Analysis of emerging markets issuance for 13 months through July 2013

Yield

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Less than 3%	6.073	0.643	7.269	4.765	3.607	2.880	3.886	1.244	2.166	6.532	5.088	0.202	0.497
3%-3.99%	9.247	1.306	7.591	4.553	6.296	1.737	7.754	4.663	7.277	6.439	6.893	0.788	4.072
4%-4.99%	7.838	1.590	6.996	6.338	5.236	2.392	6.967	6.664	5.567	13.521	8.757	0.046	1.544
5%-5.99%	4.616	1.015	4.484	6.648	6.113	2.229	4.096	7.769	6.525	6.161	7.153	0.600	2.941
6%-6.99%	3.676	0	3.271	4.000	3.315	1.147	5.771	1.450	2.111	3.910	3.364	0.500	4.922
7%-7.99%	0.350	1.000	1.393	1.790	1.600	0.450	1.748	1.610	0.981	2.447	0.794	0	0
8%-8.99%	0.947	0	2.099	0.950	1.713	0.259	2.836	0.260	2.200	2.047	1.000	0.328	2.000
9%-9.99%	3.650	0	0.768	2.500	0.550	0.400	1.097	0.425	1.075	0.395	0.500	0.200	0.200
10% and higher	0.173	0.149	0.884	1.372	0.719	0.500	2.029	1.010	0.425	1.103	0.349	0.068	0.200
Floater	0	0.637	0	0	0	0	0	0.872	0.653	0	0	0	0.500
NA	2.988	2.075	10.306	9.859	14.035	4.978	10.369	2.319	8.274	10.744	15.771	0.229	4.808
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	13.984	23	11.251	19	7.295	13	11.822	20	0.497	1	19.615	34	44.850	76	38.778	68	8.18%
3%-3.99%	18.144	22	12.587	18	19.694	25	14.120	17	4.072	4	37.885	46	68.616	86	59.368	77	15.80%
4%-4.99%	16.424	26	13.967	20	19.198	30	22.325	29	1.544	4	43.067	63	73.458	109	65.620	99	17.97%
5%-5.99%	10.115	14	14.990	22	18.390	27	13.914	16	2.941	5	35.245	48	60.350	84	55.734	79	14.70%
6%-6.99%	6.947	12	8.462	13	9.332	17	7.774	12	4.922	7	22.028	36	37.437	61	33.761	55	9.19%
7%-7.99%	2.743	4	3.840	6	4.339	9	3.241	7	0	0	7.580	16	14.163	26	13.813	25	3.16%
8%-8.99%	3.046	5	2.921	8	5.296	11	3.375	9	2.000	2	10.671	22	16.638	35	15.691	33	4.45%
9%-9.99%	4.418	6	3.450	5	2.597	7	1.095	3	0.200	1	3.893	11	11.761	22	8.111	18	1.62%
10% and higher	1.207	6	2.591	10	3.464	13	1.521	7	0.200	1	5.184	21	8.980	37	8.807	36	2.16%
Floater	0.637	1	0	0	1.524	4	0	0	0.500	1	2.024	5	2.662	6	2.662	6	0.84%
NA	15.369	27	28.872	40	20.963	42	26.744	52	4.808	7	52.515	101	96.756	168	93.767	162	21.91%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	100.00%
Versus Talk
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Lower	6.666	1.245	2.477	8.593	3.361	0	4.168	3.823	4.940	8.450	9.456	0	2.740
Low end	9.903	0.149	16.685	10.282	12.162	0.987	16.213	4.794	13.822	21.243	20.099	0.259	3.713
Middle	2.889	1.053	0.884	5.629	4.171	3.506	3.450	4.904	3.885	8.465	0.699	1.100	2.620
High end	0.496	0	0.750	0.498	0.272	0	1.250	0.200	0	0.755	0	0	0
Higher	0	0	0	0	0	0	0	0	0.101	0	0	0	0
NA	19.604	5.967	24.263	17.773	23.218	12.479	21.473	14.564	14.504	14.387	19.416	1.601	12.612
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	10.387	14	11.954	18	12.932	16	17.906	22	2.740	3	33.578	41	55.919	73	49.253	66	14.01%
Low end	26.738	37	23.431	28	34.829	53	41.601	50	3.713	4	80.142	107	130.311	172	120.408	161	33.43%
