Analysis of emerging markets issuance for 13 months through April 2012

Yield

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Less than 4%	0.700	0.674	3.038	2.659	3.055	0.399	3.709	6.437	0	8.520	7.339	8.390	3.435
4%-4.99%	2.537	4.540	2.607	3.191	0	0.995	2.373	7.139	2.283	11.378	7.083	10.434	3.626
5%-5.99%	5.602	3.297	3.487	3.223	2.177	0	7.912	3.339	3.808	7.446	11.972	5.987	0.499
6%-6.99%	5.701	5.729	2.548	2.768	0	0.350	1.242	2.190	1.072	5.483	2.265	1.047	4.228
7%-7.99%	3.467	1.091	2.644	0.887	0	0.983	0	0.250	0	0.598	1.689	0.898	1.500
8%-8.99%	2.203	6.747	0	0.200	0	0	0.150	0.300	0	0	1.464	1.099	0.400
9%-9.99%	0.281	1.703	0.300	0.635	0.253	0	0	0	0	1.000	0.815	0.185	0.396
10% and higher	0.371	0.749	0	0.050	0	0	0	0	0	1.785	1.223	0	0.900
Floater	0.300	0.850	0.200	0.175	1.075	0.100	0.104	2.688	0	0	0.136	0	0
NA	4.242	8.612	6.544	2.358	0.999	0.060	4.100	3.172	1.031	5.893	4.847	6.312	7.165
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 4%	4.412	6	6.113	14	10.146	13	24.249	23	3.435	6	27.683	29	48.356	62	47.656	61	20.14%
4%-4.99%	9.684	18	4.185	6	11.795	18	28.895	37	3.626	5	32.522	42	58.186	84	55.649	79	23.66%
5%-5.99%	12.385	16	5.400	10	15.059	17	25.404	32	0.499	1	25.903	33	58.748	76	53.146	71	18.85%
6%-6.99%	13.978	25	3.118	5	4.504	8	8.795	11	4.228	5	13.022	16	34.622	54	28.921	43	9.47%
7%-7.99%	7.202	14	1.870	3	0.250	1	3.185	9	1.500	3	4.685	12	14.007	30	10.539	23	3.41%
8%-8.99%	8.950	17	0.200	1	0.450	2	2.562	5	0.400	1	2.962	6	12.562	26	10.359	19	2.16%
9%-9.99%	2.284	9	0.888	3	0	0	2.000	4	0.396	1	2.396	5	5.568	17	5.287	14	1.74%
10% and higher	1.120	5	0.050	1	0	0	3.009	8	0.900	2	3.909	10	5.078	16	4.707	14	2.84%
Floater	1.350	3	1.350	3	2.793	6	0.136	1	0	0	0.136	1	5.628	13	5.328	12	0.10%
NA	19.398	27	3.418	10	8.302	13	17.052	34	7.165	10	24.217	44	55.335	94	51.093	88	17.62%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	100.00%
Versus Talk
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Lower	0.495	0	0	1.779	0	0	0.649	0.759	0	0.400	0	0	1.793
Low end	5.888	8.045	6.018	6.743	2.482	0	6.266	3.303	5.033	11.646	22.864	5.201	3.141
Middle	1.858	10.742	6.788	1.840	3.185	0.995	3.738	1.547	0	6.900	6.944	1.360	0.900
High end	1.048	1.541	0	0	0	0.983	0.989	0	0	0.677	0.555	0.036	0.500
Higher	0	0	0	0.700	0	0	0	0	0	0	0.499	0	0.400
NA	16.115	13.662	8.563	5.083	1.892	0.909	7.949	19.905	3.160	22.479	7.971	27.754	15.415
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	0.495	1	1.779	4	1.409	3	0.400	1	1.793	3	2.193	4	5.876	12	5.381	11	1.59%
Low end	19.951	34	9.225	12	14.601	18	39.711	45	3.141	6	42.852	51	86.629	115	80.741	104	31.18%
Middle	19.388	30	6.019	9	5.285	8	15.205	26	0.900	2	16.105	28	46.797	75	44.939	70	11.72%
