Analysis of emerging markets issuance for 12 months through July 2008

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

Yield

	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Less than 5%	0	0.999	0.216	0	0	0.393	0	0	0.117	0.238	0.768	0
5%-5.99%	0	0.498	5.685	0	0	1.749	0	0	0.299	0.849	1.257	0
6%-6.99%	0	3.780	5.823	0.700	0	2.826	0.113	0	0.496	2.009	2.651	2.343
7%-7.99%	1.250	0	1.883	0	0.030	1.000	1.115	0.249	0.811	3.343	1.943	1.699
8%-8.99%	0	0.750	2.342	0.424	1.000	0	0	0	2.050	0.753	4.739	1.650
9% and higher	0.126	1.685	0.743	0.553	0	0.100	0	0	2.045	0.694	2.836	2.100
Floater	0.975	0	1.100	0.325	0.250	0	0	0.510	0	0.307	0.155	0.147
NA	0	0.041	0.710	0	0	4.225	0.897	0.100	7.400	1.371	9.380	0.107
Total	2.351	7.753	18.502	2.003	1.280	10.294	2.125	0.859	13.218	9.565	23.729	8.046
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	0.216	1	0.393	1	1.123	6	0	0	1.516	7	2.731	9	2.24%
5%-5.99%	5.685	6	1.749	2	2.406	6	0	0	4.155	8	10.337	15	6.13%
6%-6.99%	6.523	9	2.940	6	5.157	10	2.343	3	10.439	19	20.742	31	15.39%
7%-7.99%	1.913	5	2.364	4	6.097	12	1.699	4	10.160	20	13.323	26	14.98%
8%-8.99%	3.767	7	0	0	7.542	9	1.650	1	9.192	10	13.709	18	13.55%
9% and higher	1.296	7	0.100	1	5.575	10	2.100	4	7.775	15	10.882	29	11.46%
Floater	1.675	4	0.510	3	0.461	4	0.147	2	1.118	9	3.768	15	1.65%
NA	0.710	1	5.222	10	18.151	20	0.107	2	23.480	32	24.231	34	34.61%
Total	21.784	40	13.278	27	46.511	77	8.046	16	67.835	120	99.723	177	100.00%
Versus Talk
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Lower	0	0	0	0	0	0.397	0.100	0	1.799	1.213	2.323	0.400
Low end	1.250	0.750	5.564	0.174	0	1.499	0.298	0	0.896	3.610	3.201	0
Middle	0.026	4.599	1.828	0.325	1.030	4.370	0.965	0	4.204	1.096	6.898	3.942
High end	0	0	0	0	0	0	0	0	0	0.296	3.476	0
Higher	0	0	2.714	0.463	0	0	0	0	0	0	0	0
NA	1.075	2.404	8.395	1.040	0.250	4.028	0.762	0.859	6.318	3.350	7.832	3.704
Total	2.351	7.753	18.502	2.003	1.280	10.294	2.125	0.859	13.218	9.565	23.729	8.046
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	0.496	2	5.335	7	0.400	1	6.231	10	6.231	10	9.19%
Low end	5.738	9	1.797	2	7.707	11	0	0	9.505	13	17.243	24	14.01%
Middle	3.183	7	5.334	7	12.198	17	3.942	5	21.474	29	29.282	42	31.66%
High end	0	0	0	0	3.772	5	0	0	3.772	5	3.772	5	5.56%
Higher	3.177	5	0	0	0	0	0	0	0	0	3.177	5	0.00%
NA	9.685	19	5.650	16	17.499	37	3.704	10	26.854	63	40.018	91	39.59%
Total	21.784	40	13.278	27	46.511	77	8.046	16	67.835	120	99.723	177	100.00%
Upsized?
