Analysis of emerging markets issuance for 12 months through March 2008

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

Yield

	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Less than 3%	0	0	0.575	0	0	0	0.216	0	0	0.393	0	0
4%-4.99%	0	0.811	0.532	0	0	0.999	0	0	0	0	0	0
5%-5.99%	2.224	2.679	1.944	1.297	0	0.498	4.939	0	0	1.749	0	0
6%-6.99%	1.798	7.670	5.010	0.395	0	3.780	6.049	0.700	0	2.826	0.113	0
7%-7.99%	2.395	3.596	1.730	0.200	1.250	0	1.883	0	0.030	1.000	1.115	0.249
8%-8.99%	0.250	0	2.442	0.438	0	0.750	2.342	0.424	1.000	0	0	0
9% and higher	1.149	1.710	1.482	1.934	0.126	1.685	0.743	0.553	0	0.100	0	0
Floater	1.272	3.696	7.055	2.299	0.975	0	1.100	0.325	0.250	0	0	0.350
NA	0	0	0	0.135	0	0.041	0.710	0	0	4.225	0.897	0.100
Total	9.088	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.699
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Less than 3%	0.575	2	0	0	0.216	1	0.393	1	0.393	1	1.184	4	3.00%
4%-4.99%	1.344	2	0.999	1	0	0	0	0	0	0	2.343	3	0.00%
5%-5.99%	6.847	14	1.795	3	4.939	6	1.749	2	1.749	2	15.330	25	13.33%
6%-6.99%	14.478	21	4.176	4	6.749	9	2.940	6	2.940	6	28.341	40	22.41%
7%-7.99%	7.721	24	1.450	2	1.913	5	2.364	4	2.364	4	13.447	35	18.02%
8%-8.99%	2.692	9	1.188	3	3.767	7	0	0	0	0	7.646	19	0.00%
9% and higher	4.342	24	3.745	19	1.296	7	0.100	1	0.100	1	9.483	51	0.76%
Floater	12.024	24	3.274	7	1.675	4	0.350	1	0.350	1	17.322	36	2.67%
NA	0	0	0.176	2	0.710	1	5.222	10	5.222	10	6.108	13	39.81%
Total	50.020	120	16.802	41	21.265	40	13.118	25	13.118	25	101.204	226	100.00%
Versus Talk
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Lower	0.775	3.686	0	0.200	0	0	0	0	0	0.397	0.100	0
Low end	4.965	4.485	3.465	1.499	1.250	0.750	4.819	0.174	0	1.499	0.298	0
Middle	0.772	3.701	8.553	1.144	0.026	4.599	2.054	0.325	1.030	4.370	0.965	0
High end	0	0	0	0.300	0	0	0	0	0	0	0	0
Higher	0	0	1.000	0.322	0	0	2.714	0.463	0	0	0	0
NA	2.576	8.290	7.752	3.233	1.075	2.404	8.395	1.040	0.250	4.028	0.762	0.699
Total	9.088	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.699
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Lower	4.461	9	0.200	1	0	0	0.496	2	0.496	2	5.157	12	3.78%
Low end	12.915	32	3.499	5	4.993	9	1.797	2	1.797	2	23.204	48	13.70%
Middle	13.026	23	5.769	13	3.409	7	5.334	7	5.334	7	27.539	50	40.66%
High end	0	0	0.300	2	0	0	0	0	0	0	0.300	2	0.00%
Higher	1.000	2	0.322	2	3.177	5	0	0	0	0	4.500	9	0.00%
NA	18.618	54	6.711	18	9.685	19	5.490	14	5.490	14	40.505	105	41.85%
Total	50.020	120	16.802	41	21.265	40	13.118	25	13.118	25	101.204	226	100.00%
Upsized?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	0.870	0	3.245	0.200	0	0	1.669	0	0	0	0.113	0
