Analysis of emerging markets issuance for 13 months through May 2013

Yield

	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Less than 3%	4.853	0.800	6.073	0.643	7.269	4.765	3.607	2.880	3.886	1.244	2.166	6.532	5.088
3%-3.99%	2.723	1.194	9.247	1.306	7.591	4.553	6.296	1.737	7.754	4.663	7.277	6.439	6.893
4%-4.99%	3.927	1.586	7.838	1.590	6.996	6.338	5.236	2.392	6.967	6.664	5.567	13.521	8.757
5%-5.99%	1.743	6.200	4.616	1.015	4.484	6.648	6.113	2.229	4.096	7.769	6.525	6.161	7.153
6%-6.99%	0.800	4.790	3.676	0	3.271	4.000	3.315	1.147	5.771	1.450	2.111	3.910	3.364
7%-7.99%	0.149	1.693	0.350	1.000	1.393	1.790	1.600	0.450	1.748	1.610	0.981	2.447	0.794
8%-8.99%	0	0.500	0.947	0	2.099	0.950	1.713	0.259	2.836	0.260	2.200	2.047	1.000
9%-9.99%	0	0	3.650	0	0.768	2.500	0.550	0.400	1.097	0.425	1.075	0.395	0.500
10% and higher	0.060	0	0.173	0.149	0.884	1.372	0.719	0.500	2.029	1.010	0.425	1.103	0.349
Floater	0.265	0.500	0	0.637	0	0	0	0	0	0.872	0.653	0	0
NA	5.278	3.819	2.988	2.075	10.306	9.859	14.035	4.978	10.269	2.319	8.274	10.744	15.271
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	13.984	23	11.251	19	7.295	13	11.620	19	18.916	32	49.804	80	44.951	75	8.82%
3%-3.99%	18.144	22	12.587	18	19.694	25	13.332	13	33.025	38	67.672	84	64.950	80	15.40%
4%-4.99%	16.424	26	13.967	20	19.198	30	22.279	27	41.477	57	77.381	111	73.454	106	19.34%
5%-5.99%	10.115	14	14.990	22	18.390	27	13.314	15	31.703	42	64.753	89	63.009	86	14.78%
6%-6.99%	6.947	12	8.462	13	9.332	17	7.274	11	16.606	28	37.605	62	36.805	60	7.74%
7%-7.99%	2.743	4	3.840	6	4.339	9	3.241	7	7.580	16	16.004	31	15.856	30	3.53%
8%-8.99%	3.046	5	2.921	8	5.296	11	3.047	8	8.343	19	14.810	34	14.810	34	3.89%
9%-9.99%	4.418	6	3.450	5	2.597	7	0.895	2	3.493	9	11.361	20	11.361	20	1.63%
10% and higher	1.207	6	2.591	10	3.464	13	1.453	6	4.916	19	8.772	36	8.712	35	2.30%
Floater	0.637	1	0	0	1.524	4	0	0	1.524	4	2.927	8	2.662	6	0.71%
NA	15.369	27	28.872	40	20.863	42	26.015	49	46.878	91	100.217	175	94.938	167	21.86%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	100.00%
Versus Talk
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Lower	0.500	1.498	6.666	1.245	2.477	8.593	3.361	0	4.168	3.823	4.940	8.450	9.456
Low end	5.530	6.386	9.903	0.149	16.685	10.282	12.162	0.987	16.213	4.794	13.822	21.243	20.099
Middle	1.496	0.798	2.889	1.053	0.884	5.629	4.171	3.506	3.450	4.904	3.885	8.465	0.699
High end	0	0	0.496	0	0.750	0.498	0.272	0	1.250	0.200	0	0.755	0
Higher	0	0	0	0	0	0	0	0	0	0	0.101	0	0
NA	12.271	12.400	19.604	5.967	24.263	17.773	23.218	12.479	21.374	14.564	14.504	14.387	18.916
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Lower	10.387	14	11.954	18	12.932	16	17.906	22	30.837	38	55.177	72	54.677	71	14.38%
Low end	26.738	37	23.431	28	34.829	53	41.342	49	76.171	102	138.256	186	132.726	179	35.52%
Middle	4.826	10	13.307	23	12.239	29	9.164	16	21.403	45	41.829	82	40.334	80	9.98%
