Analysis of emerging markets issuance for 13 months through October 2011

Yield

	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Less than 5%	15.600	7.403	0.822	8.012	1.941	4.058	3.237	5.214	5.349	5.850	2.726	0.995	6.082
5%-5.99%	3.126	7.595	0.889	6.766	1.238	3.073	5.602	3.297	3.487	3.223	2.177	0	7.657
6%-6.99%	7.612	3.532	0.847	4.446	1.331	9.965	5.701	5.729	2.548	2.768	0	0.350	1.242
7%-7.99%	3.470	1.187	0.441	4.036	1.901	2.549	3.467	1.091	2.644	0.887	0	0.983	0
8%-8.99%	4.199	0	0	1.928	1.101	0.500	2.203	6.747	0	0.200	0	0	0.150
9%-9.99%	1.020	0.284	0	1.618	2.061	1.000	0.281	1.703	0.300	0.635	0.253	0	0
10% and higher	1.647	0.906	0.496	1.577	0.895	1.547	0.371	0.749	0	0.050	0	0	0
Floater	0.175	0.075	0	0.600	0	0.370	0.300	0.850	0.200	0.175	1.075	0.100	0.104
NA	1.992	2.945	1.104	4.036	3.487	4.615	4.242	8.612	6.305	2.358	0.999	0.060	3.960
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	23.824	34	14.012	20	13.800	23	9.570	17	6.082	8	43.464	68	67.288	102	51.688	82	21.74%
5%-5.99%	11.610	18	11.077	13	12.385	16	5.400	10	7.657	8	36.519	47	48.129	65	45.003	59	18.26%
6%-6.99%	11.990	17	15.741	21	13.978	25	3.118	5	1.242	2	34.079	53	46.070	70	38.458	60	17.04%
7%-7.99%	5.099	12	8.486	14	7.202	14	1.870	3	0	0	17.558	31	22.657	43	19.186	38	8.78%
8%-8.99%	4.199	5	3.529	8	8.950	17	0.200	1	0.150	1	12.828	27	17.027	32	12.828	27	6.42%
9%-9.99%	1.304	7	4.679	14	2.284	9	0.888	3	0	0	7.851	26	9.155	33	8.135	27	3.93%
10% and higher	3.049	14	4.019	10	1.120	5	0.050	1	0	0	5.190	16	8.239	30	6.592	23	2.59%
Floater	0.250	2	0.970	4	1.350	3	1.350	3	0.104	1	3.774	11	4.024	13	3.849	12	1.89%
NA	6.041	10	12.139	19	19.159	26	3.418	10	3.960	4	38.677	59	44.718	69	42.726	66	19.34%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	100.00%
Versus Talk
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Lower	3.196	2.726	0	1.491	0.750	3.707	0.495	0	0	1.779	0	0	0.649
Low end	7.190	10.067	0.496	6.290	3.274	12.169	5.888	8.045	6.018	6.743	2.482	0	6.266
Middle	5.562	3.310	0.522	6.869	5.090	2.514	1.858	10.742	6.788	1.840	2.857	0.995	3.738
High end	1.139	1.600	0.308	0	0	1.043	1.048	1.541	0	0	0	0.983	0.989
Higher	1.416	0	0	0.500	0	0	0	0	0	0.700	0	0	0
NA	20.339	6.222	3.273	17.870	4.841	8.243	16.115	13.662	8.028	5.083	1.892	0.510	7.554
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	5.922	8	5.948	5	0.495	1	1.779	4	0.649	2	8.871	12	14.793	20	11.597	16	4.44%
Low end	17.754	23	21.734	27	19.951	34	9.225	12	6.266	7	57.175	80	74.929	103	67.738	93	28.60%
Middle	9.394	22	14.473	28	19.388	30	5.691	8	3.738	4	43.290	70	52.684	92	47.122	81	21.65%
High end	3.047	5	1.043	3	2.589	6	0.983	1	0.989	1	5.605	11	8.652	16	7.513	14	2.80%
