9.250	2.139	4.703	3.451	0.495	0	5.905	0.500
7%-7.99%	0	0.946	8.766	2.627	0.608	1.985	2.482	0.331	5.210	0.300	0	1.752	0.850
8%-8.99%	0.744	0	0.350	0.493	0.077	0.973	0	1.491	3.787	0	0.750	0.940	0.958
9%-9.99%	1.390	0.549	2.031	0.526	2.908	1.037	0.297	0.350	0.635	0.082	0.246	1.598	0
10% and higher	0.314	0.952	0.542	1.837	0.206	1.028	0.575	1.450	2.394	1.502	0.350	0.648	4.206
Floater	0	0	0	0.165	0	0	0	0	0.549	0	0.550	0	0
NA	4.548	1.321	8.932	12.801	0.439	0.498	3.184	4.755	11.858	3.687	2.404	2.351	0.075
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	4.562	9	14.814	22	8.559	12	14.877	28	38.251	62	47.692	76	22.32%
5%-5.99%	6.523	8	19.759	15	6.320	8	12.456	14	38.535	37	54.474	56	22.49%
6%-6.99%	9.042	10	16.092	18	3.946	7	6.405	10	26.443	35	40.223	52	15.43%
7%-7.99%	12.001	18	4.797	8	5.510	8	2.602	7	12.910	23	25.857	43	7.53%
8%-8.99%	0.920	3	2.464	6	4.537	9	1.898	4	8.899	19	10.563	23	5.19%
9%-9.99%	5.464	12	1.685	7	0.962	4	1.598	4	4.245	15	11.648	32	2.48%
10% and higher	2.585	8	3.053	8	4.246	12	4.854	9	12.153	29	16.004	42	7.10%
Floater	0.165	1	0	0	1.099	4	0	0	1.099	4	1.264	5	0.64%
NA	22.172	16	8.438	11	17.948	16	2.426	7	28.813	34	56.854	57	16.82%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	100.00%
Versus Talk
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Lower	4.848	2.998	5.229	4.300	1.764	1.581	0.174	4.645	3.290	0.495	0.743	1.689	0.498
Low end	0.843	3.621	6.432	3.564	0.501	6.828	2.107	7.467	4.152	1.550	3.996	8.012	2.496
Middle	1.440	6.534	3.922	7.767	0.768	6.564	3.956	9.679	8.959	1.007	0.750	1.547	1.059
High end	0.198	0	0.844	1.449	0	0	0.225	0.499	0	0	0	1.190	0.333
Higher	0	1.061	0	0	0.245	0.526	0	0	0	0	0	0	0
NA	1.403	6.849	17.875	6.496	2.278	8.790	6.654	11.406	16.853	4.264	7.068	23.082	7.212
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	11.293	9	6.401	12	4.528	8	2.187	4	13.116	24	32.255	41	7.65%
Low end	10.497	12	16.402	17	9.699	14	10.508	12	36.609	43	51.570	62	21.37%
Middle	12.457	19	20.199	19	10.716	11	2.606	7	33.521	37	53.952	67	19.56%
High end	2.292	4	0.724	2	0	0	1.523	3	2.247	5	4.737	10	1.31%
Higher	0.245	1	0.526	1	0	0	0	0	0.526	1	1.833	3	0.31%
NA	26.650	40	26.850	44	28.185	47	30.294	57	85.330	148	120.232	203	49.80%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	100.00%
Upsized?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	1.050	3.707	2.278	0.590	0.524	2.730	1.495	4.266	2.029	0	0	0.200	0.687
No	7.682	17.356	32.023	22.987	5.033	19.579	11.621	29.430	30.826	7.316	12.557	35.320	10.912
Downsized	0	0	0	0	0	1.981	0	0	0.400	0	0	0	0
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	3.392	7	8.491	12	2.029	4	0.887	4	11.408	20	19.556	34	6.66%
No	60.043	78	60.630	82	50.699	75	46.232	79	157.561	236	242.641	350	91.95%
Downsized	0	0	1.981	1	0.400	1	0	0	2.381	2	2.381	2	1.39%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	100.00%
Seniority
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
sovereign	1.240	3.555	12.447	9.110	1.264	14.204	3.074	13.295	11.496	1.250	0.665	7.485	3.808