High end	1.246	2	0.769	2	1.450	3	0.755	2	2.204	5	4.220	9	4.220	9	1.03%
Higher	0	0	0	0	0.101	1	0	0	0.101	1	0.101	1	0.101	1	0.05%
NA	49.835	83	53.470	90	50.442	96	33.303	68	83.745	164	211.720	380	199.449	359	39.05%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	100.00%
Upsized?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0.300	1.943	2.121	0	2.644	0	0	0	0.600	1.000	0.875	0.380	0
No	19.498	19.139	37.438	8.414	42.415	42.775	43.184	16.972	45.853	27.285	36.378	52.920	49.170
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.765	5	0	0	2.475	4	0.380	1	2.855	5	9.863	14	9.563	13	1.33%
No	88.267	141	102.931	161	109.517	194	102.090	156	211.607	350	441.441	716	421.943	686	98.67%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	100.00%
Seniority
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
sovereign	2.698	4.401	4.671	0	9.219	9.429	8.443	3.984	10.125	10.818	1.986	10.998	6.284
mortgage	0	0	0	0	0	0	0	0	0	0	0	0	0.200
senior secured	0	0.700	0	0	0	0	0.550	0.659	0.625	0.757	0.575	0.522	0.365
secured	0	0.588	0	0	0	0	0	0	0	0	0	0	0
senior	16.099	14.651	32.513	8.414	32.101	31.846	32.691	11.514	34.503	16.014	34.432	41.279	41.521
subordinated	1.000	0.743	2.375	0	3.542	1.500	1.500	0.815	1.200	0.200	0.261	0.500	0.800
covered bonds	0	0	0	0	0.198	0	0	0	0	0.497	0	0	0
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
sovereign	13.890	13	21.855	21	22.928	21	17.283	17	40.211	38	83.054	79	80.356	75	18.75%
mortgage	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	0.200	1	0.09%
senior secured	0	0	1.209	3	1.957	5	0.887	2	2.844	7	4.752	12	4.752	12	1.33%
secured	0	0	0	0	0	0	0	0	0	0	0.588	2	0.588	2	0.00%
senior	73.028	125	76.052	132	84.950	167	82.800	135	167.750	302	347.580	614	331.481	588	78.22%
subordinated	5.916	7	3.815	5	1.661	4	1.300	2	2.961	6	14.435	20	13.435	19	1.38%
covered bonds	0.198	1	0	0	0.497	1	0	0	0.497	1	0.694	2	0.694	2	0.23%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	100.00%
Moody's Rating
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Aaa	1.246	0.800	2.163	0	0	0	0.510	0	0	0.248	2.496	0	1.000
Aa1	0	0.095	0	0	0.399	0	0.556	0	0	0.497	0	0.250	0
Aa2	0	0	4.000	0	0.999	0.498	0	0	0	0	0	0	0
Aa3	3.741	0	0	1.366	2.521	1.558	6.847	0	0.992	0.498	0.453	4.854	7.138
A1	2.198	1.702	4.154	0	1.950	2.169	0.988	0.281	3.920	0.496	3.000	1.998	0.821
A2	1.112	3.062	3.920	0	3.268	2.911	4.393	0.987	2.681	2.318	0.844	0.300	1.919
A3	3.467	1.934	3.655	1.306	7.030	1.595	2.993	3.986	0.800	0	0	0.159	13.306
Baa1	0.500	5.214	2.725	1.271	1.009	6.383	3.990	0	8.023	0	4.147	3.378	0.500
Baa2	1.016	0	5.239	1.003	6.317	6.357	5.495	0.400	2.039	0.500	2.086	6.477	3.925
Baa3	0.500	2.397	1.551	0.349	5.558	5.046	4.681	2.239	3.080	2.222	2.710	6.742	5.159
Ba1	0.693	0	0	0	3.536	3.260	1.275	1.518	2.821	4.927	3.586	2.830	3.960
Ba2	0	1.735	0	0	0.200	1.650	0	1.074	0.300	0.500	0.494	1.522	0
