Analysis of emerging markets issuance for 13 months through February 2014

Yield

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Less than 3%	1.244	2.166	6.532	5.088	0.202	0.497	1.274	2.047	6.551	2.212	0.499	5.303	3.397
3%-3.99%	4.663	7.277	6.439	6.893	0.788	4.072	0	6.019	3.172	4.852	0.546	5.504	2.831
4%-4.99%	6.664	5.567	13.521	8.757	0.046	1.544	0.349	8.781	7.459	7.087	1.513	6.511	1.988
5%-5.99%	7.769	6.525	6.161	7.153	0.600	2.941	1.248	7.254	2.988	4.607	1.300	11.688	1.000
6%-6.99%	1.450	2.111	3.910	3.364	0.500	4.922	1.689	7.742	1.958	6.795	0.890	8.650	3.806
7%-7.99%	1.610	0.981	2.447	0.794	0	0	0	2.842	2.866	0.882	0.915	1.667	0.800
8%-8.99%	0.260	2.200	2.047	1.000	0.328	2.297	0	1.810	2.222	0.500	0.500	2.048	0.497
9%-9.99%	0.425	1.075	0.395	0.500	0.200	0.200	0	0	0.100	0.375	0.848	0.500	0
10% and higher	1.010	0.425	1.103	0.349	0.068	0.200	0	1.130	1.246	1.331	0.200	0.549	0
Floater	0.872	0.653	0	0	0	0.500	0	1.650	2.079	0.941	0.128	2.049	0.829
NA	2.319	8.274	10.744	15.771	0.229	4.808	4.209	12.972	12.021	4.333	1.522	17.876	5.719
Total	28.285	37.253	53.300	49.670	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	11.822	20	3.819	10	9.262	17	8.700	11	8.700	11	37.013	65	35.768	63	10.45%
3%-3.99%	14.120	17	10.091	13	8.570	14	8.335	12	8.335	12	53.055	69	48.392	66	10.02%
4%-4.99%	22.325	29	10.675	11	16.059	20	8.499	13	8.499	13	69.789	92	63.125	83	10.21%
5%-5.99%	13.914	16	11.443	14	8.895	11	12.688	9	12.688	9	61.233	70	53.465	59	15.25%
6%-6.99%	7.774	12	14.354	18	9.643	17	12.456	17	12.456	17	47.788	70	46.338	68	14.97%
7%-7.99%	3.241	7	2.842	6	4.663	10	2.467	4	2.467	4	15.804	33	14.194	30	2.96%
8%-8.99%	3.375	9	4.107	7	3.222	6	2.546	6	2.546	6	15.711	33	15.451	32	3.06%
9%-9.99%	1.095	3	0.200	1	1.323	6	0.500	1	0.500	1	4.618	15	4.193	13	0.60%
10% and higher	1.521	7	1.330	5	2.777	15	0.549	3	0.549	3	7.613	36	6.603	32	0.66%
Floater	0	0	2.150	4	3.148	12	2.878	7	2.878	7	9.700	27	8.829	25	3.46%
NA	26.744	52	21.989	31	17.876	47	23.595	33	23.595	33	100.797	186	98.478	179	28.35%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	100.00%
Versus Talk
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Lower	3.823	4.940	8.450	9.456	0	2.740	0.849	8.504	9.474	7.587	2.190	10.787	6.352
Low end	4.794	13.822	21.243	20.099	0.259	3.713	1.746	13.738	11.988	9.059	0.800	19.986	4.674
Middle	4.904	3.885	8.465	0.699	1.100	2.620	1.749	2.363	4.145	3.104	1.121	5.130	0
High end	0.200	0	0.755	0	0	0	0	0.907	0	0.200	0.400	0	0
Higher	0	0.101	0	0	0	0	0	0	0	0.561	0	0	0
NA	14.564	14.504	14.387	19.416	1.601	12.909	4.426	26.736	17.056	13.404	4.350	26.442	9.841
Total	28.285	37.253	53.300	49.670	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	17.906	22	12.093	13	19.252	26	17.139	19	17.139	19	75.153	90	71.330	86	20.60%
Low end	41.601	50	19.197	24	21.847	34	24.661	26	24.661	26	125.921	161	121.127	153	29.64%
Middle	10.264	18	6.732	11	8.370	20	5.130	6	5.130	6	39.285	75	34.382	64	6.16%
