Analysis of emerging markets issuance for 12 months through October 2009

Yield

	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Less than 5%	0.210	0	0.997	0	0.153	1.990	0	0	0.500	0	4.176	2.993
5%-5.99%	0	1.996	0	0	1.492	3.236	1.501	0.300	2.862	1.035	8.231	3.220
6%-6.99%	0	0	1.006	1.491	0	1.992	1.538	4.924	10.075	0	4.238	5.975
7%-7.99%	0	0	2.591	0	0.995	5.523	1.041	0	3.282	0	0.946	7.916
8%-8.99%	0	0	7.429	1.474	0.694	0.690	1.148	0.593	2.459	0.744	0	0.350
9% and higher	0	0	0.496	2.981	0.508	3.191	0	1.159	2.176	1.704	1.501	2.279
Floater	0	0.017	0	0.998	0	0	0.050	0	0	0	0	0
NA	0	0	2.614	0	2.027	6.017	4.333	0.499	4.671	4.548	1.321	8.932
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	1.150	2	1.990	1	4.676	5	2.993	3	10.809	11	11.018	12	7.03%
5%-5.99%	1.492	1	5.037	5	12.129	13	3.220	2	21.879	21	23.875	22	14.22%
6%-6.99%	2.497	3	8.454	10	14.313	16	5.975	6	31.239	35	31.239	35	20.31%
7%-7.99%	3.586	4	6.565	8	4.228	5	7.916	9	22.296	26	22.296	26	14.50%
8%-8.99%	9.598	6	2.432	6	3.202	3	0.350	1	15.582	16	15.582	16	10.13%
9% and higher	3.985	6	4.350	5	5.379	14	2.279	5	15.992	30	15.992	30	10.40%
Floater	0.998	1	0.050	1	0	0	0	0	1.048	2	1.065	3	0.68%
NA	4.641	3	10.850	12	10.540	13	8.932	5	34.963	33	34.963	33	22.73%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	100.00%
Versus Talk
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Lower	0	0	0	0	0	3.995	1.488	1.739	5.949	4.848	2.998	4.235
Low end	0	0	5.773	1.474	0.694	4.389	1.739	2.483	1.408	0.843	3.621	5.932
Middle	0	0	3.454	2.980	2.516	8.418	0.754	0.797	3.465	0.738	6.534	3.628
High end	0	0	0	0	0	0	0	0	0	0.198	0	0.844
Higher	0	0	1.992	0	0	0.993	0	0.159	0	0	1.061	0
NA	0.210	2.012	3.914	2.489	2.659	4.846	5.632	2.297	15.204	1.403	6.199	17.028
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Lower	0	0	7.222	6	13.795	12	4.235	4	25.252	22	25.252	22	16.42%
Low end	7.942	8	8.611	8	5.872	8	5.932	5	28.356	29	28.356	29	18.44%
Middle	8.950	7	9.969	9	10.736	14	3.628	7	33.282	37	33.282	37	21.64%
High end	0	0	0	0	0.198	1	0.844	2	1.042	3	1.042	3	0.68%
Higher	1.992	1	1.152	2	1.061	1	0	0	4.206	4	4.206	4	2.73%
NA	9.062	10	12.774	23	22.806	33	17.028	13	61.670	79	63.892	82	40.10%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	100.00%
Upsized?
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0	0	0	0	0	0.197	0.754	0	2.468	0.348	3.707	2.278
No	0.210	2.012	15.133	6.943	5.570	22.443	8.858	7.475	23.557	7.682	16.706	29.387
Downsized	0	0	0	0	0.300	0	0	0	0	0	0	0
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	0.951	2	6.523	8	2.278	4	9.752	14	9.752	14	6.34%
No	27.646	25	38.777	46	47.944	61	29.387	27	143.754	159	145.976	162	93.46%
Downsized	0.300	1	0	0	0	0	0	0	0.300	1	0.300	1	0.20%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	100.00%
Seniority
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
sovereign	0	1.996	5.773	4.471	3.022	14.052	3.285	0	4.919	0.538	3.055	10.953
senior secured	0	0	0.496	0	0	0	0	0	2.985	0	0.652	0
secured	0	0	0	0	0	0	0	0	0.435	0	0	0
senior	0.210	0.017	8.864	2.472	2.848	8.589	6.327	7.475	17.686	7.493	15.956	18.462
subordinated	0	0	0	0	0	0	0	0	0	0	0.750	2.250
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
sovereign	13.266	11	17.337	13	8.512	9	10.953	5	50.068	38	52.064	39	32.55%
senior secured	0.496	1	0	0	3.637	7	0	0	4.132	8	4.132	8	2.69%
secured	0	0	0	0	0.435	1	0	0	0.435	1	0.435	1	0.28%
senior	14.184	14	22.391	35	41.134	51	18.462	23	96.172	123	96.398	125	62.53%
