Analysis of non-U.S. market convertibles issuance for 12 months through February 2010

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

Coupon

	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
0%	0	0	0	0	0	0	0	0	0	1.118	0	0
0.01%-0.99%	0	0.058	0	0	0.094	0.212	0.258	0	1.318	0.207	0.395	0
1%-1.99%	0.333	0	0	0	1.060	0	0.431	0.365	0.491	0	0.501	0
2%-2.99%	0	0.281	0	0.359	0.764	0	0	0.375	0	0	0.724	0
3%-3.99%	0	1.181	0.361	1.562	0.277	0	0.900	1.154	0	0.121	0.423	0.318
4%-4.99%	1.692	1.700	0	2.148	0.076	0.329	2.747	0.561	1.016	0.018	0.522	0.305
5%-5.99%	0	0.665	1.243	2.090	0.214	0.178	5.201	0.165	1.455	0.256	0.429	1.176
6%-6.99%	0	0	1.477	0.420	0.167	0.082	1.286	2.097	0.505	0.366	0	0
7%-7.99%	0	0	0.246	0.305	0.818	0.213	0.402	0.160	0.060	0	0	0.259
8% and higher	0.020	0	0	0	0.375	0.178	0.173	0.760	0.014	0.165	0	0.119
Floater	0	0.072	0	0	0	0	0	0	0	2.254	0	0.017
NA	0.012	0	0	0	0	0	0	0	0	0.003	0	0
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	1.118	1	0	0	0	0	1.118	1	0.00%
0.01%-0.99%	0.058	1	0.564	4	1.524	5	0.395	1	0.395	1	2.542	11	7.61%
1%-1.99%	0	0	1.491	2	0.856	3	0.501	2	0.501	2	3.181	8	9.66%
2%-2.99%	0.640	2	0.764	1	0.375	1	0.724	1	0.724	1	2.504	5	13.95%
3%-3.99%	3.104	7	1.177	5	1.275	5	0.741	3	0.741	3	6.298	20	14.28%
4%-4.99%	3.848	5	3.152	7	1.594	8	0.827	3	0.827	3	11.113	24	15.94%
5%-5.99%	3.998	7	5.594	9	1.875	11	1.605	7	1.605	7	13.072	34	30.93%
6%-6.99%	1.897	4	1.535	11	2.969	12	0	0	0	0	6.401	27	0.00%
7%-7.99%	0.550	4	1.433	9	0.221	4	0.259	2	0.259	2	2.463	19	4.99%
8% and higher	0	0	0.726	4	0.939	7	0.119	2	0.119	2	1.804	14	2.30%
Floater	0.072	1	0	0	2.254	1	0.017	1	0.017	1	2.342	3	0.33%
NA	0	0	0	0	0.003	1	0	0	0	0	0.014	2	0.00%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Premium
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
19.99% and lower	0	0	0	0.040	0.136	0.802	0.412	1.367	0.250	0.212	0.200	0.675
20%-29.99%	0.333	0.602	1.583	0.523	1.583	0.313	2.649	2.128	1.773	0.384	0.750	0.240
30-39.99%	1.692	2.631	0.841	6.322	2.002	0	4.749	1.819	2.649	1.334	2.045	1.244
40% and higher	0	0.665	0	0	0	0	0.322	0.163	0	0.164	0	0
NA	0.032	0.058	0.902	0	0.125	0.077	3.268	0.160	0.188	2.413	0	0.036
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	0.040	1	1.350	11	1.830	11	0.875	4	0.875	4	4.094	27	16.86%
20%-29.99%	2.708	8	4.544	16	4.284	17	0.989	4	0.989	4	12.859	46	19.06%
30-39.99%	9.793	18	6.751	14	5.803	19	3.289	12	3.289	12	27.328	64	63.38%
40% and higher	0.665	1	0.322	2	0.326	3	0	0	0	0	1.313	6	0.00%
NA	0.961	3	3.470	9	2.761	9	0.036	2	0.036	2	7.259	25	0.69%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Upsized?
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	1.692	0.915	0.841	1.515	0.381	0.082	5.834	0.749	2.034	0.164	0.380	0.412
No	0.365	3.041	2.486	5.369	3.465	1.110	4.915	4.888	2.825	4.343	2.615	1.782
Downsized	0	0	0	0	0	0	0.650	0	0	0	0	0
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	3.271	6	6.297	12	2.947	12	0.792	2	0.792	2	14.999	33	15.26%
No	10.896	25	9.490	38	12.056	47	4.397	20	4.397	20	37.204	133	84.74%
Downsized	0	0	0.650	2	0	0	0	0	0	0	0.650	2	0.00%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Seniority
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
senior secured	0	0.072	0.902	0	0	0	0.275	0	0.014	0	0	0
senior	2.056	3.884	2.424	6.884	3.846	1.110	10.324	4.819	4.502	1.621	2.951	1.985
subordinated	0	0	0	0	0	0.082	0.799	0.818	0.343	0.632	0.044	0.209
preferred	0	0	0	0	0	0	0	0	0	2.254	0	0
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.974	2	0.275	1	0.014	1	0	0	0	0	1.263	4	0.00%
senior	13.193	29	15.281	41	10.942	39	4.936	19	4.936	19	46.408	132	95.12%
subordinated	0	0	0.882	10	1.793	18	0.253	3	0.253	3	2.928	31	4.88%
preferred	0	0	0	0	2.254	1	0	0	0	0	2.254	1	0.00%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Mandatory
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	0	0	0	0	0	0	2.923	1.416	0	0.165	0	0
No	2.056	3.956	3.327	6.884	3.846	1.193	8.476	4.221	4.859	4.342	2.995	2.194
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0	0	2.923	1	1.581	3	0	0	0	0	4.504	4	0.00%
No	14.167	31	13.515	51	13.422	56	5.189	22	5.189	22	48.349	164	100.00%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Greenshoe Exercised?
