Analysis of emerging markets issuance for 2007

Total year-to-date issuance: $128.602 billion in 348 deals

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

Yield

	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Less than 3%	0	0	0.574	0	0	0.434	0	0	0.298	0	0	0
3%-3.99%	4.863	0.481	0	0	0	0	0	0	0	0	0	0
4%-4.99%	0	1.191	0.902	0	0	0	0	0	1.774	0.941	0.497	0
5%-5.99%	1.652	2.093	5.744	0.262	0.650	0.498	0	0.299	2.224	1.383	4.442	0
6%-6.99%	3.942	0.700	1.235	0.895	1.041	0.495	0.820	0.816	3.727	4.594	7.775	2.698
7%-7.99%	5.252	0.124	3.675	0.200	2.602	0.399	3.508	1.087	2.077	3.735	2.219	0.500
8%-8.99%	1.654	1.103	0.785	1.185	0.717	0.298	0.875	0	0.953	0.825	0.984	0.520
9% and higher	0.550	1.164	0.299	0.748	1.624	0	1.038	0.110	1.440	2.508	2.354	1.794
Floater	0.311	0.973	1.499	3.376	0.649	1.849	0.449	0	2.627	2.917	1.855	1.524
NA	0	0	0	0.428	0	0.400	0	0.045	0	0.509	0.193	0.149
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	1.02%
3%-3.99%	5.344	3	0	0	0	0	0	0	5.344	3	5.344	3	4.16%
4%-4.99%	2.094	3	0	0	1.774	2	1.438	2	5.305	7	5.305	7	4.13%
5%-5.99%	9.490	15	1.410	4	2.523	7	5.825	9	19.248	35	19.248	35	14.97%
6%-6.99%	5.877	14	2.432	7	5.363	13	15.066	19	28.738	53	28.738	53	22.35%
7%-7.99%	9.052	15	3.201	10	6.672	16	6.454	18	25.379	59	25.379	59	19.73%
8%-8.99%	3.542	17	2.200	11	1.827	9	2.329	10	9.899	47	9.899	47	7.70%
9% and higher	2.013	13	2.372	13	2.587	15	6.657	37	13.630	78	13.630	78	10.59%
Floater	2.784	14	5.874	15	3.077	8	6.297	18	18.031	55	18.031	55	14.02%
NA	0	0	0.828	3	0.045	1	0.851	3	1.724	7	1.724	7	1.34%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	100.00%
Versus Talk
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Lower	1.698	0.224	0	0.658	1.296	0	0.498	0.536	0.618	1.750	1.743	0.600
Low end	3.725	1.762	3.142	0.398	0.360	0	1.203	1.049	2.082	3.211	7.725	0.523
Middle	6.036	1.449	2.510	0.716	1.637	0.300	4.100	0	2.576	1.651	5.968	1.359
High end	4.663	0	1.509	0.598	0.850	0	0	0	0.350	1.247	0.300	0
Higher	0	0	0.200	0	0	0	0.150	0	0	0	0	0.149
NA	2.103	4.394	7.352	4.723	3.140	4.075	0.739	0.773	9.494	9.553	4.583	4.554
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	4.094	9	9.622	26	9.622	26	7.48%
Low end	8.629	19	0.758	3	4.333	13	11.458	28	25.178	63	25.178	63	19.58%
Middle	9.995	22	2.653	11	6.676	17	8.979	24	28.303	74	28.303	74	22.01%
High end	6.172	6	1.448	5	0.350	1	1.547	3	9.517	15	9.517	15	7.40%
Higher	0.200	1	0	0	0.150	1	0.149	1	0.499	3	0.499	3	0.39%
NA	13.849	43	11.938	40	11.006	33	18.690	51	55.482	167	55.482	167	43.14%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	100.00%
Upsized?