High end	0.755	2	0.907	2	0.600	2	0	0	0	0	2.462	7	2.262	6	0.00%
Higher	0	0	0	0	0.561	3	0	0	0	0	0.663	4	0.663	4	0.00%
NA	35.405	80	44.071	70	34.809	90	36.284	65	36.284	65	179.636	359	165.072	337	43.60%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	100.00%
Upsized?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	1.000	0.875	0.380	0	0	0	0	0	0.621	0.568	0.998	1.829	4.350
No	27.285	36.378	52.920	49.670	2.960	21.982	8.770	52.248	42.042	33.347	7.863	60.516	16.518
Total	28.285	37.253	53.300	49.670	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.380	1	0	0	2.187	4	6.179	7	6.179	7	10.621	15	9.621	14	7.43%
No	105.550	171	82.999	120	83.252	171	77.034	109	77.034	109	412.499	681	385.214	636	92.57%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	100.00%
Seniority
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
sovereign	10.818	1.986	10.998	6.284	0.259	3.236	0.489	19.425	7.119	5.531	1.498	27.965	5.383
mortgage	0	0	0	0.200	0	0	0	0	0	0	0	0	0
senior secured	0.757	0.575	0.522	0.365	0	0	1.000	2.402	0	1.176	0.350	1.400	0.800
secured	0	0	0	0	0	0	0	0	0.100	0	0	0	0
senior	16.014	34.432	41.279	42.021	2.701	18.747	7.281	30.421	33.494	27.208	6.563	32.480	14.685
subordinated	0.200	0.261	0.500	0.800	0	0	0	0	0.700	0	0.450	0.500	0
U.S. government guaranteed	0	0	0	0	0	0	0	0	1.250	0	0	0	0
covered bonds	0.497	0	0	0	0	0	0	0	0	0	0	0	0
Total	28.285	37.253	53.300	49.670	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	17.541	18	23.150	15	14.149	16	33.348	21	33.348	21	100.991	80	90.173	72	40.08%
mortgage	0.200	1	0	0	0	0	0	0	0	0	0.200	1	0.200	1	0.00%
senior secured	0.887	2	3.402	6	1.526	3	2.200	2	2.200	2	9.346	17	8.589	14	2.64%
secured	0	0	0	0	0.100	1	0	0	0	0	0.100	1	0.100	1	0.00%
senior	86.002	149	56.448	99	67.265	151	47.165	92	47.165	92	307.326	587	291.311	554	56.68%
subordinated	1.300	2	0	0	1.150	3	0.500	1	0.500	1	3.411	8	3.211	7	0.60%
U.S. government guaranteed	0	0	0	0	1.250	1	0	0	0	0	1.250	1	1.250	1	0.00%
covered bonds	0	0	0	0	0	0	0	0	0	0	0.497	1	0	0	0.00%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	100.00%
Moody's Rating
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Aaa	0.248	2.496	0	1.000	0.202	0	0	0.999	0	0	0	0	1.500
Aa1	0.497	0	0.250	0	0.080	0	0	0	0.479	0	0	0	0.579
Aa2	0	0	0	0	0	0	0	0	0	0	0	0.164	0
Aa3	0.498	0.453	4.854	7.138	0	0.198	0.764	4.706	5.758	0.687	0.174	2.989	0.280
A1	0.496	3.000	1.998	0.821	0.309	0.497	1.077	1.093	4.716	0.517	1.297	5.263	0.918
A2	2.318	0.844	0.300	1.919	0	1.433	0	3.511	1.104	4.483	0.500	8.161	0
A3	0	0	0.159	13.306	0	1.823	0	2.087	0.696	0.991	0	0.396	0.300
Baa1	0	4.147	3.378	0.500	0	7.970	0.998	14.394	1.943	2.238	0.496	12.134	3.627
Baa2	0.500	2.086	6.477	3.925	0	0	0.349	6.625	6.970	3.171	0	3.443	0
Baa3	2.222	2.710	6.742	5.659	0	7.225	3.245	7.001	5.799	3.173	1.013	13.066	3.088
Ba1	4.927	3.586	2.830	3.960	0	0	0	0	1.695	4.294	0.400	1.333	3.475
