Analysis of emerging markets issuance for 13 months through June 2010

Yield

	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Less than 5%	0	0.871	0	4.176	2.993	0.499	1.040	2.746	2.703	9.718	1.748	1.250	5.561
5%-5.99%	0.300	2.862	1.035	8.381	3.220	3.052	0.250	7.268	1.593	10.897	3.624	0	1.743
6%-6.99%	4.924	10.818	0	4.738	7.467	1.576	0	9.250	2.139	4.223	3.024	0.495	0
7%-7.99%	0	3.282	0	0.946	8.766	2.627	0.594	1.985	2.482	0.331	5.210	0.300	0
8%-8.99%	0.593	2.459	0.744	0	0.350	0.493	0.077	0.973	0	1.491	3.787	0	0.750
9%-9.99%	1.686	0	1.390	0.549	2.031	0.526	2.908	1.037	0.297	0.350	0.635	0.082	0.246
10% and higher	0.159	2.176	0.314	0.952	0.248	1.837	0.206	1.028	0.575	1.450	2.394	1.502	0.350
Floater	0	0	0	0	0	0.165	0	0	0	0	0.549	0	0.550
NA	0.499	4.671	4.548	1.321	8.932	12.801	0.439	0.498	3.184	3.656	11.858	3.687	2.404
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Less than 5%	5.047	6	4.533	8	15.167	21	8.559	12	23.726	33	33.305	47	19.50%
5%-5.99%	12.279	14	6.523	8	19.759	15	5.367	7	25.126	22	44.227	45	20.66%
6%-6.99%	15.556	18	9.042	10	15.612	17	3.518	6	19.130	23	48.652	57	15.73%
7%-7.99%	4.228	5	11.988	17	4.797	8	5.510	8	10.307	16	26.524	38	8.47%
8%-8.99%	3.202	3	0.920	3	2.464	6	4.537	9	7.001	15	11.717	22	5.76%
9%-9.99%	1.938	5	5.464	12	1.685	7	0.962	4	2.647	11	11.736	30	2.18%
10% and higher	3.441	9	2.291	7	3.053	8	4.246	12	7.299	20	13.189	37	6.00%
Floater	0	0	0.165	1	0	0	1.099	4	1.099	4	1.264	5	0.90%
NA	10.540	13	22.172	16	7.339	9	17.948	16	25.287	25	58.499	55	20.79%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	100.00%
Versus Talk
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Lower	1.739	5.949	4.848	2.998	5.229	4.300	1.764	1.581	0.174	4.645	3.290	0.495	0.743
Low end	2.483	1.408	0.843	3.621	6.432	3.564	0.501	6.828	2.107	7.467	4.152	1.550	3.996
Middle	1.483	3.465	0.738	6.534	3.628	7.767	0.768	6.564	3.956	9.679	8.959	1.007	0.750
High end	0	0	0.198	0	0.844	1.449	0	0	0.225	0.499	0	0	0
Higher	0.159	0	0	1.061	0	0	0.245	0.526	0	0	0	0	0
NA	2.297	16.318	1.403	6.849	17.875	6.496	2.235	9.286	6.512	9.827	16.426	4.264	6.115
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Lower	13.795	12	11.293	9	6.401	12	4.528	8	10.929	20	37.756	43	8.99%
Low end	5.872	8	10.497	12	16.402	17	9.699	14	26.101	31	44.953	54	21.46%
Middle	10.736	14	12.163	18	20.199	19	10.716	11	30.915	30	55.296	65	25.42%
High end	0.198	1	2.292	4	0.724	2	0	0	0.724	2	3.214	7	0.60%
Higher	1.061	1	0.245	1	0.526	1	0	0	0.526	1	1.992	4	0.43%
NA	24.570	37	26.607	38	25.625	40	26.804	45	52.429	85	105.902	163	43.11%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	100.00%
Upsized?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Yes	0	2.468	0.348	3.707	2.278	0.590	0.524	2.730	1.495	4.266	2.029	0	0
No	8.161	24.671	7.682	17.356	31.729	22.987	4.990	20.075	11.478	27.851	30.398	7.316	11.604
Downsized	0	0	0	0	0	0	0	1.981	0	0	0.400	0	0
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	6.523	8	3.392	7	8.491	12	2.029	4	10.520	16	20.435	31	8.65%
