Analysis of non-U.S. market convertibles issuance for 13 months through September 2010

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
0%	0	0	0	1.118	0	0	0	0.579	0	0	0	0.500	1.839
0.01%-0.99%	0.258	0	1.318	0.207	0.395	0	0	0	0	0	0	3.704	2.641
1%-1.99%	0.431	0.365	0.491	0	0.501	0	1.795	0	0	0	0.498	0	0.200
2%-2.99%	0	0.375	0	0	0.724	0.103	0.963	0	0.500	0.155	0	0	0.622
3%-3.99%	0.900	1.154	0	0.121	0.423	0.318	0.198	0.942	0	0	0	0	0.910
4%-4.99%	2.747	0.561	1.016	0.018	0.880	0.305	1.312	0.616	0	0	0	0	0.400
5%-5.99%	5.201	0.165	1.455	0.256	0.429	0.978	0.149	0.135	0	0.083	0.171	0.280	1.627
6%-6.99%	1.286	2.097	0.505	0.366	0	0	0.449	0.425	0.062	0.303	0.072	0.233	0.685
7%-7.99%	0.402	0.160	0.060	0	0	0.268	0.222	0.075	0.059	0	0.118	0	0.450
8% and higher	0.173	0.760	0.014	0.165	0	0.144	0.155	0	0	0.040	0	0.129	0
Floater	0	0	0	2.254	0	0.017	0	0	0	0.679	0	0	0
NA	0	0	0	0.003	0	0	0.031	0	0	0	0.147	0	0
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.118	1	0	0	0.579	2	2.339	7	2.918	9	4.036	10	4.036	10	9.52%
0.01%-0.99%	1.524	5	0.395	1	0	0	6.345	2	6.740	3	8.523	9	8.265	8	22.00%
1%-1.99%	0.856	3	2.296	6	0	0	0.698	2	2.994	8	4.281	12	3.850	11	9.77%
2%-2.99%	0.375	1	1.790	6	0.655	2	0.622	2	3.067	10	3.442	11	3.442	11	10.01%
3%-3.99%	1.275	5	0.939	4	0.942	2	0.910	2	2.792	8	4.967	17	4.067	13	9.11%
4%-4.99%	1.594	8	2.496	8	0.616	1	0.400	1	3.512	10	7.854	23	5.106	18	11.46%
5%-5.99%	1.875	11	1.556	9	0.218	4	2.079	6	3.853	19	10.930	36	5.729	30	12.58%
6%-6.99%	2.969	12	0.449	4	0.790	9	0.990	7	2.229	20	6.484	40	5.198	32	7.27%
7%-7.99%	0.221	4	0.490	3	0.134	2	0.568	3	1.192	8	1.815	17	1.413	12	3.89%
8% and higher	0.939	7	0.299	3	0.040	1	0.129	1	0.468	5	1.580	14	1.407	12	1.53%
Floater	2.254	1	0.017	1	0.679	4	0	0	0.695	5	2.949	6	2.949	6	2.27%
NA	0.003	1	0.031	1	0	0	0.147	1	0.178	2	0.181	3	0.181	3	0.58%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Premium
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
19.99% and lower	0.412	1.367	0.250	0.212	0.200	0.491	0	0.075	0	0.155	0.075	0.129	0.986
20%-29.99%	2.649	2.128	1.773	0.384	0.750	0.249	1.874	0.325	0	0.234	0.498	0.130	2.558
30-39.99%	4.749	1.819	2.649	1.334	2.402	1.357	3.241	2.250	0.524	0.192	0.161	0.500	2.158
40% and higher	0.322	0.163	0	0.164	0	0	0.054	0	0.059	0	0.030	0.103	1.244
NA	3.268	0.160	0.188	2.413	0	0.036	0.105	0.122	0.038	0.679	0.243	3.984	2.429
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.829	11	0.691	4	0.230	2	1.190	4	2.111	10	4.352	26	3.940	21	6.89%
20%-29.99%	4.284	17	2.873	14	0.559	3	3.187	6	6.618	23	13.552	50	10.903	40	21.60%
30-39.99%	5.803	19	7.000	23	2.967	14	2.818	9	12.785	46	23.336	74	18.588	65	41.73%
40% and higher	0.326	3	0.054	1	0.059	1	1.377	4	1.489	6	2.138	11	1.816	9	4.86%
NA	2.761	9	0.141	4	0.838	7	6.656	11	7.636	22	13.664	37	10.397	31	24.92%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Upsized?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	5.834	0.749	2.034	0.164	0.380	0.412	1.693	1.133	0	0.155	0	0	0.506