Ba2	0.500	0.494	1.522	0	0	0	0	1.819	1.450	0.950	0	0.298	0.824
Ba3	0	0.550	1.497	0	0	0	0.489	0.157	0.158	0.150	0	1.750	0
B1	1.500	1.850	1.000	0.400	0.328	0.224	0	1.489	1.693	1.775	0	3.821	0
B2	0.525	1.081	0.275	0.715	0	0	0	1.125	1.149	1.461	0.850	1.469	0.400
B3	3.271	2.253	1.497	0.200	0	0	0	0.099	0	0.223	0.498	0	0
Caa1	0.250	0.150	0	0	0	0	0	0	0	0	0.515	0	0
Caa2	0	0	0	0	0	0	0	0	0	0.568	0	0	0
NR	10.532	11.554	20.520	10.127	2.042	2.613	1.849	7.142	9.053	9.235	3.118	8.058	5.877
Total	28.285	37.253	53.300	49.67	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	1.202	2.000	0.999	1.000	0	0	1.500	1.000	1.500	1.000	6.445	6.000	6.197	5	1.80%
Aa1	0.330	2.000	0	0	0.479	1.000	0.579	2.000	0.579	2.000	1.884	6.000	1.388	5	0.70%
Aa2	0	0	0	0	0	0	0.164	1.000	0.164	1.000	0.164	1.000	0.164	1	0.20%
Aa3	11.993	16.000	5.667	9.000	6.618	30.000	3.269	6.000	3.269	6.000	28.498	63.000	28.000	62	3.93%
A1	3.129	7.000	2.667	7.000	6.531	13.000	6.181	10.000	6.181	10.000	22.004	40.000	21.508	39	7.43%
A2	2.219	3.000	4.943	6.000	6.087	10.000	8.161	7.000	8.161	7.000	24.573	29.000	22.254	28	9.81%
A3	13.464	10.000	3.911	6.000	1.686	3.000	0.696	3.000	0.696	3.000	19.757	22.000	19.757	22	0.84%
Baa1	3.878	3.000	23.362	21.000	4.676	6.000	15.762	16.000	15.762	16.000	51.824	52.000	51.824	52	18.94%
Baa2	10.402	13.000	6.974	8.000	10.140	13.000	3.443	5.000	3.443	5.000	33.545	44.000	33.045	43	4.14%
Baa3	12.401	17	17.471	22	9.985	11	16.153	15	16.153	15	60.943	75	58.720	71	19.41%
Ba1	6.789	7	0	0	6.389	8	4.808	5	4.808	5	26.499	29	21.572	24	5.78%
Ba2	1.522	2	1.819	3	2.400	4	1.122	3	1.122	3	7.857	15	7.357	13	1.35%
Ba3	1.497	4	0.646	2	0.308	2	1.750	2	1.750	2	4.751	12	4.751	12	2.10%
B1	1.728	4	1.713	4	3.468	7	3.821	4	3.821	4	14.079	25	12.579	23	4.59%
B2	0.990	3	1.125	4	3.460	9	1.869	5	1.869	5	9.051	26	8.526	24	2.25%
B3	1.697	4	0.099	1	0.720	2	0	0	0	0	8.041	17	4.770	12	0.00%
Caa1	0	0	0	0	0.515	1	0	0	0	0	0.915	3	0.665	2	0.00%
Caa2	0	0	0	0	0.568	1	0	0	0	0	0.568	1	0.568	1	0.00%
NR	32.689	75	11.603	26	21.407	54	13.936	31	13.936	31	101.721	230	91.189	211	16.75%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	100.00%
Use of Proceeds
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Acquisition	0.450	0	0	0	0	0	0	0	0	0	0	0	0
Capex	0	0.261	1.079	10.932	0	0.986	0	0.657	0.850	0.958	0	4.000	0
Dividend/recap	0.225	0	0	0	0	0	0	0	0	0	0	1.976	0
GCP	5.131	6.632	7.279	1.798	0	5.440	1.870	11.687	1.257	7.485	2.422	12.056	4.029
LBO	0	0	0	0	0	0	0	0.350	0	0.636	0	0	0
Redeem notes	2.388	0.605	0.743	0.848	0	1.474	1.997	4.377	0	1.108	0	6.599	0.326
Refinance	1.822	3.491	2.968	0.095	0	0	0.200	0.750	8.471	1.537	0.350	3.720	0
Repay bank debt	0.300	0.503	0.787	4.555	0	0.180	0	0.901	0	1.671	1.013	0.987	0.800
Multiple/Other/NA	17.970	25.761	40.445	31.441	2.960	13.903	4.703	33.526	32.084	20.521	5.075	33.007	15.712
Total	28.285	37.253	53.300	49.670	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0	0	0	0	0	0	0.450	1	0	0	0.00%
