Analysis of emerging markets issuance for year to date through May

Total issuance: $51.192 billion in 104 deals

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Yield

1%-1.99%	0.125	1	0.24%
3%-3.99%	1.749	2	3.42%
4%-4.99%	10.354	9	20.23%
5%-5.99%	10.132	18	19.79%
6%-6.99%	5.026	13	9.82%
7%-7.99%	9.262	14	18.09%
8%-8.99%	6.403	21	12.51%
9%-9.99%	4.317	13	8.43%
10% and higher	0.277	2	0.54%
Floater	3.548	11	6.93%
Total	51.192	104
Pricing versus talk
Lower	3.791	6	7.41%
Low end	22.196	29	43.36%
Middle	5.781	18	11.29%
High end	2.030	4	3.97%
NA	17.394	47	33.98%
Total	51.192	104
Upsized?
Yes	19.785	25	38.65%
No	31.014	77	60.58%
Downsized	0.392	2	0.77%
Total	51.192	104
Add on?
Yes	8.385	22	16.38%
No	42.806	82	83.62%
Total	51.192	104
Zero coupon?
No	51.192	104	100.00%
Total	51.192	104
Seniority
sovereign	26.860	26	52.47%
senior secured	0.082	1	0.16%
senior	22.058	70	43.09%
subordinated	2.191	7	4.28%
Total	51.192	104
Moody's rating
A1	2.827	2	5.52%
A2	7.077	4	13.82%
A3	6.160	11	12.03%
Baa1	2.479	5	4.84%
Baa2	5.403	13	10.56%
Baa3	1.428	3	2.79%
Ba1	1.090	3	2.13%
Ba2	3.570	8	6.97%
Ba3	2.754	14	5.38%
B1	9.114	15	17.80%
B2	2.281	6	4.46%
B3	0.505	2	0.99%
NR	6.503	18	12.70%
Total	51.192	104
Use of proceeds
Acquisition	0.195	1	0.38%
Capex	0.223	1	0.44%
General purposes	12.673	24	24.76%
Refinance	11.881	15	23.21%
Other/Multiple	26.220	63	51.22%
Total	51.192	104
Industry sector (by SIC code)
Agriculture (0xxx)	0.914	3	1.79%
Mining (1xxx)	0.304	2	0.59%
Oil and gas (13xx)	2.542	2	4.97%
Manufacturing (2xxx, 3xxx)	2.096	10	4.10%
Transportation (4xxx)	2.422	6	4.73%
Communications (48xx)	4.910	13	9.59%
Electric, gas, sanitary services (49xx)	0.347	1	0.68%
Wholesale, retail (5xxx)	0.199	1	0.39%
Finance, insurance, real estate (6xxx)	8.669	35	16.94%
Services (7xxx)	0.080	1	0.16%
Sovereign (8888)	28.708	30	56.08%
Total	51.192	104
Home country of issuer
Poland	7.457	4	14.57%
Mexico	6.742	15	13.17%
Russia	5.138	14	10.04%
Brazil	4.528	8	8.85%
Korea	3.481	10	6.80%
Turkey	3.463	3	6.77%
Venezuela	3.165	3	6.18%
Philippines	2.863	7	5.59%
Other	14.357	40	28.04%
Total	51.192	104
Currency
$	34.617	88	67.62%
Y	0.173	2	0.34%
€	16.402	14	32.04%
Total	51.192	104

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, Belgium, Iceland and Greece.

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