High end	2.589	6	0.983	1	0.989	1	1.268	4	0.500	1	1.768	5	6.329	13	5.281	11	1.29%
Higher	0	0	0.700	2	0	0	0.499	1	0.400	1	0.899	2	1.599	4	1.599	4	0.65%
NA	38.340	69	7.885	28	31.015	48	58.204	87	15.415	21	73.619	108	150.859	253	134.744	224	53.57%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	100.00%
Upsized?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0	2.040	0.348	0.202	0	0	0	0	0	0	0.136	0	0.350
No	25.404	31.951	21.020	15.944	7.559	2.886	19.592	25.515	8.193	42.102	38.697	34.350	21.799
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.388	5	0.202	1	0	0	0.136	1	0.350	1	0.486	2	3.076	8	3.076	8	0.35%
No	78.375	135	26.389	55	53.300	78	115.150	163	21.799	33	136.950	196	295.013	464	269.609	416	99.65%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	100.00%
Seniority
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
sovereign	7.428	5.056	10.359	5.999	0.965	0.983	5.983	8.994	0	17.817	6.103	9.121	3.250
senior secured	0.196	0.325	0	0	0	0	0	0	0	0	0.550	0.786	0
senior	17.029	27.810	10.511	10.146	6.394	1.904	13.258	16.521	8.193	24.286	30.367	22.443	18.749
subordinated	0.750	0.800	0.499	0	0.200	0	0	0	0	0	1.814	2.000	0.150
asset-backed	0	0	0	0	0	0	0.350	0	0	0	0	0	0
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	22.843	24	7.947	11	14.977	14	33.041	24	3.250	3	36.291	27	82.058	76	74.630	68	26.41%
senior secured	0.521	2	0	0	0	0	1.335	4	0	0	1.335	4	1.857	6	1.660	5	0.97%
senior	55.350	111	18.444	44	37.973	63	77.096	132	18.749	30	95.845	162	207.612	380	190.583	342	69.74%
subordinated	2.049	3	0.200	1	0	0	3.814	4	0.150	1	3.964	5	6.213	9	5.463	8	2.88%
asset-backed	0	0	0	0	0.350	1	0	0	0	0	0	0	0.350	1	0.350	1	0.00%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	100.00%
Moody's Rating
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Aaa	0	0	1.497	0.175	0.999	0	0	0.251	0	2.996	0	0	0
Aa1	0	0	0	0	0	0	0	0	0	0	0	2.747	0.300
Aa2	0	0	0	0	0	0	0	0.200	0	0	0	1.450	0
Aa3	0	0	0	0.497	0	0	4.482	0.107	0	0	1.488	0.748	1.994
A1	3.962	0.815	0.278	2.485	0.518	1.394	2.629	2.043	0.547	6.453	4.658	3.869	3.177
A2	2.180	0.650	3.219	0.960	3.129	0	2.173	0.500	0.192	2.449	1.377	0	0
A3	0.397	0	3.000	0.321	0	0	0.499	4.992	3.961	6.003	8.348	3.318	0.298
Baa1	1.014	1.984	1.159	0	2.040	0	0.451	4.628	1.090	5.030	3.347	12.318	3.880
Baa2	1.258	5.149	1.297	1.825	0	0	1.750	1.262	1.091	3.190	4.149	1.765	0.795
Baa3	2.257	2.445	4.232	3.726	0	0.350	0	1.159	0	6.230	3.001	0.904	6.764
Ba1	4.747	2.270	0	0	0	0	0.497	1.991	0	0.810	0.995	0.750	0.845
Ba2	2.239	2.423	0	0.706	0	0	0.989	0	0	1.689	2.034	0.776	0.400
Ba3	1.441	3.478	0	0.750	0	0	0.150	0	0	0.492	0.694	1.005	0.750
B1	1.350	3.792	0	2.918	0	0	0	0.560	0	1.168	0.250	2.539	0.900