Higher	1.416	2	0.500	1	0	0	0.700	2	0	0	1.200	3	2.616	5	1.200	3	0.60%
NA	29.834	59	30.954	59	37.805	67	7.486	26	7.554	10	83.799	162	113.633	221	93.294	187	41.91%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	100.00%
Upsized?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	2.778	0	0.300	1.335	0.895	0	0	2.040	0.348	0.202	0	0	0
No	35.064	23.926	4.299	31.685	13.060	27.328	25.404	31.951	20.485	15.944	7.231	2.487	19.196
Downsized	1.000	0	0	0	0	0.350	0	0	0	0	0	0	0
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.078	2	2.230	4	2.388	5	0.202	1	0	0	4.819	10	7.898	12	5.119	11	2.41%
No	63.289	116	72.073	118	77.840	133	25.662	52	19.196	24	194.771	327	258.060	443	222.996	382	97.41%
Downsized	1.000	1	0.350	1	0	0	0	0	0	0	0.350	1	1.350	2	0.350	1	0.18%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	100.00%
Seniority
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
sovereign	6.231	3.171	0.500	7.044	2.921	7.037	7.428	5.056	10.359	5.999	0.965	0.983	5.983
senior secured	0.636	0	0	0	0.683	0	0.196	0.325	0	0	0	0	0
senior	29.507	19.759	4.099	24.740	10.351	19.407	17.029	27.810	9.976	10.146	6.066	1.505	13.213
subordinated	2.467	0.996	0	1.236	0	1.233	0.750	0.800	0.499	0	0.200	0	0
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	9.902	11	17.002	18	22.843	24	7.947	11	5.983	5	53.774	58	63.677	69	57.446	64	26.89%
senior secured	0.636	3	0.683	2	0.521	2	0	0	0	0	1.204	4	1.841	7	1.204	4	0.60%
senior	53.366	99	54.498	99	54.815	109	17.716	41	13.213	19	140.243	268	193.609	367	164.101	316	70.15%
subordinated	3.462	6	2.469	4	2.049	3	0.200	1	0	0	4.718	8	8.181	14	5.714	10	2.36%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	100.00%
Moody's Rating
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Aaa	0	0	0	0	2.739	0	0	0	1.497	0.175	0.999	0	0
Aa2	0	0.497	0	0	0	0.596	0	0	0	0	0	0	0
Aa3	0	3.968	0	1.983	0	4.328	0	0	0	0.497	0	0	4.482
A1	6.720	0.699	0	0	0	3.355	2.519	0.815	0.278	2.485	0.518	0.995	2.489
A2	4.178	0.052	0.325	1.673	0.175	1.233	2.180	0.650	2.922	0.960	2.801	0	2.173
A3	1.941	0.574	0	0	0.746	1.795	0.397	0	3.000	0.321	0	0	0.499
Baa1	2.375	3.690	0	5.979	1.770	2.005	1.014	1.984	0.921	0	2.040	0	0.196
Baa2	4.781	3.214	0.991	5.909	1.238	0.699	1.258	5.149	1.297	1.825	0	0	1.750
Baa3	1.772	4.480	0.495	2.544	0	6.237	2.257	2.445	4.232	3.726	0	0.350	0
Ba1	0	0.597	0	1.349	0.446	0	4.747	2.270	0	0	0	0	0.497
Ba2	2.599	1.484	0	0.798	0.464	0.698	2.239	2.423	0	0.706	0	0	0.989
Ba3	3.659	0.200	0	0.976	1.488	1.250	1.441	3.478	0	0.750	0	0	0.150
B1	1.558	0.396	0.308	1.000	0.536	1.248	1.350	3.792	0	2.918	0	0	0
B2	0.140	0.240	0.696	0.543	3.505	0.500	0.175	0.298	1.550	0	0	0	0
