Analysis of emerging markets issuance for 13 months through March 2011

Yield

	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Less than 5%	9.718	1.748	1.250	5.561	12.545	2.332	12.445	15.600	7.403	0.822	8.012	1.941	4.058
5%-5.99%	10.897	3.624	0	2.696	9.778	2.678	6.958	3.126	7.595	0.889	6.766	1.238	2.074
6%-6.99%	4.223	3.024	0.495	0	5.905	0.500	6.819	7.612	3.532	0.847	4.446	1.331	9.965
7%-7.99%	0.250	5.210	0.300	0	1.752	0.850	5.604	3.470	1.187	0.441	4.036	1.901	1.804
8%-8.99%	1.491	3.787	0	0.750	0.940	0.958	1.191	4.199	0	0	1.928	1.101	0.500
9%-9.99%	0.350	1.135	0.082	0.246	1.598	0	1.397	1.020	0.284	0	1.618	2.061	1.000
10% and higher	1.450	2.394	1.502	0.350	0.648	4.206	2.014	1.647	0.906	0.496	1.577	0.895	1.547
Floater	0	0.549	0	0.550	0	0	0.800	0.175	0.075	0	0.600	0	0
NA	4.098	11.858	3.687	2.404	2.351	0.075	4.409	1.992	2.945	1.104	4.036	3.487	4.615
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	8.559	12	27.321	43	23.824	34	14.012	20	14.012	20	83.435	122	73.717	109	19.32%
5%-5.99%	6.320	8	19.414	24	11.610	18	10.078	11	10.078	11	58.320	70	47.422	61	13.89%
6%-6.99%	3.518	6	13.225	20	11.990	17	15.741	21	15.741	21	48.698	69	44.475	64	21.70%
7%-7.99%	5.510	8	8.206	15	5.099	12	7.741	13	7.741	13	26.806	49	26.556	48	10.67%
8%-8.99%	4.537	9	3.089	8	4.199	5	3.529	8	3.529	8	16.845	34	15.354	30	4.86%
9%-9.99%	1.462	5	2.995	9	1.304	7	4.679	14	4.679	14	10.791	36	10.441	35	6.45%
10% and higher	4.246	12	6.868	14	3.049	14	4.019	10	4.019	10	19.634	53	18.184	50	5.53%
Floater	1.099	4	0.800	4	0.250	2	0.600	2	0.600	2	2.749	12	2.749	12	0.83%
NA	17.948	16	6.836	13	6.041	10	12.139	19	12.139	19	47.062	64	42.964	58	16.73%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	100.00%
Versus Talk
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Lower	4.645	3.290	0.495	0.743	1.689	0.498	3.993	3.196	2.726	0	1.491	0.750	3.707
Low end	7.467	4.152	1.550	3.996	8.012	2.496	6.358	7.190	10.067	0.496	6.290	3.274	10.724
Middle	9.679	8.959	1.007	0.750	1.547	1.059	3.197	5.562	3.310	0.522	6.869	5.090	2.514
High end	0.499	0	0	0	1.190	0.333	0.545	1.139	1.600	0.308	0	0	1.043
Higher	0	0	0	0	0	0	0.269	1.416	0	0	0.500	0	0
NA	10.188	16.926	4.264	7.068	23.082	7.212	27.275	20.339	6.222	3.273	17.870	4.841	7.574
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	4.528	8	6.180	10	5.922	8	5.948	5	5.948	5	27.223	38	22.578	31	8.20%
Low end	9.699	14	16.866	22	17.754	23	20.288	25	20.288	25	72.074	93	64.607	84	27.97%
Middle	10.716	11	5.803	12	9.394	22	14.473	28	14.473	28	50.066	80	40.387	73	19.95%
High end	0	0	2.068	4	3.047	5	1.043	3	1.043	3	6.657	13	6.159	12	1.44%