Capex	12.011	10	1.642	4	1.808	5	4.000	6	4.000	6	19.722	26	19.722	26	4.81%
Dividend/recap	0	0	0	0	0	0	1.976	3	1.976	3	2.201	4	1.976	3	2.37%
GCP	9.077	15	18.996	28	11.165	18	16.086	21	16.086	21	67.087	98	61.956	92	19.33%
LBO	0	0	0.350	1	0.636	1	0	0	0	0	0.986	2	0.986	2	0.00%
Redeem notes	1.591	4	7.848	6	1.108	2	6.925	7	6.925	7	20.464	25	18.076	21	8.32%
Refinance	3.063	6	0.950	4	10.358	15	3.720	6	3.720	6	23.405	42	21.583	38	4.47%
Repay bank debt	5.342	6	1.081	3	2.684	2	1.787	3	1.787	3	11.697	16	11.397	15	2.15%
Multiple/Other/NA	74.846	131	52.132	74	57.680	132	48.720	70	48.720	70	277.110	482	259.140	453	58.55%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	100.00%
Industry Sector (by SIC code)
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Agriculture (0xxx)	0	1.025	0.670	1.182	0	0	0	0.395	1.000	0.200	0	0	0
Communications (48xx)	3.322	2.795	1.046	0.500	0	1.433	0	4.477	1.912	2.426	1.878	3.819	0.800
Construction (15xx)	0	0.498	1.197	0.348	0	0	0	0.100	0.472	0.298	0.240	0.896	0.748
Electric, gas, sanitary services (49xx)	1.000	4.368	0.946	3.153	1.549	3.212	0.649	1.026	4.402	0.497	0.450	0.149	0.797
Finance, insurance, real estate (6xxx)	8.581	14.620	9.914	12.351	1.152	2.408	1.791	13.779	17.503	9.500	2.983	16.322	9.813
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0.200	0	0	0
Manufacturing (2xxx, 3xxx)	3.157	5.649	8.208	3.502	0	0.604	2.647	4.474	4.319	3.865	1.294	1.006	1.798
Mining (1xxx)	0	0.350	2.900	0.500	0	1.250	0.749	1.192	2.622	1.017	0	0.790	0
Oil and gas (13xx)	0.523	3.529	12.841	18.207	0	6.359	0	6.159	0.600	3.240	0.498	9.948	0.980
Services (7xxx)	0	0	0.380	0.699	0	2.496	0	0	0.900	1.835	0	0	0.049
Sovereign (8888)	10.818	1.986	11.999	6.284	0.259	4.221	2.486	19.425	8.369	9.520	1.498	27.965	5.383
Transportation (4xxx)	0.197	1.390	2.202	1.800	0	0	0.448	0	0.564	0.750	0.020	1.390	0.500
Wholesale (5xxx)	0.688	1.043	0.995	1.144	0	0	0	1.220	0	0.568	0	0.060	0
Total	28.285	37.253	53.300	49.670	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.852	5	0.395	1	1.200	2	0	0	0	0	4.472	10	4.472	10	0.00%
Communications (48xx)	1.546	3	5.909	8	6.215	9	4.619	7	4.619	7	24.407	38	21.085	33	5.55%
Construction (15xx)	1.546	4	0.100	1	1.010	5	1.644	3	1.644	3	4.797	14	4.797	14	1.98%
Electric, gas, sanitary services (49xx)	5.647	12	4.887	12	5.349	11	0.946	3	0.946	3	22.197	46	21.197	45	1.14%
Finance, insurance, real estate (6xxx)	23.417	55	17.978	36	29.986	93	26.135	53	26.135	53	120.717	286	112.136	266	31.41%
Health services (8xxx)	0	0	0	0	0.200	1	0	0	0	0	0.200	1	0.200	1	0.00%
Manufacturing (2xxx, 3xxx)	11.710	23	7.725	16	9.479	16	2.804	7	2.804	7	40.523	80	37.366	73	3.37%
Mining (1xxx)	3.400	5	3.191	4	3.639	5	0.790	2	0.790	2	11.369	17	11.369	17	0.95%
Oil and gas (13xx)	31.049	28	12.518	15	4.338	5	10.928	14	10.928	14	62.885	68	62.362	66	13.13%
