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

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

Coupon

	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
0%	0	0	0	0	0	0	0	0	1.118	0	0	0
0.01%-0.99%	0.058	0	0	0.094	0.212	0.258	0	1.318	0.207	0.395	0	0
1%-1.99%	0	0	0	1.060	0	0.431	0.365	0.491	0	0.501	0	1.745
2%-2.99%	0.281	0	0.359	0.764	0	0	0.375	0	0	0.724	0	0.916
3%-3.99%	1.181	0.361	1.562	0.277	0	0.900	1.154	0	0.121	0.423	0.318	0.198
4%-4.99%	1.700	0	2.148	0.076	0.329	2.747	0.561	1.016	0.018	0.522	0.305	1.282
5%-5.99%	0.665	1.243	2.090	0.214	0.178	5.201	0.165	1.455	0.256	0.429	0.978	0.149
6%-6.99%	0	1.477	0.420	0.167	0.082	1.286	2.097	0.505	0.366	0	0	0.439
7%-7.99%	0	0.246	0.305	0.818	0.213	0.402	0.160	0.060	0	0	0.268	0.222
8% and higher	0	0	0	0.375	0.178	0.173	0.760	0.014	0.165	0	0.144	0.155
Floater	0.072	0	0	0	0	0	0	0	2.254	0	0.017	0
NA	0	0	0	0	0	0	0	0	0.003	0	0	0
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	3.90%
1%-1.99%	0	0	1.491	2	0.856	3	2.246	6	2.246	6	4.593	11	22.17%
2%-2.99%	0.640	2	0.764	1	0.375	1	1.640	5	1.640	5	3.419	9	16.19%
3%-3.99%	3.104	7	1.177	5	1.275	5	0.939	4	0.939	4	6.496	21	9.27%
4%-4.99%	3.848	5	3.152	7	1.594	8	2.109	7	2.109	7	10.703	27	20.82%
5%-5.99%	3.998	7	5.594	9	1.875	11	1.556	9	1.556	9	13.023	36	15.36%
6%-6.99%	1.897	4	1.535	11	2.969	12	0.439	4	0.439	4	6.841	31	4.33%
7%-7.99%	0.550	4	1.433	9	0.221	4	0.490	3	0.490	3	2.695	20	4.84%
8% and higher	0	0	0.726	4	0.939	7	0.299	3	0.299	3	1.964	14	2.95%
Floater	0.072	1	0	0	2.254	1	0.017	1	0.017	1	2.342	3	0.17%
NA	0	0	0	0	0.003	1	0	0	0	0	0.003	1	0.00%
Total	14.167	31	16.437	52	15.004	59	10.130	43	10.130	43	55.738	185	100.00%
Premium
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
19.99% and lower	0	0	0.040	0.136	0.802	0.412	1.367	0.250	0.212	0.200	0.491	0
20%-29.99%	0.602	1.583	0.523	1.583	0.313	2.649	2.128	1.773	0.384	0.750	0.249	1.794
30-39.99%	2.631	0.841	6.322	2.002	0	4.749	1.819	2.649	1.334	2.045	1.254	3.184
40% and higher	0.665	0	0	0	0	0.322	0.163	0	0.164	0	0	0.054
NA	0.058	0.902	0	0.125	0.077	3.268	0.160	0.188	2.413	0	0.036	0.074
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	0.691	4	0.691	4	3.911	27	6.82%
20%-29.99%	2.708	8	4.544	16	4.284	17	2.793	14	2.793	14	14.330	55	27.57%
30-39.99%	9.793	18	6.751	14	5.803	19	6.483	21	6.483	21	28.830	72	64.00%
40% and higher	0.665	1	0.322	2	0.326	3	0.054	1	0.054	1	1.367	7	0.53%
NA	0.961	3	3.470	9	2.761	9	0.110	3	0.110	3	7.301	24	1.09%
Total	14.167	31	16.437	52	15.004	59	10.130	43	10.130	43	55.738	185	100.00%
Upsized?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	0.915	0.841	1.515	0.381	0.082	5.834	0.749	2.034	0.164	0.380	0.412	1.645
No	3.041	2.486	5.369	3.465	1.110	4.915	4.888	2.825	4.343	2.615	1.618	3.460
Downsized	0	0	0	0	0	0.650	0	0	0	0	0	0
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	2.437	6	2.437	6	14.953	36	24.06%
No	10.896	25	9.490	38	12.056	47	7.693	37	7.693	37	40.135	147	75.94%
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	10.130	43	10.130	43	55.738	185	100.00%
Seniority
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
senior secured	0.072	0.902	0	0	0	0.275	0	0.014	0	0	0	0
senior	3.884	2.424	6.884	3.846	1.110	10.324	4.819	4.502	1.621	2.951	1.811	4.979
subordinated	0	0	0	0	0.082	0.799	0.818	0.343	0.632	0.044	0.219	0.127
