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

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

Coupon

	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
0%	0	0	1.118	0	0	0	0.579	0	0	0	0.500	1.839	1.800
0.01%-0.99%	0	1.318	0.207	0.395	0	0	0	0	0	0	3.704	2.641	0.751
1%-1.99%	0.365	0.491	0	0.501	0	1.795	0	0	0	0.498	0	0.200	0
2%-2.99%	0.375	0	0	0.724	0.103	0.963	0	0.500	0.155	0	0	0.622	0.321
3%-3.99%	1.154	0	0.121	0.423	0.318	0.198	0.942	0	0	0	0	0.910	0.950
4%-4.99%	0.561	1.016	0.018	0.880	0.305	1.312	0.616	0	0	0	0	0.400	0
5%-5.99%	0.165	1.455	0.256	0.429	0.978	0.149	0.135	0	0.083	0.171	0.280	1.654	0
6%-6.99%	2.097	0.505	0.366	0	0	0.449	0.425	0.062	0.303	0.072	0.233	0.805	0.385
7%-7.99%	0.160	0.060	0	0	0.268	0.222	0.075	0.059	0	0.118	0	0.500	0.151
8% and higher	0.760	0.014	0.165	0	0.144	0.155	0	0	0.040	0	0.129	0	0.015
Floater	0	0	2.254	0	0.017	0	0	0	0.679	0	0	0	0.020
NA	0	0	0.003	0	0	0.031	0	0	0	0.147	0	0	0
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.118	1	0	0	0.579	2	2.339	7	1.800	2	4.718	11	5.836	12	5.836	12	13.39%
0.01%-0.99%	1.524	5	0.395	1	0	0	6.345	2	0.751	1	7.491	4	9.016	9	9.016	9	21.26%
1%-1.99%	0.856	3	2.296	6	0	0	0.698	2	0	0	2.994	8	3.850	11	3.486	10	8.50%
2%-2.99%	0.375	1	1.790	6	0.655	2	0.622	2	0.321	1	3.388	11	3.763	12	3.388	11	9.62%
3%-3.99%	1.275	5	0.939	4	0.942	2	0.910	2	0.950	2	3.742	10	5.017	15	3.863	11	10.62%
4%-4.99%	1.594	8	2.496	8	0.616	1	0.400	1	0	0	3.512	10	5.106	18	4.546	15	9.97%
5%-5.99%	1.875	11	1.556	9	0.218	4	2.105	7	0	0	3.880	20	5.755	31	5.590	29	11.01%
6%-6.99%	2.969	12	0.449	4	0.790	9	1.111	7	0.385	2	2.734	22	5.703	34	3.606	30	7.76%
7%-7.99%	0.221	4	0.490	3	0.134	2	0.618	3	0.151	2	1.394	10	1.614	14	1.454	11	3.96%
8% and higher	0.939	7	0.299	3	0.040	1	0.129	1	0.015	1	0.482	6	1.422	13	0.661	8	1.37%
Floater	2.254	1	0.017	1	0.679	4	0	0	0.020	1	0.716	6	2.970	7	2.970	7	2.03%
NA	0.003	1	0.031	1	0	0	0.147	1	0	0	0.178	2	0.181	3	0.181	3	0.51%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Premium
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
19.99% and lower	1.367	0.250	0.212	0.200	0.491	0	0.075	0	0.155	0.075	0.129	0.986	0.321
20%-29.99%	2.128	1.773	0.384	0.750	0.249	1.874	0.325	0	0.234	0.498	0.130	4.909	1.351
30-39.99%	1.819	2.649	1.334	2.402	1.357	3.241	2.250	0.524	0.192	0.161	0.500	1.658	2.701
40% and higher	0.163	0	0.164	0	0	0.054	0	0.059	0	0.030	0.103	1.342	0
NA	0.160	0.188	2.413	0	0.036	0.105	0.122	0.038	0.679	0.243	3.984	0.677	0.020
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	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	0.321	1	2.432	11	4.261	22	2.894	14	6.90%
20%-29.99%	4.284	17	2.873	14	0.559	3	5.538	10	1.351	6	10.321	33	14.605	50	12.477	46	29.30%
30-39.99%	5.803	19	7.000	23	2.967	14	2.318	8	2.701	4	14.986	49	20.788	68	18.969	62	42.54%
40% and higher	0.326	3	0.054	1	0.059	1	1.475	5	0	0	1.587	7	1.914	10	1.751	8	4.50%