B2	0.175	0.298	1.550	0	0	0	0	0	0	0	0.758	0.150	0.396
B3	0	0.575	2.550	0	0	0	0	0	0	0.125	0.296	0.036	0
Caa1	0	0	0	0	0	0	0	0	0	0	0.191	0	0
NR	4.384	10.111	2.587	1.782	0.873	1.143	5.970	7.823	1.312	5.467	7.248	1.974	1.650
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	1.497	1	1.174	2	0.251	1	2.996	1	0	0	2.996	1	5.918	5	5.918	5	2.18%
Aa1	0	0	0	0	0	0	2.747	4	0.300	1	3.047	5	3.047	5	3.047	5	2.22%
Aa2	0	0	0	0	0.200	1	1.450	2	0	0	1.450	2	1.650	3	1.650	3	1.06%
Aa3	0	0	0.497	1	4.589	5	2.236	3	1.994	2	4.230	5	9.316	11	9.316	11	3.08%
A1	5.055	8	4.397	12	5.219	9	14.980	20	3.177	6	18.158	26	32.829	55	28.867	50	13.21%
A2	6.049	8	4.089	5	2.865	4	3.827	7	0	0	3.827	7	16.830	24	14.650	21	2.78%
A3	3.397	4	0.321	1	9.452	11	17.668	19	0.298	1	17.966	20	31.137	36	30.740	35	13.07%
Baa1	4.157	7	2.040	2	6.170	10	20.695	17	3.880	3	24.575	20	36.941	39	35.928	38	17.88%
Baa2	7.704	14	1.825	5	4.103	5	9.103	14	0.795	2	9.898	16	23.529	40	22.271	38	7.20%
Baa3	8.934	11	4.076	5	1.159	5	10.136	17	6.764	8	16.900	25	31.069	46	28.812	42	12.30%
Ba1	7.017	9	0	0	2.488	3	2.555	6	0.845	2	3.399	8	12.904	20	8.157	15	2.47%
Ba2	4.662	10	0.706	2	0.989	1	4.499	8	0.400	1	4.899	9	11.257	22	9.018	17	3.56%
Ba3	4.919	9	0.750	1	0.150	1	2.191	5	0.750	2	2.941	7	8.760	18	7.320	13	2.14%
B1	5.142	5	2.918	5	0.560	2	3.957	7	0.900	2	4.857	9	13.477	21	12.127	19	3.53%
B2	2.023	4	0	0	0	0	0.908	3	0.396	1	1.304	4	3.327	8	3.152	7	0.95%
B3	3.125	6	0	0	0	0	0.456	3	0	0	0.456	3	3.581	9	3.581	9	0.33%
Caa1	0	0	0	0	0	0	0.191	1	0	0	0.191	1	0.191	1	0.191	1	0.14%
NR	17.082	44	3.798	15	15.104	20	14.689	27	1.650	3	16.339	30	52.324	109	47.940	95	11.89%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	0	1.650	0	0	0.194	0	0	0	0	1.168	0	0.150	0
Capex	0.350	0	0	0.496	0	0	0	0.991	0	0.348	0.500	0.190	0.996
GCP	4.766	6.983	3.073	4.295	1.823	2.077	5.291	3.457	2.217	19.083	13.764	9.628	4.775
No proceeds	0	0	0	0	0	0	0.113	0	0	0	0	0	0
Refinance	3.540	1.270	0.650	1.245	0	0	0	5.852	0.607	1.087	1.894	2.476	3.176
Multiple/Other/NA	16.747	24.088	17.645	10.109	5.543	0.809	14.188	15.216	5.369	20.416	22.676	21.906	13.202
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	1.650	2	0.194	1	0	0	1.318	3	0	0	1.318	3	3.161	6	3.161	6	0.96%
Capex	0.350	2	0.496	1	0.991	1	1.038	4	0.996	1	2.034	5	3.871	9	3.521	7	1.48%
GCP	14.822	29	8.195	14	10.964	14	42.476	45	4.775	8	47.251	53	81.232	110	76.466	101	34.38%
No proceeds	0	0	0	0	0.113	1	0	0	0	0	0	0	0.113	1	0.113	1	0.00%
Refinance	5.460	13	1.245	2	6.459	10	5.457	12	3.176	4	8.632	16	21.796	41	18.256	34	6.29%
Multiple/Other/NA	58.480	94	16.461	38	34.773	52	64.999	100	13.202	21	78.201	121	187.915	305	171.168	275	56.90%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Agriculture (0xxx)	0	0.741	0	0	0	0.060	0	0	0	0.125	0	0	0