Higher	0	0	0.269	1	1.416	2	0.500	1	0.500	1	2.185	4	2.185	4	0.69%
NA	28.257	47	57.569	101	29.834	59	30.285	56	30.285	56	156.133	281	145.946	263	41.75%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	100.00%
Upsized?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	4.266	2.029	0	0	0.200	0.687	0.500	2.778	0	0.300	1.335	0.895	0
No	28.212	30.898	7.316	12.557	35.320	10.912	40.932	35.064	23.926	4.299	31.685	13.060	25.214
Downsized	0	0.400	0	0	0	0	0.204	1.000	0	0	0	0	0.350
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.029	4	1.387	5	3.078	2	2.230	4	2.230	4	12.990	19	8.724	15	3.07%
No	50.771	75	87.164	144	63.289	116	69.959	113	69.959	113	299.395	486	271.183	448	96.44%
Downsized	0.400	1	0.204	1	1.000	1	0.350	1	0.350	1	1.954	4	1.954	4	0.48%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	100.00%
Seniority
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
sovereign	13.295	11.496	1.250	0.665	7.485	3.808	11.592	6.231	3.171	0.500	7.044	2.921	7.037
senior secured	0	1.238	0	0	0.298	0.075	0	0.636	0	0	0	0.683	0
secured	0	0	0	0	0	0.112	0.400	0	0	0	0	0	0
senior	18.408	17.354	6.066	11.394	25.931	6.608	29.645	29.507	19.759	4.099	24.740	10.351	17.293
subordinated	0.300	3.239	0	0.498	1.306	0.996	0	2.467	0.996	0	1.236	0	1.233
covered bonds	0	0	0	0	0.499	0	0	0	0	0	0	0	0
municipal	0.475	0	0	0	0	0	0	0	0	0	0	0	0
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	13.411	10	22.885	25	9.902	11	17.002	18	17.002	18	76.495	74	63.200	64	23.44%
senior secured	1.238	2	0.373	2	0.636	3	0.683	2	0.683	2	2.931	9	2.931	9	0.94%
secured	0	0	0.512	2	0	0	0	0	0	0	0.512	2	0.512	2	0.00%
senior	34.813	61	62.184	116	53.366	99	52.384	94	52.384	94	221.156	400	202.747	370	72.21%
subordinated	3.737	7	2.302	4	3.462	6	2.469	4	2.469	4	12.271	22	11.971	21	3.40%
covered bonds	0	0	0.499	1	0	0	0	0	0	0	0.499	1	0.499	1	0.00%
municipal	0	0	0	0	0	0	0	0	0	0	0.475	1	0	0	0.00%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	100.00%
Moody's Rating
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Aaa	0	0	2.989	0	1.062	0.498	0	0	0	0	0	2.739	0
Aa1	0	0	0	0	0	0	0.997	0	0	0	0	0	0
Aa2	1.357	0	0	0	4.992	0	0	0	0.497	0	0	0	0.596
Aa3	1.397	0.500	0	0	1.498	0	2.581	0	3.968	0	1.983	0	4.328
A1	2.542	1.395	0.299	0	1.691	0.196	5.700	6.720	0.699	0	0	0	3.355
A2	6.163	1.547	0	4.959	2.492	0	2.400	4.178	0.052	0.325	1.673	0.175	1.233
A3	1.986	1.000	1.649	3.498	2.266	0.200	1.393	1.941	0.574	0	0	0.746	1.795
Baa1	3.260	6.694	0	0	4.958	1.512	1.495	2.375	3.690	0	6.179	1.770	1.305
Baa2	2.769	3.471	0	0.798	3.013	1.894	6.110	4.781	3.214	0.991	5.909	1.238	0.699