NA	2.761	9	0.141	4	0.838	7	4.904	8	0.020	1	5.904	20	8.665	29	8.504	26	16.76%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Upsized?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	0.749	2.034	0.164	0.380	0.412	1.693	1.133	0	0.155	0	0	0.515	0
No	4.888	2.825	4.343	2.972	1.721	3.581	1.639	0.621	1.105	1.008	4.846	9.057	4.394
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.947	12	2.485	6	1.287	3	0.515	2	0	0	4.287	11	7.235	23	6.485	19	12.17%
No	12.056	47	8.274	40	3.364	24	14.911	33	4.394	12	30.943	109	42.999	156	38.111	137	87.83%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Seniority
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
senior secured	0	0.014	0	0	0	0	0	0	0	0	0	0	0
senior	4.819	4.502	1.621	3.308	1.914	5.106	2.342	0.538	0.195	0.839	4.743	8.883	4.394
subordinated	0.818	0.343	0.632	0.044	0.219	0.168	0.430	0.083	1.065	0.169	0.103	0.689	0
preferred	0	0	2.254	0	0	0	0	0	0	0	0	0	0
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	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	0	0.014	1	0.014	1	0.00%
senior	10.942	39	10.328	40	3.075	13	14.465	30	4.394	12	32.261	95	43.203	134	38.385	118	91.57%
subordinated	1.793	18	0.431	6	1.577	14	0.961	5	0	0	2.969	25	4.762	43	3.944	36	8.43%
preferred	2.254	1	0	0	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	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Mandatory
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	1.416	0	0.165	0	0	0	0	0	0	0	0	0	0
No	4.221	4.859	4.342	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.581	3	0	0	0	0	0	0	0	0	0	0	1.581	3	0.165	1	0.00%
No	13.422	56	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	48.652	176	44.432	155	100.00%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Greenshoe Exercised?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	1.252	0.958	0.136	1.461	0.451	2.570	0	0	0.260	0.617	0.233	3.829	0.391
No	4.385	3.902	4.371	1.890	1.682	2.705	2.772	0.621	0.999	0.391	4.613	5.743	4.002
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.346	15	4.482	14	0.260	3	4.679	13	0.391	2	9.813	32	12.159	47	10.907	40	27.85%
No	12.658	44	6.277	32	4.392	24	10.747	22	4.002	10	25.418	88	38.075	132	33.690	116	72.15%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Versus Talk
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Richer	0	0.387	0	0	0	0	0	0	0	0	0	0	0.180
Rich end	1.839	0.223	0	0.724	0	1.261	0	0	0	0	0	0	0
Within	0	1.257	0	0.816	1.035	0.950	0.914	0	0.155	0	0.500	1.209	0.596
Cheap end	1.044	0.585	1.117	0	0	1.622	1.186	0	0	0.089	0	1.179	0.650
Cheaper	0.660	0	0	0	0	0	0	0	0	0	0	0	0
NA	2.093	2.408	3.390	1.812	1.098	1.441	0.671	0.621	1.105	0.919	4.346	7.184	2.967
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.387	1	0	0	0	0	0	0	0.180	1	0.180	1	0.567	2	0.567	2	0.51%
Rich end	2.062	7	1.985	6	0	0	0	0	0	0	1.985	6	4.047	13	2.208	7	5.63%