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	0	0	1.669	0	0	0	0.113	0	0.891	0.660	3.381	0.500
No	2.251	7.663	16.611	2.003	1.280	10.294	2.012	0.859	12.326	8.754	20.348	7.546
Downsized	0.100	0.090	0.223	0	0	0	0	0	0	0.150	0	0
Total	2.351	7.753	18.502	2.003	1.280	10.294	2.125	0.859	13.218	9.565	23.729	8.046
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	1.669	2	0.113	1	4.932	10	0.500	1	5.546	12	7.214	14	8.18%
No	19.893	37	13.165	26	41.429	66	7.546	15	62.140	107	91.947	159	91.60%
Downsized	0.223	1	0	0	0.150	1	0	0	0.150	1	0.563	4	0.22%
Total	21.784	40	13.278	27	46.511	77	8.046	16	67.835	120	99.723	177	100.00%
Seniority
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
sovereign	0	3.030	0.862	0.950	1.000	6.114	0.965	0.450	5.451	0.550	12.853	0
secured	0	0	0	0	0	0.250	0	0	0	0	0	0
senior	2.351	4.723	17.390	1.053	0.030	3.830	1.160	0.409	7.767	9.014	10.876	7.969
subordinated	0	0	0.249	0	0.250	0.100	0	0	0	0	0	0.077
Total	2.351	7.753	18.502	2.003	1.280	10.294	2.125	0.859	13.218	9.565	23.729	8.046
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
sovereign	2.812	6	7.528	10	18.854	17	0	0	26.382	27	32.225	37	38.89%
secured	0	0	0.250	1	0	0	0	0	0.250	1	0.250	1	0.37%
senior	18.473	32	5.400	15	27.657	60	7.969	15	41.025	90	66.572	135	60.48%
subordinated	0.499	2	0.100	1	0	0	0.077	1	0.177	2	0.677	4	0.26%
Total	21.784	40	13.278	27	46.511	77	8.046	16	67.835	120	99.723	177	100.00%
Moody's Rating
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Aaa	0	0.999	0	0	0	0.999	0.499	0	0	0	0	0
Aa2	0	0	2.000	0	0	0	0	0	0	0	0	1.499
Aa3	0	0	1.499	0	0	0.999	0	0	0.651	1.555	0.155	0
A1	0	0	0	0	0	0.245	0.298	0	0.299	0	3.083	0.993
A2	0	0	0.927	0	0	0	0	0	0.351	0.299	7.443	2.250
A3	1.250	0	3.116	0	0	0	0	0	1.996	1.800	0.339	0.547
Baa1	0	0.498	2.994	0	0	3.347	0	0	0	0.496	4.778	0
Baa2	0.475	2.540	3.681	0	0	0.440	0	0	0	1.998	0.943	0
Baa3	0	0	0.100	0	0	0.397	0	0	0.495	0	1.151	0
Ba1	0	0	0	0	0.030	0	0.100	0.249	0.110	1.546	1.982	0
Ba2	0	0	0.991	0.174	0	0	0	0	2.000	0.701	0	1.500
Ba3	0	1.241	0.170	0.213	0	3.028	0.965	0	1.600	0	2.628	0.600
B1	0	0	0.146	0.950	0	0.590	0	0	0	0	0.341	0
B2	0.100	0	0.150	0.165	0	0	0	0	0	0	0.149	0
B3	0.026	0.175	0	0	0	0	0	0	0	0	0.110	0.030
NR	0.500	2.301	2.727	0.500	1.250	0.250	0.263	0.610	5.716	1.169	0.629	0.627
Total	2.351	7.753	18.502	2.003	1.280	10.294	2.125	0.859	13.218	9.565	23.729	8.046
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Aaa	0	0	1.498	2	0	0	0	0	1.498	2	2.497	3	2.21%
Aa2	2.000	2	0	0	0	0	1.499	2	1.499	2	3.499	4	2.21%
