Analysis of emerging markets issuance for year to date and 12 months through June

Total year-to-date issuance: $59.819 billion in 159 deals

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

Yield

	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Less than 3%	0	0	0.124	0	0	0	0	0	0.574	0	0	0.434
3%-3.99%	0.420	0	1.796	0.719	0.586	0	4.863	0.481	0	0	0	0
4%-4.99%	2.476	0	4.231	0.728	0	1.344	0	1.191	0.902	0	0	0
5%-5.99%	5.742	0	0.991	1.792	1.193	0.499	1.652	2.093	5.744	0.262	0.650	0.498
6%-6.99%	1.369	0	2.050	0.200	0.721	0	3.942	0.700	1.235	0.895	1.041	0.495
7%-7.99%	2.801	0.283	1.358	2.149	2.313	0.967	5.252	0.124	3.675	0.200	2.602	0.300
8%-8.99%	0.770	0.030	3.504	2.746	1.731	1.061	2.053	1.103	0.785	1.185	0.717	0.298
9% and higher	1.168	0	0.158	0.447	1.396	2.337	0.550	1.164	0.299	0.748	1.624	0
Floater	0.026	0.500	0.950	0.953	3.814	1.955	0.311	0.973	1.499	3.376	0.649	1.849
NA	0	0	0	0	0	0	0	0	0	0.428	0	0.400
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Less than 3%	0.124	1	0	0	0.574	2	0.434	1	1.008	3	1.132	4	1.68%
3%-3.99%	2.217	4	1.305	3	5.344	3	0	0	5.344	3	8.865	10	8.93%
4%-4.99%	6.707	8	2.072	3	2.094	3	0	0	2.094	3	10.873	14	3.50%
5%-5.99%	6.733	14	3.483	8	9.490	15	1.410	4	10.899	19	21.116	41	18.22%
6%-6.99%	3.419	9	0.921	5	5.877	14	2.432	7	8.309	21	12.649	35	13.89%
7%-7.99%	4.442	14	5.429	14	9.052	15	3.102	9	12.154	24	22.025	52	20.32%
8%-8.99%	4.304	10	5.537	18	3.941	17	2.200	11	6.141	28	15.982	56	10.27%
9% and higher	1.326	7	4.181	18	2.013	13	2.372	13	4.385	26	9.892	51	7.32%
Floater	1.476	7	6.723	19	2.784	14	5.874	15	8.658	29	16.856	55	14.47%
NA	0	0	0	0	0	0	0.828	3	0.828	3	0.828	3	1.38%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Versus Talk
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Lower	0.847	0	3.089	1.735	0.465	0.397	1.698	0.224	0	0.658	1.296	0
Low end	4.502	0	4.279	3.432	1.173	0.993	3.725	1.762	3.142	0.398	0.360	0
Middle	2.476	0	3.143	2.119	4.835	2.374	6.435	1.449	2.510	0.716	1.637	0.300
High end	0.709	0	0.519	0.840	0.750	2.005	4.663	0	1.509	0.598	0.850	0
Higher	1.222	0.030	0.098	0.200	0.500	0	0	0	0.200	0	0	0
NA	5.017	0.783	4.035	1.407	4.030	2.395	2.103	4.394	7.352	4.723	3.140	3.975
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Lower	3.936	9	2.598	6	1.922	5	1.954	5	3.877	10	10.410	25	6.48%
Low end	8.781	16	5.598	11	8.629	19	0.758	3	9.387	22	23.765	49	15.69%
Middle	5.619	16	9.328	28	10.394	22	2.653	11	13.047	33	27.994	77	21.81%
High end	1.228	3	3.595	9	6.172	6	1.448	5	7.621	11	12.444	23	12.74%
Higher	1.350	3	0.700	3	0.200	1	0	0	0.200	1	2.250	7	0.33%
NA	9.834	27	7.832	31	13.849	43	11.839	39	25.688	82	43.354	140	42.94%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Upsized?
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Yes	3.166	0.400	6.303	2.396	1.322	1.627	3.005	0.967	1.224	1.208	1.019	0.449
No	11.607	0.383	8.859	7.039	10.432	6.536	15.208	6.862	12.489	5.811	6.265	3.826
Downsized	0	0.030	0	0.299	0	0	0.411	0	1.000	0.075	0	0
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	9.869	23	5.345	14	5.196	16	2.676	9	7.873	25	23.086	62	13.16%
No	20.850	50	24.006	72	34.559	76	15.901	53	50.460	129	95.316	251	84.35%
Downsized	0.030	1	0.299	2	1.411	4	0.075	1	1.486	5	1.815	8	2.48%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Add on?