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Yes	2.606	0.967	1.224	1.208	1.019	0.449	2.266	0	1.878	1.069	6.540	0.225
No	15.208	6.862	12.489	5.811	6.265	3.925	4.273	2.357	13.073	16.123	13.779	6.636
Downsized	0.411	0	1.000	0.075	0	0	0.150	0	0.168	0.220	0	0.325
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	7.834	13	19.452	46	19.452	46	15.13%
No	34.559	76	16.000	54	19.704	62	36.538	100	106.801	292	106.801	292	83.05%
Downsized	1.411	4	0.075	1	0.318	2	0.545	3	2.349	10	2.349	10	1.83%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	100.00%
Seniority
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
sovereign	10.278	1.627	9.407	0.398	0	0	3.306	0	2.304	3.331	5.165	0
senior secured	0.406	0.219	0	0	0.175	0	0.100	0.110	1.550	0.455	0.110	0.625
secured	0	0.036	0	0	0	0	0	0	0.168	0	0	0
senior	7.542	5.302	5.246	5.223	6.959	2.275	2.934	1.515	9.479	12.937	14.498	5.836
subordinated	0	0.645	0.060	1.473	0.150	2.100	0.350	0.732	1.618	0.688	0.546	0.724
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	35.816	50	27.85%
senior secured	0.625	4	0.175	1	1.760	4	1.190	7	3.750	16	3.750	16	2.92%
secured	0.036	1	0	0	0.168	1	0	0	0.204	2	0.204	2	0.16%
senior	18.090	62	14.456	54	13.928	43	33.271	84	79.746	243	79.746	243	62.01%
subordinated	0.705	5	3.723	8	2.700	11	1.959	13	9.087	37	9.087	37	7.07%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	100.00%
Moody's Rating
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Aaa	0	0	0	0	0	0.993	0	0	0	0	0	0
Aa2	0	0.250	0	0	0	0	0	0	0	0	0	0
Aa3	0	0	0	0.399	0	1.349	0	0	0	3.918	0	0.850
A1	1.200	0	0.863	0	0.650	0	0	0	2.575	0.499	0	0.300
A2	3.663	1.191	0.197	0.500	0.298	0	0	0.299	0	1.750	1.894	0.500
A3	0.398	1.467	1.957	0.695	0	0	0	0	3.372	0.189	3.554	0.499
Baa1	1.486	0.300	4.075	0.300	1.991	0	0	0.198	1.532	0.984	2.483	0
Baa2	1.599	0	0.503	1.246	0.299	0.300	1.494	0.538	1.087	1.508	0.250	0.300
Baa3	1.000	0.299	0.397	0.398	0.696	0	0.368	0.150	0.499	0.397	4.303	0.149
Ba1	0.798	0.124	0	0.252	0.344	0	0.322	0	0	0.220	0.373	0
Ba2	1.150	0.450	0.200	0.581	0.350	0.198	0.995	0.350	2.592	0.601	2.124	0.500
Ba3	2.813	0.990	0.844	0.300	0.367	0	0.743	0.250	1.102	2.145	1.355	0.300
B	0	0	0	0	0	0	0	0	0	0	0	0.220
B1	2.327	0.395	0.299	0	0.284	0	1.056	0	0.168	1.940	1.806	0.650
B2	0	0.524	2.925	0.125	0	0	0	0	0	0.208	0.802	0.644
B3	0.522	0.671	0.800	0	0	0	0.626	0	0	1.598	0.725	0.300
NR	1.267	1.167	1.653	2.298	2.004	1.533	1.086	0.573	2.192	1.456	0.652	1.973
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	0.77%
Aa2	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.19%
Aa3	0	0	1.749	3	0	0	4.768	5	6.516	8	6.516	8	5.07%
A1	2.062	2	0.650	1	2.575	5	0.799	2	6.086	10	6.086	10	4.73%
A2	5.051	4	0.798	2	0.299	1	4.144	5	10.292	12	10.292	12	8.00%
A3	3.823	7	0.695	2	3.372	6	4.242	9	12.133	24	12.133	24	9.43%
Baa1	5.861	6	2.291	5	1.730	4	3.466	4	13.349	19	13.349	19	10.38%