Aa3	1.499	1	0.999	1	2.361	8	0	0	3.359	9	4.858	10	4.95%
A1	0	0	0.543	2	3.382	2	0.993	1	4.918	5	4.918	5	7.25%
A2	0.927	2	0	0	8.092	7	2.250	2	10.342	9	11.269	11	15.25%
A3	3.116	5	0	0	4.135	9	0.547	2	4.683	11	9.049	17	6.90%
Baa1	2.994	3	3.347	4	5.274	6	0	0	8.620	10	12.113	14	12.71%
Baa2	3.681	4	0.440	2	2.941	5	0	0	3.381	7	10.077	14	4.98%
Baa3	0.100	1	0.397	1	1.645	2	0	0	2.042	3	2.142	4	3.01%
Ba1	0.030	1	0.349	2	3.638	10	0	0	3.987	12	4.017	13	5.88%
Ba2	1.166	2	0	0	2.701	5	1.500	2	4.201	7	5.367	9	6.19%
Ba3	0.383	2	3.993	4	4.229	6	0.600	2	8.821	12	10.445	15	13.00%
B1	1.096	3	0.590	2	0.341	1	0	0	0.931	3	2.027	6	1.37%
B2	0.315	2	0	0	0.149	1	0	0	0.149	1	0.564	4	0.22%
B3	0	0	0	0	0.110	1	0.030	1	0.140	2	0.341	4	0.21%
NR	4.477	12	1.123	7	7.514	14	0.627	4	9.264	25	16.542	44	13.66%
Total	21.784	40	13.278	27	46.511	77	8.046	16	67.835	120	99.723	177	100.00%
Use of Proceeds
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Capex	0	0.750	0	0.538	0	0	0	0	0.298	0	1.500	0
GCP	1.250	2.321	3.169	0.865	0	5.614	1.078	0.249	4.002	2.153	4.669	2.250
Refinance	0	1.420	3.066	0	1.000	0.100	0	0	0	2.342	0.149	2.449
Multiple/Other/NA	1.101	3.262	12.266	0.599	0.280	4.580	1.047	0.610	8.917	5.070	17.411	3.348
Total	2.351	7.753	18.502	2.003	1.280	10.294	2.125	0.859	13.218	9.565	23.729	8.046
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Capex	0.538	2	0	0	1.798	3	0	0	1.798	3	3.087	6	2.65%
GCP	4.034	9	6.941	11	10.825	18	2.250	2	20.015	31	27.620	45	29.51%
Refinance	4.066	7	0.100	1	2.491	6	2.449	5	5.039	12	10.526	22	7.42%
Multiple/Other/NA	13.145	22	6.237	15	31.397	50	3.348	9	40.982	74	58.491	104	60.41%
Total	21.784	40	13.278	27	46.511	77	8.046	16	67.835	120	99.723	177	100.00%
Industry Sector (by SIC code)
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Africa	0.500	0.750	0	0	1.000	0	0.499	0	0	0	0	0
Asia Banks	0	1.998	2.448	0	0.250	2.438	0	0	0.768	2.201	0.922	0.225
Asia Corporates	0.100	0.090	0.720	0	0	0	0.298	0.160	1.094	0.299	2.690	1.343
Asia Sovereigns	0	0.999	0.500	0	0	2.485	0	0	0	0	2.131	0
Caribbean	0	0	0.146	0	0	0	0	0.100	0	0	0.341	0
Emerging Europe Corporates	0	0	0.710	0.165	0	0	0	0	0	0	0	0
Emerging Europe Sovereigns	0	0	0.216	0	0	0	0	0	0.351	0	9.626	0
Latin America Banks	0	0	0	0.174	0.030	0.245	0.100	0.249	0.110	1.099	0.125	0.100
Latin America Corporates	0.026	1.636	6.375	0.388	0	1.147	0	0	0.201	2.112	1.649	0
Latin America Sovereigns	0	1.039	0	0	0	2.596	0	0	4.600	0.550	0.257	0
Middle East Banks	0.475	0	0	0.325	0	0	0.150	0	0	0	0	0