No	8.218	20.162	15.090	6.298	2.251	7.663	16.091	2.003	1.280	10.294	2.012	0.699
Downsized	0	0	2.436	0.200	0.100	0.090	0.223	0	0	0	0	0
Total	9.088	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.699
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	4.115	5	0.200	1	1.669	2	0.113	1	0.113	1	6.097	9	0.86%
No	43.470	113	16.212	36	19.374	37	13.005	24	13.005	24	92.060	210	99.14%
Downsized	2.436	2	0.390	4	0.223	1	0	0	0	0	3.048	7	0.00%
Total	50.020	120	16.802	41	21.265	40	13.118	25	13.118	25	101.204	226	100.00%
Seniority
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
sovereign	0.929	1.193	1.504	0.999	0	3.030	0.862	0.950	1.000	6.114	0.965	0.450
senior secured	0.706	0.195	1.708	0	0	0	0	0	0	0	0	0
secured	0	0.175	0	0.135	0	0	0	0	0	0.250	0	0
senior	4.357	14.595	16.124	5.264	2.351	4.723	16.871	1.053	0.030	3.830	1.160	0.249
subordinated	3.096	4.003	1.435	0.300	0	0	0.249	0	0.250	0.100	0	0
Total	9.088	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.699
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
sovereign	3.626	8	4.029	5	2.812	6	7.528	10	7.528	10	17.996	29	57.39%
senior secured	2.609	4	0	0	0	0	0	0	0	0	2.609	4	0.00%
secured	0.175	1	0.135	1	0	0	0.250	1	0.250	1	0.560	3	1.91%
senior	35.076	90	12.338	32	17.953	32	5.240	13	5.240	13	70.607	167	39.95%
subordinated	8.534	17	0.300	3	0.499	2	0.100	1	0.100	1	9.433	23	0.76%
Total	50.020	120	16.802	41	21.265	40	13.118	25	13.118	25	101.204	226	100.00%
Moody's Rating
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Aaa	0	0	0	0	0	0.999	0	0	0	0.999	0.499	0
Aa2	0	2.000	0.300	0.999	0	0	2.000	0	0	0	0	0
Aa3	0	0	0.284	0	0	0	1.499	0	0	0.999	0	0
A1	0	1.311	4.842	0	0	0	0	0	0	0.245	0.298	0
A2	0	0	1.731	0.995	0	0	0.927	0	0	0	0	0
A3	0.896	3.779	0.875	0	1.250	0	3.116	0	0	0	0	0
Baa1	2.891	1.037	0	0.499	0	0.498	2.475	0	0	3.347	0	0
Baa2	1.000	2.287	0.803	0.298	0.475	2.540	3.681	0	0	0.440	0	0
Baa3	0	1.635	0.497	0.237	0	0	0.100	0	0	0.397	0	0
Ba1	0.200	0.225	1.666	0	0	0	0	0	0.030	0	0.100	0.249
Ba2	0.629	1.897	1.150	0.200	0	0	0.991	0.174	0	0	0	0
Ba3	0	0.650	0.425	0.450	0	1.241	0.170	0.213	0	3.028	0.965	0
B1	0.475	1.570	1.937	1.086	0	0	0.146	0.950	0	0.590	0	0
B2	0.250	0.835	1.805	0.100	0.100	0	0.150	0.165	0	0	0	0
B3	1.106	0.439	0	0	0.026	0.175	0	0	0	0	0	0
Caa1	0	0	0.848	0	0	0	0	0	0	0	0	0
NR	1.641	2.496	3.608	1.834	0.500	2.301	2.727	0.500	1.250	0.250	0.263	0.450
Total	9.088	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.699
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Aaa	0	0	0.999	1	0	0	1.498	2	1.498	2	2.497	3	11.42%
Aa2	2.300	3	0.999	1	2.000	2	0	0	0	0	5.299	6	0.00%
Aa3	0.284	1	0	0	1.499	1	0.999	1	0.999	1	2.781	3	7.62%
