Analysis of emerging markets issuance for 13 months through February 2011

Yield

	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Less than 5%	2.845	9.718	1.748	1.250	5.561	12.545	2.332	12.445	15.600	7.403	0.822	8.012	1.766
5%-5.99%	1.593	10.897	3.624	0	2.696	9.778	2.678	6.958	3.126	7.595	0.889	6.766	1.238
6%-6.99%	2.139	4.223	3.024	0.495	0	5.905	0.500	6.819	7.612	3.532	0.847	4.446	0.885
7%-7.99%	2.482	0.250	5.210	0.300	0	1.752	0.850	5.604	3.470	1.187	0.441	4.036	1.901
8%-8.99%	0	1.491	3.787	0	0.750	0.940	0.958	1.191	4.199	0	0	1.928	1.101
9%-9.99%	0.297	0.350	1.135	0.082	0.246	1.598	0	1.397	1.020	0.284	0	1.618	2.061
10% and higher	0.575	1.450	2.394	1.502	0.350	0.648	4.206	2.014	1.647	0.906	0.496	1.577	0.895
Floater	0	0	0.549	0	0.550	0	0	0.800	0.175	0.075	0	0.600	0
NA	3.184	4.098	11.858	3.687	2.404	2.351	0.075	4.409	1.992	2.945	1.104	4.036	3.487
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	8.559	12	27.321	43	23.824	34	9.778	10	9.778	10	82.047	117	79.201	112	21.10%
5%-5.99%	6.320	8	19.414	24	11.610	18	8.004	9	8.004	9	57.839	69	56.246	68	17.27%
6%-6.99%	3.518	6	13.225	20	11.990	17	5.331	10	5.331	10	40.426	62	38.288	58	11.50%
7%-7.99%	5.510	8	8.206	15	5.099	12	5.937	10	5.937	10	27.484	49	25.002	46	12.81%
8%-8.99%	4.537	9	3.089	8	4.199	5	3.029	7	3.029	7	16.345	33	16.345	33	6.53%
9%-9.99%	1.462	5	2.995	9	1.304	7	3.679	12	3.679	12	10.088	36	9.791	34	7.94%
10% and higher	4.246	12	6.868	14	3.049	14	2.472	5	2.472	5	18.661	50	18.086	48	5.33%
Floater	1.099	4	0.800	4	0.250	2	0.600	2	0.600	2	2.749	12	2.749	12	1.29%
NA	17.948	16	6.836	13	6.041	10	7.524	10	7.524	10	45.631	58	42.447	55	16.23%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	100.00%
Versus Talk
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Lower	0.174	4.645	3.290	0.495	0.743	1.689	0.498	3.993	3.196	2.726	0	1.491	0.750
Low end	2.107	7.467	4.152	1.550	3.996	8.012	2.496	6.358	7.190	10.067	0.496	6.290	3.274
Middle	3.956	9.679	8.959	1.007	0.750	1.547	1.059	3.197	5.562	3.310	0.522	6.869	5.090
High end	0.225	0.499	0	0	0	1.190	0.333	0.545	1.139	1.600	0.308	0	0
Higher	0	0	0	0	0	0	0	0.269	1.416	0	0	0.500	0
NA	6.654	10.188	16.926	4.264	7.068	23.082	7.212	27.275	20.339	6.222	3.273	17.870	4.220
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.528	8	6.180	10	5.922	8	2.241	3	2.241	3	23.690	37	23.516	36	4.83%
Low end	9.699	14	16.866	22	17.754	23	9.564	13	9.564	13	63.457	84	61.350	81	20.63%
Middle	10.716	11	5.803	12	9.394	22	11.959	22	11.959	22	51.507	79	47.551	74	25.80%
High end	0	0	2.068	4	3.047	5	0	0	0	0	5.839	11	5.614	10	0.00%
Higher	0	0	0.269	1	1.416	2	0.500	1	0.500	1	2.185	4	2.185	4	1.08%
NA	28.257	47	57.569	101	29.834	59	22.090	36	22.090	36	154.593	271	147.938	261	47.66%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	100.00%
Upsized?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	1.495	4.266	2.029	0	0	0.200	0.687	0.500	2.778	0	0.300	1.335	0.895
No	11.621	28.212	30.898	7.316	12.557	35.320	10.912	40.932	35.064	23.926	4.299	31.685	12.439
Downsized	0	0	0.400	0	0	0	0	0.204	1.000	0	0	0	0
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.029	4	1.387	5	3.078	2	2.230	4	2.230	4	14.486	22	12.990	19	4.81%