senior secured	0	0.652	0	1.043	2.265	1.276	0.225	0	1.238	0	0	0.298	0.075
secured	0	0	0	0	0	0	0	0	0	0	0	0	0.112
senior	7.493	16.106	19.310	12.829	2.027	8.810	7.875	19.626	17.282	6.066	11.394	25.931	6.608
subordinated	0	0.750	2.544	0.595	0	0	1.942	0.300	3.239	0	0.498	1.306	0.996
covered bonds	0	0	0	0	0	0	0	0	0	0	0	0.499	0
municipal	0	0	0	0	0	0	0	0.475	0	0	0	0	0
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
sovereign	22.821	17	30.573	20	13.411	10	11.293	12	55.277	42	82.893	65	32.26%
senior secured	3.308	6	1.502	3	1.238	2	0.373	2	3.113	7	7.073	15	1.82%
secured	0	0	0	0	0	0	0.112	1	0.112	1	0.112	1	0.07%
senior	34.166	57	36.311	67	34.741	61	32.539	63	103.591	191	161.355	282	60.46%
subordinated	3.140	5	2.242	4	3.737	7	2.302	4	8.281	15	12.170	21	4.83%
covered bonds	0	0	0	0	0	0	0.499	1	0.499	1	0.499	1	0.29%
municipal	0	0	0.475	1	0	0	0	0	0.475	1	0.475	1	0.28%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	100.00%
Moody's Rating
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Aaa	0	0.495	1.497	1.494	0	0	2.491	1.137	0.428	2.989	0	1.062	0.498
Aa2	0	1.491	0	7.000	0	0	0	1.357	0	0	0	4.992	0
Aa3	0	0.848	0.996	0.811	0.318	1.396	0	1.397	0.500	0	0	1.498	0
A1	4.500	0	0	0.995	0	0	1.593	2.542	1.395	0.299	0	1.691	0.196
A2	0.702	1.248	0.695	0	0	4.355	1.097	6.163	1.547	0	4.959	2.492	0
A3	1.035	3.491	0.744	3.113	0	0	0.497	1.986	1.000	1.649	3.498	2.266	0.200
Baa1	0	5.092	5.943	0.590	0.439	3.975	3.583	3.340	6.694	0	0	4.958	1.512
Baa2	0	0.992	4.236	1.734	0	3.973	0	2.769	3.471	0	0.798	3.013	1.894
Baa3	0.843	1.993	2.810	0	0.568	0.797	0.414	2.100	2.278	0.495	0.498	4.691	0
Ba1	0	0.750	3.481	1.798	0	0.743	0	0.900	2.644	0	0	2.985	1.150
Ba2	0	0.746	1.438	0	0	2.278	0.693	0.990	4.111	0.297	0.750	1.527	0
Ba3	0.744	1.124	1.288	1.193	0.446	3.779	0.123	0.495	2.535	0.300	0.246	0.250	0.396
B1	0.314	0	0.248	1.087	0.501	1.196	0	0	1.999	0.674	0	1.790	0.658
B2	0	0.652	0	0.680	0.500	0.198	0.749	1.675	0.597	0.118	0.350	0.103	0
B3	0	0	0	0	0	0.245	0	0	0.335	0.495	0	0	0
Caa1	0	0	0	0	0	0	0	0.775	0	0	0	0	0
NR	0.594	2.141	10.925	3.082	2.785	1.352	1.875	6.070	3.722	0	1.458	2.200	5.095
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Aaa	2.990	3	3.628	3	3.416	2	1.561	3	8.605	8	12.091	12	5.02%
Aa2	7.000	3	1.357	1	0	0	4.992	3	6.349	4	14.840	9	3.71%
Aa3	2.125	4	2.793	3	0.500	1	1.498	2	4.791	6	7.764	11	2.80%
A1	0.995	1	4.136	3	1.693	3	1.886	4	7.715	10	13.210	13	4.50%
A2	0.695	1	11.614	9	6.506	8	2.492	3	20.613	20	23.258	24	12.03%
A3	3.857	3	2.483	2	6.147	7	2.466	7	11.097	16	19.479	24	6.48%
Baa1	6.972	6	10.899	11	6.694	4	6.470	8	24.063	23	36.126	34	14.04%
Baa2	5.970	7	6.743	11	4.269	6	4.907	8	15.918	25	22.881	33	0.093
Baa3	3.378	4	3.311	5	3.271	5	4.691	9	11.274	19	17.489	26	6.58%
Ba1	5.279	7	1.643	3	2.644	4	4.135	6	8.422	13	14.451	21	4.92%
Ba2	1.438	2	3.961	5	5.158	7	1.527	3	10.647	15	12.831	19	6.21%
Ba3	2.927	7	4.397	7	3.081	7	0.646	2	8.125	16	12.920	28	4.74%
