Analysis of emerging markets issuance for 12 months through March 2010

Yield

	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Less than 5%	2.145	0	0	0.871	0	4.176	2.993	0.499	1.040	2.746	2.703	9.718
5%-5.99%	3.236	1.501	0.300	2.862	1.035	8.381	3.220	3.052	0.250	7.268	1.593	10.897
6%-6.99%	1.992	1.538	4.924	10.818	0	4.738	7.467	1.576	0	9.250	2.139	4.223
7%-7.99%	5.523	1.041	0	3.282	0	0.946	8.766	2.627	0.594	1.985	2.482	0.331
8%-8.99%	0.690	1.148	0.593	2.459	0.744	0	0.350	0.493	0.077	0.973	0	1.491
9% and higher	3.191	0	1.845	2.176	1.704	1.501	2.279	2.363	3.114	2.065	0.872	1.800
Floater	0	0.050	0	0	0	0	0	0.165	0	0	0	0
NA	6.017	4.333	0.499	4.671	4.548	1.321	8.932	12.801	0.439	0.498	3.184	3.656
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	2.145	2	5.047	6	4.533	8	15.167	21	15.167	21	26.893	37	21.70%
5%-5.99%	5.037	5	12.279	14	6.523	8	19.759	15	19.759	15	43.598	42	28.28%
6%-6.99%	8.454	10	15.556	18	9.042	10	15.612	17	15.612	17	48.664	55	22.34%
7%-7.99%	6.565	8	4.228	5	11.988	17	4.797	8	4.797	8	27.578	38	6.86%
8%-8.99%	2.432	6	3.202	3	0.920	3	2.464	6	2.464	6	9.018	18	3.53%
9% and higher	5.036	6	5.379	14	7.755	19	4.738	15	4.738	15	22.907	54	6.78%
Floater	0.050	1	0	0	0.165	1	0	0	0	0	0.215	2	0.00%
NA	10.850	12	10.540	13	22.172	16	7.339	9	7.339	9	50.901	50	10.50%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	100.00%
Versus Talk
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Lower	3.995	1.488	1.739	5.949	4.848	2.998	5.229	4.300	1.764	1.581	0.174	4.645
Low end	4.389	1.739	2.483	1.408	0.843	3.621	6.432	3.564	0.501	6.828	2.107	7.467
Middle	8.418	0.754	1.483	3.465	0.738	6.534	3.628	7.767	0.768	6.564	3.956	9.679
High end	0	0	0	0	0.198	0	0.844	1.449	0	0	0.225	0.499
Higher	0.993	0	0.159	0	0	1.061	0	0	0.245	0.526	0	0
NA	5.001	5.632	2.297	16.318	1.403	6.849	17.875	6.496	2.235	9.286	6.512	9.827
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	7.222	6	13.795	12	11.293	9	6.401	12	6.401	12	38.711	39	9.16%
Low end	8.611	8	5.872	8	10.497	12	16.402	17	16.402	17	41.382	45	23.47%
Middle	10.655	10	10.736	14	12.163	18	20.199	19	20.199	19	53.752	61	28.91%
High end	0	0	0.198	1	2.292	4	0.724	2	0.724	2	3.214	7	1.04%
Higher	1.152	2	1.061	1	0.245	1	0.526	1	0.526	1	2.984	5	0.75%
NA	12.930	24	24.570	37	26.607	38	25.625	40	25.625	40	89.731	139	36.67%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	100.00%
Upsized?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	0.197	0.754	0	2.468	0.348	3.707	2.278	0.590	0.524	2.730	1.495	4.266
No	22.599	8.858	8.161	24.671	7.682	17.356	31.729	22.987	4.990	20.075	11.478	27.851
Downsized	0	0	0	0	0	0	0	0	0	1.981	0	0
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0.951	2	6.523	8	3.392	7	8.491	12	8.491	12	19.357	29	12.15%
