Analysis of emerging markets issuance for year to date and 12 months through November

Total year-to-date issuance: $121.366 billion in 324 deals

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Yield

	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Less than 3%	0	0	0	0.574	0	0	0.434	0	0	0.298	0	0
3%-3.99%	0	4.863	0.481	0	0	0	0	0	0	0	0	0
4%-4.99%	1.344	0	1.191	0.902	0	0	0	0	0	1.774	0.941	0.497
5%-5.99%	0.499	1.652	2.093	5.744	0.262	0.650	0.498	0	0.299	2.224	1.383	4.442
6%-6.99%	0	3.942	0.700	1.235	0.895	1.041	0.495	0.820	0.816	3.727	4.594	7.775
7%-7.99%	0.967	5.252	0.124	3.675	0.200	2.602	0.399	3.508	1.087	2.077	3.735	2.219
8%-8.99%	1.061	1.654	1.103	0.785	1.185	0.717	0.298	0.875	0	0.953	0.825	0.984
9% and higher	2.337	0.550	1.164	0.299	0.748	1.624	0	1.038	0.110	1.440	2.508	2.354
Floater	1.955	0.311	0.973	1.499	3.376	0.649	1.849	0.449	0	2.627	2.917	1.805
NA	0	0	0	0	0.428	0	0.400	0	0.045	0	0.509	0.193
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 3%	0.574	2	0.434	1	0.298	1	0	0	1.306	4	1.306	4	1.08%
3%-3.99%	5.344	3	0	0	0	0	0	0	5.344	3	5.344	3	4.40%
4%-4.99%	2.094	3	0	0	1.774	2	1.438	2	5.305	7	6.650	9	4.37%
5%-5.99%	9.490	15	1.410	4	2.523	7	5.825	9	19.248	35	19.746	36	15.86%
6%-6.99%	5.877	14	2.432	7	5.363	13	12.369	14	26.040	48	26.040	48	21.46%
7%-7.99%	9.052	15	3.201	10	6.672	16	5.954	17	24.879	58	25.846	62	20.50%
8%-8.99%	3.542	17	2.200	11	1.827	9	1.809	8	9.379	45	10.440	50	7.73%
9% and higher	2.013	13	2.372	13	2.587	15	4.862	28	11.835	69	14.172	78	9.75%
Floater	2.784	14	5.874	15	3.077	8	4.722	12	16.457	49	18.412	56	13.56%
NA	0	0	0.828	3	0.045	1	0.701	2	1.574	6	1.574	6	1.30%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	100.00%
Versus Talk
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Lower	0.397	1.698	0.224	0	0.658	1.296	0	0.498	0.536	0.618	1.750	1.743
Low end	0.993	3.725	1.762	3.142	0.398	0.360	0	1.203	1.049	2.082	3.211	7.725
Middle	2.374	6.036	1.449	2.510	0.716	1.637	0.300	4.100	0	2.576	1.651	5.968
High end	2.005	4.663	0	1.509	0.598	0.850	0	0	0	0.350	1.247	0.300
Higher	0	0	0	0.200	0	0	0	0.150	0	0	0	0
NA	2.395	2.103	4.394	7.352	4.723	3.140	4.075	0.739	0.773	9.494	9.553	4.533
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	1.922	5	1.954	5	1.652	7	3.494	7	9.022	24	9.419	26	7.43%
Low end	8.629	19	0.758	3	4.333	13	10.936	26	24.656	61	25.649	64	20.32%
Middle	9.995	22	2.653	11	6.676	17	7.619	20	26.943	70	29.317	76	22.20%
High end	6.172	6	1.448	5	0.350	1	1.547	3	9.517	15	11.522	18	7.84%
Higher	0.200	1	0	0	0.150	1	0	0	0.350	2	0.350	2	0.29%
NA	13.849	43	11.938	40	11.006	33	14.085	36	50.878	152	53.273	166	41.92%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	100.00%
Upsized?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	1.627	2.606	0.967	1.224	1.208	1.019	0.449	2.266	0	1.878	1.069	6.540
No	6.536	15.208	6.862	12.489	5.811	6.265	3.925	4.273	2.357	13.073	16.123	13.729
Downsized	0	0.411	0	1.000	0.075	0	0	0.150	0	0.168	0.220	0