B1	1.836	4	1.196	2	2.672	6	2.448	5	6.317	13	8.467	19	3.69%
B2	1.180	4	2.622	6	1.065	4	0.103	1	3.790	11	5.622	17	2.21%
B3	0	0	0.245	1	0.830	2	0	0	1.075	3	1.075	3	0.63%
Caa1	0	0	0.775	1	0	0	0	0	0.775	1	0.775	1	0.45%
NR	16.792	29	9.297	22	5.180	14	7.295	19	21.772	55	41.299	92	12.71%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	100.00%
Use of Proceeds
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Acquisition	0	0	0	0	0	0	0	0.775	0	0	0	0	0
Capex	0	0	0	0	0.196	0.498	0	0.475	0.600	0	0	1.499	0.910
GCP	1.341	2.418	4.679	11.261	0.900	6.470	4.322	7.538	5.964	4.597	4.352	9.614	3.093
Refinance	0.198	2.089	4.795	5.447	1.069	1.513	0.989	0.300	3.280	0.592	3.494	2.890	0.894
Multiple/Other/NA	7.193	16.556	24.826	6.869	3.392	15.808	7.805	24.608	23.411	2.127	4.711	21.517	6.702
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0.775	1	0	0	0	0	0.775	1	0.775	1	0.45%
Capex	0.196	1	0.973	2	0.600	1	2.409	5	3.982	8	4.178	9	2.32%
GCP	16.840	24	18.331	26	14.913	19	12.707	21	45.950	66	66.549	97	26.82%
Refinance	11.311	12	2.802	8	7.366	12	3.785	6	13.953	26	27.551	43	8.15%
Multiple/Other/NA	35.087	48	48.221	58	30.249	48	28.219	51	106.689	157	165.524	236	62.26%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	100.00%
Industry Sector (by SIC code)
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Agriculture (0xxx)	0.348	0	0	0	0	0	0	0	0.585	0	0	0.690	0
Communications (48xx)	0.200	0.952	1.594	2.626	0.940	0	0	4.939	0.698	0	3.862	0.647	0.498
Construction (15xx)	0	0.999	1.186	0	0.246	0.328	0	0	0.300	0	0.246	0	0
Electric, gas, sanitary services (49xx)	1.587	0	1.239	1.115	0.030	1.291	0.350	0.500	1.998	0.495	0.607	0.500	0
Finance, insurance, real estate (6xxx)	0.498	8.602	8.375	8.283	0.991	4.333	8.223	9.922	10.219	4.185	3.532	20.325	2.878
Manufacturing (2xxx, 3xxx)	4.698	1.741	1.837	1.228	2.086	1.515	0.897	1.439	3.139	0.495	0.798	1.344	1.900
Mining (1xxx)	0	0.992	1.041	1.216	0	0	0	1.026	1.633	0.299	0.350	0.103	0
Oil and gas (13xx)	0	3.280	5.443	0	0	1.975	0.142	0.350	1.965	0	0	2.480	1.856
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	0	2.498	0	0
Services (7xxx)	0.048	0	0	0	0	0.198	0	0	0	0.592	0	0.700	0.160
Sovereign (8888)	1.240	3.555	12.447	9.110	1.264	14.204	3.074	13.770	11.496	1.250	0.665	7.485	3.808
Transportation (4xxx)	0	0.495	1.138	0	0	0.446	0.430	1.750	0.205	0	0	1.047	0.498
Wholesale (5xxx)	0.114	0.446	0	0	0	0	0	0	1.018	0	0	0.198	0
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.585	2	0.690	1	1.275	3	1.624	4	0.74%
Communications (48xx)	5.160	10	4.939	5	4.560	7	1.145	2	10.644	14	16.955	28	0.062
Construction (15xx)	1.432	3	0.328	2	0.546	2	0	0	0.874	4	3.305	9	0.51%
Electric, gas, sanitary services (49xx)	2.384	6	2.141	5	3.100	4	0.500	1	5.740	10	9.711	18	3.35%
Finance, insurance, real estate (6xxx)	17.649	31	22.479	41	17.936	34	23.203	47	63.618	122	90.367	167	37.13%
Manufacturing (2xxx, 3xxx)	5.151	8	3.851	9	4.432	8	3.244	6	11.527	23	23.117	36	6.73%
Mining (1xxx)	2.256	4	1.026	1	2.281	5	0.103	1	3.410	7	6.659	12	1.99%