No	49.709	65	59.705	75	59.405	78	49.318	73	108.723	151	226.298	303	89.39%
Downsized	0	0	0	0	1.981	1	0.400	1	2.381	2	2.381	2	1.96%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	100.00%
Seniority
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
sovereign	0.686	4.919	0.538	3.555	12.447	9.110	1.264	14.204	3.074	12.853	11.496	1.250	0.665
senior secured	0	2.985	0	0.652	0	1.043	2.265	1.276	0.225	0	1.238	0	0
secured	0	0.435	0	0	0	0	0	0	0	0	0	0	0
senior	7.475	18.800	7.493	16.106	19.310	12.829	1.984	9.306	7.733	18.489	16.854	6.066	10.441
subordinated	0	0	0	0.750	2.250	0.595	0	0	1.942	0.300	3.239	0	0.498
municipal	0	0	0	0	0	0	0	0	0	0.475	0	0	0
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
sovereign	9.012	10	22.821	17	30.131	19	13.411	10	43.542	29	76.061	57	35.80%
senior secured	3.637	7	3.308	6	1.502	3	1.238	2	2.740	5	9.685	18	2.25%
secured	0.435	1	0	0	0	0	0	0	0	0	0.435	1	0.00%
senior	42.399	54	34.122	55	35.527	64	33.360	59	68.887	123	152.884	243	56.64%
subordinated	0.750	1	2.845	4	2.242	4	3.737	7	5.979	11	9.574	16	4.92%
municipal	0	0	0	0	0.475	1	0	0	0.475	1	0.475	1	0.39%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	100.00%
Moody's Rating
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Aaa	0	1.495	0	0.495	1.497	1.494	0	0	2.491	0	0	2.989	0
Aa2	0.997	3.477	0	1.491	0	7.000	0	0	0	1.357	0	0	0
Aa3	0	0	0	0.848	0.996	0.811	0.318	1.396	0	1.397	0.500	0	0
A1	1.487	0	4.500	0	0	0.995	0	0	1.593	2.542	1.395	0.299	0
A2	1.489	7.075	0	1.248	0.695	0	0	4.355	1.097	6.163	1.547	0	4.006
A3	0.983	0	1.035	3.491	0.744	3.113	0	0	0.497	1.986	1.000	1.649	3.498
Baa1	1.000	5.203	0	5.092	5.943	0.590	0.439	3.975	3.440	3.340	6.694	0	0
Baa2	0	2.987	0	0.992	4.236	1.734	0	3.973	0	2.769	3.471	0	0.798
Baa3	0.997	0	0.843	1.993	2.810	0	0.568	0.797	0.414	2.100	2.278	0.495	0.498
Ba1	0	1.609	0	0.750	3.481	1.798	0	0.743	0	0.900	2.644	0	0
Ba2	0	0.758	0	0.746	1.438	0	0	2.278	0.693	0.990	4.111	0.297	0.750
Ba3	0	1.866	0.744	1.124	0.994	1.193	0.446	3.779	0.123	0.495	2.535	0.300	0.246
B1	0.159	0.743	0.314	0	0.248	1.087	0.501	1.196	0	0	1.999	0.674	0
B2	0	0	0	0.652	0	0.680	0.500	0.198	0.749	1.675	0.597	0.118	0.350
B3	0	0	0	0	0	0	0	0.245	0	0	0.335	0.495	0
Caa1	0	0	0	0	0	0	0	0	0	0.775	0	0	0
NR	1.050	1.926	0.594	2.141	10.925	3.082	2.741	1.848	1.875	5.628	3.722	0	1.458
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Aaa	1.991	3	2.990	3	2.491	1	2.989	1	5.480	2	10.461	8	4.51%
Aa2	4.968	6	7.000	3	1.357	1	0	0	1.357	1	14.322	11	1.12%
Aa3	0.848	1	2.125	4	2.793	3	0.500	1	3.293	4	6.266	9	2.71%
A1	4.500	2	0.995	1	4.136	3	1.693	3	5.829	6	12.810	11	4.79%
A2	8.322	8	0.695	1	11.614	9	5.553	7	17.168	16	27.674	27	14.12%
A3	4.526	5	3.857	3	2.483	2	6.147	7	8.631	9	17.997	19	7.10%
Baa1	10.295	9	6.972	6	10.756	10	6.694	4	17.450	14	35.717	30	14.35%
Baa2	3.980	4	5.970	7	6.743	11	4.269	6	11.012	17	20.962	28	9.05%
Baa3	2.836	3	3.378	4	3.311	5	3.271	5	6.583	10	13.794	18	5.41%
