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

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

Coupon

	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
0%	0	0	0	0	0	0	0	1.118	0	0	0	0.579
0.01%-0.99%	0	0	0.094	0.212	0.258	0	1.318	0.207	0.395	0	0	0
1%-1.99%	0	0	1.060	0	0.431	0.365	0.491	0	0.501	0	1.795	0
2%-2.99%	0	0.359	0.764	0	0	0.375	0	0	0.724	0	0.963	0
3%-3.99%	0.361	1.562	0.277	0	0.900	1.154	0	0.121	0.423	0.318	0.198	0.273
4%-4.99%	0	2.148	0.076	0.329	2.747	0.561	1.016	0.018	0.522	0.305	1.312	0.616
5%-5.99%	1.243	2.090	0.214	0.178	5.201	0.165	1.455	0.256	0.429	0.978	0.149	0.135
6%-6.99%	1.477	0.420	0.167	0.082	1.286	2.097	0.505	0.366	0	0	0.449	0.425
7%-7.99%	0.246	0.305	0.818	0.213	0.402	0.160	0.060	0	0	0.268	0.222	0.075
8% and higher	0	0	0.375	0.178	0.173	0.760	0.014	0.165	0	0.144	0.155	0
Floater	0	0	0	0	0	0	0	2.254	0	0.017	0	0
NA	0	0	0	0	0	0	0	0.003	0	0	0.031	0
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	1.118	1	0	0	0.579	2	0.579	2	1.697	3	4.67%
0.01%-0.99%	0.564	4	1.524	5	0.395	1	0	0	0.395	1	2.484	10	3.18%
1%-1.99%	1.491	2	0.856	3	2.296	6	0	0	2.296	6	4.643	11	18.51%
2%-2.99%	0.764	1	0.375	1	1.688	5	0	0	1.688	5	3.186	8	13.61%
3%-3.99%	1.177	5	1.275	5	0.939	4	0.273	1	1.212	5	5.588	19	9.77%
4%-4.99%	3.152	7	1.594	8	2.139	7	0.616	1	2.755	8	9.649	27	22.21%
5%-5.99%	5.594	9	1.875	11	1.556	9	0.135	3	1.691	12	12.493	38	13.63%
6%-6.99%	1.535	11	2.969	12	0.449	4	0.425	3	0.874	7	7.275	34	7.05%
7%-7.99%	1.433	9	0.221	4	0.490	3	0.075	1	0.565	4	2.769	20	4.56%
8% and higher	0.726	4	0.939	7	0.299	3	0	0	0.299	3	1.964	14	2.41%
Floater	0	0	2.254	1	0.017	1	0	0	0.017	1	2.271	2	0.14%
NA	0	0	0.003	1	0.031	1	0	0	0.031	1	0.034	2	0.25%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Premium
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
19.99% and lower	0	0.040	0.136	0.802	0.412	1.367	0.250	0.212	0.200	0.491	0	0
20%-29.99%	1.583	0.523	1.583	0.313	2.649	2.128	1.773	0.384	0.750	0.249	1.874	0.325
30-39.99%	0.841	6.322	2.002	0	4.749	1.819	2.649	1.334	2.045	1.254	3.241	1.581
40% and higher	0	0	0	0	0.322	0.163	0	0.164	0	0	0.054	0
NA	0.902	0	0.125	0.077	3.268	0.160	0.188	2.413	0	0.036	0.105	0.197
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.350	11	1.830	11	0.691	4	0	0	0.691	4	3.911	27	5.57%
20%-29.99%	4.544	16	4.284	17	2.873	14	0.325	1	3.198	15	14.133	53	25.79%
30-39.99%	6.751	14	5.803	19	6.540	21	1.581	7	8.121	28	27.837	76	65.48%
40% and higher	0.322	2	0.326	3	0.054	1	0	0	0.054	1	0.702	6	0.44%
NA	3.470	9	2.761	9	0.141	4	0.197	3	0.338	7	7.471	26	2.73%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Upsized?
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	0.841	1.515	0.381	0.082	5.834	0.749	2.034	0.164	0.380	0.412	1.693	1.133
No	2.486	5.369	3.465	1.110	4.915	4.888	2.825	4.343	2.615	1.618	3.581	0.970
Downsized	0	0	0	0	0.650	0	0	0	0	0	0	0
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	6.297	12	2.947	12	2.485	6	1.133	2	3.618	8	15.218	36	29.17%
No	9.490	38	12.056	47	7.814	38	0.970	9	8.784	47	38.185	150	70.83%
Downsized	0.650	2	0	0	0	0	0	0	0	0	0.650	2	0.00%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Seniority
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
senior secured	0.902	0	0	0	0.275	0	0.014	0	0	0	0	0
senior	2.424	6.884	3.846	1.110	10.324	4.819	4.502	1.621	2.951	1.811	5.106	1.673
subordinated	0	0	0	0.082	0.799	0.818	0.343	0.632	0.044	0.219	0.168	0.430
preferred	0	0	0	0	0	0	0	2.254	0	0	0	0
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.275	1	0.014	1	0	0	0	0	0	0	1.191	3	0.00%
senior	15.281	41	10.942	39	9.868	38	1.673	8	11.541	46	47.073	147	93.06%
subordinated	0.882	10	1.793	18	0.431	6	0.430	3	0.860	9	3.535	37	6.93%
preferred	0	0	2.254	1	0	0	0	0	0	0	2.254	1	0.00%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Mandatory
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	0	0	0	0	2.923	1.416	0	0.165	0	0	0	0
No	3.327	6.884	3.846	1.193	8.476	4.221	4.859	4.342	2.995	2.030	5.274	2.102
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	2.923	1	1.581	3	0	0	0	0	0	0	4.504	4	0.00%
No	13.515	51	13.422	56	10.299	44	2.102	11	12.402	55	49.549	184	100.00%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Greenshoe Exercised?