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	4.797	16	2.676	9	4.145	8	7.609	12	19.227	45	20.854	51	15.84%
No	34.559	76	16.000	54	19.704	62	29.852	79	100.115	271	106.651	293	82.49%
Downsized	1.411	4	0.075	1	0.318	2	0.220	1	2.024	8	2.024	8	1.67%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	100.00%
Seniority
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
sovereign	1.276	10.278	1.627	9.407	0.398	0	0	3.306	0	2.304	3.331	5.165
senior secured	0.556	0.406	0.219	0	0	0.175	0	0.100	0.110	1.550	0.455	0.110
secured	0.150	0	0.036	0	0	0	0	0	0	0.168	0	0
senior	5.145	7.542	5.302	5.246	5.223	6.959	2.275	2.934	1.515	9.479	12.937	14.448
subordinated	1.036	0	0.645	0.060	1.473	0.150	2.100	0.350	0.732	1.618	0.688	0.546
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
sovereign	21.312	24	0.398	1	5.610	13	8.496	12	35.816	50	37.092	53	29.51%
senior secured	0.625	4	0.175	1	1.760	4	0.565	4	3.125	13	3.681	15	2.57%
secured	0.036	1	0	0	0.168	1	0	0	0.204	2	0.354	3	0.17%
senior	18.090	62	14.456	54	13.928	43	27.385	67	73.859	226	79.005	244	60.86%
subordinated	0.705	5	3.723	8	2.700	11	1.234	9	8.362	33	9.398	37	6.89%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	100.00%
Moody's Rating
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Aaa	0	0	0	0	0	0	0.993	0	0	0	0	0
Aa2	0	0	0.250	0	0	0	0	0	0	0	0	0
Aa3	0	0	0	0	0.399	0	1.349	0	0	0	3.918	0
A1	0	1.200	0	0.863	0	0.650	0	0	0	2.575	0.499	0
A2	1.000	3.663	1.191	0.197	0.500	0.298	0	0	0.299	0	1.750	1.894
A3	0	0.398	1.467	1.957	0.695	0	0	0	0	3.372	0.189	3.554
Baa1	2.017	1.486	0.300	4.075	0.300	1.991	0	0	0.198	1.532	0.984	2.483
Baa2	0	1.599	0	0.503	1.246	0.299	0.300	1.494	0.538	1.087	1.508	0.250
Baa3	0	1.000	0.299	0.397	0.398	0.696	0	0.368	0.150	0.499	0.397	4.303
Ba1	0	0.798	0.124	0	0.252	0.344	0	0.322	0	0	0.220	0.373
Ba2	0.150	1.150	0.450	0.200	0.581	0.350	0.198	0.995	0.350	2.592	0.601	2.124
Ba3	1.620	2.813	0.990	0.844	0.300	0.367	0	0.743	0.250	1.102	2.145	1.355
B1	1.025	2.327	0.395	0.299	0	0.284	0	1.056	0	0.168	1.940	1.806
B2	0	0	0.524	2.925	0.125	0	0	0	0	0	0.208	0.802
B3	0	0.522	0.671	0.800	0	0	0	0.626	0	0	1.598	0.725
Caa2	0.596	0	0	0	0	0	0	0	0	0	0	0
NR	1.754	1.267	1.167	1.653	2.298	2.004	1.533	1.086	0.573	2.192	1.456	0.602
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Aaa	0	0	0.993	2	0	0	0	0	0.993	2	0.993	2	0.82%
Aa2	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.21%
Aa3	0	0	1.749	3	0	0	3.918	4	5.666	7	5.666	7	4.67%
A1	2.062	2	0.650	1	2.575	5	0.499	1	5.786	9	5.786	9	4.77%
A2	5.051	4	0.798	2	0.299	1	3.644	4	9.792	11	10.792	12	8.07%
A3	3.823	7	0.695	2	3.372	6	3.743	8	11.633	23	11.633	23	9.59%
Baa1	5.861	6	2.291	5	1.730	4	3.466	4	13.349	19	15.366	22	11.00%
Baa2	2.102	5	1.845	4	3.119	7	1.758	5	8.823	21	8.823	21	7.27%
Baa3	1.695	4	1.094	3	1.017	4	4.700	5	8.506	16	8.506	16	7.01%
Ba1	0.923	3	0.596	2	0.322	1	0.593	3	2.434	9	2.434	9	2.01%
Ba2	1.800	7	1.130	5	3.937	8	2.725	6	9.592	26	9.742	27	7.90%
Ba3	4.647	9	0.667	3	2.096	8	3.499	11	10.909	31	12.529	36	8.99%