preferred	0	0	0	0	0	0	0	0	2.254	0	0	0
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	9.741	38	9.741	38	49.157	147	96.16%
subordinated	0	0	0.882	10	1.793	18	0.390	5	0.390	5	3.065	33	3.85%
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	10.130	43	10.130	43	55.738	185	100.00%
Mandatory
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	0	0	0	0	0	2.923	1.416	0	0.165	0	0	0
No	3.956	3.327	6.884	3.846	1.193	8.476	4.221	4.859	4.342	2.995	2.030	5.106
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	10.130	43	10.130	43	51.234	181	100.00%
Total	14.167	31	16.437	52	15.004	59	10.130	43	10.130	43	55.738	185	100.00%
Greenshoe Exercised?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	3.233	1.477	3.724	0.818	0.392	4.086	1.252	0.958	0.136	1.104	0.451	1.499
No	0.723	1.850	3.160	3.028	0.801	7.313	4.385	3.902	4.371	1.890	1.579	3.606
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	3.054	9	3.054	9	19.130	57	30.15%
No	5.733	16	11.141	34	12.658	44	7.076	34	7.076	34	36.609	128	69.85%
Total	14.167	31	16.437	52	15.004	59	10.130	43	10.130	43	55.738	185	100.00%
Versus Talk
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Richer	1.700	0	0.116	0	0	0	0	0.387	0	0	0	0
Rich end	0	0.500	1.069	0	0.329	4.019	1.839	0.223	0	0.724	0	1.213
Within	1.102	0.341	2.761	0.290	0	0.431	0	1.257	0	0.816	1.035	0.950
Cheap end	0	0.246	2.340	1.095	0	0.811	1.044	0.585	1.117	0	0	1.622
Cheaper	0	0	0	0	0	0	0.660	0	0	0	0	0
NA/Other	1.154	2.240	0.597	2.461	0.864	6.137	2.093	2.408	3.390	1.454	0.995	1.320
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	1.938	6	1.938	6	9.916	23	19.13%
Within	4.204	11	0.721	3	1.257	5	2.801	7	2.801	7	8.984	26	27.65%
Cheap end	2.586	4	1.907	6	2.747	6	1.622	5	1.622	5	8.861	21	16.01%
Cheaper	0	0	0	0	0.660	1	0	0	0	0	0.660	1	0.00%
NA/Other	3.992	11	9.462	36	7.891	39	3.770	25	3.770	25	25.115	111	37.22%
Total	14.167	31	16.437	52	15.004	59	10.130	43	10.130	43	55.738	185	100.00%
Use of Proceeds
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Acquisition	0	0	0	0	0	0	0	0.183	0	0	0	0
Capex	0.281	0	0.400	0.136	0.100	0.492	0	1.144	0.207	0.142	0.017	0.100
GCP	2.443	0.841	4.268	1.796	0.557	3.242	2.394	1.463	0.476	1.392	0.220	1.508
Redeem convertibles	0	0	0	0	0.313	0	0	0	0	0.395	0	0
Refinance	0.924	2.125	0.040	1.414	0	2.812	1.056	0.552	0.128	0.320	0.554	0.846
Multiple/Other/NA	0.308	0.361	2.177	0.500	0.223	4.851	2.187	1.517	3.696	0.745	1.238	2.652
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	0.259	3	0.259	3	3.020	14	2.56%
GCP	7.552	14	5.594	21	4.333	16	3.121	11	3.121	11	20.600	62	30.81%
Redeem convertibles	0	0	0.313	2	0	0	0.395	1	0.395	1	0.708	3	3.90%
Refinance	3.088	7	4.227	11	1.735	12	1.721	8	1.721	8	10.771	38	16.99%
Multiple/Other/NA	2.846	8	5.574	13	7.400	26	4.635	20	4.635	20	20.456	67	45.76%
Total	14.167	31	16.437	52	15.004	59	10.130	43	10.130	43	55.738	185	100.00%
Industry Sector (by SIC code)
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Agriculture (0xxx)	0	0	0	0	0.100	0.500	0	0	0	0	0.305	0.348
Mining (1xxx)	1.772	0.500	1.250	0.543	0	0.500	0.234	0.300	0	0.630	0.266	1.021
Oil and gas (13xx)	0	0	0.400	0	0.078	0.962	0	0.109	0.071	0	0	0.154
Construction (15xx)	0	0	0	0	0	0.160	0.860	0	0	0.200	0	0
Manufacturing (2xxx, 3xxx)	0	0.587	2.457	1.052	0.135	2.484	1.442	1.682	1.327	0	0.412	0.247
