Analysis of emerging markets issuance for 13 months through May 2011

Yield

	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Less than 5%	1.250	5.561	12.545	2.332	12.445	15.600	7.403	0.822	8.012	1.941	4.058	3.237	5.214
5%-5.99%	0	2.696	9.778	2.678	6.958	3.126	7.595	0.889	6.766	1.238	3.073	5.602	3.297
6%-6.99%	0.495	0	5.905	0.500	6.819	7.612	3.532	0.847	4.446	1.331	9.965	5.701	5.749
7%-7.99%	0.300	0	1.752	0.850	5.604	3.470	1.187	0.441	4.036	1.901	2.549	3.467	1.091
8%-8.99%	0	0.750	0.940	0.958	1.191	4.199	0	0	1.928	1.101	0.500	2.203	6.747
9%-9.99%	0.082	0.246	1.598	0	1.397	1.020	0.284	0	1.618	2.061	1.000	0.281	1.703
10% and higher	1.502	0.350	0.648	4.206	2.014	1.647	0.906	0.496	1.577	0.895	1.547	0.371	0.749
Floater	0	0.550	0	0	0.800	0.175	0.075	0	0.600	0	0.370	0.300	0.850
NA	3.687	2.404	2.351	0.075	4.409	1.992	2.945	1.104	4.036	3.487	4.615	4.242	8.612
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	27.321	43	23.824	34	14.012	20	8.450	17	22.462	37	80.419	121	79.169	120	16.76%
5%-5.99%	19.414	24	11.610	18	11.077	13	8.898	11	19.975	24	53.696	69	53.696	69	14.90%
6%-6.99%	13.225	20	11.990	17	15.741	21	11.450	21	27.191	42	52.901	80	52.406	79	20.28%
7%-7.99%	8.206	15	5.099	12	8.486	14	4.558	10	13.044	24	26.649	52	26.349	51	9.73%
8%-8.99%	3.089	8	4.199	5	3.529	8	8.950	17	12.478	25	20.516	39	20.516	39	9.31%
9%-9.99%	2.995	9	1.304	7	4.679	14	1.984	8	6.663	22	11.290	40	11.208	39	4.97%
10% and higher	6.868	14	3.049	14	4.019	10	1.120	5	5.140	15	16.910	48	15.408	44	3.83%
Floater	0.800	4	0.250	2	0.970	4	1.150	2	2.120	6	3.720	14	3.720	14	1.58%
NA	6.836	13	6.041	10	12.139	19	12.854	19	24.994	38	43.961	67	40.274	64	18.64%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	100.00%
Versus Talk
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Lower	0.495	0.743	1.689	0.498	3.993	3.196	2.726	0	1.491	0.750	3.707	0.495	0
Low end	1.550	3.996	8.012	2.496	6.358	7.190	10.067	0.496	6.290	3.274	12.169	5.888	8.065
Middle	1.007	0.750	1.547	1.059	3.197	5.562	3.310	0.522	6.869	5.090	2.514	1.858	10.742
High end	0	0	1.190	0.333	0.545	1.139	1.600	0.308	0	0	1.043	1.048	1.541
Higher	0	0	0	0	0.269	1.416	0	0	0.500	0	0	0	0
NA	4.264	7.068	23.082	7.212	27.275	20.339	6.222	3.273	17.870	4.841	8.243	16.115	13.662
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	6.180	10	5.922	8	5.948	5	0.495	1	6.443	6	19.783	26	19.288	25	4.81%
Low end	16.866	22	17.754	23	21.734	27	13.953	25	35.687	52	75.853	104	74.303	102	26.62%
Middle	5.803	12	9.394	22	14.473	28	12.600	23	27.073	51	44.028	89	43.021	86	20.19%
High end	2.068	4	3.047	5	1.043	3	2.589	6	3.633	9	8.748	18	8.748	18	2.71%
Higher	0.269	1	1.416	2	0.500	1	0	0	0.500	1	2.185	4	2.185	4	0.37%