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	1.692	3.233	1.477	3.724	0.818	0.392	4.086	1.252	0.958	0.136	1.104	0
No	0.365	0.723	1.850	3.160	3.028	0.801	7.313	4.385	3.902	4.371	1.890	2.194
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	8.434	15	5.296	18	2.346	15	1.104	2	1.104	2	18.871	51	21.28%
No	5.733	16	11.141	34	12.658	44	4.084	20	4.084	20	33.981	117	78.70%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Versus Talk
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Richer	0	1.700	0	0.116	0	0	0	0	0.387	0	0	0
Rich end	1.692	0	0.500	1.069	0	0.329	4.019	1.839	0.223	0	0.724	0
Within	0	1.102	0.341	2.761	0.290	0	0.431	0	1.257	0	0.816	1.035
Cheap end	0	0	0.246	2.340	1.095	0	0.811	1.044	0.585	1.117	0	0
Cheaper	0	0	0	0	0	0	0	0.660	0	0	0	0
NA	0.365	1.154	2.240	0.597	2.461	0.864	6.137	2.093	2.408	3.390	1.454	1.159
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Richer	1.816	2	0	0	0.387	1	0	0	0	0	2.203	3	0.00%
Rich end	1.569	3	4.347	7	2.062	7	0.724	1	0.724	1	10.394	19	13.95%
Within	4.204	11	0.721	3	1.257	5	1.851	6	1.851	6	8.034	25	35.67%
Cheap end	2.586	4	1.907	6	2.747	6	0	0	0	0	7.239	16	0.00%
Cheaper	0	0	0	0	0.660	1	0	0	0	0	0.660	1	0.00%
NA	3.992	11	9.462	36	7.891	39	2.613	15	2.613	15	24.323	104	50.36%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Use of Proceeds
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Acquisition	0	0	0	0	0	0	0	0	0.183	0	0	0
Capex	0	0.281	0	0.400	0.136	0.100	0.492	0	1.144	0.207	0.142	0.017
GCP	0	2.443	0.841	4.268	1.796	0.557	3.242	2.394	1.463	0.476	1.392	0.185
Redeem convertibles	0	0	0	0	0	0.313	0	0	0	0	0.395	0
Refinance	1.712	0.924	2.125	0.040	1.414	0	2.812	1.056	0.552	0.128	0.320	0.554
Multiple/Other/NA	0.344	0.308	0.361	2.177	0.500	0.223	4.851	2.187	1.517	3.696	0.745	1.437
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0	0	0.183	1	0	0	0	0	0.183	1.000	0.00%
Capex	0.681	2	0.728	5	1.352	4	0.159	2	0.159	2	2.920	13	3.06%
GCP	7.552	14	5.594	21	4.333	16	1.578	7	1.578	7	19.058	58	30.41%
Redeem convertibles	0	0	0.313	2	0	0	0.395	1	0.395	1	0.708	3	7.61%
Refinance	3.088	7	4.227	11	1.735	12	0.874	3	0.874	3	11.636	35	16.84%
Multiple/Other/NA	2.846	8	5.574	13	7.400	26	2.182	9	2.182	9	18.348	58	42.05%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Industry Sector (by SIC code)
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Agriculture (0xxx)	0	0	0	0	0	0.100	0.500	0	0	0	0	0.305
Mining (1xxx)	0	1.772	0.500	1.250	0.543	0	0.500	0.234	0.300	0	0.630	0.256
Oil and gas (13xx)	0.012	0	0	0.400	0	0.078	0.962	0	0.109	0.071	0	0
Construction (15xx)	0	0	0	0	0	0	0.160	0.860	0	0	0.200	0
Manufacturing (2xxx, 3xxx)	1.692	0	0.587	2.457	1.052	0.135	2.484	1.442	1.682	1.327	0	0.412
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.732	0.456	0	0	0	0
Transportation (4xxx)	0	0	0	0.930	0.214	0.328	0.370	0.131	0.524	0	0	0.100
Communications (48xx)	0.333	0	0	0	0	0	0	0.086	0.637	0.121	0.320	0
Electric, gas, sanitary services (49xx)	0	0.281	0	0	0.076	0.063	0.084	0.100	0.442	0	0	0.209
Wholesale (5xxx)	0.020	0.308	0	0.255	0	0	0.508	0	0.266	0	0	0