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	1.477	3.724	0.818	0.392	4.086	1.252	0.958	0.136	1.104	0.451	2.570	0
No	1.850	3.160	3.028	0.801	7.313	4.385	3.902	4.371	1.890	1.579	2.705	2.102
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	5.296	18	2.346	15	4.125	13	0	0	4.125	13	16.967	55	33.26%
No	11.141	34	12.658	44	6.174	31	2.102	11	8.277	42	37.086	133	66.74%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Versus Talk
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Richer	0	0.116	0	0	0	0	0.387	0	0	0	0	0
Rich end	0.500	1.069	0	0.329	4.019	1.839	0.223	0	0.724	0	1.261	0
Within	0.341	2.761	0.290	0	0.431	0	1.257	0	0.816	1.035	0.950	0.914
Cheap end	0.246	2.340	1.095	0	0.811	1.044	0.585	1.117	0	0	1.622	0.517
Cheaper	0	0	0	0	0	0.660	0	0	0	0	0	0
NA	2.240	0.597	2.461	0.864	6.137	2.093	2.408	3.390	1.454	0.995	1.441	0.671
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0.387	1	0	0	0	0	0	0	0.503	2	0.00%
Rich end	4.347	7	2.062	7	1.985	6	0	0	1.985	6	9.963	23	16.01%
Within	0.721	3	1.257	5	2.801	7	0.914	3	3.715	10	8.796	26	29.95%
Cheap end	1.907	6	2.747	6	1.622	5	0.517	1	2.139	6	9.378	22	17.25%
Cheaper	0	0	0.660	1	0	0	0	0	0	0	0.660	1	0.00%
NA	9.462	36	7.891	39	3.891	26	0.671	7	4.562	33	24.753	114	36.78%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Use of Proceeds
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Acquisition	0	0	0	0	0	0	0.183	0	0	0	0	0.380
Capex	0	0.400	0.136	0.100	0.492	0	1.144	0.207	0.142	0.017	0.100	0
GCP	0.841	4.268	1.796	0.557	3.242	2.394	1.463	0.476	1.392	0.220	1.565	0.050
Redeem convertibles	0	0	0	0.313	0	0	0	0	0.395	0	0	0
Refinance	2.125	0.040	1.414	0	2.812	1.056	0.552	0.128	0.320	0.554	0.878	0.343
Multiple/Other/NA	0.361	2.177	0.500	0.223	4.851	2.187	1.517	3.696	0.745	1.238	2.732	1.330
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0.183	1	0	0	0.380	2	0.380	2	0.563	3	3.06%
Capex	0.728	5	1.352	4	0.259	3	0	0	0.259	3	2.739	13	2.09%
GCP	5.594	21	4.333	16	3.178	11	0.050	1	3.227	12	18.264	61	26.02%
Redeem convertibles	0.313	2	0	0	0.395	1	0	0	0.395	1	0.708	3	3.18%
Refinance	4.227	11	1.735	12	1.752	9	0.343	3	2.096	12	10.222	39	16.90%
Multiple/Other/NA	5.574	13	7.400	26	4.715	20	1.330	5	6.044	25	21.557	69	48.73%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Industry Sector (by SIC code)
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Agriculture (0xxx)	0	0	0	0.100	0.500	0	0	0	0	0.305	0.348	0
Mining (1xxx)	0.500	1.250	0.543	0	0.500	0.234	0.300	0	0.630	0.266	1.021	0
Oil and gas (13xx)	0	0.400	0	0.078	0.962	0	0.109	0.071	0	0	0.154	0.325
Construction (15xx)	0	0	0	0	0.160	0.860	0	0	0.200	0	0	0
Manufacturing (2xxx, 3xxx)	0.587	2.457	1.052	0.135	2.484	1.442	1.682	1.327	0	0.412	0.287	0.105
Pharmaceuticals (2834-6)	0	0	0	0	0.732	0.456	0	0	0	0	0	0
Transportation (4xxx)	0	0.930	0.214	0.328	0.370	0.131	0.524	0	0	0.125	0.677	0.616
Communications (48xx)	0	0	0	0	0	0.086	0.637	0.121	0.320	0	0	0.062
Electric, gas, sanitary services (49xx)	0	0	0.076	0.063	0.084	0.100	0.442	0	0	0.219	0.077	0