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Yes	0.533	0.383	1.540	0.321	1.000	0.581	2.420	0.915	1.678	0.523	0.050	0
No	14.240	0.430	13.622	9.413	10.753	7.582	16.204	6.914	13.035	6.571	7.234	4.275
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	2.456	5	1.902	5	5.013	13	0.572	3	5.585	16	9.944	26	9.34%
No	28.292	69	27.748	83	36.153	83	18.080	60	54.234	143	110.273	295	90.66%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Seniority
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
sovereign	2.841	0.283	4.667	6.887	2.682	1.276	10.278	1.627	9.407	0.398	0	0
senior secured	1.704	0	0	0	0	0.556	0.406	0.219	0	0	0.175	0
secured	0	0	0	0	0.124	0.150	0	0.036	0	0	0	0
senior	8.811	0.530	9.195	2.547	8.497	5.145	7.941	5.302	5.246	5.223	6.959	2.175
senior subordinated	0.270	0	0.400	0	0.250	0	0	0	0	0	0	0
subordinated	1.147	0	0.900	0.300	0.200	1.036	0	0.645	0.060	1.473	0.150	2.100
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
sovereign	7.791	11	10.844	21	21.312	24	0.398	1	21.710	25	40.346	57	36.29%
senior secured	1.704	4	0.556	2	0.625	4	0.175	1	0.800	5	3.060	11	1.34%
secured	0	0	0.274	2	0.036	1	0	0	0.036	1	0.310	3	0.06%
senior	18.535	51	16.189	55	18.489	62	14.357	53	32.846	115	67.570	221	54.91%
senior subordinated	0.670	2	0.250	1	0	0	0	0	0	0	0.920	3	0.00%
subordinated	2.047	6	1.536	7	0.705	5	3.723	8	4.428	13	8.011	26	7.40%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Moody's Rating
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Aaa	0.650	0	2.985	0	0	0	0	0	0	0	0	0.993
Aa2	0	0	0	0	0	0	0	0.250	0	0	0	0
Aa3	0	0	0.491	0	0	0	0	0	0	0.399	0	1.349
A1	0	0	0	0.604	0	0	1.200	0	0.863	0	0.650	0
A2	2.232	0	0.898	1.099	0.296	1.000	3.663	1.191	0.197	0.500	0.298	0
A3	0.892	0	1.748	0.994	1.765	0	0.398	1.467	1.957	0.695	0	0
Baa1	1.498	0	0.948	0.298	1.200	2.017	1.486	0.300	4.075	0.300	1.991	0
Baa2	3.034	0	1.000	0.592	0.722	0	1.599	0	0.503	1.246	0.299	0.300
Baa3	0.598	0	0	0.321	0.897	0	1.000	0.299	0.397	0.398	0.696	0
Ba1	1.414	0.283	0.600	0.199	1.262	0	0.798	0.124	0	0.252	0.344	0
Ba2	1.183	0	2.169	0.150	1.434	0.150	1.150	0.450	0.200	0.581	0.350	0.198
Ba3	1.050	0	0.249	1.111	1.000	1.620	2.813	0.990	0.844	0.300	0.367	0
B1	0.540	0.430	2.302	1.075	0.175	1.025	2.327	0.395	0.299	0	0.284	0
B2	0.323	0	0.400	1.734	0.738	0	0	0.524	2.925	0.125	0	0
B3	0.785	0	0	0.744	0.946	0	0.522	0.671	0.800	0	0	0
Caa2	0	0	0	0	0.250	0.596	0	0	0	0	0	0
NR	0.574	0.100	1.371	0.814	1.068	1.754	1.666	1.167	1.653	2.298	2.004	1.434
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Aaa	3.635	4	0	0	0	0	0.993	2	0.993	2	4.629	6	1.66%
Aa2	0	0	0	0	0.250	1	0	0	0.250	1	0.250	1	0.42%
Aa3	0.491	1	0	0	0	0	1.749	3	1.749	3	2.239	4	2.92%
A1	0	0	0.604	1	2.062	2	0.650	1	2.712	3	3.317	4	4.53%
A2	3.130	5	2.395	4	5.051	4	0.798	2	5.849	6	11.374	15	9.78%
A3	2.640	5	2.759	6	3.823	7	0.695	2	4.518	9	9.917	20	7.55%
Baa1	2.446	5	3.516	7	5.861	6	2.291	5	8.152	11	14.114	23	13.63%