No	4.915	4.888	2.825	4.343	2.972	1.721	3.581	1.639	0.621	1.105	1.008	4.846	8.868
Downsized	0.650	0	0	0	0	0	0	0	0	0	0	0	0
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.947	12	2.485	6	1.287	3	0.506	2	4.279	11	13.060	31	7.226	23	13.97%
No	12.056	47	8.274	40	3.364	24	14.722	32	26.361	96	43.332	165	38.417	143	86.03%
Downsized	0	0	0	0	0	0	0	0	0	0	0.650	2	0	0	0.00%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Seniority
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
senior secured	0.275	0	0.014	0	0	0	0	0	0	0	0	0	0
senior	10.324	4.819	4.502	1.621	3.308	1.914	5.106	2.342	0.538	0.195	0.839	4.743	8.797
subordinated	0.799	0.818	0.343	0.632	0.044	0.219	0.168	0.430	0.083	1.065	0.169	0.103	0.578
preferred	0	0	0	2.254	0	0	0	0	0	0	0	0	0
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.014	1	0	0	0	0	0	0	0	0	0.289	2	0.014	1	0.00%
senior	10.942	39	10.328	40	3.075	13	14.379	29	27.782	82	49.049	143	38.724	121	90.67%
subordinated	1.793	18	0.431	6	1.577	14	0.850	5	2.857	25	5.450	52	4.651	43	9.32%
preferred	2.254	1	0	0	0	0	0	0	0	0	2.254	1	2.254	1	0.00%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Mandatory
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	2.923	1.416	0	0.165	0	0	0	0	0	0	0	0	0
No	8.476	4.221	4.859	4.342	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.581	3	0	0	0	0	0	0	0	0	4.504	4	1.581	3	0.00%
No	13.422	56	10.759	46	4.652	27	15.229	34	30.640	107	52.538	194	44.062	163	100.00%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Greenshoe Exercised?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	4.086	1.252	0.958	0.136	1.461	0.451	2.570	0	0	0.260	0.617	0.233	2.573
No	7.313	4.385	3.902	4.371	1.890	1.682	2.705	2.772	0.621	0.999	0.391	4.613	6.802
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.346	15	4.482	14	0.260	3	3.423	9	8.165	26	14.597	55	10.511	41	26.65%
No	12.658	44	6.277	32	4.392	24	11.806	25	22.474	81	42.445	143	35.132	125	73.35%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Versus Talk
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Richer	0	0	0.387	0	0	0	0	0	0	0	0	0	0
Rich end	4.019	1.839	0.223	0	0.724	0	1.261	0	0	0	0	0	0
Within	0.431	0	1.257	0	0.816	1.035	0.950	0.914	0	0.155	0	0.500	1.209
Cheap end	0.811	1.044	0.585	1.117	0	0	1.622	1.186	0	0	0.089	0	1.179
Cheaper	0	0.660	0	0	0	0	0	0	0	0	0	0	0
NA	6.137	2.093	2.408	3.390	1.812	1.098	1.441	0.671	0.621	1.105	0.919	4.346	6.987
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.387	1	0	0	0	0	0	0	0	0	0.387	1	0.387	1	0.00%
Rich end	2.062	7	1.985	6	0	0	0	0	1.985	6	8.065	19	4.047	13	6.48%
Within	1.257	5	2.801	7	1.069	4	1.709	4	5.578	15	7.266	21	6.835	20	18.20%
Cheap end	2.747	6	1.622	5	1.186	2	1.268	2	4.076	9	7.635	18	6.823	15	13.30%