No	50.771	75	87.164	144	63.289	116	44.124	71	44.124	71	285.181	461	273.561	444	95.19%
Downsized	0.400	1	0.204	1	1.000	1	0	0	0	0	1.604	3	1.604	3	0.00%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	100.00%
Seniority
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
sovereign	3.074	13.295	11.496	1.250	0.665	7.485	3.808	11.592	6.231	3.171	0.500	7.044	2.921
senior secured	0.225	0	1.238	0	0	0.298	0.075	0	0.636	0	0	0	0.683
secured	0	0	0	0	0	0	0.112	0.400	0	0	0	0	0
senior	7.875	18.408	17.354	6.066	11.394	25.931	6.608	29.645	29.507	19.759	4.099	24.740	9.730
subordinated	1.942	0.300	3.239	0	0.498	1.306	0.996	0	2.467	0.996	0	1.236	0
covered bonds	0	0	0	0	0	0.499	0	0	0	0	0	0	0
municipal	0	0.475	0	0	0	0	0	0	0	0	0	0	0
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	13.411	10	22.885	25	9.902	11	9.965	11	9.965	11	72.532	69	69.458	67	21.50%
senior secured	1.238	2	0.373	2	0.636	3	0.683	2	0.683	2	3.156	10	2.931	9	1.47%
secured	0	0	0.512	2	0	0	0	0	0	0	0.512	2	0.512	2	0.00%
senior	34.813	61	62.184	116	53.366	99	34.470	59	34.470	59	211.116	379	203.241	365	74.36%
subordinated	3.737	7	2.302	4	3.462	6	1.236	3	1.236	3	12.980	24	11.038	21	2.67%
covered bonds	0	0	0.499	1	0	0	0	0	0	0	0.499	1	0.499	1	0.00%
municipal	0	0	0	0	0	0	0	0	0	0	0.475	1	0.475	1	0.00%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	100.00%
Moody's Rating
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Aaa	2.491	0	0	2.989	0	1.062	0.498	0	0	0	0	0	2.739
Aa1	0	0	0	0	0	0	0	0.997	0	0	0	0	0
Aa2	0	1.357	0	0	0	4.992	0	0	0	0.497	0	0	0
Aa3	0	1.397	0.500	0	0	1.498	0	2.581	0	3.968	0	1.983	0
A1	1.593	2.542	1.395	0.299	0	1.691	0.196	5.700	6.720	0.699	0	0	0
A2	1.097	6.163	1.547	0	4.959	2.492	0	2.400	4.178	0.052	0.325	1.673	0
A3	0.497	1.986	1.000	1.649	3.498	2.266	0.200	1.393	1.941	0.574	0	0	0.746
Baa1	3.583	3.260	6.694	0	0	4.958	1.512	1.495	2.375	3.690	0	6.179	1.770
Baa2	0	2.769	3.471	0	0.798	3.013	1.894	6.110	4.781	3.214	0.991	5.909	1.238
Baa3	0.414	2.100	2.278	0.495	0.498	4.691	0	4.362	1.772	4.480	0.495	2.544	0
Ba1	0	0.900	2.644	0	0	2.985	1.150	2.450	0	0.597	0	1.149	0
Ba2	0.693	0.990	4.111	0.297	0.750	1.527	0	0.300	2.599	1.484	0	0.798	0.464
Ba3	0.123	0.495	2.535	0.300	0.246	0.250	0.396	2.099	3.659	0.200	0	0.976	1.488
B1	0	0	1.999	0.674	0	1.790	0.658	1.048	1.558	0.396	0.308	1.000	0.536
B2	0.749	1.675	0.597	0.118	0.350	0.103	0	0.250	0.140	0.240	0.696	0.543	3.505
B3	0	0	0.335	0.495	0	0	0	0.545	0.252	0	0	0	0.100
Caa1	0	0.775	0	0	0	0	0	0	0	0	0	0	0
NR	1.875	6.070	4.222	0	1.458	2.200	5.095	9.905	8.866	3.835	1.783	10.265	0.748
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	2.989	1	1.561	3	0	0	2.739	1	2.739	1	9.780	6	7.289	5	5.91%
Aa1	0	0	0.997	1	0	0	0	0	0	0	0.997	1	0.997	1	0.00%
Aa2	0	0	4.992	3	0.497	1	0	0	0	0	6.846	5	6.846	5	0.00%
Aa3	0.500	1	4.079	7	3.968	3	1.983	3	1.983	3	11.928	16	11.928	16	4.28%
A1	1.693	3	7.587	11	7.419	9	0	0	0	0	20.835	26	19.241	25	0.00%
A2	6.506	8	4.893	6	4.555	8	1.673	3	1.673	3	24.886	33	23.789	31	3.61%
A3	6.147	7	3.859	9	2.514	6	0.746	1	0.746	1	15.750	25	15.252	24	1.61%
Baa1	6.694	4	7.965	10	6.065	9	7.950	6	7.950	6	35.516	36	31.933	32	17.15%
Baa2	4.269	6	11.017	16	8.987	10	7.147	11	7.147	11	34.189	47	34.189	47	15.42%