Communications (48xx)	0	0.296	2.200	0	3.129	0.100	2.173	0.200	0	1.517	1.941	0.736	0.300
Construction (15xx)	0	0.075	0	0	0	0	0	0	0	0.301	0	0	0
Electric, gas, sanitary services (49xx)	1.271	2.591	0.143	1.902	0.247	0.399	1.750	1.851	3.540	0.735	1.737	1.750	0
Finance, insurance, real estate (6xxx)	8.340	15.903	5.620	3.278	2.592	1.345	8.248	5.318	2.873	15.307	14.964	13.040	8.595
Government (91xx)	0	0	0	0	0.395	0	0	0	0	0	0	0	0
Health services (8xxx)	0.160	0	0	0.497	0	0	0	0.250	0	0	0.300	0	0
Manufacturing (2xxx, 3xxx)	3.933	1.847	0.498	1.883	0.231	0	0	0.320	0.690	2.198	3.819	0.498	3.386
Mining (1xxx)	0.615	1.650	0.628	0.950	0	0	0	0	0	1.588	0	3.069	0.400
Oil and gas (13xx)	1.824	4.836	0	1.241	0	0	1.190	3.291	0.492	0	9.055	3.259	5.619
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	4.992	0	0	0	1.326	0
Services (7xxx)	0	0.300	0	0	0	0	0	0.300	0.598	1.498	0.499	0.398	0
Sovereign (8888)	7.428	5.056	10.359	5.999	0.965	0.983	5.983	8.994	0	18.833	6.518	9.121	3.250
Transportation (4xxx)	0.200	0.696	1.920	0	0	0	0.247	0	0	0	0	1.000	0.599
Wholesale (5xxx)	1.633	0	0	0.395	0	0	0	0	0	0	0	0.154	0
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.741	1	0.060	1	0	0	0.125	1	0	0	0.125	1	0.926	3	0.926	3	0.09%
Communications (48xx)	2.496	4	3.229	4	2.373	3	4.194	8	0.300	1	4.494	9	12.592	20	12.592	20	3.27%
Construction (15xx)	0.075	1	0	0	0	0	0.301	1	0	0	0.301	1	0.376	2	0.376	2	0.22%
Electric, gas, sanitary services (49xx)	4.004	9	2.548	9	7.141	7	4.223	6	0	0	4.223	6	17.916	31	16.645	28	3.07%
Finance, insurance, real estate (6xxx)	29.864	61	7.215	16	16.439	34	43.311	80	8.595	15	51.907	95	105.425	206	97.085	187	37.77%
Government (91xx)	0	0	0.395	2	0	0	0	0	0	0	0	0	0.395	2	0.395	2	0.00%
Health services (8xxx)	0.160	1	0.497	1	0.250	1	0.300	1	0	0	0.300	1	1.207	4	1.047	3	0.22%
Manufacturing (2xxx, 3xxx)	6.279	15	2.114	7	1.010	3	6.515	15	3.386	6	9.901	21	19.304	46	15.371	38	7.20%
Mining (1xxx)	2.893	6	0.950	2	0	0	4.657	7	0.400	1	5.057	8	8.900	16	8.285	14	3.68%
Oil and gas (13xx)	6.660	8	1.241	2	4.973	7	12.313	12	5.619	6	17.933	18	30.806	35	28.982	32	13.05%
Pharmaceuticals (2834-6)	0	0	0	0	4.992	6	1.326	1	0	0	1.326	1	6.317	7	6.317	7	0.96%
Services (7xxx)	0.300	1	0	0	0.898	2	2.394	4	0	0	2.394	4	3.593	7	3.593	7	1.74%
Sovereign (8888)	22.843	24	7.947	11	14.977	14	34.473	26	3.250	3	37.723	29	83.489	78	76.061	70	27.45%
Transportation (4xxx)	2.816	6	0	0	0.247	1	1.000	1	0.599	2	1.599	3	4.662	10	4.462	9	1.16%
Wholesale (5xxx)	1.633	3	0.395	1	0	0	0.154	1	0	0	0.154	1	2.182	5	0.549	2	0.11%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	100.00%