Ba3	0	0.449	1.150	0	0	1.697	1.879	0	1.300	0	0.550	1.497	0
B1	1.399	0	1.347	0.149	0.549	0.727	2.000	0	4.746	1.500	1.850	1.000	0.400
B2	0	0.650	2.000	0	1.859	0	0.969	0.450	0.842	0.525	1.081	0.275	0.715
B3	0	0	0	0	0	0	0.947	0	0.605	3.271	2.253	1.497	0.200
Caa1	0	0	0	0	1.500	0	0	0	0.647	0.250	0.150	0	0
NR	3.925	3.045	7.656	2.970	8.364	8.925	5.660	6.037	13.656	10.532	11.554	20.520	10.127
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Aaa	2.163	3	0.510	1	2.744	2	1.000	1	3.744	3	8.464	9	7.218	8	1.75%
Aa1	0.399	1	0.556	2	0.497	1	0.250	1	0.747	2	1.796	6	1.796	6	0.35%
Aa2	4.999	3	0.498	1	0	0	0	0	0	0	5.497	4	5.497	4	0.00%
Aa3	3.887	8	8.405	11	1.943	4	11.993	16	13.936	20	29.968	43	26.228	39	6.50%
A1	6.103	11	3.438	8	7.416	10	2.820	5	10.236	15	23.677	44	21.479	40	4.77%
A2	7.188	8	8.291	8	5.844	7	2.219	3	8.063	10	27.716	32	26.604	29	3.76%
A3	11.990	17	8.574	11	0.800	2	13.464	10	14.264	12	40.230	48	36.763	43	6.65%
Baa1	5.005	9	10.373	9	12.170	15	3.878	3	16.047	18	37.140	43	36.640	42	7.48%
Baa2	12.558	16	12.252	16	4.625	8	10.402	13	15.027	21	40.853	55	39.837	53	7.01%
Baa3	7.458	14	11.967	15	8.012	15	11.901	16	19.913	31	42.234	67	41.734	66	9.29%
Ba1	3.536	5	6.053	11	11.334	12	6.789	7	18.123	19	28.405	36	27.712	35	8.45%
Ba2	0.200	1	2.724	6	1.294	4	1.522	2	2.816	6	7.475	16	7.475	16	1.31%
Ba3	1.150	3	3.575	8	1.850	5	1.497	4	3.347	9	8.521	22	8.521	22	1.56%
B1	2.045	5	2.727	6	8.096	15	1.400	3	9.496	18	15.667	33	14.268	29	4.43%
B2	3.859	6	1.419	4	2.448	8	0.990	3	3.438	11	9.367	22	9.367	22	1.60%
B3	0	0	0.947	2	6.129	12	1.697	4	7.826	16	8.774	18	8.774	18	3.65%
Caa1	1.500	1	0	0	1.047	4	0	0	1.047	4	2.547	5	2.547	5	0.49%
NR	18.990	35	20.622	42	35.742	74	30.647	66	66.390	140	112.972	227	109.047	222	30.96%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	100.00%
Use of Proceeds
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Acquisition	0	0	0	0	0.600	0.400	1.489	0	0	0.450	0	0	0
Capex	0	0.588	0	0	0.792	0.993	2.925	1.094	1.800	0	0.261	1.079	10.932
Dividend/recap	0	0	0	0	0	0	0	0	0	0.225	0	0	0
GCP	5.486	7.352	12.760	1.896	13.889	8.069	6.219	1.566	15.321	5.131	6.632	7.279	1.798
Redeem notes	0	0	0	0	0	0	0.709	0	1.000	2.388	0.350	0.743	0.848
Refinance	0.300	0.650	0.347	0	3.346	0.917	0.560	1.997	4.831	1.822	3.746	2.968	0.095
Repay bank debt	0	0	2.566	0	0	1.500	0	0.122	1.125	0.300	0.503	0.787	4.555
Multiple/Other/NA	14.011	12.492	23.886	6.518	26.431	30.896	31.282	12.193	22.377	17.970	25.761	40.445	30.941
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.600	1	1.889	3	0.450	1	0	0	0.450	1	2.939	5	2.939	5	0.21%
Capex	0.792	1	5.013	8	2.061	5	12.011	10	14.072	15	20.464	26	20.464	26	6.56%
Dividend/recap	0	0	0	0	0.225	1	0	0	0.225	1	0.225	1	0.225	1	0.10%
GCP	28.546	41	15.853	18	27.084	33	9.077	15	36.161	48	93.399	123	87.912	117	16.86%
Redeem notes	0	0	0.709	2	3.738	6	1.591	4	5.329	10	6.038	12	6.038	12	2.48%