Baa2	4.034	7	1.313	5	2.102	5	1.845	4	3.947	9	9.294	21	6.60%
Baa3	0.598	2	1.217	3	1.695	4	1.094	3	2.789	7	4.604	12	4.66%
Ba1	2.297	7	1.461	3	0.923	3	0.596	2	1.519	5	5.277	15	2.54%
Ba2	3.352	8	1.733	6	1.800	7	1.130	5	2.930	12	8.015	26	4.90%
Ba3	1.299	3	3.731	10	4.647	9	0.667	3	5.314	12	10.344	25	8.88%
B1	3.272	10	2.275	8	3.021	8	0.284	2	3.306	10	8.853	28	5.53%
B2	0.723	2	2.472	4	3.449	7	0.125	1	3.574	8	6.769	14	5.97%
B3	0.785	3	1.690	4	1.994	6	0	0	1.994	6	4.469	13	3.33%
Caa2	0	0	0.846	2	0	0	0	0	0	0	0.846	2	0.00%
NR	2.045	12	3.637	25	4.487	27	5.736	28	10.223	55	15.905	92	17.09%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Use of Proceeds
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Acquisition	0.200	0	0	0	0	0	0.305	0	0.150	0	0	0.993
Capex	0.300	0	0	0	0	0.600	0.248	0	0.200	0	0	0
GCP	1.212	0.283	2.331	4.005	1.419	0.854	5.666	1.542	2.624	0.515	0.650	0.449
LBO	0	0	0	0	1.000	0	0	0	0	0	0.535	0
Refinance	4.256	0	1.940	0	2.362	3.066	4.146	0.219	3.895	0.410	0.250	0
Multiple/Other/NA	8.805	0.530	10.891	5.728	6.972	3.644	8.258	6.068	7.845	6.169	5.848	2.833
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.200	1	0	0	0.455	2	0.993	2	1.449	4	1.649	5	2.42%
Capex	0.300	1	0.600	2	0.448	2	0	0	0.448	2	1.348	5	0.75%
GCP	3.826	8	6.278	17	9.832	17	1.615	6	11.446	23	21.551	48	19.13%
LBO	0	0	1.000	3	0	0	0.535	2	0.535	2	1.535	5	0.89%
Refinance	6.196	12	5.428	10	8.260	11	0.660	3	8.920	14	20.543	36	14.90%
Multiple/Other/NA	20.226	52	16.344	56	22.171	64	14.850	50	37.020	114	73.590	222	61.89%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Industry Sector (by SIC code)
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Agriculture (0xxx)	0.100	0	0	0	0	0	0.300	0.225	0	0.125	0	0
Mining (1xxx)	0.944	0	0.491	0.321	0	0.396	1.000	0.149	0	0	0	0
Oil and gas (13xx)	3.763	0	0.898	0	0.750	1.170	1.486	0	0	0	0.650	0
Construction (15xx)	0	0	0.449	0	0.465	0.225	0	0	0	0.150	0	0
Manufacturing (2xxx, 3xxx)	1.168	0	0.698	0.648	2.160	0.447	1.949	0.352	0.745	0.400	0.870	0.633
Transportation (4xxx)	0	0	0	0	0	0	0	0	1.199	0.158	0.791	0.993
Communications (48xx)	1.458	0	0	0	0.175	0.239	0.898	0	0	0.195	0.367	0
Electric, gas, sanitary services (49xx)	0.500	0.400	0	0.120	0.594	0.557	0.804	1.589	0.347	0	0.298	0
Wholesale (5xxx)	0	0	0.150	0	0	0	0	0	0	0.260	0	0
Finance, insurance, real estate (6xxx)	3.875	0.130	7.409	1.759	4.928	3.254	1.909	3.687	3.015	5.377	4.023	2.649
Services (7xxx)	0.125	0	0.400	0	0	0.600	0	0	0	0.030	0.175	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0.110	0
Sovereign (8888)	2.841	0.283	4.667	6.887	2.682	1.276	10.278	1.827	9.407	0.398	0	0
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.100	1	0	0	0.525	3	0.125	1	0.650	4	0.750	5	1.09%
Mining (1xxx)	1.434	4	0.717	2	1.149	2	0	0	1.149	2	3.300	8	1.92%
Oil and gas (13xx)	4.661	7	1.920	2	1.486	2	0.650	1	2.136	3	8.717	12	3.57%
Construction (15xx)	0.449	2	0.690	2	0	0	0.150	1	0.150	1	1.289	5	0.25%