B3	0.252	0	0	0	0.100	0	0	0.575	2.550	0	0	0	0
NR	8.866	3.835	1.783	10.265	0.748	3.735	5.827	10.111	2.587	1.782	0.873	1.143	5.970
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	0	0	2.739	1	1.497	1	1.174	2	0	0	5.410	4	5.410	4	5.410	4	2.71%
Aa2	0.497	1	0.596	1	0	0	0	0	0	0	0.596	1	1.093	2	1.093	2	0.30%
Aa3	3.968	3	6.312	6	0	0	0.497	1	4.482	4	11.291	11	15.259	14	15.259	14	5.65%
A1	7.419	9	3.355	6	3.612	7	3.998	10	2.489	3	13.454	26	20.873	35	14.153	27	6.73%
A2	4.555	8	3.081	5	5.752	7	3.761	4	2.173	2	14.767	18	19.322	26	15.144	20	7.39%
A3	2.514	6	2.541	5	3.397	4	0.321	1	0.499	1	6.759	11	9.273	17	7.332	13	3.38%
Baa1	6.065	9	9.754	8	3.919	6	2.040	2	0.196	1	15.909	17	21.974	26	19.599	22	7.96%
Baa2	8.987	10	7.846	12	7.704	14	1.825	5	1.750	1	19.125	32	28.111	42	23.330	37	9.57%
Baa3	6.747	11	8.781	11	8.934	11	4.076	5	0	0	21.790	27	28.537	38	26.765	34	10.90%
Ba1	0.597	2	1.795	4	7.017	9	0	0	0.497	1	9.309	14	9.906	16	9.906	16	4.66%
Ba2	4.083	6	1.960	6	4.662	10	0.706	2	0.989	1	8.318	19	12.401	25	9.802	21	4.16%
Ba3	3.859	8	3.714	9	4.919	9	0.750	1	0.150	1	9.533	20	13.392	28	9.733	21	4.77%
B1	2.263	8	2.784	8	5.142	5	2.918	5	0	0	10.843	18	13.106	26	11.548	21	5.42%
B2	1.077	4	4.548	9	2.023	4	0	0	0	0	6.571	13	7.648	17	7.508	16	3.29%
B3	0.252	1	0.100	1	3.125	6	0	0	0	0	3.225	7	3.477	8	3.225	7	1.61%
NR	14.485	33	14.748	31	18.525	45	3.798	15	5.970	9	43.041	100	57.525	133	48.659	119	21.53%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	100.00%
Use of Proceeds
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Acquisition	0	0.165	0	0	0	0	0	1.650	0	0	0.194	0	0
Capex	0	0	0	0.400	0.746	0	0.350	0	0	0.496	0	0	0
GCP	10.728	2.275	0.638	13.209	2.701	7.843	4.766	6.983	3.073	4.295	1.494	2.077	5.291
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0	0.113
Refinance	4.073	3.067	0.394	0.853	1.084	1.880	3.540	1.270	0.650	1.245	0	0	0
Multiple/Other/NA	24.041	18.419	3.568	18.557	9.425	17.955	16.747	24.088	17.110	10.109	5.543	0.410	13.793
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.165	1	0	0	1.650	2	0.194	1	0	0	1.844	3	2.009	4	2.009	4	0.92%
Capex	0	0	1.146	2	0.350	2	0.496	1	0	0	1.992	5	1.992	5	1.992	5	1.00%
GCP	13.640	24	23.753	31	14.822	29	7.867	13	5.291	5	51.732	78	65.372	102	54.645	86	25.87%
No proceeds	0	0	0	0	0	0	0	0	0.113	1	0.113	1	0.113	1	0.113	1	0.06%
Refinance	7.534	11	3.817	10	5.460	13	1.245	2	0	0	10.522	25	18.056	36	13.983	32	5.26%
Multiple/Other/NA	46.028	83	45.937	80	57.945	92	16.061	36	13.793	18	133.736	226	179.764	309	155.723	266	66.89%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	100.00%
Industry Sector (by SIC code)