Ba1	2.359	4	5.279	7	1.643	3	2.644	4	4.287	7	11.925	18	3.52%
Ba2	1.504	4	1.438	2	3.961	5	5.158	7	9.120	12	12.062	18	7.50%
Ba3	3.734	8	2.633	6	4.397	7	3.081	7	7.479	14	13.845	28	6.15%
B1	1.057	3	1.836	4	1.196	2	2.672	6	3.869	8	6.921	16	3.18%
B2	0.652	2	1.180	4	2.622	6	1.065	4	3.687	10	5.518	16	3.03%
B3	0	0	0	0	0.245	1	0.830	2	1.075	3	1.075	3	0.88%
Caa1	0	0	0	0	0.775	1	0	0	0.775	1	0.775	1	0.64%
NR	4.662	11	16.748	27	9.351	21	5.180	14	14.531	35	36.991	75	11.95%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	100.00%
Use of Proceeds
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Acquisition	0	0	0	0	0	0	0	0	0	0.775	0	0	0
Capex	0	0	0	0	0	0	0.196	0.498	0	0.475	0.600	0	0
GCP	1.906	14.220	1.341	2.418	4.385	11.261	0.886	6.470	4.322	6.881	5.536	4.597	3.399
Refinance	0	2.375	0.198	2.089	4.795	5.447	1.069	1.513	0.989	0.300	3.280	0.592	3.494
Multiple/Other/NA	6.255	10.544	6.491	16.556	24.826	6.869	3.362	16.304	7.663	23.686	23.411	2.127	4.711
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	0.775	1	0	0	0.775	1	0.775	1	0.64%
Capex	0	0	0.196	1	0.973	2	0.600	1	1.573	3	1.770	4	1.29%
GCP	17.979	20	16.532	22	17.673	25	13.532	17	31.205	42	67.622	87	25.66%
Refinance	4.662	7	11.311	12	2.802	8	7.366	12	10.168	20	26.141	39	8.36%
Multiple/Other/NA	33.591	46	35.057	47	47.653	55	30.249	48	77.902	103	152.805	205	64.05%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	100.00%
Industry Sector (by SIC code)
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Agriculture (0xxx)	0	0	0.348	0	0	0	0	0	0	0	0.585	0	0
Communications (48xx)	1.646	0	0.200	0.952	1.594	2.626	0.940	0	0	4.939	0.698	0	2.909
Construction (15xx)	0	0.180	0	0.999	1.186	0	0.246	0.328	0	0	0.300	0	0.246
Electric, gas, sanitary services (49xx)	0.989	5.211	1.587	0	1.239	1.115	0	1.291	0.350	0.500	1.998	0.495	0.607
Finance, insurance, real estate (6xxx)	4.543	3.584	0.498	8.602	8.081	8.283	0.977	4.829	8.223	8.785	9.792	4.185	3.532
Health services (8xxx)	0	0.500	0	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	1.193	4.698	1.741	1.837	1.228	2.086	1.515	0.897	1.439	3.139	0.495	0.798
Mining (1xxx)	0	0	0	0.992	1.041	1.216	0	0	0	1.026	1.633	0.299	0.350
Oil and gas (13xx)	0.297	7.534	0	3.280	5.443	0	0	1.975	0	0.350	1.965	0	0
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	0	0	0	2.498
Services (7xxx)	0	0	0.048	0	0	0	0	0.198	0	0	0	0.592	0
Sovereign (8888)	0.686	8.938	0.538	3.555	12.447	9.110	1.264	14.204	3.074	13.328	11.496	1.250	0.665
Transportation (4xxx)	0	0	0	0.495	1.138	0	0	0.446	0.430	1.750	0.205	0	0
Wholesale (5xxx)	0	0	0.114	0.446	0	0	0	0	0	0	1.018	0	0
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.348	1	0	0	0	0	0.585	2	0.585	2	0.933	3	0.48%
Communications (48xx)	1.152	4	5.160	10	4.939	5	3.607	6	8.546	11	16.503	28	7.03%
Construction (15xx)	1.179	3	1.432	3	0.328	2	0.546	2	0.874	4	3.485	10	0.72%
Electric, gas, sanitary services (49xx)	6.798	9	2.354	5	2.141	5	3.100	4	5.240	9	15.382	24	4.31%