No	39.618	48	49.709	65	59.705	75	59.405	78	59.405	78	208.437	266	85.01%
Downsized	0	0	0	0	0	0	1.981	1	1.981	1	1.981	1	2.83%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	100.00%
Seniority
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
sovereign	14.052	3.285	0.686	4.919	0.538	3.555	12.447	9.110	1.264	14.204	3.074	13.328
senior secured	0	0	0	2.985	0	0.652	0	1.043	2.265	0.526	0.225	0
secured	0	0	0	0.435	0	0	0	0	0	0	0	0
senior	8.744	6.327	7.475	18.800	7.493	16.106	19.310	12.829	1.984	10.056	7.733	18.489
subordinated	0	0	0	0	0	0.750	2.250	0.595	0	0	1.942	0.300
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
sovereign	18.023	14	9.012	10	22.821	17	30.606	20	30.606	20	80.462	61	43.80%
senior secured	0	0	3.637	7	3.308	6	0.752	2	0.752	2	7.696	15	1.08%
secured	0	0	0.435	1	0	0	0	0	0	0	0.435	1	0.00%
senior	22.547	36	42.399	54	34.122	55	36.277	65	36.277	65	135.345	210	51.92%
subordinated	0	0	0.750	1	2.845	4	2.242	4	2.242	4	5.837	9	3.21%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	100.00%
Moody's Rating
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Aaa	0	2.990	0	1.495	0	0.495	1.497	1.494	0	0	2.491	0
Aa2	7.708	0	0.997	3.477	0	1.491	0	7.000	0	0	0	1.357
Aa3	0	0.797	0	0	0	0.848	0.996	0.811	0.318	1.396	0	1.397
A1	0	0.998	1.487	0	4.500	0	0	0.995	0	0	1.593	2.542
A2	6.927	0	1.489	7.075	0	1.248	0.695	0	0	4.355	1.097	6.163
A3	1.495	0	0.983	0	1.035	3.491	0.744	3.113	0	0	0.497	1.986
Baa1	2.250	1.708	1.000	5.203	0	5.092	5.943	0.590	0.439	3.975	3.440	3.340
Baa2	0	0	0	2.987	0	0.992	4.236	1.734	0	3.973	0	2.769
Baa3	0.744	1.043	0.997	0	0.843	1.993	2.810	0	0.568	0.797	0.414	2.100
Ba1	1.000	0.754	0	1.609	0	0.750	3.481	1.798	0	0.743	0	0.900
Ba2	0	0	0	0.758	0	0.746	1.438	0	0	2.278	0.693	0.990
Ba3	2.139	0	0	1.866	0.744	1.124	0.994	1.193	0.446	3.779	0.123	0.495
B1	0	0.991	0.159	0.743	0.314	0	0.248	1.087	0.501	1.196	0	0
B2	0	0	0	0	0	0.652	0	0.680	0.500	0.198	0.749	1.675
B3	0	0	0	0	0	0	0	0	0	0.245	0	0
Caa1	0	0	0	0	0	0	0	0	0	0	0	0.775
NR	0.533	0.330	1.050	1.926	0.594	2.141	10.925	3.082	2.741	1.848	1.875	5.628
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Aaa	2.990	1	1.991	3	2.990	3	2.491	1	2.491	1	10.462	8	3.56%
Aa2	8.705	7	4.968	6	7.000	3	1.357	1	1.357	1	22.030	17	1.94%
Aa3	0.797	2	0.848	1	2.125	4	2.793	3	2.793	3	6.564	10	4.00%
A1	2.485	3	4.500	2	0.995	1	4.136	3	4.136	3	12.115	9	5.92%
A2	8.416	7	8.322	8	0.695	1	11.614	9	11.614	9	29.048	25	16.62%
A3	2.479	3	4.526	5	3.857	3	2.483	2	2.483	2	13.345	13	3.55%
Baa1	4.958	4	10.295	9	6.972	6	10.756	10	10.756	10	32.981	29	15.39%
Baa2	0	0	3.980	4	5.970	7	6.743	11	6.743	11	16.693	22	9.65%
Baa3	2.784	3	2.836	3	3.378	4	3.311	5	3.311	5	12.310	15	4.74%
Ba1	1.754	2	2.359	4	5.279	7	1.643	3	1.643	3	11.035	16	2.35%