Manufacturing (2xxx, 3xxx)	1.866	8	3.255	11	3.046	11	1.903	9	4.949	20	10.069	39	8.28%
Transportation (4xxx)	0	0	0	0	1.199	2	1.943	5	3.141	7	3.141	7	5.25%
Communications (48xx)	1.458	4	0.414	2	0.898	3	0.563	2	1.461	5	3.333	11	2.44%
Electric, gas, sanitary services (49xx)	0.900	4	1.270	6	2.739	10	0.298	1	3.037	11	5.207	21	5.08%
Wholesale (5xxx)	0.150	2	0	0	0	0	0.260	1	0.260	1	0.410	3	0.43%
Finance, insurance, real estate (6xxx)	11.414	29	9.940	40	8.611	38	12.049	38	20.660	76	42.014	145	34.54%
Services (7xxx)	0.525	2	0.600	2	0	0	0.205	2	0.205	2	1.330	6	0.34%
Health services (8xxx)	0	0	0	0	0	0	0.110	1	0.110	1	0.110	1	0.18%
Sovereign (8888)	7.791	11	10.844	21	21.512	25	0.398	1	21.910	26	40.546	58	36.63%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Country
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Brazil	0.844	0.130	2.321	0.564	1.298	0.765	3.610	0.742	0.719	0.220	0.250	0.198
Indonesia	0.422	0	0	1.484	0	0.546	0.248	0.250	2.125	0.283	0.110	0
Korea	1.041	0	1.746	1.412	2.510	0.374	0.761	1.420	0.827	1.843	0.594	0.834
Kazakhstan	0	0	0	0.940	0.397	0	0.298	0.224	0.504	0.247	1.834	0
Mexico	0.500	0	0.249	0	1.123	0	1.486	0.078	2.974	0.485	0	0
Poland	0.604	0	0	1.099	0	0	3.663	0	0.608	0.181	0	0
Russia	2.989	0	2.250	0.275	1.438	2.821	0.200	1.297	0.584	0.650	2.662	0.400
Others	8.374	0.683	8.597	3.959	4.987	3.659	8.356	3.819	6.372	3.185	1.834	2.842
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Brazil	3.295	10	2.626	11	5.071	13	0.668	4	5.739	17	11.661	38	9.59%
Indonesia	0.422	2	2.030	4	2.623	4	0.393	3	3.017	7	5.469	13	5.04%
Korea	2.787	6	4.296	13	3.009	12	3.271	9	6.280	21	13.363	40	10.50%
Kazakhstan	0	0	1.338	6	1.026	5	2.080	6	3.107	11	4.444	17	5.19%
Mexico	0.749	2	1.123	3	4.537	6	0.485	3	5.022	9	6.895	14	8.40%
Poland	0.604	1	1.099	2	4.272	2	0.181	1	4.453	3	6.156	6	7.44%
Russia	5.239	14	4.534	12	2.081	11	3.712	13	5.793	24	15.565	50	9.68%
Others	17.654	39	12.604	37	18.545	43	7.861	24	26.405	67	56.664	143	44.14%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	100.00%
Currency
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
$	13.389	0.813	13.242	7.682	10.702	6.326	12.334	4.645	10.781	6.612	7.283	3.841
Y	0	0	0	0	0	0.025	0.111	0.084	0.573	0	0	0.434
€	1.384	0	1.920	2.051	1.051	1.812	6.179	3.100	2.495	0.482	0	0
£	0	0	0	0	0	0	0	0	0.863	0	0	0
Total	14.773	0.813	15.162	9.734	11.753	8.163	18.624	7.829	14.713	7.094	7.283	4.275
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
$	27.444	67	24.711	77	27.760	74	17.737	59	45.497	133	97.651	277	76.06%
Y	0	0	0.025	1	0.769	5	0.434	1	1.203	6	1.228	7	2.01%
€	3.304	7	4.914	10	11.774	16	0.482	3	12.256	19	20.475	36	20.49%
£	0	0	0	0	0.863	1	0	0	0.863	1	0.863	1	1.44%
Total	30.748	74	29.650	88	41.166	96	18.653	63	59.819	159	120.217	321	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, Belgium, Iceland and Greece.

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