Notes:

1. Outstanding debt excludes callable bonds.

2. Asia comprises of North Asia, SE Asia and India Subcontinent. Nationality classification is based on the business nationality of the issuing subsidiary.

3. Corporate debt includes investment grade and high yield debt issued by the following types of issuer: Industrial, Utility and Finance companies and Banks.

4. Total bond market issuance includes the following: corporate debt, securitized debt, sovereign debt, preferred shares, supranational debt, covered bonds, agency debt and medium term notes.

5. Exclusions:

- Deals with a maturity date of 18 months or less after settlement date.
- Non-underwritten deals.
- Bond exchange offers where existing debt is replaced and no new money is raised.
- Equity-linked units such as convertible debentures and convertible preferred shares.
- Federal credit agency auctioned reference bills, certificates of deposit and Money market transactions. Money market transactions are defined as bank notes, floating extendable liquid securities, negotiable certificates of deposits and commercial papers.
- Zero coupon bonds where the offer price is not disclosed.