subordinated	0	0	0	0	0.750	1	2.250	3	3.000	4	3.000	4	1.95%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	100.00%
Moody's Rating
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Aaa	0	0	0.997	0.998	0	0	2.990	0	1.495	0	0.495	1.497
Aa2	0	0	0	0	2.027	7.708	0	0.997	3.477	0	1.491	0
Aa3	0	0	3.975	0	0	0	0.797	0	0	0	0.848	0.996
A1	0	0	0.600	0	2.340	0	0.998	1.487	0	4.500	0	0
A2	0.210	0	1.288	0	0	6.927	0	1.489	7.075	0	1.248	0.695
A3	0	0	0	0	0	1.495	0	0.297	0	1.035	3.491	0.744
Baa1	0	1.996	0	2.966	0	2.250	1.708	1.000	5.203	0	5.092	5.943
Baa2	0	0	2.462	0	0	0	0	0	2.987	0	0.992	3.738
Baa3	0	0	0	0	0	0.744	1.043	0.997	0	0.843	1.993	2.810
Ba1	0	0	1.997	0	0.995	1.000	0.754	0	1.609	0	0.750	3.131
Ba2	0	0	0	0	0	0	0	0	0.758	0	0.746	1.438
Ba3	0	0	1.000	2.980	0	2.139	0	0	1.495	0.744	0.624	0
B1	0	0	1.487	0	0.300	0	0.991	0.159	0	0.314	0	0.248
B2	0	0	0	0	0.189	0	0	0	0	0	0.652	0
NR	0	0.017	1.326	0	0.019	0.377	0.330	1.050	1.926	0.594	1.991	10.425
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Aaa	1.994	2	2.990	1	1.991	3	1.497	1	8.472	7	8.472	7	5.51%
Aa2	2.027	1	8.705	7	4.968	6	0	0	15.699	14	15.699	14	10.21%
Aa3	3.975	2	0.797	2	0.848	1	0.996	1	6.616	6	6.616	6	4.30%
A1	2.940	4	2.485	3	4.500	2	0	0	9.925	9	9.925	9	6.45%
A2	1.288	1	8.416	7	8.322	8	0.695	1	18.721	17	18.931	18	12.17%
A3	0	0	1.793	2	4.526	5	0.744	1	7.062	8	7.062	8	4.59%
Baa1	2.966	2	4.958	4	10.295	9	5.943	4	24.162	19	26.158	20	15.71%
Baa2	2.462	2	0	0	3.980	4	3.738	4	10.180	10	10.180	10	6.62%
Baa3	0	0	2.784	3	2.836	3	2.810	3	8.430	9	8.430	9	5.48%
Ba1	2.992	4	1.754	2	2.359	4	3.131	4	10.236	14	10.236	14	6.66%
Ba2	0	0	0	0	1.504	4	1.438	2	2.942	6	2.942	6	1.91%
Ba3	3.980	3	2.139	2	2.863	6	0	0	8.982	11	8.982	11	5.84%
B1	1.788	2	1.150	2	0.314	2	0.248	1	3.500	7	3.500	7	2.28%
B2	0.189	1	0	0	0.652	2	0	0	0.841	3	0.841	3	0.55%
NR	1.345	2	1.757	13	4.512	10	10.425	9	18.039	34	18.055	35	11.73%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	100.00%
Use of Proceeds
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Capex	0	0	0.496	0	0.714	0	0	0	0	0	0	0
GCP	0	1.996	10.426	2.966	1.793	10.363	5.476	1.906	13.477	1.341	2.418	3.387
Refinance	0	0	0	0	0.189	0	1.043	0	2.375	0.198	2.089	4.795
Multiple/Other/NA	0.210	0.017	4.211	3.978	3.175	12.278	3.093	5.569	10.173	6.491	15.906	23.482
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Capex	1.209	3	0	0	0	0	0	0	1.209	3	1.209	3	0.79%
GCP	15.185	12	17.745	15	17.236	19	3.387	6	53.552	52	55.548	53	34.82%
Refinance	0.189	1	1.043	1	4.662	7	4.795	3	10.689	12	10.689	12	6.94%
Multiple/Other/NA	11.363	10	20.940	32	32.570	43	23.482	22	88.356	107	88.582	109	57.45%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	100.00%
Industry Sector (by SIC code)
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.348	0	0
Communications (48xx)	0	0	0	0	0.300	0.744	0	1.646	0	0.200	0.952	1.244
Construction (15xx)	0	0	0	0	0	0.197	0	0	0.180	0	0.999	1.186
Electric, gas, sanitary services (49xx)	0.210	0	0.496	0	0.153	0	0.991	0.989	5.211	1.587	0	1.239
Finance, insurance, real estate (6xxx)	0	0.017	4.972	0.998	0.019	5.397	4.368	4.543	3.584	0.498	8.452	8.426
Health services (8xxx)	0	0	0	0	0	0	0	0	0.500	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0.694	0	0	0	1.193	4.698	1.741	1.837
Mining (1xxx)	0	0	0.600	0	0	0	0	0	0	0	0.992	1.041
Oil and gas (13xx)	0	0	1.966	1.474	0	2.250	0.221	0.297	7.534	0	3.280	5.443