A1	6.154	6	0	0	0	0	0.543	2	0.543	2	6.697	8	4.14%
A2	1.731	3	0.995	3	0.927	2	0	0	0	0	3.652	8	0.00%
A3	5.550	9	1.250	1	3.116	5	0	0	0	0	9.916	15	0.00%
Baa1	3.928	8	0.997	2	2.475	3	3.347	4	3.347	4	10.746	17	25.51%
Baa2	4.090	10	3.313	4	3.681	4	0.440	2	0.440	2	11.523	20	3.35%
Baa3	2.132	5	0.237	1	0.100	1	0.397	1	0.397	1	2.866	8	3.03%
Ba1	2.091	7	0	0	0.030	1	0.349	2	0.349	2	2.470	10	2.66%
Ba2	3.676	11	0.200	1	1.166	2	0	0	0	0	5.042	14	0.00%
Ba3	1.075	4	1.691	4	0.383	2	3.993	4	3.993	4	7.142	14	30.44%
B1	3.983	11	1.086	5	1.096	3	0.590	2	0.590	2	6.754	21	4.50%
B2	2.891	9	0.200	2	0.315	2	0	0	0	0	3.406	13	0.00%
B3	1.545	4	0.201	2	0	0	0	0	0	0	1.745	6	0.00%
Caa1	0.848	1	0	0	0	0	0	0	0	0	0.848	1	0.00%
NR	7.745	28	4.635	14	4.477	12	0.963	5	0.963	5	17.820	59	7.34%
Total	50.020	120	16.802	41	21.265	40	13.118	25	13.118	25	101.204	226	100.00%
Use of Proceeds
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Acquisition	0.272	1.576	0	0	0	0	0	0	0	0	0	0
Capex	0.295	0	0.435	0	0	0.750	0	0.538	0	0	0	0
GCP	0.499	4.847	0.120	1.268	1.250	2.321	3.169	0.865	0	5.614	1.078	0.249
LBO	0.706	0	0	0	0	0	0	0	0	0	0	0
Refinance	1.003	0.778	2.936	0.421	0	1.420	2.547	0	1.000	0.100	0	0
Multiple/Other/NA	6.313	12.961	17.280	5.009	1.101	3.262	12.266	0.599	0.280	4.580	1.047	0.450
Total	9.088	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.699
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.848	6	0	0	0	0	0	0	0	0	1.848	6	0.00%
Capex	0.730	3	0.750	1	0.538	2	0	0	0	0	2.018	6	0.00%
GCP	5.466	12	4.839	7	4.034	9	6.941	11	6.941	11	21.280	39	52.91%
LBO	0.706	1	0	0	0	0	0	0	0	0	0.706	1	0.00%
Refinance	4.717	11	1.841	6	3.547	7	0.100	1	0.100	1	10.205	25	0.76%
Multiple/Other/NA	36.554	87	9.372	27	13.145	22	6.077	13	6.077	13	65.148	149	46.33%
Total	50.020	120	16.802	41	21.265	40	13.118	25	13.118	25	101.204	226	100.00%
Industry Sector (by SIC code)
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Africa	0.706	0.671	3.766	0.499	0.500	0.750	0	0	1.000	0	0.499	0
Asia Banks	3.396	3.688	2.700	0.300	0	1.998	2.448	0	0.250	2.438	0	0
Asia Corporates	1.647	2.866	2.408	1.111	0.100	0.090	0.720	0	0	0	0.298	0
Asia Sovereigns	0	0.750	0	0	0	0.999	0.500	0	0	2.485	0	0
Caribbean	0.175	0	0.124	0	0	0	0.146	0	0	0	0	0.100
Emerging Europe Banks	0	0	0.532	0.298	0	0	0	0	0	0	0	0
Emerging Europe Corporates	0.272	0.406	0	0	0	0	0.710	0.165	0	0	0	0
Emerging Europe Sovereigns	0	0	0.337	0	0	0	0.216	0	0	0	0	0
Latin America Banks	0.100	1.806	0.265	0.100	0	0	0	0.174	0.030	0.245	0.100	0.249
Latin America Corporates	0.594	2.145	0.268	0.434	0.026	1.636	5.856	0.388	0	1.147	0	0
Latin America Sovereigns	0.929	0	0	0	0	1.039	0	0	0	2.596	0	0
Middle East Banks	0	0	1.019	0.200	0.475	0	0	0.325	0	0	0.150	0