Cheaper	0.660	1	0	0	0	0	0	0	0	0	0.660	1	0.660	1	0.00%
NA	7.891	39	4.351	28	2.397	21	12.252	28	19.000	77	33.028	138	26.891	116	62.01%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Use of Proceeds
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Acquisition	0	0	0.183	0	0	0	0	0.380	0	0	0.089	0	0.078
Capex	0.492	0	1.144	0.207	0.142	0.017	0.100	0	0	0	0.498	0.130	0.900
GCP	3.242	2.394	1.463	0.476	1.749	0.220	1.565	0.719	0.062	0.403	0.096	3.936	4.695
Redeem convertibles	0	0	0	0	0.395	0	0	0	0	0	0	0	0
Refinance	2.812	1.056	0.552	0.128	0.320	0.554	0.878	0.343	0.059	0.040	0	0	2.172
Multiple/Other/NA	4.851	2.187	1.517	3.696	0.745	1.341	2.732	1.330	0.500	0.816	0.324	0.780	1.529
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.183	1	0	0	0.380	2	0.166	2	0.546	4	0.729	5	0.729	5	1.78%
Capex	1.352	4	0.259	3	0	0	1.529	4	1.788	7	3.632	14	3.140	11	5.84%
GCP	4.333	16	3.535	12	1.184	10	8.728	13	13.446	35	21.022	64	17.780	51	43.88%
Redeem convertibles	0	0	0.395	1	0	0	0	0	0.395	1	0.395	1	0.395	1	1.29%
Refinance	1.735	12	1.752	9	0.442	5	2.172	3	4.367	17	8.914	38	6.102	29	14.25%
Multiple/Other/NA	7.400	26	4.818	21	2.646	10	2.634	12	10.097	43	22.349	76	17.498	69	32.95%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Industry Sector (by SIC code)
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Agriculture (0xxx)	0.500	0	0	0	0	0.305	0.348	0	0	0	0	0	0
Mining (1xxx)	0.500	0.234	0.300	0	0.630	0.266	1.021	0	0	0	0	0	0
Oil and gas (13xx)	0.962	0	0.109	0.071	0	0	0.154	0.325	0.059	0.123	0.311	0	0
Construction (15xx)	0.160	0.860	0	0	0.200	0	0	0	0	0	0	0	0.078
Manufacturing (2xxx, 3xxx)	2.484	1.442	1.682	1.327	0.357	0.412	0.287	0.105	0.524	0.194	0	0.500	3.169
Pharmaceuticals (2834-6)	0.732	0.456	0	0	0	0	0	0	0	0	0	0	0.350
Transportation (4xxx)	0.370	0.131	0.524	0	0	0.125	0.677	0.616	0	0.048	0	0.280	0
Communications (48xx)	0	0.086	0.637	0.121	0.320	0	0	0.062	0	0	0	0	2.139
Electric, gas, sanitary services (49xx)	0.084	0.100	0.442	0	0	0.219	0.077	0	0	0	0	0.233	0
Wholesale (5xxx)	0.508	0	0.266	0	0	0	0	0.050	0	0	0.528	0	0.350
Finance, insurance, real estate (6xxx)	4.841	0.538	0.639	2.987	1.450	0.488	2.420	1.540	0.038	0.894	0.169	3.833	2.111
Services (7xxx)	0.258	1.791	0.261	0	0.395	0.318	0.291	0.075	0	0	0	0	0
Sovereign (8888)	0	0	0	0	0	0	0	0	0	0	0	0	1.179
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.652	3	0	0	0	0	0.652	3	1.152	4	0.652	3	2.13%
Mining (1xxx)	0.534	3	1.917	6	0	0	0	0	1.917	6	2.950	10	2.450	9	6.26%
Oil and gas (13xx)	0.180	2	0.154	2	0.507	4	0.311	3	0.971	9	2.113	14	1.151	11	3.17%
Construction (15xx)	0.860	2	0.200	1	0	0	0.078	1	0.278	2	1.298	5	1.138	4	0.91%
Manufacturing (2xxx, 3xxx)	4.451	13	1.056	5	0.823	5	3.669	10	5.548	20	12.483	40	9.999	33	18.11%
Pharmaceuticals (2834-6)	0.456	1	0	0	0	0	0.350	1	0.350	1	1.537	3	0.805	2	1.14%
Transportation (4xxx)	0.655	4	0.802	4	0.663	2	0.280	2	1.745	8	2.769	14	2.400	12	5.70%
