Analysis of emerging markets issuance for 13 months through November 2012

Yield

	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Less than 4%	6.437	0	8.520	7.339	8.390	3.435	7.257	1.994	15.320	1.949	14.545	9.191	9.903
4%-4.99%	7.139	2.283	11.378	7.083	10.832	3.626	3.927	1.586	7.838	1.590	6.996	6.338	5.236
5%-5.99%	3.339	3.808	7.446	11.972	5.987	0.499	1.743	6.200	4.616	1.015	4.484	6.648	5.713
6%-6.99%	2.190	1.072	5.483	2.265	1.047	4.228	0.800	4.790	3.676	0	3.271	4.000	3.315
7%-7.99%	0.250	0	0.598	1.689	0.898	1.500	0.149	1.693	0.350	1.000	1.393	1.790	1.600
8%-8.99%	0.300	0	0	1.464	1.349	0.400	0	0.500	0.947	0	2.099	0.950	1.713
9%-9.99%	0	0	1.000	0.815	0.185	0.396	0	0	3.650	0	0.768	2.500	0.550
10% and higher	0	0	1.785	1.223	0	0.900	0.060	0	0.173	0.149	0.884	1.372	0.719
Floater	2.688	0	0	0.136	0	0	0.265	0.500	0	0.637	0	0	0
NA	3.172	1.031	7.974	4.847	6.312	7.865	5.278	3.819	5.150	2.075	10.306	9.859	14.035
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 4%	24.249	23	12.686	17	31.813	44	19.093	28	87.842	112	94.279	119	87.842	112	24.28%
4%-4.99%	29.293	38	9.139	13	16.424	26	11.575	17	66.430	94	75.852	110	68.713	98	18.36%
5%-5.99%	25.404	32	8.443	12	10.115	14	12.361	17	56.323	75	63.470	83	60.131	79	15.57%
6%-6.99%	8.795	11	9.817	14	6.947	12	7.315	10	32.874	47	36.135	53	33.945	48	9.09%
7%-7.99%	3.185	9	3.342	8	2.743	4	3.390	5	12.659	26	12.909	27	12.659	26	3.50%
8%-8.99%	2.812	6	0.900	3	3.046	5	2.663	7	9.421	21	9.721	22	9.421	21	2.60%
9%-9.99%	2.000	4	0.396	1	4.418	6	3.050	4	9.864	15	9.864	15	9.864	15	2.73%
10% and higher	3.009	8	0.960	3	1.207	6	2.091	9	7.266	26	7.266	26	7.266	26	2.01%
Floater	0.136	1	0.765	3	0.637	1	0	0	1.538	5	4.227	10	1.538	5	0.43%
NA	19.133	36	16.962	29	17.531	27	23.894	33	77.520	125	81.722	133	78.551	129	21.43%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	100.00%
Versus Talk
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Lower	0.759	0	0.400	0	0	1.793	0.500	1.498	6.666	1.245	2.477	8.593	3.361
Low end	3.303	5.033	11.646	22.864	5.201	3.141	5.530	6.386	9.903	0.149	16.685	10.282	12.162
Middle	1.547	0	6.900	6.944	1.360	0.900	1.496	0.798	2.889	1.053	0.884	5.629	4.171
High end	0	0	0.677	0.555	0.036	0.500	0	0	0.496	0	0.750	0.498	0.272
Higher	0	0	0	0.499	0	0.400	0	0	0	0	0	0	0
NA	19.905	3.160	24.560	7.971	28.402	16.115	11.953	12.400	21.766	5.967	23.949	17.646	22.818
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.400	1	3.791	5	10.387	14	11.954	18	26.533	38	27.292	39	26.533	38	7.33%
Low end	39.711	45	15.058	25	26.738	37	22.444	27	103.950	134	112.286	145	108.983	139	28.74%
Middle	15.205	26	3.194	6	4.826	10	9.801	16	33.025	58	34.572	62	33.025	58	9.13%
High end	1.268	4	0.500	1	1.246	2	0.769	2	3.783	9	3.783	9	3.783	9	1.05%
Higher	0.499	1	0.400	1	0	0	0	0	0.899	2	0.899	2	0.899	2	0.25%
NA	60.933	91	40.467	65	51.682	82	40.464	67	193.546	305	216.612	341	196.706	313	53.50%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	100.00%
Upsized?