Finance, insurance, real estate (6xxx)	12.684	18	17.341	29	21.837	39	17.508	33	39.345	72	73.913	125	32.35%
Health services (8xxx)	0.500	1	0	0	0	0	0	0	0	0	0.500	1	0.00%
Manufacturing (2xxx, 3xxx)	7.632	8	5.151	8	3.851	9	4.432	8	8.283	17	21.066	33	6.81%
Mining (1xxx)	0.992	1	2.256	4	1.026	1	2.281	5	3.307	6	6.556	11	2.72%
Oil and gas (13xx)	10.813	9	5.443	4	2.325	4	1.965	2	4.290	6	20.844	20	3.53%
Pharmaceuticals (2834-6)	0	0	0	0	0	0	2.498	3	2.498	3	2.498	3	2.05%
Services (7xxx)	0.048	2	0	0	0.198	1	0.592	1	0.790	2	0.838	4	0.65%
Sovereign (8888)	13.031	14	22.821	17	30.606	20	13.411	10	44.017	30	80.555	62	36.19%
Transportation (4xxx)	0.495	1	1.138	2	2.626	5	0.205	1	2.831	6	4.464	9	2.33%
Wholesale (5xxx)	0.560	2	0	0	0	0	1.018	1	1.018	1	1.577	3	0.84%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	100.00%
Country
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Africa	0	0.758	0.538	0	0	0	0.196	0	0	1.986	0.994	0	0
Asia	1.789	7.127	5.855	6.260	9.054	5.381	0.154	5.887	8.254	4.167	6.196	6.026	2.139
Bermuda	0	0	0	0	0	0	0	0.693	0	0.081	0	0	0
Caribbean	0.159	0	0.843	0	0	1.255	0	0	0	0.775	0.750	0	0
Emerging Europe	0.686	4.900	0	0.652	2.969	0.759	0.940	7.991	1.982	4.403	2.803	0	0.607
Latin America	1.294	5.611	0.794	11.313	17.604	5.599	3.317	7.254	1.042	10.654	9.437	0	3.868
Middle East	3.233	4.792	0	2.338	2.890	10.383	0.500	1.973	0.446	6.852	4.522	0	3.241
Russia, CIS	1.000	3.951	0	0.500	1.490	0.200	0.406	0.987	1.250	3.200	8.126	1.290	1.750
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Africa	1.295	3	0.196	1	1.986	1	0.994	2	2.980	3	4.472	7	2.45%
Asia	19.242	25	14.590	23	18.308	29	14.360	28	32.668	57	68.288	108	26.86%
Bermuda	0	0	0	0	0.774	3	0	0	0.774	3	0.774	3	0.64%
Caribbean	0.843	1	1.255	3	0.775	1	0.750	1	1.525	2	3.783	7	1.25%
Emerging Europe	5.552	5	4.667	6	14.376	9	3.410	5	17.786	14	28.691	26	14.62%
Latin America	17.719	26	26.521	30	18.950	33	13.304	23	32.254	56	77.788	114	26.52%
Middle East	7.130	8	13.772	14	9.271	8	7.763	8	17.034	16	41.169	42	14.01%
Russia, CIS	4.451	5	2.096	5	5.437	7	11.166	11	16.603	18	24.150	29	13.65%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	100.00%
Currency
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
$	7.475	23.679	8.030	18.620	34.007	20.203	4.005	18.241	11.849	24.623	27.002	7.316	8.838
CHF	0	0	0	0.337	0	0	0	0	0	0	0	0	0
Y	0	0.371	0	0	0	0	0.054	0.551	1.109	0.023	0	0	0
€	0.686	3.089	0	2.105	0	3.373	1.454	5.994	0.016	7.471	5.826	0	2.766
Total	8.161	27.139	8.030	21.063	34.007	23.576	5.513	24.786	12.974	32.117	32.827	7.316	11.604
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
$	50.329	65	58.215	75	54.713	78	43.156	69	97.869	147	213.888	298	80.47%
CHF	0.337	1	0	0	0	0	0	0	0	0	0.337	1	0.00%
Y	0.371	1	0.054	1	1.683	4	0	0	1.683	4	2.108	6	1.38%
€	5.194	6	4.827	6	13.481	9	8.591	9	22.073	18	32.780	31	18.15%
Total	56.232	73	63.097	82	69.877	91	51.747	78	121.624	169	249.114	336	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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