Middle	4.826	10	13.307	23	12.239	29	10.264	18	2.620	6	25.123	53	43.256	86	40.367	81	10.48%
High end	1.246	2	0.769	2	1.450	3	0.755	2	0	0	2.204	5	4.220	9	3.724	8	0.92%
Higher	0	0	0	0	0.101	1	0	0	0	0	0.101	1	0.101	1	0.101	1	0.04%
NA	49.835	83	53.470	90	50.541	96	35.405	80	12.612	20	98.558	196	201.862	369	182.258	341	41.12%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	100.00%
Upsized?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	2.121	0	2.644	0	0	0	0.600	1.000	0.875	0.380	0	0	0
No	37.438	8.414	42.415	42.775	43.184	16.972	45.953	27.285	36.378	52.920	49.670	2.960	21.685
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.765	5	0	0	2.475	4	0.380	1	0	0	2.855	5	7.620	10	5.499	8	1.19%
No	88.267	141	102.931	161	109.616	194	105.550	171	21.685	33	236.852	398	428.050	700	390.612	650	98.81%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	100.00%
Seniority
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
sovereign	4.671	0	9.219	9.429	8.443	3.984	10.125	10.818	1.986	10.998	6.284	0.259	3.236
mortgage	0	0	0	0	0	0	0	0	0	0	0.200	0	0
senior secured	0	0	0	0	0.550	0.659	0.625	0.757	0.575	0.522	0.365	0	0
senior	32.513	8.414	32.101	31.846	32.691	11.514	34.603	16.014	34.432	41.279	42.021	2.701	18.450
subordinated	2.375	0	3.542	1.500	1.500	0.815	1.200	0.200	0.261	0.500	0.800	0	0
covered bonds	0	0	0.198	0	0	0	0	0.497	0	0	0	0	0
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	13.890	13	21.855	21	22.928	21	17.541	18	3.236	3	43.705	42	79.450	76	74.779	72	18.23%
mortgage	0	0	0	0	0	0	0.200	1	0	0	0.200	1	0.200	1	0.200	1	0.08%
senior secured	0	0	1.209	3	1.957	5	0.887	2	0	0	2.844	7	4.052	10	4.052	10	1.19%
senior	73.028	125	76.052	132	85.049	167	86.002	149	18.450	30	189.501	346	338.581	603	306.068	557	79.06%
subordinated	5.916	7	3.815	5	1.661	4	1.300	2	0	0	2.961	6	12.692	18	10.317	16	1.24%
covered bonds	0.198	1	0	0	0.497	1	0	0	0	0	0.497	1	0.694	2	0.694	2	0.21%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	100.00%
Moody's Rating
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Aaa	2.163	0	0	0	0.510	0	0	0.248	2.496	0	1.000	0.202	0
Aa1	0	0	0.399	0	0.556	0	0	0.497	0	0.250	0	0.080	0
Aa2	4.000	0	0.999	0.498	0	0	0	0	0	0	0	0	0
Aa3	0	1.366	2.521	1.558	6.847	0	0.992	0.498	0.453	4.854	7.138	0	0.198
A1	4.154	0	1.950	2.169	0.988	0.281	3.920	0.496	3.000	1.998	0.821	0.309	0.497
A2	3.920	0	3.268	2.911	4.393	0.987	2.681	2.318	0.844	0.300	1.919	0	1.433
A3	3.655	1.306	7.030	1.595	2.993	3.986	0.800	0	0	0.159	13.306	0	1.823
Baa1	2.725	1.271	1.009	6.383	3.990	0	8.123	0	4.147	3.378	0.500	0	7.970
Baa2	5.239	1.003	6.317	6.357	5.495	0.400	2.039	0.500	2.086	6.477	3.925	0	0
Baa3	1.551	0.349	5.558	5.046	4.681	2.239	3.080	2.222	2.710	6.742	5.659	0	7.225
Ba1	0	0	3.536	3.260	1.275	1.518	2.821	4.927	3.586	2.830	3.960	0	0
Ba2	0	0	0.200	1.650	0	1.074	0.300	0.500	0.494	1.522	0	0	0