Country
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Africa	0.706	0.983	0.648	0.005	0	0	0	0	0	1.500	0.400	0	0
Asia	11.469	11.020	4.918	4.816	0.943	1.494	4.069	4.187	1.951	13.913	10.248	12.819	14.470
Caribbean	0	0	0	0.693	0	0	0	0.260	0	0	0.250	0	0
Emerging Europe	3.208	5.351	7.175	0.632	1.075	0.983	2.219	1.781	0	7.120	5.255	0.728	0.396
Latin America	4.726	11.933	1.235	5.548	4.542	0.410	7.026	5.180	4.625	13.395	16.495	6.522	1.144
Middle East	2.279	3.206	1.799	2.750	0.999	0	5.676	12.458	1.617	4.674	4.334	5.312	2.240
Russia, CIS	3.016	1.498	5.594	1.702	0	0	0.601	1.649	0	1.500	1.852	8.970	3.900
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	2.336	6	0.005	1	0	0	1.900	3	0	0	1.900	3	4.241	10	3.536	8	1.38%
Asia	27.407	50	7.253	20	10.206	20	36.980	67	14.470	20	51.450	87	96.315	177	84.846	156	37.44%
Caribbean	0	0	0.693	2	0.260	1	0.250	1	0	0	0.250	1	1.203	4	1.203	4	0.18%
Emerging Europe	15.734	18	2.689	4	4.000	4	13.102	14	0.396	1	13.499	15	35.922	41	32.714	37	9.82%
Latin America	17.893	36	10.501	18	16.831	21	36.412	49	1.144	3	37.556	52	82.780	127	78.054	115	27.33%
Middle East	7.284	14	3.749	6	19.752	25	14.320	18	2.240	4	16.560	22	47.345	67	45.066	63	12.05%
Russia, CIS	10.108	16	1.702	5	2.251	7	12.322	12	3.900	6	16.222	18	30.282	46	27.266	41	11.80%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	100.00%
Currency
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
$	23.350	28.059	14.984	15.514	5.911	2.487	16.672	24.171	4.221	39.467	35.042	32.205	20.131
C$	0	0.315	0	0	0	0	0	0	0	0	0	0	0
CHF	0	0.174	0.535	0	0.329	0.399	0.395	0.216	0	0	0.488	0	0
RMB	0	0.092	0	0	0.051	0	0	0	0	0	0	0	0
Y	0	0	1.542	0.310	0.194	0	0	0	0.308	0	0	0.025	1.622
€	2.054	5.351	3.814	0.321	1.075	0	1.731	1.128	2.593	2.635	3.303	2.120	0.396
£	0	0	0.494	0	0	0	0.794	0	1.072	0	0	0	0
Total	25.404	33.991	21.368	16.145	7.559	2.886	19.592	25.515	8.193	42.102	38.834	34.350	22.149
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	66.392	120	23.912	47	45.063	61	106.715	152	20.131	31	126.846	183	262.214	411	238.864	366	92.29%
C$	0.315	1	0	0	0	0	0	0	0	0	0	0	0.315	1	0.315	1	0.00%
CHF	0.709	3	0.728	3	0.611	5	0.488	2	0	0	0.488	2	2.536	13	2.536	13	0.36%
RMB	0.092	1	0.051	2	0	0	0	0	0	0	0	0	0.144	3	0.144	3	0.00%
Y	1.542	1	0.504	2	0.308	2	0.025	1	1.622	2	1.647	3	4.000	8	4.000	8	1.20%
€	11.219	13	1.396	2	5.453	8	8.058	9	0.396	1	8.454	10	26.522	33	24.468	30	6.15%
£	0.494	1	0	0	1.865	2	0	0	0	0	0	0	2.359	3	2.359	3	0.00%
Total	80.763	140	26.591	56	53.300	78	115.286	164	22.149	34	137.436	198	298.089	472	272.685	424	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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