Communications (48xx)	0.844	4	0.320	1	0.062	1	2.139	2	2.521	4	3.364	8	3.364	8	8.23%
Electric, gas, sanitary services (49xx)	0.542	4	0.296	3	0	0	0.233	2	0.530	5	1.156	10	1.072	9	1.73%
Wholesale (5xxx)	0.266	2	0	0	0.050	1	0.878	4	0.928	5	1.702	9	1.194	7	3.03%
Finance, insurance, real estate (6xxx)	4.164	20	4.357	18	2.472	13	6.112	8	12.942	39	21.947	71	17.106	59	42.24%
Services (7xxx)	2.053	4	1.005	3	0.075	1	0	0	1.080	4	3.390	9	3.132	8	3.52%
Sovereign (8888)	0	0	0	0	0	0	1.179	1	1.179	1	1.179	1	1.179	1	3.85%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%
Currency
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
$	2.470	0.917	1.050	0.307	0.580	0.537	2.943	0.707	0.500	0.500	0.222	0.780	3.089
A$	0	0	0.183	2.254	0	0	0.138	0	0	0.179	0	0	0
C$	1.016	0.357	0.357	0.522	0.044	0.506	0.264	0.420	0.083	0.426	0.199	0.103	0.185
CHF	0	0.894	0.241	0	0.251	0	0	0	0	0.155	0	0	0
HK$	0.458	0	0	0	0.103	0	0.077	0	0	0	0.498	0.129	0.672
NZ$	0	0	0	0.165	0	0	0	0	0	0	0	0	0
RMB	0.345	0	0	0	0.250	0	0.348	0	0	0	0	3.835	0.400
S$	0	0	0	0	0.142	0	0.376	0.062	0	0	0	0	0
SEK	0	0	0	0	0	0.017	0.222	0	0	0	0	0	0
Y	0	0	1.318	1.239	0.395	0	0	0	0	0	0	0	2.641
€	6.889	3.329	1.323	0.020	1.586	0.754	0.615	0.968	0.038	0	0.089	0	2.388
£	0.220	0.141	0.387	0	0	0.318	0.291	0.616	0	0	0	0	0
Total	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.375
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	2.274	13	4.060	11	1.707	6	4.091	10	9.858	27	14.602	50	12.132	40	32.17%
A$	2.437	2	0.138	1	0.179	3	0	0	0.316	4	2.753	6	2.753	6	1.03%
C$	1.236	16	0.814	10	0.928	11	0.486	7	2.229	28	4.481	56	3.465	44	7.27%
CHF	1.135	2	0.251	1	0.155	1	0	0	0.406	2	1.541	4	1.541	4	1.33%
HK$	0	0	0.180	2	0	0	1.299	5	1.480	7	1.938	9	1.480	7	4.83%
NZ$	0.165	1	0	0	0	0	0	0	0	0	0.165	1	0.165	1	0.00%
RMB	0	0	0.598	3	0	0	4.235	3	4.832	6	5.178	7	4.832	6	15.77%
S$	0	0	0.519	3	0.062	1	0	0	0.580	4	0.580	4	0.580	4	1.89%
SEK	0	0	0.239	2	0	0	0	0	0.239	2	0.239	2	0.239	2	0.78%
Y	2.557	5	0.395	1	0	0	2.641	5	3.037	6	5.593	11	5.593	11	9.91%
€	4.673	17	2.955	10	1.006	4	2.476	4	6.437	18	18.000	41	11.110	35	21.01%
£	0.527	3	0.610	2	0.616	1	0	0	1.225	3	1.972	7	1.753	6	4.00%
Total	15.004	59	10.759	46	4.652	27	15.229	34	30.640	107	57.042	198	45.643	166	100.00%

Criteria

• The tables include all underwritten offerings reported to Prospect News that are either dollar-denominated and sold under Regulation S or denominated in currencies other than dollars.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price.

• Each tranche is counted as a separate deal.

• Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded. Structured products are excluded.

• Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.

• Preferred issues are included using the same criteria as for bonds.

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