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Agriculture (0xxx)	0.295	0	0	0	0	0.247	0	0.741	0	0	0	0.060	0
Communications (48xx)	3.268	1.052	1.299	1.639	0	0.707	0	0.296	2.200	0	2.801	0.100	2.173
Construction (15xx)	0	1.678	0	0	0.493	0.900	0	0.075	0	0	0	0	0
Electric, gas, sanitary services (49xx)	2.687	0.336	1.562	2.537	0	0	1.271	2.591	0.143	1.902	0.247	0	1.750
Finance, insurance, real estate (6xxx)	12.557	11.748	0.692	8.116	6.925	14.395	8.340	15.903	5.085	3.278	2.592	1.345	7.853
Health services (8xxx)	0	0	0	0	0	0	0.160	0	0	0.497	0	0	0
Manufacturing (2xxx, 3xxx)	4.481	2.490	0	3.787	1.723	1.537	3.933	1.847	0.498	1.883	0.231	0	0
Mining (1xxx)	2.382	0	0	0	0	0	0.615	1.650	0.628	0.950	0	0	0
Oil and gas (13xx)	4.500	3.451	0.133	8.713	0	0.900	1.824	4.836	0	1.241	0	0	1.190
Pharmaceuticals (2834-6)	0	0	0	0	0	0.750	0	0	0	0	0	0	0
Services (7xxx)	0.296	0	0	0.443	0	0	0	0.300	0	0	0	0	0
Sovereign (8888)	7.225	3.171	0.500	7.044	2.921	7.037	7.428	5.056	10.359	5.999	0.965	0.983	5.983
Transportation (4xxx)	1.150	0	0.413	0	1.210	0.906	0.200	0.696	1.920	0	0.395	0	0.247
Wholesale (5xxx)	0	0	0	0.741	0.683	0.298	1.633	0	0	0.395	0	0	0
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.295	2	0.247	1	0.741	1	0.060	1	0	0	1.048	3	1.344	5	1.048	3	0.52%
Communications (48xx)	5.620	12	2.347	5	2.496	4	2.901	3	2.173	2	9.916	14	15.536	26	12.268	20	4.96%
Construction (15xx)	1.678	2	1.393	4	0.075	1	0	0	0	0	1.468	5	3.147	7	3.147	7	0.73%
Electric, gas, sanitary services (49xx)	4.585	11	2.537	4	4.004	9	2.149	7	1.750	1	10.440	21	15.025	32	12.338	27	5.22%
Finance, insurance, real estate (6xxx)	24.996	52	29.436	56	29.329	59	7.215	16	7.853	13	73.832	144	98.829	196	86.272	168	36.93%
Health services (8xxx)	0	0	0	0	0.160	1	0.497	1	0	0	0.657	2	0.657	2	0.657	2	0.33%
Manufacturing (2xxx, 3xxx)	6.971	10	7.047	13	6.279	15	2.114	7	0	0	15.440	35	22.411	45	17.930	39	7.72%
Mining (1xxx)	2.382	3	0	0	2.893	6	0.950	2	0	0	3.843	8	6.225	11	3.843	8	1.92%
Oil and gas (13xx)	8.084	10	9.613	9	6.660	8	1.241	2	1.190	2	18.704	21	26.788	31	22.288	27	9.35%
Pharmaceuticals (2834-6)	0	0	0.750	2	0	0	0	0	0	0	0.750	2	0.750	2	0.750	2	0.38%
Services (7xxx)	0.296	1	0.443	2	0.300	1	0	0	0	0	0.743	3	1.040	4	0.743	3	0.37%
Sovereign (8888)	10.896	12	17.002	18	22.843	24	7.947	11	5.983	5	53.775	58	64.671	70	57.446	64	26.90%
Transportation (4xxx)	1.563	4	2.116	5	2.816	6	0.395	2	0.247	1	5.574	14	7.137	18	5.987	16	2.79%
Wholesale (5xxx)	0	0	1.721	4	1.633	3	0.395	1	0	0	3.749	8	3.749	8	3.749	8	1.88%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	100.00%
Country
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Africa	0	0.297	0	2.228	1.965	0.787	0.706	0.983	0.648	0.005	0	0	0