Finance, insurance, real estate (6xxx)	0	0.743	2.240	0.597	1.961	0.488	4.841	0.538	0.639	2.987	1.450	0.594
Services (7xxx)	0	0.665	0	0.995	0	0	0.258	1.791	0.261	0	0.395	0.318
Health services (8xxx)	0	0.187	0	0	0	0	0	0	0	0	0	0
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.600	2	0	0	0.305	1	0.305	1	0.905	3	5.88%
Mining (1xxx)	3.522	4	1.043	3	0.534	3	0.886	4	0.886	4	5.985	14	17.07%
Oil and gas (13xx)	0.400	1	1.040	4	0.180	2	0	0	0	0	1.632	8	0.00%
Construction (15xx)	0	0	0.160	1	0.860	2	0.200	1	0.200	1	1.220	4	3.85%
Manufacturing (2xxx, 3xxx)	3.043	10	3.671	12	4.451	13	0.412	1	0.412	1	13.270	37	7.94%
Pharmaceuticals (2834-6)	0	0	0.732	1	0.456	1	0	0	0	0	1.187	2	0.00%
Transportation (4xxx)	0.930	1	0.912	5	0.655	4	0.100	1	0.100	1	2.597	11	1.93%
Communications (48xx)	0	0	0	0	0.844	4	0.320	1	0.320	1	1.496	6	6.17%
Electric, gas, sanitary services (49xx)	0.281	1	0.224	3	0.542	4	0.209	2	0.209	2	1.255	10	4.03%
Wholesale (5xxx)	0.563	4	0.508	2	0.266	2	0	0	0	0	1.357	9	0.00%
Finance, insurance, real estate (6xxx)	3.581	7	7.290	18	4.164	20	2.043	9	2.043	9	17.078	54	39.37%
Services (7xxx)	1.659	2	0.258	1	2.053	4	0.713	2	0.713	2	4.684	9	13.74%
Health services (8xxx)	0.187	1	0	0	0	0	0	0	0	0	0.187	1	0.00%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%
Currency
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
$	0.333	2.008	0.500	2.215	1.119	0.463	2.470	0.917	1.050	0.307	0.580	0.512
A$	0	0	0	0	0	0	0	0	0.183	2.254	0	0
C$	0.012	0	0	0.040	0.136	0.146	1.016	0.357	0.357	0.522	0.044	0.487
CHF	0	0	0	0	0.277	0	0	0.894	0.241	0	0.251	0
HK$	0	0.281	0.361	0	0	0.077	0.458	0	0	0	0.103	0
KRW	0	0	0	0	0	0	0	0	0	0	0	0
NIS	0	0	0	0	0.031	0	0	0	0	0	0	0
NZ$	0	0	0	0	0	0	0	0	0	0.165	0	0
RMB	0	0	0	0	0	0	0.345	0	0	0	0.250	0
S$	0	0	0	0.258	0.764	0	0	0	0	0	0.142	0
SEK	0	0	0	0	0	0	0	0	0	0	0	0.017
Y	0	0	0	0	0	0	0	0	1.318	1.239	0.395	0
ZAR	0	0.072	0	0	0	0	0	0	0	0	0	0
€	1.712	0.931	2.466	4.256	1.228	0.507	6.889	3.329	1.323	0.020	1.229	0.860
£	0	0.665	0	0.116	0.290	0	0.220	0.141	0.387	0	0	0.318
Total	2.056	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.194
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
$	4.723	8	4.052	17	2.274	13	1.092	4	1.092	4	12.474	43	21.04%
A$	0	0	0	0	2.437	2	0	0	0	0	2.437	2	0.00%
C$	0.040	1	1.298	15	1.236	16	0.530	6	0.530	6	3.116	39	10.21%
CHF	0	0	0.277	1	1.135	2	0.251	1	0.251	1	1.663	4	4.84%
HK$	0.642	2	0.535	3	0	0	0.103	1	0.103	1	1.280	6	1.98%
KRW	0	1	0	0	0	0	0	0	0	0	0	1	0.00%
NIS	0	0	0.031	1	0	0	0	0	0	0	0.031	1	0.00%
NZ$	0	0	0	0	0.165	1	0	0	0	0	0.165	1	0.00%
RMB	0	0	0.345	1	0	0	0.250	1	0.250	1	0.595	2	4.82%
S$	0.258	1	0.764	1	0	0	0.142	1	0.142	1	1.165	3	2.74%
SEK	0	0	0	0	0	0	0.017	1	0.017	1	0.017	1	0.33%
Y	0	0	0	0	2.557	5	0.395	1	0.395	1	2.952	6	7.61%
ZAR	0.072	1	0	0	0	0	0	0	0	0	0.072	1	0.00%
€	7.652	15	8.624	10	4.673	17	2.089	5	2.089	5	24.750	49	40.26%
£	0.781	2	0.510	3	0.527	3	0.318	1	0.318	1	2.136	9	6.13%
Total	14.167	31	16.437	52	15.004	59	5.189	22	5.189	22	52.853	168	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• 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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