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	0	0	0	0.136	0.250	0.350	0.300	1.943	2.121	0	2.644	0	0
No	25.515	8.193	44.184	38.697	34.748	22.499	19.179	19.139	39.600	8.414	42.100	42.648	42.784
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.386	2	2.593	5	4.765	5	0	0	7.744	12	7.744	12	7.744	12	2.14%
No	117.629	166	60.817	98	90.115	140	85.432	130	353.993	534	387.701	586	362.186	547	97.86%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	100.00%
Seniority
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
sovereign	8.994	0	17.817	6.103	9.121	3.250	2.380	4.401	4.671	0	9.219	9.429	8.443
senior secured	0	0	0	0.550	0.786	0	0	0.700	0	0	0	0	0.550
secured	0	0	0	0	0	0	0	0.588	0	0	0	0	0
senior	16.521	8.193	26.367	30.367	23.091	18.949	16.099	14.651	34.675	8.414	31.786	31.719	32.291
subordinated	0	0	0	1.814	2.000	0.650	1.000	0.743	2.375	0	3.542	1.500	1.500
covered bonds	0	0	0	0	0	0	0	0	0	0	0.198	0	0
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	33.041	24	10.030	9	13.890	13	17.871	17	74.832	63	83.826	72	74.832	63	20.69%
senior secured	1.335	4	0.700	2	0	0	0.550	1	2.585	7	2.585	7	2.585	7	0.71%
secured	0	0	0.588	2	0	0	0	0	0.588	2	0.588	2	0.588	2	0.16%
senior	79.825	136	49.700	86	74.876	124	64.010	109	268.411	455	293.125	498	276.604	468	74.20%
subordinated	3.814	4	2.393	4	5.916	7	3.000	3	15.123	18	15.123	18	15.123	18	4.18%
covered bonds	0	0	0	0	0.198	1	0	0	0.198	1	0.198	1	0.198	1	0.05%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	100.00%
Moody's Rating
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Aaa	0.251	0	2.996	0	0	0	1.246	0.800	2.163	0	0	0	0.510
Aa1	0	0	0	0	2.747	0.300	0	0.095	0	0	0.399	0	0.556
Aa2	0.200	0	0	0	1.450	0	0	0	4.000	0	0.999	0.498	0
Aa3	0.107	0	0	1.488	0.748	1.994	3.741	0	0	1.366	2.521	1.558	6.847
A1	2.043	0.547	6.453	4.658	3.869	3.177	2.198	1.702	4.154	0	1.950	2.169	0.988
A2	0.500	0.192	2.449	1.377	0	0	0.794	3.062	3.920	0	3.268	2.911	4.393
A3	4.992	3.961	6.003	8.348	3.318	0.298	3.467	1.934	3.655	1.306	7.030	1.595	2.993
Baa1	4.628	1.090	7.112	3.347	12.716	3.880	0.500	5.214	2.725	1.271	0.695	6.383	3.990
Baa2	1.262	1.091	3.190	4.149	1.765	0.795	1.016	0	7.401	1.003	6.317	6.357	5.495
Baa3	1.159	0	6.230	3.001	0.904	6.764	0.500	2.397	1.551	0.349	5.558	5.046	4.681
Ba1	1.991	0	0.810	0.995	0.750	0.845	0.693	0	0	0	3.536	3.260	1.275
Ba2	0	0	1.689	2.034	0.776	0.400	0	1.735	0	0	0.200	1.650	0
Ba3	0	0	0.492	0.694	1.005	0.750	0	0.449	1.150	0	0	1.697	1.879
B1	0.560	0	1.168	0.250	2.539	1.400	1.399	0	1.347	0.149	0.549	0.727	2.000
B2	0	0	0	0.758	0.150	0.396	0	0.650	2.000	0	1.859	0	0.969
B3	0	0	0.125	0.296	0.036	0	0	0	0	0	0	0	0.947
Caa1	0	0	0	0.191	0	0	0	0	0	0	1.500	0	0