Within	1.257	5	2.801	7	1.069	4	1.709	4	0.596	3	6.175	18	7.432	23	7.432	23	17.53%
Cheap end	2.747	6	1.622	5	1.186	2	1.268	2	0.650	1	4.726	10	7.473	16	6.429	13	13.41%
Cheaper	0.660	1	0	0	0	0	0	0	0	0	0	0	0.660	1	0	0	0.00%
NA	7.891	39	4.351	28	2.397	21	12.449	29	2.967	7	22.164	85	30.055	124	27.962	111	62.91%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Use of Proceeds
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Acquisition	0	0.183	0	0	0	0	0.380	0	0	0.089	0	0.089	0
Capex	0	1.144	0.207	0.142	0.017	0.100	0	0	0	0.498	0.130	1.000	0.800
GCP	2.394	1.463	0.476	1.749	0.220	1.565	0.719	0.062	0.403	0.096	3.936	4.754	0.735
Redeem convertibles	0	0	0	0.395	0	0	0	0	0	0	0	0	0
Refinance	1.056	0.552	0.128	0.320	0.554	0.878	0.343	0.059	0.040	0	0	2.172	0.180
Multiple/Other/NA	2.187	1.517	3.696	0.745	1.341	2.732	1.330	0.500	0.816	0.324	0.780	1.556	2.679
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.183	1	0	0	0.380	2	0.178	2	0	0	0.558	4	0.741	5	0.741	5	1.58%
Capex	1.352	4	0.259	3	0	0	1.629	4	0.800	1	2.688	8	4.040	12	4.040	12	7.63%
GCP	4.333	16	3.535	12	1.184	10	8.786	13	0.735	3	14.240	38	18.573	54	16.179	48	40.42%
Redeem convertibles	0	0	0.395	1	0	0	0	0	0	0	0.395	1	0.395	1	0.395	1	1.12%
Refinance	1.735	12	1.752	9	0.442	5	2.172	3	0.180	1	4.546	18	6.282	30	5.226	23	12.90%
Multiple/Other/NA	7.400	26	4.818	21	2.646	10	2.660	13	2.679	7	12.803	51	20.203	77	18.016	67	36.34%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Industry Sector (by SIC code)
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Agriculture (0xxx)	0	0	0	0	0.305	0.348	0	0	0	0	0	0	0
Mining (1xxx)	0.234	0.300	0	0.630	0.266	1.021	0	0	0	0	0	0	0.300
Oil and gas (13xx)	0	0.109	0.071	0	0	0.154	0.325	0.059	0.123	0.311	0	0	0.650
Construction (15xx)	0.860	0	0	0.200	0	0	0	0	0	0	0	0.089	0.015
Manufacturing (2xxx, 3xxx)	1.442	1.682	1.327	0.357	0.412	0.287	0.105	0.524	0.194	0	0.500	3.177	2.731
Pharmaceuticals (2834-6)	0.456	0	0	0	0	0	0	0	0	0	0	0.350	0
Transportation (4xxx)	0.131	0.524	0	0	0.125	0.677	0.616	0	0.048	0	0.280	0	0.020
Communications (48xx)	0.086	0.637	0.121	0.320	0	0	0.062	0	0	0	0	2.139	0
Electric, gas, sanitary services (49xx)	0.100	0.442	0	0	0.219	0.077	0	0	0	0	0.233	0	0
Wholesale (5xxx)	0	0.266	0	0	0	0	0.050	0	0	0.528	0	0.350	0
Finance, insurance, real estate (6xxx)	0.538	0.639	2.987	1.450	0.488	2.420	1.540	0.038	0.894	0.169	3.833	2.287	0.391
Services (7xxx)	1.791	0.261	0	0.395	0.318	0.291	0.075	0	0	0	0	0	0.287
Sovereign (8888)	0	0	0	0	0	0	0	0	0	0	0	1.179	0
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.652	3	0	0	0	0	0	0	0.652	3	0.652	3	0.652	3	1.85%
Mining (1xxx)	0.534	3	1.917	6	0	0	0	0	0.300	1	2.217	7	2.750	10	2.517	8	6.29%
Oil and gas (13xx)	0.180	2	0.154	2	0.507	4	0.311	3	0.650	1	1.621	10	1.801	12	1.801	12	4.60%
Construction (15xx)	0.860	2	0.200	1	0	0	0.089	1	0.015	1	0.304	3	1.164	5	0.304	3	0.86%