B1	3.021	8	0.284	2	1.224	4	3.746	10	8.276	24	9.301	28	6.82%
B2	3.449	7	0.125	1	0	0	1.009	8	4.584	16	4.584	16	3.78%
B3	1.994	6	0	0	0.626	2	2.323	10	4.943	18	4.943	18	4.07%
Caa2	0	0	0	0	0	0	0	0	0	0	0.596	1	0.00%
NR	4.088	27	5.835	29	3.851	22	2.057	13	15.831	91	17.585	104	13.04%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	100.00%
Use of Proceeds
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Acquisition	0	0.305	0	0.150	0	0	0.993	0	0	0.381	0	0
Capex	0.600	1.734	0	0.200	0	0	0	0.252	0	1.550	0.125	0.110
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.155	0.100
GCP	0.854	5.666	1.542	2.624	0.515	0.650	0.449	2.766	0.250	1.734	1.848	1.698
LBO	0	0	0	0	0	0.535	0	0	0	0	0	0
Redeem notes	0	0	0	3.173	0	0	0	0	0	1.591	0.645	0
Refinance	2.827	2.248	0.219	0.425	0.410	0.250	0	0.869	0	0.077	0	6.668
Repay bank debt	0.239	1.499	0	0.297	0	0	0	0	0.110	0	0	0
Multiple/Other/NA	3.644	6.772	6.068	7.845	6.169	5.848	2.932	2.802	1.998	9.787	14.639	11.693
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.455	2	0.993	2	0.381	1	0	0	1.830	5	1.830	5	1.51%
Capex	1.935	4	0	0	1.802	4	0.235	2	3.972	10	4.572	12	3.27%
Dividend/recap	0	0	0	0	0	0	0.255	2	0.255	2	0.255	2	0.21%
GCP	9.832	17	1.615	6	4.751	12	3.547	5	19.744	40	20.597	44	16.27%
LBO	0	0	0.535	2	0	0	0	0	0.535	2	0.535	2	0.44%
Redeem notes	3.173	2	0	0	1.591	3	0.645	2	5.409	7	5.409	7	4.46%
Refinance	2.891	6	0.660	3	0.946	6	6.668	6	11.165	21	13.992	26	9.20%
Repay bank debt	1.796	3	0	0	0.110	1	0	0	1.906	4	2.145	5	1.57%
Multiple/Other/NA	20.685	62	14.949	51	14.587	45	26.332	75	76.552	233	80.196	249	63.08%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	100.00%
Industry Sector (by SIC code)
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Agriculture (0xxx)	0	0.300	0.225	0	0.125	0	0	0.300	0	0	0.108	0
Mining (1xxx)	0.396	1.000	0.149	0	0	0	0	0	0	0.199	0.696	3.703
Oil and gas (13xx)	1.170	1.486	0	0	0	0.650	0	1.494	0.250	0.796	0.984	1.991
Construction (15xx)	0.225	0	0	0	0.150	0	0	0	0	0	0	0.500
Manufacturing (2xxx, 3xxx)	0.447	1.949	0.352	0.745	0.400	0.870	0.633	0	0.607	0.573	0.945	0.742
Transportation (4xxx)	0	0	0	1.199	0.158	0.791	0.993	0	0	0.506	0	0.175
Communications (48xx)	0.239	0.898	0	0	0.195	0.367	0	0.154	0	0.168	0.155	0.500
Electric, gas, sanitary services (49xx)	0.557	0.804	1.589	0.347	0	0.298	0.099	0.247	0	1.900	1.630	0.150
Wholesale (5xxx)	0	0	0	0	0.260	0	0	0	0	0	0.273	0.200
Finance, insurance, real estate (6xxx)	3.254	1.510	3.687	3.015	5.377	4.023	2.649	1.189	1.501	8.673	9.040	7.144
Services (7xxx)	0.600	0	0	0	0.030	0.175	0	0	0	0	0.250	0
Health services (8xxx)	0	0	0	0	0	0.110	0	0	0	0	0	0
Sovereign (8888)	1.276	10.278	1.827	9.407	0.398	0	0	3.306	0	2.304	3.331	5.165
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.525	3	0.125	1	0.300	1	0.108	1	1.058	6	1.058	6	0.87%
Mining (1xxx)	1.149	2	0	0	0.199	1	4.399	4	5.748	7	6.144	8	4.74%
Oil and gas (13xx)	1.486	2	0.650	1	2.540	5	2.975	3	7.651	11	8.821	12	6.30%
Construction (15xx)	0	0	0.150	1	0	0	0.500	1	0.650	2	0.875	3	0.54%