Baa2	2.102	5	1.845	4	3.119	7	2.058	6	9.123	22	9.123	22	7.09%
Baa3	1.695	4	1.094	3	1.017	4	4.849	6	8.655	17	8.655	17	6.73%
Ba1	0.923	3	0.596	2	0.322	1	0.593	3	2.434	9	2.434	9	1.89%
Ba2	1.800	7	1.130	5	3.937	8	3.225	7	10.092	27	10.092	27	7.85%
Ba3	4.647	9	0.667	3	2.096	8	3.799	12	11.209	32	11.209	32	8.72%
B	0	0	0	0	0	0	0.220	1	0.220	1	0.220	1	0.17%
B1	3.021	8	0.284	2	1.224	4	4.396	14	8.926	28	8.926	28	6.94%
B2	3.449	7	0.125	1	0	0	1.654	11	5.228	19	5.228	19	4.07%
B3	1.994	6	0	0	0.626	2	2.623	12	5.243	20	5.243	20	4.08%
NR	4.088	27	5.835	29	3.851	22	4.080	19	17.853	97	17.853	97	13.88%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	100.00%
Use of Proceeds
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Acquisition	0.305	0	0.150	0	0	0.993	0	0	0.381	0	0	0
Capex	1.734	0	0.200	0	0	0	0.252	0	1.550	0.125	0.110	1.175
Dividend/recap	0	0	0	0	0	0	0	0	0	0.155	0.100	0.598
GCP	5.666	1.542	2.624	0.515	0.650	0.449	2.766	0.250	1.734	1.848	1.698	0
LBO	0	0	0	0	0.535	0	0	0	0	0	0	0
Refinance	3.747	0.219	3.895	0.410	0.250	0	0.869	0.110	1.668	0.645	6.668	0.445
Multiple/Other/NA	6.772	6.068	7.845	6.169	5.848	2.932	2.802	1.998	9.787	14.639	11.743	4.968
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	1.42%
Capex	1.935	4	0	0	1.802	4	1.410	5	5.147	13	5.147	13	4.00%
Dividend/recap	0	0	0	0	0	0	0.852	4	0.852	4	0.852	4	0.66%
GCP	9.832	17	1.615	6	4.751	12	3.547	5	19.744	40	19.744	40	15.35%
LBO	0	0	0.535	2	0	0	0	0	0.535	2	0.535	2	0.42%
Refinance	7.860	11	0.660	3	2.647	10	7.758	10	18.925	34	18.925	34	14.72%
Multiple/Other/NA	20.685	62	14.949	51	14.587	45	31.350	92	81.570	250	81.570	250	63.43%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Agriculture (0xxx)	0.300	0.225	0	0.125	0	0	0.300	0	0	0.108	0	0.250
Mining (1xxx)	1.000	0.149	0	0	0	0	0	0	0.199	0.696	3.703	0.325
Oil and gas (13xx)	1.486	0	0	0	0.650	0	1.494	0.250	0.796	0.984	1.991	0.300
Construction (15xx)	0	0	0	0.150	0	0	0	0	0	0	0.500	0
Manufacturing (2xxx, 3xxx)	1.949	0.352	0.745	0.400	0.870	0.633	0	0.607	0.573	0.945	0.742	1.410
Transportation (4xxx)	0	0	1.199	0.158	0.791	0.993	0	0	0.506	0	0.175	1.150
Communications (48xx)	0.898	0	0	0.195	0.367	0	0.154	0	0.168	0.155	0.500	1.109
Electric, gas, sanitary services (49xx)	0.804	1.589	0.347	0	0.298	0.099	0.247	0	1.900	1.630	0.150	0.518
Wholesale (5xxx)	0	0	0	0.260	0	0	0	0	0	0.273	0.200	0
Finance, insurance, real estate (6xxx)	1.510	3.687	3.015	5.377	4.023	2.649	1.189	1.501	8.673	9.040	7.194	2.124
Services (7xxx)	0	0	0	0.030	0.175	0	0	0	0	0.250	0	0
Health services (8xxx)	0	0	0	0	0.110	0	0	0	0	0	0	0
Sovereign (8888)	10.278	1.827	9.407	0.398	0	0	3.306	0	2.304	3.331	5.165	0
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	0.358	3	1.308	8	1.308	8	1.02%
Mining (1xxx)	1.149	2	0	0	0.199	1	4.724	6	6.073	9	6.073	9	4.72%
Oil and gas (13xx)	1.486	2	0.650	1	2.540	5	3.275	4	7.951	12	7.951	12	6.18%
Construction (15xx)	0	0	0.150	1	0	0	0.500	1	0.650	2	0.650	2	0.51%