Services (7xxx)	1.079	4	2.496	4	2.735	3	0.049	1	0.049	1	6.359	12	6.359	12	0.06%
Sovereign (8888)	18.542	20	26.132	18	19.387	19	33.348	21	33.348	21	110.212	88	99.395	80	40.08%
Transportation (4xxx)	4.002	8	0.448	1	1.334	5	1.890	4	1.890	4	9.262	21	9.065	20	2.27%
Wholesale (5xxx)	2.139	5	1.220	4	0.568	1	0.060	1	0.060	1	5.718	15	5.030	13	0.07%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	100.00%
Country
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Africa	1.236	0.575	0.552	1.540	0.202	5.275	0	2.429	0	1.563	0.890	0	0
Asia	3.755	17.312	19.029	18.608	0.529	4.286	3.287	14.702	17.037	5.585	4.160	23.500	7.794
Caribbean	1.000	0.300	1.000	0.200	0	0	0	0	0.500	0	0.515	0.300	0
Emerging Europe	8.863	2.200	1.309	6.178	0.305	0	0	3.473	4.549	10.153	0.108	12.746	3.958
Latin America	3.339	3.607	8.438	14.956	0	7.620	5.035	18.952	10.201	6.500	2.748	20.795	0.580
Middle East	2.866	6.985	6.019	4.838	1.329	2.620	0.448	2.499	6.840	5.664	0.400	5.005	4.848
Russia, CIS	7.226	6.275	16.954	3.350	0.596	2.181	0	10.193	3.535	4.450	0.040	0	3.688
Total	28.285	37.253	53.300	49.670	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	2.293	7	7.704	10	2.453	5	0	0	0	0	14.261	26	13.025	23	0.00%
Asia	38.166	63	22.275	47	26.783	85	31.293	60	31.293	60	139.584	297	135.829	288	37.61%
Caribbean	1.200	2	0	0	1.015	2	0.300	1	0.300	1	3.815	7	2.815	6	0.36%
Emerging Europe	7.792	17	3.473	5	14.810	18	16.703	15	16.703	15	53.841	68	44.978	60	20.07%
Latin America	23.395	31	31.606	37	19.448	29	21.375	27	21.375	27	102.770	142	99.431	133	25.69%
Middle East	12.186	23	5.567	8	12.904	19	9.853	8	9.853	8	50.361	71	47.496	66	11.84%
Russia, CIS	20.899	29	12.374	13	8.025	17	3.688	5	3.688	5	58.487	85	51.261	74	4.43%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	100.00%
Currency
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
$	23.104	34.148	46.266	44.134	2.461	18.455	8.759	43.435	34.656	23.711	7.656	46.793	18.646
CHF	0	0	0	0	0	0	0	0	0	0	0	0.164	0
RMB	0.160	0	0	0	0	0	0	0	0	0.517	0.084	0	0.375
Y	0	0	0	0	0	0	0.010	0.051	0.153	0.736	0	0.049	0
€	5.021	2.653	7.033	5.536	0.499	3.074	0	7.112	7.374	8.951	1.122	14.367	1.438
£	0	0.453	0	0	0	0.453	0	1.650	0.479	0	0	0.973	0.409
Total	28.285	37.253	53.300	49.670	2.960	21.982	8.770	52.248	42.663	33.915	8.861	62.345	20.868
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	92.862	154	70.650	102	66.023	140	65.438	93	65.438	93	352.225	589	329.121	550	78.64%
CHF	0	0	0	0	0	0	0.164	1	0.164	1	0.164	1	0.164	1	0.20%
RMB	0	0	0	0	0.601	6	0.375	2	0.375	2	1.137	9	0.976	8	0.45%
Y	0	0	0.061	2	0.890	5	0.049	1	0.049	1	1.000	8	1.000	8	0.06%
€	13.068	18	10.186	13	17.446	23	15.805	17	15.805	17	64.178	82	59.157	76	18.99%
£	0	0	2.103	3	0.479	1	1.381	2	1.381	2	4.416	7	4.416	7	1.66%
Total	105.930	172	82.999	120	85.439	175	83.213	116	83.213	116	423.120	696	394.835	650	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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