Manufacturing (2xxx, 3xxx)	3.046	11	1.903	9	1.179	5	1.686	8	7.815	33	8.262	35	6.44%
Transportation (4xxx)	1.199	2	1.943	5	0.506	1	0.175	1	3.822	9	3.822	9	3.15%
Communications (48xx)	0.898	3	0.563	2	0.322	2	0.655	4	2.438	11	2.677	12	2.01%
Electric, gas, sanitary services (49xx)	2.739	10	0.397	2	2.147	8	1.780	5	7.064	25	7.620	28	5.82%
Wholesale (5xxx)	0	0	0.260	1	0	0	0.473	3	0.733	4	0.733	4	0.60%
Finance, insurance, real estate (6xxx)	8.212	38	12.049	38	11.363	36	16.183	49	47.808	161	51.061	175	39.39%
Services (7xxx)	0	0	0.205	2	0	0	0.250	1	0.455	3	1.055	5	0.37%
Health services (8xxx)	0	0	0.110	1	0	0	0	0	0.110	1	0.110	1	0.09%
Sovereign (8888)	21.512	25	0.398	1	5.610	13	8.496	12	36.016	51	37.292	54	29.68%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	100.00%
Country
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Brazil	0.765	3.610	0.742	0.719	0.220	0.250	0.198	0.547	0	1.693	0.786	5.525
Hong Kong	0.499	0	0.036	0.508	0.200	0.685	0.949	0	0.418	1.668	0	1.559
Kazakhstan	0	0.298	0.224	0.504	0.247	1.834	0	0.150	0	0.979	0.348	0.962
Korea	0.374	0.761	1.420	0.827	1.843	0.594	0.834	0.150	0.497	3.001	0.189	2.144
Mexico	0	1.486	0.078	2.974	0.485	0	0	0	0.110	0.150	0.600	0.375
Russia	2.821	0.200	1.297	0.584	0.650	2.662	0.400	1.794	0.045	2.206	4.243	3.450
Turkey	0	1.453	0.890	0.220	0	0	0	0.734	0	0.327	1.247	0.705
Others	3.706	10.415	3.143	8.377	3.449	1.259	1.992	3.314	1.287	5.095	9.998	5.550
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Brazil	5.071	13	0.668	4	2.240	9	6.311	9	14.290	35	15.054	40	11.77%
Hong Kong	0.544	3	1.834	6	2.087	3	1.559	3	6.024	15	6.523	16	4.96%
Kazakhstan	1.026	5	2.080	6	1.129	3	1.310	5	5.545	19	5.545	19	4.57%
Korea	3.009	12	3.271	9	3.648	11	2.333	6	12.262	38	12.635	40	10.10%
Mexico	4.537	6	0.485	3	0.260	2	0.975	4	6.257	15	6.257	15	5.16%
Russia	2.081	11	3.712	13	4.045	10	7.693	15	17.531	49	20.352	55	14.44%
Turkey	2.563	4	0	0	1.062	3	1.952	2	5.576	9	5.576	9	4.59%
Others	21.934	42	6.700	23	9.697	31	15.548	48	53.881	144	57.586	158	44.39%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	100.00%
Currency
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
$	6.326	11.935	4.645	10.781	6.612	7.283	3.940	6.498	2.357	10.899	14.509	16.980
Y	0.025	0.111	0.084	0.573	0	0	0.434	0	0	0.298	0	0
€	1.812	6.179	3.100	2.495	0.482	0	0	0.191	0	3.923	2.903	1.970
£	0	0	0	0.863	0	0	0	0	0	0	0	1.318
Total	8.163	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.269
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
$	27.361	74	17.836	60	19.754	64	31.490	79	96.441	277	102.767	300	79.46%
Y	0.769	5	0.434	1	0.298	1	0	0	1.501	7	1.526	8	1.24%
€	11.774	16	0.482	3	4.114	7	4.873	11	21.243	37	23.056	41	17.50%
£	0.863	1	0	0	0	0	1.318	2	2.181	3	2.181	3	1.80%
Total	40.767	96	18.752	64	24.166	72	37.681	92	121.366	324	129.530	352	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, Belgium, Iceland and Greece.

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