Ba2	0	0	1.504	4	1.438	2	3.961	5	3.961	5	6.903	11	5.67%
Ba3	2.139	2	3.734	8	2.633	6	4.397	7	4.397	7	12.904	23	6.29%
B1	1.150	2	1.057	3	1.836	4	1.196	2	1.196	2	5.240	11	1.71%
B2	0	0	0.652	2	1.180	4	2.622	6	2.622	6	4.454	12	3.75%
B3	0	0	0	0	0	0	0.245	1	0.245	1	0.245	1	0.35%
Caa1	0	0	0	0	0	0	0.775	1	0.775	1	0.775	1	1.11%
NR	1.913	14	4.662	11	16.748	27	9.351	21	9.351	21	32.673	73	13.38%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	100.00%
Use of Proceeds
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Acquisition	0	0	0	0	0	0	0	0	0	0	0	0.775
Capex	0	0	0	0	0	0	0	0	0.196	0.498	0	0.475
GCP	10.363	5.476	1.906	14.220	1.341	2.418	4.385	11.261	0.886	6.470	4.322	6.881
Refinance	0	1.043	0	2.375	0.198	2.089	4.795	5.447	1.069	1.513	0.989	0.300
Multiple/Other/NA	12.433	3.093	6.255	10.544	6.491	16.556	24.826	6.869	3.362	16.304	7.663	23.686
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	0	0	0.775	1	0.775	1	0.775	1	1.11%
Capex	0	0	0	0	0.196	1	0.973	2	0.973	2	1.170	3	1.39%
GCP	17.745	15	17.979	20	16.532	22	17.673	25	17.673	25	69.928	82	25.29%
Refinance	1.043	1	4.662	7	11.311	12	2.802	8	2.802	8	19.819	28	4.01%
Multiple/Other/NA	21.782	34	33.591	46	35.057	47	47.653	55	47.653	55	138.083	182	68.20%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	100.00%
Industry Sector (by SIC code)
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Agriculture (0xxx)	0	0	0	0	0.348	0	0	0	0	0	0	0
Communications (48xx)	0.744	0	1.646	0	0.200	0.952	1.594	2.626	0.940	0	0	4.939
Construction (15xx)	0.197	0	0	0.180	0	0.999	1.186	0	0.246	0.328	0	0
Electric, gas, sanitary services (49xx)	0.155	0.991	0.989	5.211	1.587	0	1.239	1.115	0	1.291	0.350	0.500
Finance, insurance, real estate (6xxx)	5.397	4.368	4.543	3.584	0.498	8.602	8.081	8.283	0.977	4.829	8.223	8.785
Health services (8xxx)	0	0	0	0.500	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	1.193	4.698	1.741	1.837	1.228	2.086	1.515	0.897	1.439
Mining (1xxx)	0	0	0	0	0	0.992	1.041	1.216	0	0	0	1.026
Oil and gas (13xx)	2.250	0.221	0.297	7.534	0	3.280	5.443	0	0	1.975	0	0.350
Services (7xxx)	0	0	0	0	0.048	0	0	0	0	0.198	0	0
Sovereign (8888)	14.052	3.285	0.686	8.938	0.538	3.555	12.447	9.110	1.264	14.204	3.074	13.328
Transportation (4xxx)	0	0.747	0	0	0	0.495	1.138	0	0	0.446	0.430	1.750
Wholesale (5xxx)	0	0	0	0	0.114	0.446	0	0	0	0	0	0
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.348	1	0	0	0	0	0	0	0.348	1	0.00%
Communications (48xx)	2.390	4	1.152	4	5.160	10	4.939	5	4.939	5	13.640	23	7.07%
Construction (15xx)	0.197	1	1.179	3	1.432	3	0.328	2	0.328	2	3.136	9	0.47%
Electric, gas, sanitary services (49xx)	2.136	3	6.798	9	2.354	5	2.141	5	2.141	5	13.429	22	3.06%
Finance, insurance, real estate (6xxx)	14.308	24	12.684	18	17.341	29	21.837	39	21.837	39	66.170	110	31.25%