NR	7.823	1.312	5.467	7.248	2.224	1.850	3.925	3.045	7.656	2.970	8.364	8.798	5.260
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	2.996	1	2.046	2	2.163	3	0.510	1	7.716	7	7.967	8	7.716	7	2.13%
Aa1	2.747	4	0.395	2	0.399	1	0.556	2	4.097	9	4.097	9	4.097	9	1.13%
Aa2	1.450	2	0	0	4.999	3	0.498	1	6.947	6	7.147	7	6.947	6	1.92%
Aa3	2.236	3	5.735	6	3.887	8	8.405	11	20.263	28	20.369	29	20.263	28	5.60%
A1	14.980	20	7.077	16	6.103	11	3.157	6	31.317	53	33.908	58	31.864	54	8.66%
A2	3.827	7	3.856	5	7.188	8	7.303	7	22.175	27	22.866	29	22.366	28	6.13%
A3	17.668	19	5.699	9	11.990	17	4.589	7	39.946	52	48.899	62	43.908	56	11.04%
Baa1	23.174	20	9.594	10	4.691	8	10.373	9	47.832	47	53.550	55	48.922	49	13.22%
Baa2	9.103	14	1.810	4	14.721	16	11.852	15	37.486	49	39.839	53	38.577	51	10.36%
Baa3	10.136	17	9.661	15	7.458	14	9.728	13	36.983	59	38.142	64	36.983	59	10.22%
Ba1	2.555	6	1.538	3	3.536	5	4.535	9	12.163	23	14.154	25	12.163	23	3.36%
Ba2	4.499	8	2.135	4	0.200	1	1.650	3	8.484	16	8.484	16	8.484	16	2.35%
Ba3	2.191	5	1.199	4	1.150	3	3.575	8	8.116	20	8.116	20	8.116	20	2.24%
B1	3.957	7	2.799	7	2.045	5	2.727	6	11.528	25	12.088	27	11.528	25	3.19%
B2	0.908	3	1.046	2	3.859	6	0.969	3	6.782	14	6.782	14	6.782	14	1.87%
B3	0.456	3	0	0	0	0	0.947	2	1.404	5	1.404	5	1.404	5	0.39%
Caa1	0.191	1	0	0	1.500	1	0	0	1.691	2	1.691	2	1.691	2	0.47%
NR	14.939	28	8.820	14	18.990	35	14.058	27	56.808	104	65.942	115	58.120	107	15.70%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	100.00%
Use of Proceeds
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Acquisition	0	0	1.168	0	0.150	0	0	0	0	0	0.600	0.400	0.300
Capex	0.991	0	0.348	0.500	0.190	0.996	0	0.588	0	0	0.792	0.993	2.525
GCP	3.457	2.217	19.083	13.764	10.026	5.275	5.486	7.352	14.922	1.896	13.889	8.069	6.219
Redeem notes	0	0	0	0	0	0	0	0	0	0	0	0	0.709
Refinance	0.250	0.607	1.087	0.988	2.726	2.381	0.300	0.650	0.347	0	3.346	0.790	0.560
Repay bank debt	5.602	0	0	0.906	0	0.795	0	0	2.566	0	0	1.500	1.189
Multiple/Other/NA	15.216	5.369	22.498	22.676	21.906	13.402	13.693	12.492	23.886	6.518	26.116	30.896	31.282
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.318	3	0	0	0.600	1	0.700	2	2.618	6	2.618	6	2.618	6	0.72%
Capex	1.038	4	1.584	3	0.792	1	3.518	5	6.932	13	7.922	14	6.932	13	1.92%
GCP	42.873	46	18.113	25	30.708	41	14.288	16	105.982	128	111.656	137	108.199	131	29.30%
Redeem notes	0	0	0	0	0	0	0.709	2	0.709	2	0.709	2	0.709	2	0.20%
Refinance	4.801	10	3.331	5	3.693	9	1.350	3	13.175	27	14.032	30	13.782	29	3.64%
Repay bank debt	0.906	3	0.795	1	2.566	4	2.689	2	6.955	10	12.557	17	6.955	10	1.92%