Ba3	1.150	0	0	1.697	1.879	0	1.300	0	0.550	1.497	0	0	0
B1	1.347	0.149	0.549	0.727	2.000	0	4.746	1.500	1.850	1.000	0.400	0.328	0.224
B2	2.000	0	1.859	0	0.969	0.450	0.842	0.525	1.081	0.275	0.715	0	0
B3	0	0	0	0	0.947	0	0.605	3.271	2.253	1.497	0.200	0	0
Caa1	0	0	1.500	0	0	0	0.647	0.250	0.150	0	0	0	0
NR	7.656	2.970	8.364	8.925	5.660	6.037	13.656	10.532	11.554	20.520	10.127	2.042	2.316
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	2.163	3	0.510	1	2.744	2	1.202	2	0	0	3.946	4	6.619	8	4.456	5	1.65%
Aa1	0.399	1	0.556	2	0.497	1	0.330	2	0	0	0.827	3	1.781	6	1.781	6	0.35%
Aa2	4.999	3	0.498	1	0	0	0	0	0	0	0	0	5.497	4	1.497	2	0.00%
Aa3	3.887	8	8.405	11	1.943	4	11.993	16	0.198	1	14.134	21	26.425	40	26.425	40	5.90%
A1	6.103	11	3.438	8	7.416	10	3.129	7	0.497	1	11.043	18	20.584	37	16.430	31	4.61%
A2	7.188	8	8.291	8	5.844	7	2.219	3	1.433	2	9.495	12	24.975	28	21.055	23	3.96%
A3	11.990	17	8.574	11	0.800	2	13.464	10	1.823	2	16.088	14	36.652	42	32.998	37	6.71%
Baa1	5.005	9	10.373	9	12.270	15	3.878	3	7.970	10	24.117	28	39.496	46	36.771	43	10.06%
Baa2	12.558	16	12.252	16	4.625	8	10.402	13	0	0	15.027	21	39.837	53	34.599	47	6.27%
Baa3	7.458	14	11.967	15	8.012	15	12.401	17	7.225	10	27.638	42	47.063	71	45.511	68	11.53%
Ba1	3.536	5	6.053	11	11.334	12	6.789	7	0	0	18.123	19	27.712	35	27.712	35	7.56%
Ba2	0.200	1	2.724	6	1.294	4	1.522	2	0	0	2.816	6	5.740	13	5.740	13	1.17%
Ba3	1.150	3	3.575	8	1.850	5	1.497	4	0	0	3.347	9	8.073	20	6.923	17	1.40%
B1	2.045	5	2.727	6	8.096	15	1.728	4	0.224	1	10.048	20	14.820	31	13.473	29	4.19%
B2	3.859	6	1.419	4	2.448	8	0.990	3	0	0	3.438	11	8.717	21	6.717	20	1.43%
B3	0	0	0.947	2	6.129	12	1.697	4	0	0	7.826	16	8.774	18	8.774	18	3.26%
Caa1	1.500	1	0	0	1.047	4	0	0	0	0	1.047	4	2.547	5	2.547	5	0.44%
NR	18.990	35	20.622	42	35.742	74	32.689	75	2.316	6	70.747	155	110.359	232	102.703	219	29.51%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	0	0	0.600	0.400	1.489	0	0	0.450	0	0	0	0	0
Capex	0	0	0.792	0.993	2.925	1.094	1.800	0	0.261	1.079	10.932	0	0.986
Dividend/recap	0	0	0	0	0	0	0	0.225	0	0	0	0	0
GCP	12.760	1.896	13.889	8.069	6.219	1.566	15.420	5.131	6.632	7.279	1.798	0	5.440
Redeem notes	0	0	0	0	0.709	0	1.000	2.388	0.605	0.743	0.848	0	1.474
Refinance	0.347	0	3.346	0.917	0.560	1.997	4.831	1.822	3.491	2.968	0.095	0	0
Repay bank debt	2.566	0	0	1.500	0	0.122	1.125	0.300	0.503	0.787	4.555	0	0.180
Multiple/Other/NA	23.886	6.518	26.431	30.896	31.282	12.193	22.377	17.970	25.761	40.445	31.441	2.960	13.606
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.600	1	1.889	3	0.450	1	0	0	0	0	0.450	1	2.939	5	2.939	5	0.19%
Capex	0.792	1	5.013	8	2.061	5	12.011	10	0.986	2	15.057	17	20.862	26	20.862	26	6.28%
Dividend/recap	0	0	0	0	0.225	1	0	0	0	0	0.225	1	0.225	1	0.225	1	0.09%
GCP	28.546	41	15.853	18	27.183	33	9.077	15	5.440	7	41.700	55	86.100	114	73.339	98	17.40%
Redeem notes	0	0	0.709	2	3.993	7	1.591	4	1.474	2	7.057	13	7.766	15	7.766	15	2.94%