NA	57.569	101	29.834	59	30.954	59	29.777	55	60.731	114	159.466	289	155.203	284	45.30%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	100.00%
Upsized?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	0	0	0.200	0.687	0.500	2.778	0	0.300	1.335	0.895	0	0	2.040
No	7.316	12.557	35.320	10.912	40.932	35.064	23.926	4.299	31.685	13.060	27.328	25.404	31.971
Downsized	0	0	0	0	0.204	1.000	0	0	0	0	0.350	0	0
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.387	5	3.078	2	2.230	4	2.040	4	4.269	8	8.735	15	8.735	15	3.18%
No	87.164	144	63.289	116	72.073	118	57.375	106	129.448	224	299.773	512	292.458	501	96.55%
Downsized	0.204	1	1.000	1	0.350	1	0	0	0.350	1	1.554	3	1.554	3	0.26%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	100.00%
Seniority
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
sovereign	1.250	0.665	7.485	3.808	11.592	6.231	3.171	0.500	7.044	2.921	7.037	7.428	5.056
senior secured	0	0	0.298	0.075	0	0.636	0	0	0	0.683	0	0.196	0.325
secured	0	0	0	0.112	0.400	0	0	0	0	0	0	0	0
senior	6.066	11.394	25.931	6.608	29.645	29.507	19.759	4.099	24.740	10.351	19.407	17.029	27.830
subordinated	0	0.498	1.306	0.996	0	2.467	0.996	0	1.236	0	1.233	0.750	0.800
covered bonds	0	0	0.499	0	0	0	0	0	0	0	0	0	0
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	22.885	25	9.902	11	17.002	18	12.484	14	29.486	32	64.188	70	62.938	69	21.99%
senior secured	0.373	2	0.636	3	0.683	2	0.521	2	1.204	4	2.214	9	2.214	9	0.90%
secured	0.512	2	0	0	0	0	0	0	0	0	0.512	2	0.512	2	0.00%
senior	62.184	116	53.366	99	54.498	99	44.859	92	99.357	191	232.367	431	226.301	421	74.11%
subordinated	2.302	4	3.462	6	2.469	4	1.550	2	4.019	6	10.282	17	10.282	17	3.00%
covered bonds	0.499	1	0	0	0	0	0	0	0	0	0.499	1	0.499	1	0.00%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	100.00%
Moody's Rating
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Aaa	2.989	0	1.062	0.498	0	0	0	0	0	2.739	0	0	0
Aa1	0	0	0	0	0.997	0	0	0	0	0	0	0	0
Aa2	0	0	4.992	0	0	0	0.497	0	0	0	0.596	0	0
Aa3	0	0	1.498	0	2.581	0	3.968	0	1.983	0	4.328	0	0
A1	0.299	0	1.691	0.196	5.700	6.720	0.699	0	0	0	3.355	2.519	0.815
A2	0	4.959	2.492	0	2.400	4.178	0.052	0.325	1.673	0.175	1.233	2.180	0.650
A3	1.649	3.498	2.266	0.200	1.393	1.941	0.574	0	0	0.746	1.795	0.397	0
Baa1	0	0	4.958	1.512	1.495	2.375	3.690	0	5.979	1.770	2.005	1.014	1.984
Baa2	0	0.798	3.013	1.894	6.110	4.781	3.214	0.991	5.909	1.238	0.699	1.258	5.149
Baa3	0.495	0.498	4.691	0	4.362	1.772	4.480	0.495	2.544	0	6.237	2.257	2.445
Ba1	0	0	2.985	1.150	2.450	0	0.597	0	1.349	0.446	0	4.747	2.270
Ba2	0.297	0.750	1.527	0	0.300	2.599	1.484	0	0.798	0.464	0.698	2.239	2.423
Ba3	0.300	0.246	0.250	0.396	2.099	3.659	0.200	0	0.976	1.488	1.250	1.441	3.498