Wholesale (5xxx)	0	0.255	0	0	0.508	0	0.266	0	0	0	0	0.050
Finance, insurance, real estate (6xxx)	2.240	0.597	1.961	0.488	4.841	0.538	0.639	2.987	1.450	0.385	2.420	0.870
Services (7xxx)	0	0.995	0	0	0.258	1.791	0.261	0	0.395	0.318	0.291	0.075
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.600	2	0	0	0.652	3	0	0	0.652	3	1.252	5	5.26%
Mining (1xxx)	1.043	3	0.534	3	1.917	6	0	0	1.917	6	5.243	14	15.46%
Oil and gas (13xx)	1.040	4	0.180	2	0.154	2	0.325	1	0.479	3	2.099	10	3.86%
Construction (15xx)	0.160	1	0.860	2	0.200	1	0	0	0.200	1	1.220	4	1.61%
Manufacturing (2xxx, 3xxx)	3.671	12	4.451	13	0.699	4	0.105	2	0.804	6	11.970	40	6.48%
Pharmaceuticals (2834-6)	0.732	1	0.456	1	0	0	0	0	0	0	1.187	2	0.00%
Transportation (4xxx)	0.912	5	0.655	4	0.802	4	0.616	1	1.418	5	3.915	15	11.43%
Communications (48xx)	0	0	0.844	4	0.320	1	0.062	1	0.382	2	1.225	6	3.08%
Electric, gas, sanitary services (49xx)	0.224	3	0.542	4	0.296	3	0	0	0.296	3	1.062	10	2.39%
Wholesale (5xxx)	0.508	2	0.266	2	0	0	0.050	1	0.050	1	1.079	7	0.40%
Finance, insurance, real estate (6xxx)	7.290	18	4.164	20	4.255	17	0.870	4	5.125	21	19.417	65	41.32%
Services (7xxx)	0.258	1	2.053	4	1.005	3	0.075	1	1.080	4	4.385	10	8.71%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	100.00%
Currency
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
$	0.500	2.215	1.119	0.463	2.470	0.917	1.050	0.307	0.580	0.537	2.943	0.707
A$	0	0	0	0	0	0	0.183	2.254	0	0	0.138	0
C$	0	0.040	0.136	0.146	1.016	0.357	0.357	0.522	0.044	0.506	0.264	0.420
CHF	0	0	0.277	0	0	0.894	0.241	0	0.251	0	0	0
HK$	0.361	0	0	0.077	0.458	0	0	0	0.103	0	0.077	0
NIS	0	0	0.031	0	0	0	0	0	0	0	0	0
NZ$	0	0	0	0	0	0	0	0.165	0	0	0	0
RMB	0	0	0	0	0.345	0	0	0	0.250	0	0.348	0
S$	0	0.258	0.764	0	0	0	0	0	0.142	0	0.376	0.062
SEK	0	0	0	0	0	0	0	0	0	0.017	0.222	0
Y	0	0	0	0	0	0	1.318	1.239	0.395	0	0	0
€	2.466	4.256	1.228	0.507	6.889	3.329	1.323	0.020	1.229	0.652	0.615	0.298
£	0	0.116	0.290	0	0.220	0.141	0.387	0	0	0.318	0.291	0.616
Total	3.327	6.884	3.846	1.193	11.399	5.637	4.859	4.507	2.995	2.030	5.274	2.102
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
$	4.052	17	2.274	13	4.060	11	0.707	4	4.767	15	13.808	50	38.44%
A$	0	0	2.437	2	0.138	1	0	0	0.138	1	2.575	3	1.11%
C$	1.298	15	1.236	16	0.814	10	0.420	3	1.234	13	3.807	45	9.95%
CHF	0.277	1	1.135	2	0.251	1	0	0	0.251	1	1.663	4	2.02%
HK$	0.535	3	0	0	0.180	2	0	0	0.180	2	1.077	6	1.45%
NIS	0.031	1	0	0	0	0	0	0	0	0	0.031	1	0.00%
NZ$	0	0	0.165	1	0	0	0	0	0	0	0.165	1	0.00%
RMB	0.345	1	0	0	0.598	3	0	0	0.598	3	0.943	4	4.82%
S$	0.764	1	0	0	0.519	3	0.062	1	0.580	4	1.603	6	4.68%
SEK	0	0	0	0	0.239	2	0	0	0.239	2	0.239	2	1.93%
Y	0	0	2.557	5	0.395	1	0	0	0.395	1	2.952	6	3.18%
€	8.624	10	4.673	17	2.496	8	0.298	2	2.794	10	22.812	50	22.53%
£	0.510	3	0.527	3	0.610	2	0.616	1	1.225	3	2.379	10	9.88%
Total	16.437	52	15.004	59	10.299	44	2.102	11	12.402	55	54.053	188	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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