Analysis of emerging markets issuance for 12 months through January 2009

Yield

	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Less than 5%	0	0	0.117	0.238	0.768	0	0	0.104	0	0.210	0	0
5%-5.99%	0	0	0.299	0.849	1.257	0	0.206	0	0	0	1.996	0
6%-6.99%	0.113	0	0.496	2.009	2.651	2.343	0.011	0	0	0	0	1.006
7%-7.99%	1.115	0.249	0.811	3.343	1.943	1.699	0	1.494	0	0	0	2.591
8%-8.99%	0	0	2.050	0.753	4.739	1.650	0.497	0	0	0	0	5.446
9% and higher	0	0	2.045	0.694	2.836	2.550	0.330	0.804	0	0	0	0.496
Floater	0	0.510	0	0.307	0.155	0.147	0.174	0	0	0	0.017	0
NA	0.897	0.100	7.633	1.371	9.380	0.107	1.363	0	0	0	0	4.268
Total	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	13.807
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	1.123	6	0.104	1	0.210	1	0	0	0	0	1.437	8	0.00%
5%-5.99%	2.406	6	0.206	2	1.996	1	0	0	0	0	4.607	9	0.00%
6%-6.99%	5.157	10	2.354	4	0	0	1.006	2	1.006	2	8.630	17	7.29%
7%-7.99%	6.097	12	3.193	5	0	0	2.591	3	2.591	3	13.246	23	18.77%
8%-8.99%	7.542	9	2.147	2	0	0	5.446	3	5.446	3	15.135	14	39.44%
9% and higher	5.575	10	3.684	11	0	0	0.496	1	0.496	1	9.754	22	3.59%
Floater	0.461	4	0.321	3	0.017	1	0	0	0	0	1.309	11	0.00%
NA	18.384	22	1.471	4	0	0	4.268	3	4.268	3	25.119	33	30.91%
Total	46.745	79	13.479	32	2.222	3	13.807	12	13.807	12	79.237	137	100.00%
Versus Talk
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Lower	0.100	0	1.799	1.213	2.323	0.400	0	0	0	0	0	0
Low end	0.298	0	0.896	3.610	3.201	0	0	0.225	0	0	0	5.773
Middle	0.965	0	4.204	1.096	6.898	4.392	0.497	1.494	0	0	0	3.454
High end	0	0	0	0.296	3.476	0	0	0	0	0	0	0
Higher	0	0	0	0	0	0	0	0	0	0	0	1.992
NA	0.762	0.859	6.551	3.350	7.832	3.704	2.084	0.683	0	0.210	2.012	2.588
Total	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	13.807
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	5.335	7	0.400	1	0	0	0	0	0	0	5.835	9	0.00%
Low end	7.707	11	0.225	1	0	0	5.773	6	5.773	6	14.003	19	41.81%
Middle	12.198	17	6.383	8	0	0	3.454	2	3.454	2	22.999	28	25.02%
High end	3.772	5	0	0	0	0	0	0	0	0	3.772	5	0.00%
Higher	0	0	0	0	0	0	1.992	1	1.992	1	1.992	1	14.43%
NA	17.733	39	6.471	22	2.222	3	2.588	3	2.588	3	30.635	75	18.74%
Total	46.745	79	13.479	32	2.222	3	13.807	12	13.807	12	79.237	137	100.00%
Upsized?