Asia	11.148	7.408	0.693	4.856	5.014	7.449	11.469	11.020	4.918	4.816	0.943	1.095	4.069
Caribbean	0	0.284	0.308	0	0.576	0	0	0	0	0.693	0	0	0
Emerging Europe	4.545	0.640	0.325	3.399	0	6.167	3.208	5.351	6.879	0.632	1.075	0.983	2.219
Latin America	8.683	4.690	2.278	15.542	3.409	5.509	4.726	11.933	0.996	5.548	4.214	0.410	6.886
Middle East	8.219	7.475	0	2.169	0	5.700	2.279	3.206	1.799	2.750	0.999	0	5.676
Other	0	0	0	0	0	0.250	0	0	0	0	0	0	0
Russia, CIS	6.247	3.132	0.995	4.825	2.990	1.815	3.016	1.498	5.594	1.702	0	0	0.346
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	0.297	1	4.980	8	2.336	6	0.005	1	0	0	7.322	15	7.618	16	7.618	16	3.66%
Asia	19.249	37	17.319	36	27.407	50	6.854	18	4.069	8	55.648	112	74.898	149	63.750	127	27.83%
Caribbean	0.592	2	0.576	2	0	0	0.693	2	0	0	1.269	4	1.861	6	1.861	6	0.63%
Emerging Europe	5.510	8	9.566	9	15.438	17	2.689	4	2.219	2	29.912	32	35.422	40	30.877	36	14.96%
Latin America	15.651	30	24.461	41	17.655	35	10.172	17	6.886	5	59.174	98	74.825	128	66.142	113	29.60%
Middle East	15.693	23	7.870	11	7.284	14	3.749	6	5.676	7	24.579	38	40.273	61	32.054	50	12.29%
Other	0	0	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.250	1	0.13%
Russia, CIS	10.374	18	9.631	15	10.108	16	1.702	5	0.346	2	21.787	38	32.161	56	25.914	45	10.90%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	100.00%
Currency
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
$	32.278	20.803	3.283	28.080	12.986	22.490	23.350	28.059	14.984	15.514	5.911	2.487	16.672
C$	0	0	0	0	0	0	0	0.315	0	0	0	0	0
CHF	0	0	0	0.207	0	0	0	0.174	0	0	0	0	0
RMB	0	0	0	0	0	0	0	0.092	0	0	0.051	0	0
Y	2.019	0.185	0	0.219	0	0	0	0	1.542	0.310	0.194	0	0
€	4.545	2.938	1.316	4.514	0.969	3.691	2.054	5.351	3.814	0.321	1.075	0	1.731
£	0	0	0	0	0	1.496	0	0	0.494	0	0	0	0.794
Total	38.842	23.926	4.599	33.020	13.955	27.678	25.404	33.991	20.833	16.145	7.231	2.487	19.196
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	56.364	102	63.556	108	66.392	120	23.912	47	16.672	20	170.532	295	226.896	397	194.618	341	85.29%
C$	0	0	0	0	0.315	1	0	0	0	0	0.315	1	0.315	1	0.315	1	0.16%
CHF	0	0	0.207	1	0.174	1	0	0	0	0	0.382	2	0.382	2	0.382	2	0.19%
RMB	0	0	0	0	0.092	1	0.051	2	0	0	0.144	3	0.144	3	0.144	3	0.07%
Y	2.204	5	0.219	1	1.542	1	0.504	2	0	0	2.264	4	4.468	9	2.449	6	1.13%
€	8.799	12	9.175	10	11.219	13	1.396	2	1.731	3	23.520	28	32.320	40	27.775	36	11.76%
£	0	0	1.496	3	0.494	1	0	0	0.794	1	2.783	5	2.783	5	2.783	5	1.39%
Total	67.367	119	74.653	123	80.228	138	25.863	53	19.196	24	199.940	338	267.307	457	228.465	394	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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