B1	0.674	0	1.790	0.658	1.048	1.558	0.396	0.308	1.000	0.536	1.248	1.350	1.229
B2	0.118	0.350	0.103	0	0.250	0.140	0.240	0.696	0.543	3.505	0.500	0.175	0.298
B3	0.495	0	0	0	0.545	0.252	0	0	0	0.100	0	0	0.575
NR	0	1.458	2.200	5.095	9.905	8.866	3.835	1.783	10.265	0.748	3.735	5.827	12.674
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	1.561	3	0	0	2.739	1	0	0	2.739	1	7.289	5	4.300	4	2.04%
Aa1	0.997	1	0	0	0	0	0	0	0	0	0.997	1	0.997	1	0.00%
Aa2	4.992	3	0.497	1	0.596	1	0	0	0.596	1	6.084	5	6.084	5	0.44%
Aa3	4.079	7	3.968	3	6.312	6	0	0	6.312	6	14.359	16	14.359	16	4.71%
A1	7.587	11	7.419	9	3.355	6	3.334	6	6.689	12	21.994	33	21.695	32	4.99%
A2	4.893	6	4.555	8	3.081	5	2.830	4	5.911	9	20.318	28	20.318	28	4.41%
A3	3.859	9	2.514	6	2.541	5	0.397	1	2.938	6	14.459	27	12.809	25	2.19%
Baa1	7.965	10	6.065	9	9.754	8	2.998	4	12.752	12	26.782	31	26.782	31	9.51%
Baa2	11.017	16	8.987	10	7.846	12	6.407	11	14.254	23	35.055	50	35.055	50	10.63%
Baa3	9.054	16	6.747	11	8.781	11	4.702	7	13.483	18	30.276	47	29.781	46	10.06%
Ba1	6.585	9	0.597	2	1.795	4	7.017	9	8.812	13	15.993	24	15.993	24	6.57%
Ba2	1.827	4	4.083	6	1.960	6	4.662	10	6.622	16	13.580	28	13.283	27	4.94%
Ba3	2.745	7	3.859	8	3.714	9	4.939	9	8.653	18	15.804	35	15.504	34	6.45%
B1	3.497	9	2.263	8	2.784	8	2.579	4	5.363	12	11.796	31	11.122	29	4.00%
B2	0.353	2	1.077	4	4.548	9	0.473	2	5.021	11	6.919	19	6.801	18	3.75%
B3	0.545	1	0.252	1	0.100	1	0.575	2	0.675	3	1.967	6	1.472	5	0.50%
NR	17.200	36	14.485	33	14.748	31	18.501	41	33.249	72	66.392	144	66.392	144	24.80%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	100.00%
Use of Proceeds
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Acquisition	0	0	0	0	0	0	0.165	0	0	0	0	0	1.650
Capex	0	0	1.499	0.910	0	0	0	0	0.400	0.746	0	0.350	0
GCP	4.597	4.352	9.614	3.093	14.226	10.728	2.275	0.638	13.209	2.701	7.843	4.766	6.983
Redeem notes	0	0	0	0	1.619	1.000	0	0	0	0.401	0	0.491	0.545
Refinance	0.592	0.996	2.890	0.894	0.900	3.073	3.067	0.394	0.653	0.683	0.338	2.791	0.495
Repay bank debt	0	2.498	0	0	0.053	0	0	0	0.200	0	1.542	0.258	0.250
Multiple/Other/NA	2.127	4.711	21.517	6.702	24.839	24.041	18.419	3.568	18.557	9.425	17.955	16.747	24.088
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.165	1	0	0	1.650	2	1.650	2	1.815	3	1.815	3	1.23%
Capex	2.409	5	0	0	1.146	2	0.350	2	1.496	4	3.905	9	3.905	9	1.12%
GCP	26.932	46	13.640	24	23.753	31	11.749	23	35.502	54	85.023	134	80.427	128	26.48%
Redeem notes	1.619	3	1.000	1	0.401	1	1.036	3	1.437	4	4.056	8	4.056	8	1.07%
Refinance	4.685	8	6.534	10	1.674	5	3.286	6	4.960	11	17.766	32	17.174	31	3.70%
Repay bank debt	0.053	1	0	0	1.742	4	0.508	2	2.250	6	4.801	10	4.801	10	1.68%