Refinance	3.693	9	3.474	6	10.144	24	3.063	6	0	0	13.206	30	20.374	45	20.027	44	5.51%
Repay bank debt	2.566	4	1.622	2	1.928	4	5.342	6	0.180	1	7.450	11	11.638	17	9.072	13	3.11%
Multiple/Other/NA	56.835	90	74.371	122	66.108	123	74.846	131	13.606	21	154.561	275	285.766	487	261.881	456	64.48%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Agriculture (0xxx)	0.322	0	0	0	0.272	0	1.091	0	1.025	0.670	1.182	0	0
Communications (48xx)	5.178	0	2.542	1.195	0	2.446	1.433	3.322	2.795	1.046	0.500	0	1.433
Construction (15xx)	0.347	0	0.350	0.498	0.997	0	0.499	0	0.498	1.197	0.348	0	0
Electric, gas, sanitary services (49xx)	1.195	0.149	1.237	3.318	0.400	0.500	0.832	1.000	4.368	0.946	3.153	1.549	3.212
Finance, insurance, real estate (6xxx)	18.695	5.135	19.908	20.219	19.776	6.450	17.801	8.581	14.620	9.914	12.351	1.152	2.111
Government (91xx)	0	0	0.600	0	0	0	0	0	0	0	0	0	0
Health services (8xxx)	0	0	0	0	0	0	0.500	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.254	0.538	5.251	3.449	2.127	0.594	5.334	3.157	5.649	8.208	3.502	0	0.604
Mining (1xxx)	3.652	0	1.488	0.993	0	0	0.998	0	0.350	2.900	0.500	0	1.250
Oil and gas (13xx)	2.725	0.993	3.271	1.606	4.250	1.000	3.994	0.523	3.529	12.841	18.207	0	6.359
Pharmaceuticals (2834-6)	0	0	0	0	0.300	1.997	0	0	0	0	0	0	0
Services (7xxx)	0.191	0.599	0.498	0.420	2.532	0	2.251	0	0	0.380	0.699	0	2.496
Sovereign (8888)	4.671	1.000	9.219	9.429	9.186	3.984	10.125	10.818	1.986	11.999	6.284	0.259	4.221
Transportation (4xxx)	2.156	0	0	1.351	2.154	0	1.345	0.197	1.390	2.202	1.800	0	0
Wholesale (5xxx)	0.173	0	0.695	0.298	1.189	0	0.350	0.688	1.043	0.995	1.144	0	0
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.322	1	0.272	1	2.116	4	1.852	5	0	0	3.968	9	4.562	11	4.240	10	1.66%
Communications (48xx)	7.720	10	3.641	8	7.549	14	1.546	3	1.433	2	10.528	19	21.890	37	16.712	31	4.39%
Construction (15xx)	0.697	2	1.495	3	0.997	2	1.546	4	0	0	2.542	6	4.734	11	4.387	10	1.06%
Electric, gas, sanitary services (49xx)	2.582	5	4.218	8	6.201	11	5.647	12	3.212	7	15.060	30	21.859	43	20.664	41	6.28%
Finance, insurance, real estate (6xxx)	43.738	80	46.445	84	41.002	89	23.417	55	2.111	4	66.530	148	156.713	312	138.018	287	27.75%
Government (91xx)	0.600	1	0	0	0	0	0	0	0	0	0	0	0.600	1	0.600	1	0.00%
Health services (8xxx)	0	0	0	0	0.500	1	0	0	0	0	0.500	1	0.500	1	0.500	1	0.21%
Manufacturing (2xxx, 3xxx)	6.043	12	6.171	9	14.140	28	11.710	23	0.604	3	26.453	54	38.667	75	38.413	74	11.04%
Mining (1xxx)	5.140	5	0.993	1	1.348	3	3.400	5	1.250	1	5.998	9	12.132	15	8.480	11	2.50%
Oil and gas (13xx)	6.989	7	6.856	7	8.047	10	31.049	28	6.359	7	45.454	45	59.299	59	56.575	56	18.96%
Pharmaceuticals (2834-6)	0	0	2.297	3	0	0	0	0	0	0	0	0	2.297	3	2.297	3	0.00%
Services (7xxx)	1.287	3	2.952	6	2.251	4	1.079	4	2.496	4	5.826	12	10.066	21	9.875	20	2.43%
Sovereign (8888)	14.890	14	22.599	22	22.928	21	18.542	20	4.221	5	45.692	46	83.180	82	78.509	78	19.06%