Manufacturing (2xxx, 3xxx)	4.451	13	1.056	5	0.823	5	3.677	10	2.731	4	8.287	24	12.738	37	11.296	32	23.52%
Pharmaceuticals (2834-6)	0.456	1	0	0	0	0	0.350	1	0	0	0.350	1	0.805	2	0.350	1	0.99%
Transportation (4xxx)	0.655	4	0.802	4	0.663	2	0.280	2	0.020	1	1.766	9	2.420	13	2.290	11	5.01%
Communications (48xx)	0.844	4	0.320	1	0.062	1	2.139	2	0	0	2.521	4	3.364	8	3.279	7	7.16%
Electric, gas, sanitary services (49xx)	0.542	4	0.296	3	0	0	0.233	2	0	0	0.530	5	1.072	9	0.972	8	1.50%
Wholesale (5xxx)	0.266	2	0	0	0.050	1	0.878	4	0	0	0.928	5	1.194	7	1.194	7	2.63%
Finance, insurance, real estate (6xxx)	4.164	20	4.357	18	2.472	13	6.289	9	0.391	2	13.509	42	17.674	62	17.136	56	38.35%
Services (7xxx)	2.053	4	1.005	3	0.075	1	0	0	0.287	2	1.366	6	3.419	10	1.628	7	3.88%
Sovereign (8888)	0	0	0	0	0	0	1.179	1	0	0	1.179	1	1.179	1	1.179	1	3.35%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	100.00%
Currency
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
$	0.917	1.050	0.307	0.580	0.537	2.943	0.707	0.500	0.500	0.222	0.780	3.239	2.820
A$	0	0.183	2.254	0	0	0.138	0	0	0.179	0	0	0	0
C$	0.357	0.357	0.522	0.044	0.506	0.264	0.420	0.083	0.426	0.199	0.103	0.232	0.015
CHF	0.894	0.241	0	0.251	0	0	0	0	0.155	0	0	0	0
HK$	0	0	0	0.103	0	0.077	0	0	0	0.498	0.129	0.672	0
NIS	0	0	0	0	0	0	0	0	0	0	0	0	0.081
NOK	0	0	0	0	0	0	0	0	0	0	0	0	0.020
NZ$	0	0	0.165	0	0	0	0	0	0	0	0	0	0
RMB	0	0	0	0.250	0	0.348	0	0	0	0	3.835	0.400	0
S$	0	0	0	0.142	0	0.376	0.062	0	0	0	0	0	0
SEK	0	0	0	0	0.017	0.222	0	0	0	0	0	0	0
Y	0	1.318	1.239	0.395	0	0	0	0	0	0	0	2.641	0.751
€	3.329	1.323	0.020	1.586	0.754	0.615	0.968	0.038	0	0.089	0	2.388	0.706
£	0.141	0.387	0	0	0.318	0.291	0.616	0	0	0	0	0	0
Total	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	4.846	9.572	4.394
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	2.274	13	4.060	11	1.707	6	4.241	10	2.820	5	12.828	32	15.102	45	14.185	39	36.41%
A$	2.437	2	0.138	1	0.179	3	0	0	0	0	0.316	4	2.753	6	2.753	6	0.90%
C$	1.236	16	0.814	10	0.928	11	0.533	8	0.015	1	2.291	30	3.527	46	3.170	42	6.50%
CHF	1.135	2	0.251	1	0.155	1	0	0	0	0	0.406	2	1.541	4	0.647	3	1.15%
HK$	0	0	0.180	2	0	0	1.299	5	0	0	1.480	7	1.480	7	1.480	7	4.20%
NIS	0	0	0	0	0	0	0	0	0.081	1	0.081	1	0.081	1	0.081	1	0.23%
NOK	0	0	0	0	0	0	0	0	0.020	1	0.020	1	0.020	1	0.020	1	0.06%
NZ$	0.165	1	0	0	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	0	0	4.832	6	4.832	6	4.832	6	13.72%
S$	0	0	0.519	3	0.062	1	0	0	0	0	0.580	4	0.580	4	0.580	4	1.65%
SEK	0	0	0.239	2	0	0	0	0	0	0	0.239	2	0.239	2	0.239	2	0.68%
Y	2.557	5	0.395	1	0	0	2.641	5	0.751	1	3.787	7	6.344	12	6.344	12	10.75%
€	4.673	17	2.955	10	1.006	4	2.476	4	0.706	3	7.144	21	11.817	38	8.487	28	20.28%
£	0.527	3	0.610	2	0.616	1	0	0	0	0	1.225	3	1.753	6	1.612	4	3.48%
Total	15.004	59	10.759	46	4.652	27	15.426	35	4.394	12	35.230	120	50.234	179	44.597	156	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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