Refinance	3.693	9	3.474	6	10.399	25	3.063	6	13.461	31	21.579	48	21.279	47	6.28%
Repay bank debt	2.566	4	1.622	2	1.928	4	5.342	6	7.270	10	11.458	16	11.458	16	3.39%
Multiple/Other/NA	56.835	90	74.371	122	66.108	123	71.386	116	137.494	239	295.203	499	281.192	475	64.11%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	100.00%
Industry Sector (by SIC code)
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Agriculture (0xxx)	0	0.596	0.322	0	0	0	0.272	0	1.091	0	1.025	0.670	1.182
Communications (48xx)	0	0.400	5.178	0	2.542	1.195	0	2.446	1.433	3.322	2.795	1.046	0.500
Construction (15xx)	0	0	0.347	0	0.350	0.498	0.997	0	0.499	0	0.498	1.197	0.348
Electric, gas, sanitary services (49xx)	0.559	0.051	1.195	0.149	1.237	3.318	0.400	0.500	0.832	1.000	4.368	0.946	3.153
Finance, insurance, real estate (6xxx)	8.850	10.072	18.695	5.135	19.908	20.219	19.776	6.450	17.801	8.581	14.620	9.914	12.351
Government (91xx)	0	0	0	0	0.600	0	0	0	0	0	0	0	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0.500	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.291	4.328	0.254	0.538	5.251	4.558	2.127	0.594	7.329	3.157	5.649	8.208	3.002
Mining (1xxx)	1.000	0	3.652	0	1.488	0.993	0	0	0.998	0	0.350	2.900	0.500
Oil and gas (13xx)	3.000	0.647	2.725	0.993	3.271	0.497	4.250	1.000	1.900	0.523	3.529	12.841	18.207
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.300	1.997	0	0	0	0	0
Services (7xxx)	0	0	0.191	0.599	0.498	0.420	2.532	0	2.251	0	0	0.380	0.699
Sovereign (8888)	2.698	4.401	4.671	1.000	9.219	9.429	9.186	3.984	10.125	10.818	1.986	11.999	6.284
Transportation (4xxx)	0	0.588	2.156	0	0	1.351	2.154	0	1.345	0.197	1.390	2.202	1.800
Wholesale (5xxx)	0.400	0	0.173	0	0.695	0.298	1.189	0	0.350	0.688	1.043	0.995	1.144
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.322	1	0.272	1	2.116	4	1.852	5	3.968	9	5.158	12	5.158	12	1.85%
Communications (48xx)	7.720	10	3.641	8	7.549	14	1.546	3	9.096	17	20.857	36	20.857	36	4.24%
Construction (15xx)	0.697	2	1.495	3	0.997	2	1.546	4	2.542	6	4.734	11	4.734	11	1.19%
Electric, gas, sanitary services (49xx)	2.582	5	4.218	8	6.201	11	4.098	8	10.299	19	17.708	35	17.149	33	4.80%
Finance, insurance, real estate (6xxx)	43.738	80	46.445	84	41.002	89	22.265	46	63.267	135	172.371	336	163.522	319	29.50%
Government (91xx)	0.600	1	0	0	0	0	0	0	0	0	0.600	1	0.600	1	0.00%
Health services (8xxx)	0	0	0	0	0.500	1	0	0	0.500	1	0.500	1	0.500	1	0.23%
Manufacturing (2xxx, 3xxx)	6.043	12	7.280	10	16.135	29	11.210	22	27.344	51	48.286	84	44.995	80	12.75%
Mining (1xxx)	5.140	5	0.993	1	1.348	3	3.400	5	4.748	8	11.882	16	10.882	14	2.21%
Oil and gas (13xx)	6.989	7	5.747	6	5.952	9	31.049	28	37.001	37	53.384	53	50.384	52	17.25%
Pharmaceuticals (2834-6)	0	0	2.297	3	0	0	0	0	0	0	2.297	3	2.297	3	0.00%
Services (7xxx)	1.287	3	2.952	6	2.251	4	1.079	4	3.330	8	7.570	17	7.570	17	1.55%