Multiple/Other/NA	53.058	87	46.028	83	45.937	80	40.835	72	86.772	152	192.695	334	190.568	330	64.72%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	100.00%
Industry Sector (by SIC code)
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Agriculture (0xxx)	0	0	0.690	0	0.204	0.295	0	0	0	0	0.247	0	0.741
Communications (48xx)	0	3.862	0.647	0.498	2.330	3.268	1.052	1.299	1.639	0	0.707	0	0.296
Construction (15xx)	0	0.246	0	0	0.950	0	1.678	0	0	0.493	0.900	0	0.075
Electric, gas, sanitary services (49xx)	0.495	0.607	0.500	0	1.760	2.687	0.336	1.562	2.537	0	0	1.271	2.591
Finance, insurance, real estate (6xxx)	4.185	3.532	20.325	2.878	15.562	12.557	11.748	0.692	8.116	6.925	14.395	8.340	15.903
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0.160	0
Manufacturing (2xxx, 3xxx)	0.495	0.798	1.344	1.900	4.274	4.481	2.490	0	3.787	1.723	1.537	3.933	1.847
Mining (1xxx)	0.299	0.350	0.103	0	3.515	2.382	0	0	0	0	0	0.615	1.650
Oil and gas (13xx)	0	0	2.480	1.856	0.750	4.500	3.451	0.133	8.713	0	0.900	1.824	4.836
Pharmaceuticals (2834-6)	0	2.498	0	0	0	0	0	0	0	0	0.750	0	0
Services (7xxx)	0.592	0	0.700	0.160	0	0.296	0	0	0.443	0	0	0	0.300
Sovereign (8888)	1.250	0.665	7.485	3.808	11.592	7.225	3.171	0.500	7.044	2.921	7.037	7.428	5.056
Transportation (4xxx)	0	0	1.047	0.498	0.700	1.150	0	0.413	0	1.210	0.906	0.200	0.716
Wholesale (5xxx)	0	0	0.198	0	0	0	0	0	0.741	0.683	0.298	1.633	0
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.895	2	0.295	2	0.247	1	0.741	1	0.988	2	2.178	6	2.178	6	0.74%
Communications (48xx)	3.475	5	5.620	12	2.347	5	0.296	1	2.643	6	15.599	27	15.599	27	1.97%
Construction (15xx)	0.950	3	1.678	2	1.393	4	0.075	1	1.468	5	4.343	11	4.343	11	1.09%
Electric, gas, sanitary services (49xx)	2.260	6	4.585	11	2.537	4	3.861	8	6.399	12	14.345	31	13.850	30	4.77%
Finance, insurance, real estate (6xxx)	38.765	76	24.996	52	29.436	56	24.244	51	53.679	107	125.157	246	120.972	240	40.04%
Health services (8xxx)	0	0	0	0	0	0	0.160	1	0.160	1	0.160	1	0.160	1	0.12%
Manufacturing (2xxx, 3xxx)	7.518	13	6.971	10	7.047	13	5.780	14	12.828	27	28.610	52	28.115	51	9.57%
Mining (1xxx)	3.618	5	2.382	3	0	0	2.265	4	2.265	4	8.914	14	8.616	13	1.69%
Oil and gas (13xx)	5.087	7	8.084	10	9.613	9	6.660	8	16.272	17	29.443	34	29.443	34	12.14%
Pharmaceuticals (2834-6)	0	0	0	0	0.750	2	0	0	0.750	2	3.248	5	3.248	5	0.56%
Services (7xxx)	0.860	2	0.296	1	0.443	2	0.300	1	0.743	3	2.492	7	1.900	6	0.55%
Sovereign (8888)	22.885	25	10.896	12	17.002	18	12.484	14	29.486	32	65.181	71	63.931	70	21.99%
Transportation (4xxx)	2.245	5	1.563	4	2.116	5	0.916	3	3.032	8	6.840	17	6.840	17	2.26%
Wholesale (5xxx)	0.198	1	0	0	1.721	4	1.633	3	3.354	7	3.552	8	3.552	8	2.50%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	100.00%
Country