Pharmaceuticals (2834-6)	0	0	0	0	0	0.732	0.456	0	0	0	0	0
Transportation (4xxx)	0	0	0.930	0.214	0.328	0.370	0.131	0.524	0	0	0.125	0.677
Communications (48xx)	0	0	0	0	0	0	0.086	0.637	0.121	0.320	0	0
Electric, gas, sanitary services (49xx)	0.281	0	0	0.076	0.063	0.084	0.100	0.442	0	0	0.219	0.077
Wholesale (5xxx)	0.308	0	0.255	0	0	0.508	0	0.266	0	0	0	0
Finance, insurance, real estate (6xxx)	0.743	2.240	0.597	1.961	0.488	4.841	0.538	0.639	2.987	1.450	0.385	2.291
Services (7xxx)	0.665	0	0.995	0	0	0.258	1.791	0.261	0	0.395	0.318	0.291
Health services (8xxx)	0.187	0	0	0	0	0	0	0	0	0	0	0
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	0.652	3	0.652	3	1.252	5	6.44%
Mining (1xxx)	3.522	4	1.043	3	0.534	3	1.917	6	1.917	6	7.015	16	18.92%
Oil and gas (13xx)	0.400	1	1.040	4	0.180	2	0.154	2	0.154	2	1.774	9	1.52%
Construction (15xx)	0	0	0.160	1	0.860	2	0.200	1	0.200	1	1.220	4	1.97%
Manufacturing (2xxx, 3xxx)	3.043	10	3.671	12	4.451	13	0.659	4	0.659	4	11.825	39	6.51%
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	0.802	4	0.802	4	3.299	14	7.92%
Communications (48xx)	0	0	0	0	0.844	4	0.320	1	0.320	1	1.164	5	3.16%
Electric, gas, sanitary services (49xx)	0.281	1	0.224	3	0.542	4	0.296	3	0.296	3	1.342	11	2.92%
Wholesale (5xxx)	0.563	4	0.508	2	0.266	2	0	0	0	0	1.337	8	0.00%
Finance, insurance, real estate (6xxx)	3.581	7	7.290	18	4.164	20	4.126	16	4.126	16	19.161	61	40.73%
Services (7xxx)	1.659	2	0.258	1	2.053	4	1.005	3	1.005	3	4.975	10	9.92%
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	10.130	43	10.130	43	55.738	185	100.00%
Currency
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
$	2.008	0.500	2.215	1.119	0.463	2.470	0.917	1.050	0.307	0.580	0.537	2.893
A$	0	0	0	0	0	0	0	0.183	2.254	0	0	0.138
C$	0	0	0.040	0.136	0.146	1.016	0.357	0.357	0.522	0.044	0.506	0.255
CHF	0	0	0	0.277	0	0	0.894	0.241	0	0.251	0	0
HK$	0.281	0.361	0	0	0.077	0.458	0	0	0	0.103	0	0.077
KRW	0	0	0	0	0	0	0	0	0	0	0	0
NIS	0	0	0	0.031	0	0	0	0	0	0	0	0
NZ$	0	0	0	0	0	0	0	0	0.165	0	0	0
RMB	0	0	0	0	0	0.345	0	0	0	0.250	0	0.318
S$	0	0	0.258	0.764	0	0	0	0	0	0.142	0	0.376
SEK	0	0	0	0	0	0	0	0	0	0	0.017	0.222
Y	0	0	0	0	0	0	0	1.318	1.239	0.395	0	0
ZAR	0.072	0	0	0	0	0	0	0	0	0	0	0
€	0.931	2.466	4.256	1.228	0.507	6.889	3.329	1.323	0.020	1.229	0.652	0.536
£	0.665	0	0.116	0.290	0	0.220	0.141	0.387	0	0	0.318	0.291
Total	3.956	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.106
	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	4.010	11	4.010	11	15.059	49	39.59%
A$	0	0	0	0	2.437	2	0.138	1	0.138	1	2.575	3	1.36%
C$	0.040	1	1.298	15	1.236	16	0.805	10	0.805	10	3.378	42	7.95%
CHF	0	0	0.277	1	1.135	2	0.251	1	0.251	1	1.663	4	2.48%
HK$	0.642	2	0.535	3	0	0	0.180	2	0.180	2	1.358	7	1.78%
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	0.568	3	0.568	3	0.913	4	5.61%
S$	0.258	1	0.764	1	0	0	0.519	3	0.519	3	1.541	5	5.12%
SEK	0	0	0	0	0	0	0.239	2	0.239	2	0.239	2	2.36%
Y	0	0	0	0	2.557	5	0.395	1	0.395	1	2.952	6	3.90%
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	2.417	7	2.417	7	23.366	49	23.86%
£	0.781	2	0.510	3	0.527	3	0.610	2	0.610	2	2.428	10	6.02%
Total	14.167	31	16.437	52	15.004	59	10.130	43	10.130	43	55.738	185	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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