Baa3	3.271	5	9.054	16	6.747	11	2.544	5	2.544	5	24.129	40	23.716	39	5.49%
Ba1	2.644	4	6.585	9	0.597	2	1.149	2	1.149	2	11.874	19	11.874	19	2.48%
Ba2	5.158	7	1.827	4	4.083	6	1.262	4	1.262	4	14.014	24	13.321	22	2.72%
Ba3	3.081	7	2.745	7	3.859	8	2.464	7	2.464	7	12.768	32	12.645	31	5.32%
B1	2.672	6	3.497	9	2.263	8	1.536	4	1.536	4	9.967	27	9.967	27	3.31%
B2	1.065	4	0.353	2	1.077	4	4.048	8	4.048	8	8.967	23	8.218	20	8.73%
B3	0.830	2	0.545	1	0.252	1	0.100	1	0.100	1	1.727	5	1.727	5	0.22%
Caa1	0	0	0	0	0	0	0	0	0	0	0.775	1	0.775	1	0.00%
NR	5.680	15	17.200	36	14.485	33	11.013	19	11.013	19	56.323	120	54.448	116	23.76%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	100.00%
Use of Proceeds
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Acquisition	0	0.775	0	0	0	0	0	0	0	0.165	0	0	0
Capex	0	0.475	0.600	0	0	1.499	0.910	0	0	0	0	0.400	0.746
GCP	4.322	6.800	5.536	4.597	4.352	9.614	3.093	14.226	10.728	2.275	0.638	13.209	2.701
Refinance	0.989	0.300	3.280	0.592	3.494	2.890	0.894	2.572	4.073	3.067	0.394	0.853	1.084
Multiple/Other/NA	7.805	24.128	23.911	2.127	4.711	21.517	6.702	24.839	24.041	18.419	3.568	18.557	8.804
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0.165	1	0	0	0	0	0.940	2	0.940	2	0.00%
Capex	0.600	1	2.409	5	0	0	1.146	2	1.146	2	4.630	9	4.630	9	2.47%
GCP	14.485	18	26.932	46	13.640	24	15.910	22	15.910	22	82.090	126	77.768	120	34.32%
Refinance	7.366	12	6.357	12	7.534	11	1.937	5	1.937	5	24.483	44	23.494	41	4.18%
Multiple/Other/NA	30.749	49	53.058	87	46.028	83	27.361	46	27.361	46	189.128	305	181.323	294	59.03%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	100.00%
Industry Sector (by SIC code)
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Agriculture (0xxx)	0	0	0.585	0	0	0.690	0	0.204	0.295	0	0	0	0
Communications (48xx)	0	4.939	0.698	0	3.862	0.647	0.498	2.330	3.268	1.052	1.299	1.639	0
Construction (15xx)	0	0	0.300	0	0.246	0	0	0.950	0	1.678	0	0	0.493
Electric, gas, sanitary services (49xx)	0.350	0.500	1.998	0.495	0.607	0.500	0	1.760	2.687	0.336	1.562	2.537	0
Finance, insurance, real estate (6xxx)	8.223	8.704	9.792	4.185	3.532	20.325	2.878	15.562	12.557	11.748	0.692	8.116	6.750
Manufacturing (2xxx, 3xxx)	0.897	1.439	3.139	0.495	0.798	1.344	1.900	4.274	4.481	2.490	0	3.787	1.277
Mining (1xxx)	0	1.026	1.633	0.299	0.350	0.103	0	3.515	2.382	0	0	0	0
Oil and gas (13xx)	0.142	0.350	2.465	0	0	2.480	1.856	0.750	4.500	3.451	0.133	8.713	0
Pharmaceuticals (2834-6)	0	0	0	0	2.498	0	0	0	0	0	0	0	0
Services (7xxx)	0	0	0	0.592	0	0.700	0.160	0	0.296	0	0	0.443	0
Sovereign (8888)	3.074	13.770	11.496	1.250	0.665	7.485	3.808	11.592	7.225	3.171	0.500	7.044	2.921
Transportation (4xxx)	0.430	1.750	0.205	0	0	1.047	0.498	0.700	1.150	0	0.413	0	1.210
Wholesale (5xxx)	0	0	1.018	0	0	0.198	0	0	0	0	0	0.741	0.683
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.585	2	0.895	2	0.295	2	0	0	0	0	1.774	6	1.774	6	0.00%
Communications (48xx)	4.560	7	3.475	5	5.620	12	1.639	3	1.639	3	20.233	32	20.233	32	3.54%
Construction (15xx)	0.546	2	0.950	3	1.678	2	0.493	2	0.493	2	3.668	9	3.668	9	1.06%
Electric, gas, sanitary services (49xx)	3.100	4	2.260	6	4.585	11	2.537	4	2.537	4	13.332	27	12.982	26	5.47%
