Analysis of emerging markets issuance for year to date through February

Total issuance: $26.453 billion in 62 deals

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

Yield

1/2006 2/2006

3%-3.99%	4.863	0.481
4%-4.99%	0	1.191
5%-5.99%	1.652	2.093
6%-6.99%	3.942	0.700
7%-7.99%	5.252	0.124
8%-8.99%	2.053	1.103
9%-9.99%	0.550	0.867
10%-10.99%	0	0.297
Floater	0.311	0.973
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
3%-3.99%	5.344	3	5.344	3	20.20%
4%-4.99%	1.191	2	1.191	2	4.50%
5%-5.99%	3.745	9	3.745	9	14.16%
6%-6.99%	4.641	9	4.641	9	17.54%
7%-7.99%	5.377	8	5.377	8	20.33%
8%-8.99%	3.156	12	3.156	12	11.93%
9%-9.99%	1.417	10	1.417	10	5.36%
10%-10.99%	0.297	1	0.297	1	1.12%
Floater	1.285	8	1.285	8	4.86%
Total	26.453	62	26.453	62	100.00%
Versus Talk
	1/2006	2/2006
Lower	1.698	0.224
Low end	3.725	1.762
Middle	6.435	1.449
High end	4.663	0
NA	2.103	4.394
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
Lower	1.922	5	1.922	5	7.27%
Low end	5.487	13	5.487	13	20.74%
Middle	7.884	15	7.884	15	29.80%
High end	4.663	2	4.663	2	17.63%
NA	6.497	27	6.497	27	24.56%
Total	26.453	62	26.453	62	100.00%
Upsized?
	1/2006	2/2006
Yes	3.005	0.967
No	15.208	6.862
Downsized	0.411	0
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
Yes	3.972	12	3.972	12	15.02%
No	22.069	49	22.069	49	83.43%
Downsized	0.411	1	0.411	1	1.55%
Total	26.453	62	26.453	62	100.00%
Add on?
	1/2006	2/2006
Yes	2.420	0.915
No	16.204	6.914
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
Yes	3.335	10	3.335	10	12.61%
No	23.118	52	23.118	52	87.39%
Total	26.453	62	26.453	62	100.00%
Seniority
	1/2006	2/2006
sovereign	10.278	1.627
senior secured	0.406	0.219
secured	0	0.036
senior	7.941	5.302
subordinated	0	0.645
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
sovereign	11.905	13	11.905	13	45.00%
senior secured	0.625	4	0.625	4	2.36%
secured	0.036	1	0.036	1	0.14%
senior	13.243	40	13.243	40	50.06%
subordinated	0.645	4	0.645	4	2.44%
Total	26.453	62	26.453	62	100.00%
Moody's Rating
	1/2006	2/2006
Aa2	0	0.250
A1	1.200	0
A2	3.663	1.191
A3	0.398	1.467
Baa1	1.486	0.300
Baa2	1.599	0
Baa3	1.000	0.299
Ba1	0.798	0.124
Ba2	1.150	0.450
Ba3	2.813	0.990
B1	2.327	0.395
B2	0	0.524
B3	0.522	0.671
NR	1.666	1.167
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
Aa2	0.250	1	0.250	1	0.95%
A1	1.200	1	1.200	1	4.54%
A2	4.855	3	4.855	3	18.35%
A3	1.866	4	1.866	4	7.05%
Baa1	1.786	3	1.786	3	6.75%
Baa2	1.599	3	1.599	3	6.04%
Baa3	1.298	2	1.298	2	4.91%
Ba1	0.923	3	0.923	3	3.49%
Ba2	1.600	6	1.600	6	6.05%
Ba3	3.803	5	3.803	5	14.38%
B1	2.723	6	2.723	6	10.29%
B2	0.524	3	0.524	3	1.98%
B3	1.194	4	1.194	4	4.51%
NR	2.834	18	2.834	18	10.71%
Total	26.453	62	26.453	62	100.00%
Use of Proceeds
	1/2006	2/2006
Acquisition	0.305	0
Capex	0.248	0
GCP	5.666	1.542
Refinance	2.647	0.219
Repay bank debt	1.499	0
Multiple/Other/NA	8.258	6.068
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
Acquisition	0.305	1	0.305	1	1.15%
Capex	0.248	1	0.248	1	0.94%
GCP	7.208	13	7.208	13	27.25%
Refinance	2.866	5	2.866	5	10.83%
Repay bank debt	1.499	2	1.499	2	5.67%
Multiple/Other/NA	14.326	40	14.326	40	54.16%
Total	26.453	62	26.453	62	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006
Agriculture (0xxx)	0.300	0.225
Mining (1xxx)	1.000	0.149
Oil and gas (13xx)	1.486	0
Manufacturing (2xxx, 3xxx)	1.949	0.352
Communications (48xx)	0.898	0
Electric, gas, sanitary services (49xx)	0.804	1.589
Finance, insurance, real estate (6xxx)	1.909	3.687
Sovereign (8888)	10.278	1.827
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
Agriculture (0xxx)	0.525	3	0.525	3	1.98%
Mining (1xxx)	1.149	2	1.149	2	4.34%
Oil and gas (13xx)	1.486	2	1.486	2	5.62%
Manufacturing (2xxx, 3xxx)	2.301	7	2.301	7	8.70%
Communications (48xx)	0.898	3	0.898	3	3.39%
Electric, gas, sanitary services (49xx)	2.393	8	2.393	8	9.05%
Finance, insurance, real estate (6xxx)	5.596	23	5.596	23	21.15%
Sovereign (8888)	12.105	14	12.105	14	45.76%
Total	26.453	62	26.453	62	100.00%
Country
	1/2006	2/2006
Brazil	3.610	0.742
Israel	1.499	0
Korea	0.761	1.420
Mexico	1.486	0.078
Philippines	2.778	0.125
Poland	3.663	0
Russia	0.200	1.297
Turkey	1.453	0.890
Others	3.172	3.278
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
Brazil	4.352	11	4.352	11	16.45%
Israel	1.499	2	1.499	2	5.67%
Korea	2.181	9	2.181	9	8.24%
Mexico	1.564	5	1.564	5	5.91%
Philippines	2.903	4	2.903	4	10.97%
Poland	3.663	1	3.663	1	13.85%
Russia	1.497	6	1.497	6	5.66%
Turkey	2.343	2	2.343	2	8.86%
Others	6.451	22	6.451	22	0.2439
Total	26.453	62	26.453	62	100.00%
Currency
	1/2006	2/2006
$	12.334	4.645
Y	0.111	0.084
€	6.179	3.100
Total	18.624	7.829
	Q1/2006	Count	Total	Count	Share
$	16.979	48	16.979	48	64.19%
Y	0.196	3	0.196	3	0.74%
€	9.279	11	9.279	11	35.08%
Total	26.453	62	26.453	62	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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