Sovereign (8888)	14.890	14	22.599	22	22.928	21	18.284	19	41.212	40	85.799	83	83.101	79	19.22%
Transportation (4xxx)	2.156	3	3.506	7	2.932	6	4.002	8	6.934	14	13.184	26	13.184	26	3.23%
Wholesale (5xxx)	0.868	3	1.486	2	2.081	5	2.139	5	4.220	10	6.975	16	6.575	15	1.97%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	100.00%
Country
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Africa	0	0.700	2.383	1.000	0.736	0	1.501	1.480	0	1.236	0.575	0.552	1.540
Asia	11.424	5.389	8.027	4.360	15.306	9.462	13.175	1.739	21.530	3.755	17.312	19.029	18.608
Caribbean	0	0	0	0	1.500	0	0.850	0	0	1.000	0.300	1.000	0.200
Emerging Europe	1.805	1.868	1.553	0.742	6.553	8.772	4.136	1.733	2.830	8.863	2.200	1.309	6.178
Latin America	4.053	5.659	11.382	0.500	15.484	9.726	9.708	0.750	11.724	3.339	3.607	8.438	14.456
Middle East	1.515	5.217	6.231	0.828	2.838	6.663	6.856	9.020	7.669	2.866	6.985	6.019	4.838
Russia, CIS	1.000	2.249	9.983	0.985	2.643	8.151	6.958	2.250	2.700	7.226	6.275	16.954	3.350
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Africa	4.119	6	2.981	4	1.811	4	2.091	6	3.902	10	11.702	22	11.702	22	1.82%
Asia	27.692	57	24.375	53	42.597	94	37.637	60	80.234	154	149.114	297	137.690	278	37.41%
Caribbean	1.500	1	0.850	2	1.300	2	1.200	2	2.500	4	4.850	7	4.850	7	1.17%
Emerging Europe	8.848	13	14.641	14	13.893	18	7.487	14	21.380	32	48.542	62	46.737	60	9.97%
Latin America	27.366	38	20.184	32	18.671	33	22.895	30	41.565	63	98.828	146	94.774	142	19.38%
Middle East	9.897	11	22.539	33	17.520	23	10.857	19	28.377	42	67.545	98	66.030	94	13.23%
Russia, CIS	13.610	20	17.360	23	16.201	24	20.304	26	36.504	50	70.723	98	69.723	96	17.02%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	100.00%
Currency
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
$	16.982	19.137	32.380	7.672	39.473	36.038	37.672	16.591	43.624	23.104	34.148	46.266	43.634
CHF	0	0	0.358	0.105	0.188	0	0	0	0	0	0	0	0
RMB	0.016	0	0	0	0.253	0	0	0	0	0.160	0	0	0
Y	0.331	0.026	0.191	0	0.315	0.127	0.823	0.122	0	0	0	0	0
€	2.468	1.918	5.478	0.637	4.119	6.609	4.689	0.259	2.830	5.021	2.653	7.033	5.536
£	0	0	1.153	0	0.712	0	0	0	0	0	0.453	0	0
Total	19.798	21.082	39.559	8.414	45.059	42.775	43.184	16.972	46.453	28.285	37.253	53.300	49.170
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	79.525	125	90.302	146	100.876	180	89.901	143	190.776	323	396.723	654	379.741	628	88.96%
CHF	0.651	3	0	0	0	0	0	0	0	0	0.651	3	0.651	3	0.00%
RMB	0.253	2	0	0	0.160	1	0	0	0.160	1	0.429	4	0.413	3	0.07%
Y	0.506	2	1.072	4	0	0	0	0	0	0	1.934	9	1.603	7	0.00%
€	10.233	12	11.557	11	10.503	16	12.569	14	23.072	30	49.250	57	46.781	55	10.76%
£	1.864	2	0	0	0.453	1	0	0	0.453	1	2.317	3	2.317	3	0.21%
Total	93.032	146	102.931	161	111.992	198	102.470	157	214.462	355	451.304	730	431.506	699	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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