Finance, insurance, real estate (6xxx)	17.508	33	38.765	76	24.996	52	14.866	31	14.866	31	113.063	221	104.840	210	32.07%
Manufacturing (2xxx, 3xxx)	4.432	8	7.518	13	6.971	10	5.064	10	5.064	10	26.321	47	25.424	44	10.92%
Mining (1xxx)	2.281	5	3.618	5	2.382	3	0	0	0	0	9.308	14	9.308	14	0.00%
Oil and gas (13xx)	2.465	3	5.087	7	8.084	10	8.713	7	8.713	7	24.840	29	24.698	28	18.80%
Pharmaceuticals (2834-6)	2.498	3	0	0	0	0	0	0	0	0	2.498	3	2.498	3	0.00%
Services (7xxx)	0.592	1	0.860	2	0.296	1	0.443	2	0.443	2	2.192	6	2.192	6	0.96%
Sovereign (8888)	13.411	10	22.885	25	10.896	12	9.965	11	9.965	11	74.001	71	70.927	69	21.50%
Transportation (4xxx)	0.205	1	2.245	5	1.563	4	1.210	2	1.210	2	7.403	16	6.973	14	2.61%
Wholesale (5xxx)	1.018	1	0.198	1	0	0	1.424	3	1.424	3	2.639	5	2.639	5	3.07%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	100.00%
Country
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Africa	0	1.986	0.994	0	0	0.700	0	2.338	0	0.297	0	2.228	1.965
Asia	8.254	4.167	6.196	6.026	2.139	9.464	4.573	10.765	11.148	7.408	0.693	4.856	5.014
Caribbean	0	0.775	0.750	0	0	0.197	0	0	0	0.284	0.308	0	0.401
Emerging Europe	1.982	4.845	2.803	0	0.607	2.734	0	4.866	4.545	0.640	0.325	3.399	0
Latin America	1.185	10.654	9.437	0	4.821	11.105	5.978	16.124	8.683	4.690	2.278	15.542	2.963
Middle East	0.446	6.852	4.522	0	3.241	8.112	0.212	2.643	8.219	7.475	0	2.169	0
Russia, CIS	1.250	3.200	8.626	1.290	1.750	3.208	0.837	4.900	6.247	3.132	0.995	4.825	2.990
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	0.994	2	3.038	3	0.297	1	4.194	6	4.194	6	10.508	13	10.508	13	9.05%
Asia	14.360	28	24.801	56	19.249	37	9.871	19	9.871	19	80.702	161	72.448	150	21.29%
Caribbean	0.750	1	0.197	1	0.592	2	0.401	1	0.401	1	2.715	6	2.715	6	0.87%
Emerging Europe	3.410	5	7.601	6	5.510	8	3.399	3	3.399	3	26.746	28	24.764	26	7.33%
Latin America	14.257	24	33.207	55	15.651	30	18.506	31	18.506	31	93.459	161	92.275	156	39.93%
Middle East	7.763	8	10.968	14	15.693	23	2.169	4	2.169	4	43.892	56	43.446	55	4.68%
Russia, CIS	11.666	12	8.945	15	10.374	18	7.815	11	7.815	11	43.250	61	42.000	60	16.86%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	100.00%
Currency
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
$	11.849	24.542	27.502	7.316	8.838	32.886	10.975	34.038	32.278	20.803	3.283	28.080	12.365
CHF	0.142	0.442	0	0	0	0.287	0.624	0.299	0	0	0	0.207	0
Y	1.109	0.023	0	0	0	0.207	0	0	2.019	0.185	0	0.219	0
€	0.016	7.471	5.826	0	2.766	1.078	0	7.299	4.545	2.938	1.316	4.514	0.969
£	0	0	0	0	0.953	1.062	0	0	0	0	0	0	0
Total	13.116	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.334
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	43.656	70	77.898	133	56.364	102	40.444	67	40.444	67	254.754	423	242.905	406	87.25%
CHF	0	0	1.211	6	0	0	0.207	1	0.207	1	2.002	9	1.860	8	0.45%
Y	0	0	0.207	2	2.204	5	0.219	1	0.219	1	3.761	11	2.652	10	0.47%
€	8.591	9	8.377	7	8.799	12	5.483	6	5.483	6	38.738	40	38.722	39	11.83%
£	0.953	1	1.062	2	0	0	0	0	0	0	2.016	3	2.016	3	0.00%
Total	53.200	80	88.755	150	67.367	119	46.354	75	46.354	75	301.271	486	288.155	466	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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