Services (7xxx)	0	0	0	0	0	0	0	0	0	0.048	0	0
Sovereign (8888)	0	1.996	7.098	4.471	4.514	14.052	3.285	0	7.824	0.538	3.055	10.953
Transportation (4xxx)	0	0	0	0	0.189	0	0.747	0	0	0	0.495	0.295
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0.114	0.446	0
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.348	1	0	0	0.348	1	0.348	1	0.23%
Communications (48xx)	0.300	1	2.390	4	1.152	4	1.244	2	5.086	11	5.086	11	3.31%
Construction (15xx)	0	0	0.197	1	1.179	3	1.186	2	2.562	6	2.562	6	1.67%
Electric, gas, sanitary services (49xx)	0.649	2	1.981	2	6.798	9	1.239	1	10.666	14	10.876	15	6.93%
Finance, insurance, real estate (6xxx)	5.989	5	14.308	24	12.534	17	8.426	11	41.256	57	41.273	58	26.82%
Health services (8xxx)	0	0	0	0	0.500	1	0	0	0.500	1	0.500	1	0.33%
Manufacturing (2xxx, 3xxx)	0.694	1	0	0	7.632	8	1.837	3	10.164	12	10.164	12	6.61%
Mining (1xxx)	0.600	1	0	0	0.992	1	1.041	2	2.633	4	2.633	4	1.71%
Oil and gas (13xx)	3.441	2	2.768	3	10.813	9	5.443	4	22.465	18	22.465	18	14.61%
Services (7xxx)	0	0	0	0	0.048	2	0	0	0.048	2	0.048	2	0.03%
Sovereign (8888)	16.084	13	17.337	13	11.416	11	10.953	5	55.791	42	57.786	43	36.27%
Transportation (4xxx)	0.189	1	0.747	1	0.495	1	0.295	1	1.727	4	1.727	4	1.12%
Wholesale (5xxx)	0	0	0	0	0.560	2	0	0	0.560	2	0.560	2	0.36%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	100.00%
Country
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Africa	0	0	0.997	0	0	0	1.488	0	0.758	0.538	0	0
Asia	0.210	0.017	5.463	3.978	0.847	7.262	5.109	1.789	6.012	5.855	6.110	7.063
Caribbean	0	0	0	0	0.300	0	0	0.159	0	0.843	0	0
Emerging Europe	0	0	2.614	0	2.027	1.990	1.043	0	4.900	0	0.652	2.969
Latin America	0	1.996	4.564	2.966	1.203	1.941	1.973	1.294	5.611	0.794	10.813	17.254
Middle East	0	0	1.496	0	1.492	9.197	0	3.233	4.792	0	2.338	1.640
Russia, CIS	0	0	0	0	0	2.250	0	1.000	3.951	0	0.500	1.490
Unied Arab Emirates	0	0	0	0	0	0	0	0	0	0	0	1.250
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Africa	0.997	1	1.488	1	1.295	3	0	0	3.780	5	3.780	5	2.46%
Asia	10.288	8	14.159	23	17.977	22	7.063	9	49.487	62	49.713	64	32.17%
Caribbean	0.300	1	0.159	1	0.843	1	0	0	1.303	3	1.303	3	0.85%
Emerging Europe	4.641	3	3.034	2	5.552	5	2.969	2	16.195	12	16.195	12	10.53%
Latin America	8.732	10	5.208	8	17.219	25	17.254	14	48.413	57	50.409	58	31.48%
Middle East	2.988	3	12.431	11	7.130	8	1.640	3	24.188	25	24.188	25	15.73%
Russia, CIS	0	0	3.250	2	4.451	5	1.490	2	9.191	9	9.191	9	5.98%
Unied Arab Emirates	0	0	0	0	0	0	1.250	1	1.250	1	1.250	1	0.81%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	100.00%
Currency
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
$	0	1.996	12.519	6.943	3.691	20.650	8.349	7.475	22.936	8.030	17.970	31.665
CHF	0	0	0	0	0	0	0	0	0	0	0.337	0
Y	0.210	0.017	0	0	0.153	0	0	0	0	0	0	0
€	0	0	2.614	0	2.027	1.990	1.043	0	3.089	0	2.105	0
£	0	0	0	0	0	0	0.221	0	0	0	0	0
Total	0.210	2.012	15.133	6.943	5.870	22.641	9.612	7.475	26.025	8.030	20.413	31.665
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
$	23.153	22	36.474	45	48.936	62	31.665	31	140.228	160	142.224	161	91.17%
CHF	0	0	0	0	0.337	1	0	0	0.337	1	0.337	1	0.22%
Y	0.153	1	0	0	0	0	0	0	0.153	1	0.379	3	0.10%
€	4.641	3	3.034	2	5.194	6	0	0	12.868	11	12.868	11	8.37%
£	0	0	0.221	1	0	0	0	0	0.221	1	0.221	1	0.14%
Total	27.946	26	39.728	48	54.468	69	31.665	31	153.807	174	156.029	177	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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.