Multiple/Other/NA	67.080	102	39.587	69	56.520	89	62.178	100	225.365	360	245.950	392	230.734	368	62.30%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	100.00%
Industry Sector (by SIC code)
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Agriculture (0xxx)	0	0	0.125	0	0	0	0	0.596	0.322	0	0	0	0.272
Communications (48xx)	0.200	0	1.517	1.941	0.736	0.300	0	0.400	5.178	0	2.542	1.195	0
Construction (15xx)	0	0	0.301	0	0	0	0	0	0.347	0	0.350	0.498	0.997
Electric, gas, sanitary services (49xx)	1.851	3.540	0.735	1.737	2.147	0	0.559	0.051	1.195	0.149	1.237	3.318	0
Finance, insurance, real estate (6xxx)	5.318	2.873	15.307	14.964	13.040	9.295	8.850	10.072	18.695	5.135	19.593	20.091	19.776
Government (91xx)	0	0	0	0	0	0	0	0	0	0	0.600	0	0
Health services (8xxx)	0.250	0	0	0.300	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.320	0.690	4.280	3.819	0.748	3.386	3.291	4.328	0.254	0.538	5.251	4.558	2.127
Mining (1xxx)	0	0	1.588	0	3.069	0.400	1.000	0	3.652	0	1.488	0.993	0
Oil and gas (13xx)	3.291	0.492	0	9.055	3.259	5.619	3.000	0.647	2.725	0.993	3.271	0.497	4.250
Pharmaceuticals (2834-6)	4.992	0	0	0	1.326	0	0	0	0	0	0	0	0.300
Services (7xxx)	0.300	0.598	1.498	0.499	0.398	0	0	0	2.353	0.599	0.498	0.420	2.532
Sovereign (8888)	8.994	0	18.833	6.518	9.121	3.250	2.380	4.401	4.671	1.000	9.219	9.429	9.186
Transportation (4xxx)	0	0	0	0	1.000	0.599	0	0.588	2.156	0	0	1.351	2.154
Wholesale (5xxx)	0	0	0	0	0.154	0	0.400	0	0.173	0	0.695	0.298	1.189
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.125	1	0.596	1	0.322	1	0.272	1	1.314	4	1.314	4	1.314	4	0.36%
Communications (48xx)	4.194	8	0.700	2	7.720	10	1.195	2	13.810	22	14.010	23	13.810	22	3.82%
Construction (15xx)	0.301	1	0	0	0.697	2	1.495	3	2.493	6	2.493	6	2.493	6	0.69%
Electric, gas, sanitary services (49xx)	4.620	7	0.610	3	2.582	5	3.318	6	11.129	21	16.520	27	14.669	24	3.08%
Finance, insurance, real estate (6xxx)	43.311	80	28.216	54	43.423	79	39.867	69	154.818	282	163.010	301	157.692	288	42.80%
Government (91xx)	0	0	0	0	0.600	1	0	0	0.600	1	0.600	1	0.600	1	0.17%
Health services (8xxx)	0.300	1	0	0	0	0	0	0	0.300	1	0.550	2	0.300	1	0.08%
Manufacturing (2xxx, 3xxx)	8.846	18	11.005	17	6.043	12	6.685	9	32.580	56	33.590	59	33.270	58	9.01%
Mining (1xxx)	4.657	7	1.400	3	5.140	5	0.993	1	12.190	16	12.190	16	12.190	16	3.37%
Oil and gas (13xx)	12.313	12	9.266	9	6.989	7	4.747	5	33.316	33	37.098	38	33.807	34	9.21%
Pharmaceuticals (2834-6)	1.326	1	0	0	0	0	0.300	1	1.626	2	6.617	8	1.626	2	0.45%
Services (7xxx)	2.394	4	0	0	3.450	3	2.952	6	8.796	13	9.695	15	9.395	14	2.43%
Sovereign (8888)	34.473	26	10.030	9	14.890	14	18.615	18	78.007	67	87.001	76	78.007	67	21.56%
Transportation (4xxx)	1.000	1	1.186	4	2.156	3	3.506	7	7.848	15	7.848	15	7.848	15	2.17%