Baa3	2.100	2.278	0.495	0.498	4.691	0	4.362	1.772	4.480	0.495	2.544	0	5.381
Ba1	0.900	2.644	0	0	2.985	1.150	2.450	0	0.597	0	1.149	0.446	0
Ba2	0.990	4.111	0.297	0.750	1.527	0	0.300	2.599	1.484	0	0.798	0.464	0.698
Ba3	0.495	2.535	0.300	0.246	0.250	0.396	2.099	3.659	0.200	0	0.976	1.488	1.250
B1	0	1.999	0.674	0	1.790	0.658	1.048	1.558	0.396	0.308	1.000	0.536	1.248
B2	1.675	0.597	0.118	0.350	0.103	0	0.250	0.140	0.240	0.696	0.543	3.505	0.500
B3	0	0.335	0.495	0	0	0	0.545	0.252	0	0	0	0.100	0
Caa1	0.775	0	0	0	0	0	0	0	0	0	0	0	0
NR	6.070	4.222	0	1.458	2.200	5.095	9.905	8.866	3.835	1.783	10.265	0.748	3.176
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	2.989	1	1.561	3	0	0	2.739	1	2.739	1	7.289	5	7.289	5	3.78%
Aa1	0	0	0.997	1	0	0	0	0	0	0	0.997	1	0.997	1	0.00%
Aa2	0	0	4.992	3	0.497	1	0.596	1	0.596	1	7.442	6	6.084	5	0.82%
Aa3	0.500	1	4.079	7	3.968	3	6.312	6	6.312	6	16.256	19	14.859	17	8.70%
A1	1.693	3	7.587	11	7.419	9	3.355	6	3.355	6	22.596	31	20.054	29	4.63%
A2	6.506	8	4.893	6	4.555	8	3.081	5	3.081	5	25.197	33	19.035	27	4.25%
A3	6.147	7	3.859	9	2.514	6	2.541	5	2.541	5	17.047	28	15.061	27	3.50%
Baa1	6.694	4	7.965	10	6.065	9	9.254	8	9.254	8	33.237	34	29.978	31	12.76%
Baa2	4.269	6	11.017	16	8.987	10	7.846	12	7.846	12	34.888	48	32.118	44	10.82%
Baa3	3.271	5	9.054	16	6.747	11	7.925	9	7.925	9	29.097	43	26.997	41	10.93%
Ba1	2.644	4	6.585	9	0.597	2	1.595	3	1.595	3	12.320	20	11.420	18	2.20%
Ba2	5.158	7	1.827	4	4.083	6	1.960	6	1.960	6	14.019	24	13.029	23	2.70%
Ba3	3.081	7	2.745	7	3.859	8	3.714	9	3.714	9	13.895	33	13.400	31	5.12%
B1	2.672	6	3.497	9	2.263	8	2.784	8	2.784	8	11.215	31	11.215	31	3.84%
B2	1.065	4	0.353	2	1.077	4	4.548	9	4.548	9	8.718	21	7.043	19	6.27%
B3	0.830	2	0.545	1	0.252	1	0.100	1	0.100	1	1.727	5	1.727	5	0.14%
Caa1	0	0	0	0	0	0	0	0	0	0	0.775	1	0	0	0.00%
NR	5.680	15	17.200	36	14.485	33	14.189	29	14.189	29	57.624	126	51.554	113	19.56%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	100.00%
Use of Proceeds
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Acquisition	0.775	0	0	0	0	0	0	0	0.165	0	0	0	0
Capex	0.475	0.600	0	0	1.499	0.910	0	0	0	0	0.400	0.746	0
GCP	6.800	5.536	4.597	4.352	9.614	3.093	14.226	10.728	2.275	0.638	13.209	2.701	7.843
Refinance	0.300	3.280	0.592	3.494	2.890	0.894	2.572	4.073	3.067	0.394	0.853	1.084	1.880
Multiple/Other/NA	24.128	23.911	2.127	4.711	21.517	6.702	24.839	24.041	18.419	3.568	18.557	9.425	15.841
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0	0	0.165	1	0	0	0	0	0.940	2	0.165	1	0.00%
Capex	0.600	1	2.409	5	0	0	1.146	2	1.146	2	4.630	9	4.155	8	1.58%