Middle East Corporates	0	0	2.000	0	0	0.250	0	0	0	0.998	0	1.499
Middle East Sovereigns	0	1.241	0	0	0	1.033	0.965	0.350	0	0	0.497	0
Russia, CIS Banks	0	0	2.000	0	0	0.100	0.113	0	0.495	1.750	2.510	0.280
Russia, CIS Corporates	1.250	0	3.386	0	0	0	0	0	5.100	0.555	2.980	4.600
Russia, CIS Sovereigns	0	0	0	0.950	0	0	0	0	0.500	0	0	0
Total	2.351	7.753	18.502	2.003	1.280	10.294	2.125	0.859	13.218	9.565	23.729	8.046
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Africa	1.000	1	0.499	1	0	0	0	0	0.499	1	2.749	4	0.74%
Asia Banks	2.698	5	2.438	4	3.892	15	0.225	3	6.554	22	11.250	28	9.66%
Asia Corporates	0.720	3	0.458	3	4.083	12	1.343	2	5.884	17	6.794	22	8.67%
Asia Sovereigns	0.500	1	2.485	3	2.131	3	0	0	4.616	6	6.115	8	6.80%
Caribbean	0.146	1	0.100	1	0.341	1	0	0	0.441	2	0.587	3	0.65%
Emerging Europe Corporates	0.875	2	0	0	0	0	0	0	0	0	0.875	2	0.00%
Emerging Europe Sovereigns	0.216	1	0	0	9.977	6	0	0	9.977	6	10.193	7	14.71%
Latin America Banks	0.204	2	0.594	3	1.334	4	0.100	1	2.027	8	2.232	10	2.99%
Latin America Corporates	6.764	14	1.147	2	3.961	10	0	0	5.109	12	13.534	32	7.53%
Latin America Sovereigns	0	0	2.596	3	5.408	5	0	0	8.003	8	9.042	10	11.80%
Middle East Banks	0.325	1	0.150	1	0	0	0	0	0.150	1	0.950	3	0.22%
Middle East Corporates	2.000	2	0.250	1	0.998	1	1.499	2	2.747	4	4.747	6	4.05%
Middle East Sovereigns	0	0	2.348	3	0.497	1	0	0	2.845	4	4.086	5	4.19%
Russia, CIS Banks	2.000	2	0.213	2	4.755	7	0.280	2	5.248	11	7.248	13	7.74%
Russia, CIS Corporates	3.386	3	0	0	8.635	11	4.600	6	13.235	17	17.871	21	19.51%
Russia, CIS Sovereigns	0.950	2	0	0	0.500	1	0	0	0.500	1	1.450	3	0.74%
Total	21.784	40	13.278	27	46.511	77	8.046	16	67.835	120	99.723	177	100.00%
Currency
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
$	2.351	7.753	15.870	2.003	1.280	9.854	2.012	0.859	12.099	8.013	11.631	7.999
CHF	0	0	0	0	0	0	0.113	0	1.002	0	0	0
Y	0	0	0.216	0	0	0.440	0	0	0.117	0.238	0.768	0
€	0	0	2.415	0	0	0	0	0	0	1.313	11.331	0.047
Total	2.351	7.753	18.502	2.003	1.280	10.294	2.125	0.859	13.218	9.565	23.729	8.046
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
$	19.153	37	12.725	24	31.743	58	7.999	15	52.467	97	81.723	151	77.35%
CHF	0	0	0.113	1	1.002	5	0	0	1.115	6	1.115	6	1.64%
Y	0.216	1	0.440	2	1.123	6	0	0	1.563	8	1.779	9	2.30%
€	2.415	2	0	0	12.644	8	0.047	1	12.691	9	15.107	11	18.71%
Total	21.784	40	13.278	27	46.511	77	8.046	16	67.835	120	99.723	177	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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