Middle East Corporates	0	0	4.492	1.400	0	0	2.000	0	0	0.250	0	0
Middle East Sovereigns	0	0	0	0.999	0	1.241	0	0	0	1.033	0.965	0.350
Russia, CIS Banks	1.269	3.430	2.174	1.157	0	0	2.000	0	0	0.100	0.113	0
Russia, CIS Corporates	0	4.401	2.185	0.200	1.250	0	3.386	0	0	0	0	0
Russia, CIS Sovereigns	0	0	0.500	0	0	0	0	0.950	0	0	0	0
Total	9.088	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.699
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Africa	5.143	8	1.749	3	1.000	1	0.499	1	0.499	1	8.391	13	3.80%
Asia Banks	9.783	23	2.298	2	2.698	5	2.438	4	2.438	4	17.217	34	18.59%
Asia Corporates	6.921	19	1.301	6	0.720	3	0.298	1	0.298	1	9.241	29	2.27%
Asia Sovereigns	0.750	1	0.999	1	0.500	1	2.485	3	2.485	3	4.734	6	18.94%
Caribbean	0.299	2	0	0	0.146	1	0.100	1	0.100	1	0.545	4	0.76%
Emerging Europe Banks	0.532	1	0.298	1	0	0	0	0	0	0	0.830	2	0.00%
Emerging Europe Corporates	0.678	2	0	0	0.875	2	0	0	0	0	1.553	4	0.00%
Emerging Europe Sovereigns	0.337	1	0	0	0.216	1	0	0	0	0	0.553	2	0.00%
Latin America Banks	2.171	7	0.100	1	0.204	2	0.594	3	0.594	3	3.069	13	4.53%
Latin America Corporates	3.007	12	2.095	9	6.244	14	1.147	2	1.147	2	12.494	37	8.74%
Latin America Sovereigns	0.929	3	1.039	2	0	0	2.596	3	2.596	3	4.564	8	19.79%
Middle East Banks	1.019	4	0.675	2	0.325	1	0.150	1	0.150	1	2.169	8	1.14%
Middle East Corporates	4.492	3	1.400	3	2.000	2	0.250	1	0.250	1	8.142	9	1.91%
Middle East Sovereigns	0	0	2.240	2	0	0	2.348	3	2.348	3	4.588	5	17.90%
Russia, CIS Banks	6.873	18	1.157	7	2.000	2	0.213	2	0.213	2	10.243	29	1.62%
Russia, CIS Corporates	6.586	15	1.450	2	3.386	3	0	0	0	0	11.422	20	0.00%
Russia, CIS Sovereigns	0.500	1	0	0	0.950	2	0	0	0	0	1.450	3	0.00%
Total	50.020	120	16.802	41	21.265	40	13.118	25	13.118	25	101.204	226	100.00%
Currency
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
$	8.110	15.487	13.936	6.429	2.351	7.753	15.351	2.003	1.280	9.854	2.012	0.699
CHF	0	0	0	0	0	0	0	0	0	0	0.113	0
Y	0	0	1.259	0	0	0	0.216	0	0	0.440	0	0
€	0.978	2.893	5.575	0.269	0	0	2.415	0	0	0	0	0
£	0	1.782	0	0	0	0	0	0	0	0	0	0
Total	9.088	20.162	20.770	6.698	2.351	7.753	17.983	2.003	1.280	10.294	2.125	0.699
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
$	37.533	98	16.532	40	18.633	37	12.565	22	12.565	22	85.263	197	95.78%
CHF	0	0	0	0	0	0	0.113	1	0.113	1	0.113	1	0.86%
Y	1.259	6	0	0	0.216	1	0.440	2	0.440	2	1.916	9	3.35%
€	9.445	14	0.269	1	2.415	2	0	0	0	0	12.130	17	0.00%
£	1.782	2	0	0	0	0	0	0	0	0	1.782	2	0.00%
Total	50.020	120	16.802	41	21.265	40	13.118	25	13.118	25	101.204	226	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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