GCP	14.485	18	26.932	46	13.640	24	23.753	31	23.753	31	85.611	129	78.811	119	32.75%
Refinance	7.366	12	6.357	12	7.534	11	3.817	10	3.817	10	25.374	46	25.074	45	5.26%
Multiple/Other/NA	30.749	49	53.058	87	46.028	83	43.823	75	43.823	75	197.785	323	173.657	294	60.41%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	100.00%
Industry Sector (by SIC code)
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Agriculture (0xxx)	0	0.585	0	0	0.690	0	0.204	0.295	0	0	0	0	0.247
Communications (48xx)	4.939	0.698	0	3.862	0.647	0.498	2.330	3.268	1.052	1.299	1.639	0	0.707
Construction (15xx)	0	0.300	0	0.246	0	0	0.950	0	1.678	0	0	0.493	0.900
Electric, gas, sanitary services (49xx)	0.500	1.998	0.495	0.607	0.500	0	1.760	2.687	0.336	1.562	2.537	0	0
Finance, insurance, real estate (6xxx)	8.704	9.792	4.185	3.532	20.325	2.878	15.562	12.557	11.748	0.692	8.116	6.925	13.726
Manufacturing (2xxx, 3xxx)	1.439	3.139	0.495	0.798	1.344	1.900	4.274	4.481	2.490	0	3.787	1.723	0.792
Mining (1xxx)	1.026	1.633	0.299	0.350	0.103	0	3.515	2.382	0	0	0	0	0
Oil and gas (13xx)	0.350	2.465	0	0	2.480	1.856	0.750	4.500	3.451	0.133	8.713	0	0.200
Pharmaceuticals (2834-6)	0	0	0	2.498	0	0	0	0	0	0	0	0	0.750
Services (7xxx)	0	0	0.592	0	0.700	0.160	0	0.296	0	0	0.443	0	0
Sovereign (8888)	13.770	11.496	1.250	0.665	7.485	3.808	11.592	7.225	3.171	0.500	7.044	2.921	7.037
Transportation (4xxx)	1.750	0.205	0	0	1.047	0.498	0.700	1.150	0	0.413	0	1.210	0.906
Wholesale (5xxx)	0	1.018	0	0	0.198	0	0	0	0	0	0.741	0.683	0.298
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.585	2	0.895	2	0.295	2	0.247	1	0.247	1	2.022	7	2.022	7	0.34%
Communications (48xx)	4.560	7	3.475	5	5.620	12	2.347	5	2.347	5	20.940	34	16.002	29	3.24%
Construction (15xx)	0.546	2	0.950	3	1.678	2	1.393	4	1.393	4	4.568	11	4.568	11	1.92%
Electric, gas, sanitary services (49xx)	3.100	4	2.260	6	4.585	11	2.537	4	2.537	4	12.982	26	12.482	25	3.50%
Finance, insurance, real estate (6xxx)	17.508	33	38.765	76	24.996	52	28.767	53	28.767	53	118.741	232	110.037	214	39.66%
Manufacturing (2xxx, 3xxx)	4.432	8	7.518	13	6.971	10	6.302	12	6.302	12	26.662	46	25.223	43	8.69%
Mining (1xxx)	2.281	5	3.618	5	2.382	3	0	0	0	0	9.308	14	8.282	13	0.00%
Oil and gas (13xx)	2.465	3	5.087	7	8.084	10	8.913	8	8.913	8	24.898	29	24.548	28	12.29%
Pharmaceuticals (2834-6)	2.498	3	0	0	0	0	0.750	2	0.750	2	3.248	5	3.248	5	1.03%
Services (7xxx)	0.592	1	0.860	2	0.296	1	0.443	2	0.443	2	2.192	6	2.192	6	0.61%
Sovereign (8888)	13.411	10	22.885	25	10.896	12	17.002	18	17.002	18	77.964	76	64.194	65	23.44%
Transportation (4xxx)	0.205	1	2.245	5	1.563	4	2.116	5	2.116	5	7.879	17	6.129	15	2.92%