Oil and gas (13xx)	5.443	4	2.467	5	1.965	2	4.337	6	8.769	13	17.492	20	5.12%
Pharmaceuticals (2834-6)	0	0	0	0	2.498	3	0	0	2.498	3	2.498	3	1.46%
Services (7xxx)	0	0	0.198	1	0.592	1	0.860	2	1.650	4	1.698	6	0.96%
Sovereign (8888)	22.821	17	31.048	21	13.411	10	11.293	12	55.752	43	83.368	66	32.54%
Transportation (4xxx)	1.138	2	2.626	5	0.205	1	1.545	4	4.376	10	6.009	13	2.55%
Wholesale (5xxx)	0	0	0	0	1.018	1	0.198	1	1.216	2	1.775	4	0.71%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	100.00%
Country
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Africa	0.538	0	0	0	0.196	0	0	1.986	0.994	0	0	0.700	0
Asia	5.855	6.260	9.054	5.381	0.198	5.392	8.254	5.304	6.623	6.026	2.139	9.464	4.573
Caribbean	0.843	0	0	1.255	0	0.693	0	0.856	0.750	0	0	0.197	0
Emerging Europe	0.702	0.652	2.969	0.759	0.940	7.991	1.982	4.845	2.803	0	0.607	2.734	0
Latin America	0.794	11.313	17.899	5.599	3.317	7.254	1.185	10.654	9.437	0	4.821	11.105	5.978
Middle East	0	2.338	2.890	10.383	0.500	1.973	0.446	6.852	4.522	0	3.241	8.112	0.212
Russia, CIS	0	0.500	1.490	0.200	0.406	0.987	1.250	3.200	8.126	1.290	1.750	3.208	0.837
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Africa	0.196	1	1.986	1	0.994	2	0.700	1	3.680	4	4.414	6	2.15%
Asia	14.633	25	18.949	31	14.788	29	14.036	35	47.773	95	74.521	135	27.88%
Caribbean	1.255	3	1.549	4	0.750	1	0.197	1	2.496	6	4.594	10	1.46%
Emerging Europe	4.667	6	14.818	10	3.410	5	2.734	2	20.962	17	26.983	26	12.23%
Latin America	26.815	31	19.092	34	14.257	24	17.082	26	50.432	84	89.354	134	29.43%
Middle East	13.772	14	9.271	8	7.763	8	8.325	9	25.359	25	41.469	42	14.80%
Russia, CIS	2.096	5	5.437	7	11.166	11	4.045	9	20.647	27	23.243	33	12.05%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	100.00%
Currency
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
$	8.030	18.620	34.301	20.203	4.005	18.241	11.849	24.623	27.002	7.316	8.838	32.886	10.975
A$	0	0	0	0	0.014	0	0	1.137	0.428	0	0	0	0
CHF	0	0.337	0	0	0	0	0	0	0	0	0	0	0
CHF	0.702	0	0	0	0	0	0.142	0.442	0	0	0	0.287	0.624
HK$	0	0	0	0	0.030	0	0	0	0	0	0	0	0
Y	0	0	0	0	0.054	0.055	1.109	0.023	0	0	0	0.207	0
€	0	2.105	0	3.373	1.454	5.994	0.016	7.471	5.826	0	2.766	1.078	0
£	0	0	0	0	0	0	0	0	0	0	0.953	1.062	0
Total	8.732	21.063	34.301	23.576	5.557	24.290	13.116	33.696	33.255	7.316	12.557	35.520	11.599
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
$	58.510	76	54.713	78	43.156	69	43.861	74	141.729	221	226.889	335	82.71%
A$	0.014	1	1.137	2	0.428	1	0	0	1.565	3	1.578	4	0.91%
CHF	0	0	0	0	0	0	0	0	0	0	0.337	1	0.00%
CHF	0	0	0.584	2	0	0	0.911	4	1.495	6	2.198	7	0.87%
HK$	0.030	1	0	0	0	0	0	0	0	0	0.030	1	0.00%
Y	0.054	1	1.187	4	0	0	0.207	2	1.394	6	1.448	7	0.81%
€	4.827	6	13.481	9	8.591	9	1.078	1	23.150	19	30.083	28	0.135
£	0	0	0	0	0.953	1	1.062	2	2.016	3	2.016	3	1.18%
Total	63.435	85	71.102	95	53.128	80	47.119	83	171.349	258	264.578	386	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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