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Yes	0.113	0	0.891	0.660	3.381	0.950	0	0	0	0	0	0
No	2.012	0.859	12.560	8.754	20.348	7.546	2.580	2.402	0	0.210	2.012	13.807
Downsized	0	0	0	0.150	0	0	0	0	0	0	0	0
Total	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	13.807
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	4.932	10	0.950	2	0	0	0	0	0	0	5.996	13	0.00%
No	41.662	68	12.529	30	2.222	3	13.807	12	13.807	12	73.091	123	100.00%
Downsized	0.150	1	0	0	0	0	0	0	0	0	0.150	1	0.00%
Total	46.745	79	13.479	32	2.222	3	13.807	12	13.807	12	79.237	137	100.00%
Seniority
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
sovereign	0.965	0.450	5.451	0.550	12.853	0	0.497	1.494	0	0	1.996	5.773
senior secured	0	0	0	0	0	0	0	0	0	0	0	0.496
senior	1.160	0.409	8.000	9.014	10.876	8.419	2.084	0.270	0	0.210	0.017	7.538
subordinated	0	0	0	0	0	0.077	0	0.638	0	0	0	0
Total	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	13.807
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
sovereign	18.854	17	1.991	2	1.996	1	5.773	6	5.773	6	30.028	29	41.81%
senior secured	0	0	0	0	0	0	0.496	1	0.496	1	0.496	1	3.59%
senior	27.891	62	10.772	26	0.226	2	7.538	5	7.538	5	47.997	103	54.60%
subordinated	0	0	0.716	4	0	0	0	0	0	0	0.716	4	0.00%
Total	46.745	79	13.479	32	2.222	3	13.807	12	13.807	12	79.237	137	100.00%
Moody's Rating
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Aaa	0.499	0	0	0	0	0	1.244	0	0	0	0	0.997
Aa2	0	0	0	0	0	1.499	0	0	0	0	0	0
Aa3	0	0	0.651	1.555	0.155	0	0.292	0	0	0	0	3.975
A1	0.298	0	0.299	0	3.083	0.993	0	0	0	0	0	0.600
A2	0	0	0.351	0.299	7.443	2.250	0.196	0	0	0.210	0	1.288
A3	0	0	1.996	1.800	0.339	0.547	0.021	0.225	0	0	0	0
Baa1	0	0	0	0.496	4.778	0	0	0	0	0	1.996	0
Baa2	0	0	0	1.998	0.943	0.077	0	0	0	0	0	2.462
Baa3	0	0	0.495	0	1.151	0	0	0	0	0	0	0
Ba1	0.100	0.249	0.110	1.546	1.982	0	0	0	0	0	0	1.997
Ba2	0	0	2.000	0.701	0	1.500	0	0	0	0	0	0
Ba3	0.965	0	1.600	0	2.628	0.600	0.250	1.494	0	0	0	1.000
B1	0	0	0	0	0.341	0	0	0	0	0	0	1.487
B2	0	0	0	0	0.149	0	0	0.166	0	0	0	0
B3	0	0	0	0	0.110	0.030	0.497	0	0	0	0	0
NR	0.263	0.610	5.950	1.169	0.629	1.000	0.080	0.517	0	0	0.017	0
Total	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	13.807
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Aaa	0	0	1.244	1	0	0	0.997	1	0.997	1	2.740	3	7.22%
Aa2	0	0	1.499	2	0	0	0	0	0	0	1.499	2	0.00%
Aa3	2.361	8	0.292	2	0	0	3.975	2	3.975	2	6.629	12	28.79%
A1	3.382	2	0.993	1	0	0	0.600	1	0.600	1	5.273	5	4.35%
A2	8.092	7	2.446	3	0.210	1	1.288	1	1.288	1	12.036	12	9.33%
A3	4.135	9	0.794	5	0	0	0	0	0	0	4.929	14	0.00%
Baa1	5.274	6	0	0	1.996	1	0	0	0	0	7.270	7	0.00%
Baa2	2.941	5	0.077	1	0	0	2.462	2	2.462	2	5.481	8	17.83%
Baa3	1.645	2	0	0	0	0	0	0	0	0	1.645	2	0.00%
Ba1	3.638	10	0	0	0	0	1.997	3	1.997	3	5.984	15	14.46%
Ba2	2.701	5	1.500	2	0	0	0	0	0	0	4.201	7	0.00%
Ba3	4.229	6	2.344	4	0	0	1.000	1	1.000	1	8.538	12	7.24%
B1	0.341	1	0	0	0	0	1.487	1	1.487	1	1.829	2	10.77%
B2	0.149	1	0.166	1	0	0	0	0	0	0	0.315	2	0.00%
B3	0.110	1	0.527	2	0	0	0	0	0	0	0.637	3	0.00%
NR	7.747	16	1.597	8	0.017	1	0	0	0	0	10.233	31	0.00%
Total	46.745	79	13.479	32	2.222	3	13.807	12	13.807	12	79.237	137	100.00%
Use of Proceeds
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Capex	0	0	0.298	0	1.500	0	0	0.166	0	0	0	0.496
GCP	1.078	0.249	4.002	2.153	4.669	2.250	1.244	1.823	0	0	0	8.460
Refinance	0	0	0	2.342	0.149	2.449	0	0	0	0	0	0
Multiple/Other/NA	1.047	0.610	9.150	5.070	17.411	3.798	1.336	0.413	0	0.210	2.012	4.851