Wholesale (5xxx)	1.018	1	0.198	1	0	0	1.721	4	1.721	4	2.937	6	2.937	6	2.37%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	100.00%
Country
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Africa	1.986	0.994	0	0	0.700	0	2.338	0	0.297	0	2.228	1.965	0.787
Asia	4.167	6.196	6.026	2.139	9.464	4.573	10.765	11.148	7.408	0.693	4.856	5.014	6.080
Caribbean	0.775	0.750	0	0	0.197	0	0	0	0.284	0.308	0	0.576	0
Emerging Europe	4.845	2.803	0	0.607	2.734	0	4.866	4.545	0.640	0.325	3.399	0	6.167
Latin America	10.654	9.437	0	4.821	11.105	5.978	16.124	8.683	4.690	2.278	15.542	3.409	4.764
Middle East	6.852	4.522	0	3.241	8.112	0.212	2.643	8.219	7.475	0	2.169	0	5.700
Other	0	0	0	0	0	0	0	0	0	0	0	0	0.250
Russia, CIS	3.200	8.626	1.290	1.750	3.208	0.837	4.900	6.247	3.132	0.995	4.825	2.990	1.815
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	0.994	2	3.038	3	0.297	1	4.980	8	4.980	8	11.295	15	9.309	14	6.87%
Asia	14.360	28	24.801	56	19.249	37	15.950	32	15.950	32	78.527	163	74.361	153	21.99%
Caribbean	0.750	1	0.197	1	0.592	2	0.576	2	0.576	2	2.890	7	2.115	6	0.79%
Emerging Europe	3.410	5	7.601	6	5.510	8	9.566	9	9.566	9	30.931	32	26.086	28	13.19%
Latin America	14.257	24	33.207	55	15.651	30	23.715	40	23.715	40	97.484	165	86.831	149	32.69%
Middle East	7.763	8	10.968	14	15.693	23	7.870	11	7.870	11	49.146	62	42.294	56	10.85%
Other	0	0	0	0	0	0	0.250	1	0.250	1	0.250	1	0.250	1	0.34%
Russia, CIS	11.666	12	8.945	15	10.374	18	9.631	15	9.631	15	43.815	64	40.615	60	13.28%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	100.00%
Currency
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
$	24.542	27.502	7.316	8.838	32.886	10.975	34.038	32.278	20.803	3.283	28.080	12.986	20.376
CHF	0.442	0	0	0	0.287	0.624	0.299	0	0	0	0.207	0	0
Y	0.023	0	0	0	0.207	0	0	2.019	0.185	0	0.219	0	0
€	7.471	5.826	0	2.766	1.078	0	7.299	4.545	2.938	1.316	4.514	0.969	3.691
£	0	0	0	0.953	1.062	0	0	0	0	0	0	0	1.496
Total	32.478	33.327	7.316	12.557	35.520	11.599	41.636	38.842	23.926	4.599	33.020	13.955	25.564
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	43.656	70	77.898	133	56.364	102	61.442	103	61.442	103	263.903	442	239.360	408	84.70%
CHF	0	0	1.211	6	0	0	0.207	1	0.207	1	1.860	8	1.418	7	0.29%
Y	0	0	0.207	2	2.204	5	0.219	1	0.219	1	2.652	10	2.629	8	0.30%
€	8.591	9	8.377	7	8.799	12	9.175	10	9.175	10	42.413	43	34.942	38	12.65%
£	0.953	1	1.062	2	0	0	1.496	3	1.496	3	3.511	6	3.511	6	2.06%
Total	53.200	80	88.755	150	67.367	119	72.539	118	72.539	118	314.339	509	281.861	467	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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