Wholesale (5xxx)	0.154	1	0.400	1	0.868	3	1.486	2	2.909	7	2.909	7	2.909	7	0.80%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	100.00%
Country
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Africa	0	0	1.500	0.400	0	0	0	0.700	2.383	1.000	0.736	0	1.501
Asia	4.187	1.951	13.913	10.248	12.819	15.170	11.424	5.389	10.189	4.360	15.306	9.335	12.775
Caribbean	0.260	0	0	0.250	0	0	0	0	0	0	1.500	0	0.850
Emerging Europe	1.781	0	7.120	5.255	1.125	0.396	1.486	1.868	1.553	0.742	6.553	8.772	4.136
Latin America	5.180	4.625	15.477	16.495	6.772	1.144	4.053	5.659	11.382	0.500	15.169	9.726	9.708
Middle East	12.458	1.617	4.674	4.334	5.312	2.240	1.515	5.217	6.231	0.828	2.838	6.663	6.856
Russia, CIS	1.649	0	1.500	1.852	8.970	3.900	1.000	2.249	9.983	0.985	2.643	8.151	6.958
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	1.900	3	0.700	2	4.119	6	1.501	2	8.220	13	8.220	13	8.220	13	2.27%
Asia	36.980	67	31.983	55	29.854	57	22.109	45	120.926	224	127.063	236	122.877	229	33.43%
Caribbean	0.250	1	0	0	1.500	1	0.850	2	2.600	4	2.860	5	2.600	4	0.72%
Emerging Europe	13.500	15	3.750	3	8.848	13	12.908	12	39.006	43	40.787	45	39.006	43	10.78%
Latin America	38.744	52	10.856	16	27.051	37	19.434	29	96.085	134	105.890	149	100.710	139	26.56%
Middle East	14.320	18	8.972	16	9.897	11	13.519	20	46.708	65	60.784	83	48.326	68	12.91%
Russia, CIS	12.322	12	7.149	11	13.610	20	15.110	20	48.190	63	49.840	67	48.190	63	13.32%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	100.00%
Currency
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
$	24.171	4.221	41.549	35.042	32.455	20.831	16.982	19.137	32.380	7.672	39.473	36.038	37.272
CHF	0.216	0	0	0.488	0	0	0	0	0.358	0.105	0.188	0	0
RMB	0	0	0	0	0	0	0.016	0	0	0	0.253	0	0
Y	0	0.308	0	0	0.025	1.622	0.013	0.026	2.353	0	0	0	0.823
€	1.128	2.593	2.635	3.303	2.517	0.396	2.468	1.918	5.478	0.637	4.119	6.609	4.689
£	0	1.072	0	0	0	0	0	0	1.153	0	0.712	0	0
Total	25.515	8.193	44.184	38.834	34.998	22.849	19.479	21.082	41.721	8.414	44.744	42.648	42.784
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	109.047	155	56.951	93	79.525	125	73.310	118	318.833	491	347.224	532	323.054	498	88.14%
CHF	0.488	2	0	0	0.651	3	0	0	1.139	5	1.354	8	1.139	5	0.31%
RMB	0	0	0.016	1	0.253	2	0	0	0.269	3	0.269	3	0.269	3	0.07%
Y	0.025	1	1.660	4	2.353	1	0.823	2	4.861	8	5.169	10	5.169	10	1.34%
€	8.455	10	4.783	5	10.233	12	11.299	10	34.771	37	38.492	42	37.364	40	9.61%
£	0	0	0	0	1.864	2	0	0	1.864	2	2.936	3	2.936	3	0.52%
Total	118.015	168	63.410	103	94.880	145	85.432	130	361.736	546	395.444	598	369.929	559	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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.