Manufacturing (2xxx, 3xxx)	3.046	11	1.903	9	1.179	5	3.096	11	9.225	36	9.225	36	7.18%
Transportation (4xxx)	1.199	2	1.943	5	0.506	1	1.325	3	4.972	11	4.972	11	3.87%
Communications (48xx)	0.898	3	0.563	2	0.322	2	1.764	7	3.547	14	3.547	14	2.76%
Electric, gas, sanitary services (49xx)	2.739	10	0.397	2	2.147	8	2.298	7	7.581	27	7.581	27	5.89%
Wholesale (5xxx)	0	0	0.260	1	0	0	0.473	3	0.733	4	0.733	4	0.57%
Finance, insurance, real estate (6xxx)	8.212	38	12.049	38	11.363	36	18.358	58	49.982	170	49.982	170	38.87%
Services (7xxx)	0	0	0.205	2	0	0	0.250	1	0.455	3	0.455	3	0.35%
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	36.016	51	28.01%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	100.00%
Country
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Brazil	3.610	0.742	0.719	0.220	0.250	0.198	0.547	0	1.693	0.786	5.525	0
Hong Kong	0	0.036	0.508	0.200	0.685	0.949	0	0.418	1.668	0	1.559	0.350
Indonesia	0.248	0.250	2.125	0.283	0.110	0	0	0	0.168	1.345	0.310	0.510
Kazakhstan	0.298	0.224	0.504	0.247	1.834	0	0.150	0	0.979	0.348	0.962	0.300
Korea	0.761	1.420	0.827	1.843	0.594	0.834	0.150	0.497	3.001	0.189	2.144	0
Mexico	1.486	0.078	2.974	0.485	0	0	0	0.110	0.150	0.600	0.375	1.899
Russia	0.200	1.297	0.584	0.650	2.662	0.400	1.794	0.045	2.206	4.243	3.450	0.900
Turkey	1.453	0.890	0.220	0	0	0	0.734	0	0.327	1.247	0.705	0
Others	10.167	2.893	6.252	3.166	1.149	1.992	3.314	1.287	4.927	8.653	5.290	3.226
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	14.290	35	11.11%
Hong Kong	0.544	3	1.834	6	2.087	3	1.909	5	6.374	17	6.374	17	4.96%
Indonesia	2.623	4	0.393	3	0.168	1	2.165	11	5.350	19	5.350	19	4.16%
Kazakhstan	1.026	5	2.080	6	1.129	3	1.610	6	5.845	20	5.845	20	4.55%
Korea	3.009	12	3.271	9	3.648	11	2.333	6	12.262	38	12.262	38	9.53%
Mexico	4.537	6	0.485	3	0.260	2	2.874	8	8.157	19	8.157	19	6.34%
Russia	2.081	11	3.712	13	4.045	10	8.593	18	18.431	52	18.431	52	14.33%
Turkey	2.563	4	0	0	1.062	3	1.952	2	5.576	9	5.576	9	4.34%
Others	19.311	38	6.307	20	9.529	30	17.169	51	52.317	139	52.317	139	40.68%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	100.00%
Currency
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
$	11.935	4.645	10.781	6.612	7.283	3.940	6.498	2.357	10.899	14.509	17.030	7.186
Y	0.111	0.084	0.573	0	0	0.434	0	0	0.298	0	0	0
€	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	0
Total	18.225	7.829	14.713	7.094	7.283	4.375	6.689	2.357	15.120	17.412	20.319	7.186
	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	38.726	103	103.677	301	103.677	301	80.62%
Y	0.769	5	0.434	1	0.298	1	0	0	1.501	7	1.501	7	1.17%
€	11.774	16	0.482	3	4.114	7	4.873	11	21.243	37	21.243	37	16.52%
£	0.863	1	0	0	0	0	1.318	2	2.181	3	2.181	3	1.70%
Total	40.767	96	18.752	64	24.166	72	44.917	116	128.602	348	128.602	348	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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