Total	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	13.807
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Capex	1.798	3	0.166	1	0	0	0.496	1	0.496	1	2.460	5	3.59%
GCP	10.825	18	5.318	6	0	0	8.460	7	8.460	7	25.929	34	61.27%
Refinance	2.491	6	2.449	5	0	0	0	0	0	0	4.939	11	0.00%
Multiple/Other/NA	31.631	52	5.547	20	2.222	3	4.851	4	4.851	4	45.908	87	35.13%
Total	46.745	79	13.479	32	2.222	3	13.807	12	13.807	12	79.237	137	100.00%
Industry Sector (by SIC code)
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Africa	0.499	0	0	0	0	0	0	0	0	0	0	0.997
Asia Banks	0	0	1.001	2.201	0.922	0.225	1.558	0.225	0	0	0.017	3.975
Asia Corporates	0.298	0.160	1.094	0.299	2.690	1.343	0.196	0.517	0	0.210	0	0
Asia Sovereigns	0	0	0	0	2.131	0	0	0	0	0	0	1.487
Caribbean	0	0.100	0	0	0.341	0	0	0	0	0	0	0
Emerging Europe Sovereigns	0	0	0.351	0	9.626	0	0	0	0	0	0	1.288
Latin America Banks	0.100	0.249	0.110	1.099	0.125	0.100	0	0	0	0	0	0
Latin America Corporates	0	0	0.201	2.112	1.649	0	0	0.166	0	0	0	2.566
Latin America Sovereigns	0	0	4.600	0.550	0.257	0	0	0	0	0	1.996	1.997
Middle East Banks	0.150	0	0	0	0	0	0	0	0	0	0	0
Middle East Corporates	0	0	0	0.998	0	1.499	0	0	0	0	0	0.496
Middle East Sovereigns	0.965	0.350	0	0	0.497	0	0.497	1.494	0	0	0	1.000
Russia, CIS Banks	0.113	0	0.495	1.750	2.510	0.730	0.330	0	0	0	0	0
Russia, CIS Corporates	0	0	5.100	0.555	2.980	4.600	0	0	0	0	0	0
Russia, CIS Sovereigns	0	0	0.500	0	0	0	0	0	0	0	0	0
Total	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	13.807
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Africa	0	0	0	0	0	0	0.997	1	0.997	1	1.496	2	7.22%
Asia Banks	4.125	17	2.008	9	0.017	1	3.975	2	3.975	2	10.125	29	28.79%
Asia Corporates	4.083	12	2.056	6	0.210	1	0	0	0	0	6.806	22	0.00%
Asia Sovereigns	2.131	3	0	0	0	0	1.487	1	1.487	1	3.618	4	10.77%
Caribbean	0.341	1	0	0	0	0	0	0	0	0	0.441	2	0.00%
Emerging Europe Sovereigns	9.977	6	0	0	0	0	1.288	1	1.288	1	11.265	7	9.33%
Latin America Banks	1.334	4	0.100	1	0	0	0	0	0	0	1.782	7	0.00%
Latin America Corporates	3.961	10	0.166	1	0	0	2.566	2	2.566	2	6.694	13	18.58%
Latin America Sovereigns	5.408	5	0	0	1.996	1	1.997	3	1.997	3	9.401	9	14.46%
Middle East Banks	0	0	0	0	0	0	0	0	0	0	0.150	1	0.00%
Middle East Corporates	0.998	1	1.499	2	0	0	0.496	1	0.496	1	2.993	4	3.59%
Middle East Sovereigns	0.497	1	1.991	2	0	0	1.000	1	1.000	1	4.803	6	7.24%
Russia, CIS Banks	4.755	7	1.060	5	0	0	0	0	0	0	5.928	13	0.00%
Russia, CIS Corporates	8.635	11	4.600	6	0	0	0	0	0	0	13.235	17	0.00%
Russia, CIS Sovereigns	0.500	1	0	0	0	0	0	0	0	0	0.500	1	0.00%
Total	46.745	79	13.479	32	2.222	3	13.807	12	13.807	12	79.237	137	100.00%
Currency
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
$	2.012	0.859	12.099	8.013	11.631	8.449	2.267	2.299	0	0	1.996	12.519
CHF	0.113	0	1.002	0	0	0	0	0	0	0	0	0
Y	0	0	0.350	0.238	0.768	0	0.292	0.104	0	0.210	0.017	0
€	0	0	0	1.313	11.331	0.047	0.010	0	0	0	0	1.288
£	0	0	0	0	0	0	0.011	0	0	0	0	0
Total	2.125	0.859	13.451	9.565	23.729	8.496	2.580	2.402	0	0.210	2.012	13.807
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
$	31.743	58	13.014	26	1.996	1	12.519	11	12.519	11	62.143	106	90.67%
CHF	1.002	5	0	0	0	0	0	0	0	0	1.115	6	0.00%
Y	1.356	8	0.396	3	0.226	2	0	0	0	0	1.979	13	0.00%
€	12.644	8	0.057	2	0	0	1.288	1	1.288	1	13.990	11	9.33%
£	0	0	0.011	1	0	0	0	0	0	0	0.011	1	0.00%
Total	46.745	79	13.479	32	2.222	3	13.807	12	13.807	12	79.237	137	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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