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Africa	0	0	0.700	0	2.338	0	0.297	0	2.228	1.965	0.787	0.706	0.983
Asia	6.026	2.139	9.464	4.573	10.765	11.148	7.408	0.693	4.856	5.014	7.449	11.469	11.020
Caribbean	0	0	0.197	0	0	0	0.284	0.308	0	0.576	0	0	0
Columbia	0	0	0	0	0	0	0	0	0	0	0	0	0.298
Emerging Europe	0	0.607	2.734	0	4.866	4.545	0.640	0.325	3.399	0	6.167	3.208	5.351
Latin America	0	4.821	11.105	5.978	16.124	8.683	4.690	2.278	15.542	3.409	5.509	4.726	11.655
Middle East	0	3.241	8.112	0.212	2.643	8.219	7.475	0	2.169	0	5.700	2.279	3.206
Other	0	0	0	0	0	0	0	0	0	0	0.250	0	0
Russia, CIS	1.290	1.750	3.208	0.837	4.900	6.247	3.132	0.995	4.825	2.990	1.815	3.016	1.498
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	3.038	3	0.297	1	4.980	8	1.688	4	6.669	12	10.003	16	10.003	16	4.97%
Asia	24.801	56	19.249	37	17.319	36	22.489	44	39.808	80	92.022	185	85.997	177	29.70%
Caribbean	0.197	1	0.592	2	0.576	2	0	0	0.576	2	1.365	5	1.365	5	0.43%
Columbia	0	0	0	0	0	0	0.298	1	0.298	1	0.298	1	0.298	1	0.22%
Emerging Europe	7.601	6	5.510	8	9.566	9	8.559	10	18.125	19	31.843	34	31.843	34	13.52%
Latin America	33.207	55	15.651	30	24.461	41	16.380	32	40.841	73	94.520	164	94.520	164	30.46%
Middle East	10.968	14	15.693	23	7.870	11	5.485	11	13.355	22	43.257	63	43.257	63	9.96%
Other	0	0	0	0	0.250	1	0	0	0.250	1	0.250	1	0.250	1	0.19%
Russia, CIS	8.945	15	10.374	18	9.631	15	4.514	8	14.145	23	36.504	61	35.214	58	10.55%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	100.00%
Currency
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
$	7.316	8.838	32.886	10.975	34.038	32.278	20.803	3.283	28.080	12.986	22.490	23.350	28.079
C$	0	0	0	0	0	0	0	0	0	0	0	0	0.315
CHF	0	0	0.287	0.624	0.299	0	0	0	0.207	0	0	0	0.174
RMB	0	0	0	0	0	0	0	0	0	0	0	0	0.092
Y	0	0	0.207	0	0	2.019	0.185	0	0.219	0	0	0	0
€	0	2.766	1.078	0	7.299	4.545	2.938	1.316	4.514	0.969	3.691	2.054	5.351
£	0	0.953	1.062	0	0	0	0	0	0	0	1.496	0	0
Total	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	27.678	25.404	34.011
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	77.898	133	56.364	102	63.556	108	51.429	98	114.984	206	265.401	465	258.086	454	85.77%
C$	0	0	0	0	0	0	0.315	1	0.315	1	0.315	1	0.315	1	0.23%
CHF	1.211	6	0	0	0.207	1	0.174	1	0.382	2	1.593	8	1.593	8	0.28%
RMB	0	0	0	0	0	0	0.092	1	0.092	1	0.092	1	0.092	1	0.07%
Y	0.207	2	2.204	5	0.219	1	0	0	0.219	1	2.629	8	2.629	8	0.16%
€	8.377	7	8.799	12	9.175	10	7.405	9	16.579	19	36.521	41	36.521	41	12.37%
£	1.062	2	0	0	1.496	3	0	0	1.496	3	3.511	6	3.511	6	1.12%
Total	88.755	150	67.367	119	74.653	123	59.415	110	134.067	233	310.062	530	302.747	519	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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