Transportation (4xxx)	2.156	3	3.506	7	2.932	6	4.002	8	0	0	6.934	14	12.596	24	10.440	21	2.89%
Wholesale (5xxx)	0.868	3	1.486	2	2.081	5	2.139	5	0	0	4.220	10	6.575	15	6.401	14	1.76%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	100.00%
Country
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Africa	2.383	1.000	0.736	0	1.501	1.480	0	1.236	0.575	0.552	1.540	0.202	4.978
Asia	8.027	4.360	15.306	9.462	13.175	1.739	21.530	3.755	17.312	19.029	18.608	0.529	4.286
Caribbean	0	0	1.500	0	0.850	0	0	1.000	0.300	1.000	0.200	0	0
Emerging Europe	1.553	0.742	6.553	8.772	4.136	1.733	2.830	8.863	2.200	1.309	6.178	0.305	0
Latin America	11.382	0.500	15.484	9.726	9.708	0.750	11.824	3.339	3.607	8.438	14.956	0	7.620
Middle East	6.231	0.828	2.838	6.663	6.856	9.020	7.669	2.866	6.985	6.019	4.838	1.329	2.620
Russia, CIS	9.983	0.985	2.643	8.151	6.958	2.250	2.700	7.226	6.275	16.954	3.350	0.596	2.181
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	4.119	6	2.981	4	1.811	4	2.293	7	4.978	7	9.082	18	16.182	28	13.799	24	3.79%
Asia	27.692	57	24.375	53	42.597	94	38.166	63	4.286	9	85.050	166	137.117	276	129.090	262	35.48%
Caribbean	1.500	1	0.850	2	1.300	2	1.200	2	0	0	2.500	4	4.850	7	4.850	7	1.04%
Emerging Europe	8.848	13	14.641	14	13.893	18	7.792	17	0	0	21.685	35	45.174	62	43.621	60	9.05%
Latin America	27.366	38	20.184	32	18.770	33	23.395	31	7.620	10	49.785	74	97.335	144	85.953	130	20.77%
Middle East	9.897	11	22.539	33	17.520	23	12.186	23	2.620	4	32.325	50	64.761	94	58.530	88	13.49%
Russia, CIS	13.610	20	17.360	23	16.201	24	20.899	29	2.181	3	39.281	56	70.251	99	60.268	87	16.39%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	100.00%
Currency
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
$	32.380	7.672	39.473	36.038	37.672	16.591	43.723	23.104	34.148	46.266	44.134	2.461	18.158
CHF	0.358	0.105	0.188	0	0	0	0	0	0	0	0	0	0
RMB	0	0	0.253	0	0	0	0	0.160	0	0	0	0	0
Y	0.191	0	0.315	0.127	0.823	0.122	0	0	0	0	0	0	0
€	5.478	0.637	4.119	6.609	4.689	0.259	2.830	5.021	2.653	7.033	5.536	0.499	3.074
£	1.153	0	0.712	0	0	0	0	0	0.453	0	0	0	0.453
Total	39.559	8.414	45.059	42.775	43.184	16.972	46.553	28.285	37.253	53.300	49.670	2.960	21.685
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	79.525	125	90.302	146	100.975	180	92.862	154	18.158	29	211.996	363	381.823	634	349.443	591	88.44%
CHF	0.651	3	0	0	0	0	0	0	0	0	0	0	0.651	3	0.293	2	0.00%
RMB	0.253	2	0	0	0.160	1	0	0	0	0	0.160	1	0.413	3	0.413	3	0.07%
Y	0.506	2	1.072	4	0	0	0	0	0	0	0	0	1.578	6	1.386	5	0.00%
€	10.233	12	11.557	11	10.503	16	13.068	18	3.074	3	26.645	37	48.435	60	42.958	54	11.12%
£	1.864	2	0	0	0.453	1	0	0	0.453	1	0.906	2	2.770	4	1.618	3	0.38%
Total	93.032	146	102.931	161	112.091	198	105.930	172	21.685	33	239.707	403	435.670	710	396.111	658	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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