Health services (8xxx)	0	0	0.500	1	0	0	0	0	0	0	0.500	1	0.00%
Manufacturing (2xxx, 3xxx)	0	0	7.632	8	5.151	8	3.851	9	3.851	9	16.634	25	5.51%
Mining (1xxx)	0	0	0.992	1	2.256	4	1.026	1	1.026	1	4.275	6	1.47%
Oil and gas (13xx)	2.768	3	10.813	9	5.443	4	2.325	4	2.325	4	21.350	20	3.33%
Services (7xxx)	0	0	0.048	2	0	0	0.198	1	0.198	1	0.246	3	0.28%
Sovereign (8888)	18.023	14	13.031	14	22.821	17	30.606	20	30.606	20	84.481	65	43.80%
Transportation (4xxx)	0.747	1	0.495	1	1.138	2	2.626	5	2.626	5	5.007	9	3.76%
Wholesale (5xxx)	0	0	0.560	2	0	0	0	0	0	0	0.560	2	0.00%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	100.00%
Country
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Africa	0	1.488	0	0.758	0.538	0	0	0	0.196	0	0	1.986
Asia	7.417	5.109	1.789	7.127	5.855	6.260	9.054	5.381	0.154	5.887	8.254	4.167
Bermuda	0	0	0	0	0	0	0	0	0	0.693	0	0.081
Caribbean	0	0	0.159	0	0.843	0	0	1.255	0	0	0	0.775
Emerging Europe	1.990	1.043	0.686	4.900	0	0.652	2.969	0.759	0.940	7.991	1.982	4.403
Latin America	1.941	1.973	1.294	5.611	0.794	11.313	17.604	5.599	3.317	7.254	1.042	10.654
Middle East	9.197	0	3.233	4.792	0	2.338	2.890	10.383	0.500	1.973	0.446	6.852
Russia, CIS	2.250	0	1.000	3.951	0	0.500	1.490	0.200	0.406	0.987	1.250	3.200
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Africa	1.488	1	1.295	3	0.196	1	1.986	1	1.986	1	4.965	6	2.84%
Asia	14.314	24	19.242	25	14.590	23	18.308	29	18.308	29	66.453	101	26.20%
Bermuda	0	0	0	0	0	0	0.774	3	0.774	3	0.774	3	1.11%
Caribbean	0.159	1	0.843	1	1.255	3	0.775	1	0.775	1	3.033	6	1.11%
Emerging Europe	3.720	3	5.552	5	4.667	6	14.376	9	14.376	9	28.315	23	20.57%
Latin America	5.208	8	17.719	26	26.521	30	18.950	33	18.950	33	68.397	97	27.12%
Middle East	12.431	11	7.130	8	13.772	14	9.271	8	9.271	8	42.603	41	13.27%
Russia, CIS	3.250	2	4.451	5	2.096	5	5.437	7	5.437	7	15.234	19	7.78%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	100.00%
Currency
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
$	20.650	8.349	7.475	23.679	8.030	18.620	34.007	20.203	4.005	18.241	11.849	24.623
CHF	0	0	0	0	0	0.337	0	0	0	0	0	0
Y	0.155	0	0	0.371	0	0	0	0	0.054	0.551	1.109	0.023
€	1.990	1.043	0.686	3.089	0	2.105	0	3.373	1.454	5.994	0.016	7.471
£	0	0.221	0	0	0	0	0	0	0	0	0	0
Total	22.796	9.612	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
$	36.474	45	50.329	65	58.215	75	54.713	78	54.713	78	199.731	263	78.30%
CHF	0	0	0.337	1	0	0	0	0	0	0	0.337	1	0.00%
Y	0.155	1	0.371	1	0.054	1	1.683	4	1.683	4	2.264	7	2.41%
€	3.720	3	5.194	6	4.827	6	13.481	9	13.481	9	27.222	24	19.29%
£	0.221	1	0	0	0	0	0	0	0	0	0.221	1	0.00%
Total	40.570	50	56.232	73	63.097	82	69.877	91	69.877	91	229.775	296	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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