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

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

Coupon

	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
0%	0	0	0	0	0	1.118	0	0	0	0.579	0	0	0
0.01%-0.99%	0.094	0.212	0.258	0	1.318	0.207	0.395	0	0	0	0	0	0
1%-1.99%	1.060	0	0.431	0.365	0.491	0	0.501	0	1.795	0	0	0	0.498
2%-2.99%	0.764	0	0	0.375	0	0	0.724	0.103	0.963	0	0.500	0.155	0
3%-3.99%	0.277	0	0.900	1.154	0	0.121	0.423	0.318	0.198	0.942	0	0	0
4%-4.99%	0.076	0.329	2.747	0.561	1.016	0.018	0.880	0.305	1.312	0.616	0	0	0
5%-5.99%	0.214	0.178	5.201	0.165	1.455	0.256	0.429	0.978	0.149	0.135	0	0.083	0.171
6%-6.99%	0.167	0.082	1.286	2.097	0.505	0.366	0	0	0.449	0.425	0.062	0.303	0.072
7%-7.99%	0.818	0.213	0.402	0.160	0.060	0	0	0.268	0.222	0.075	0.059	0	0.118
8% and higher	0.375	0.178	0.173	0.760	0.014	0.165	0	0.144	0.155	0	0	0.040	0
Floater	0	0	0	0	0	2.254	0	0.017	0	0	0	0.679	0
NA	0	0	0	0	0	0.003	0	0	0.031	0	0	0	0.147
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	1.118	1	0	0	0.579	2	0	0	0.579	2	1.697	3	3.53%
0.01%-0.99%	0.564	4	1.524	5	0.395	1	0	0	0	0	0.395	1	2.484	10	2.41%
1%-1.99%	1.491	2	0.856	3	2.296	6	0	0	0.498	1	2.794	7	5.142	12	17.02%
2%-2.99%	0.764	1	0.375	1	1.790	6	0.655	2	0	0	2.445	8	3.584	10	14.89%
3%-3.99%	1.177	5	1.275	5	0.939	4	0.942	2	0	0	1.882	6	4.334	16	11.46%
4%-4.99%	3.152	7	1.594	8	2.496	8	0.616	1	0	0	3.112	9	7.858	24	18.95%
5%-5.99%	5.594	9	1.875	11	1.556	9	0.218	4	0.171	2	1.946	15	9.415	35	11.85%
6%-6.99%	1.535	11	2.969	12	0.449	4	0.790	9	0.072	1	1.311	14	5.815	37	7.98%
7%-7.99%	1.433	9	0.221	4	0.490	3	0.134	2	0.118	2	0.742	7	2.396	20	4.52%
8% and higher	0.726	4	0.939	7	0.299	3	0.040	1	0	0	0.339	4	2.004	15	2.06%
Floater	0	0	2.254	1	0.017	1	0.679	4	0	0	0.695	5	2.949	6	4.23%
NA	0	0	0.003	1	0.031	1	0	0	0.147	1	0.178	2	0.181	3	1.08%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Premium
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
19.99% and lower	0.136	0.802	0.412	1.367	0.250	0.212	0.200	0.491	0	0.075	0	0.155	0.075
20%-29.99%	1.583	0.313	2.649	2.128	1.773	0.384	0.750	0.249	1.874	0.325	0	0.234	0.498
30-39.99%	2.002	0	4.749	1.819	2.649	1.334	2.402	1.357	3.241	2.250	0.524	0.192	0.161
40% and higher	0	0	0.322	0.163	0	0.164	0	0	0.054	0	0.059	0	0.030
NA	0.125	0.077	3.268	0.160	0.188	2.413	0	0.036	0.105	0.122	0.038	0.679	0.243
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.350	11	1.829	11	0.691	4	0.230	2	0.075	1	0.996	7	4.175	29	6.07%
20%-29.99%	4.544	16	4.284	17	2.873	14	0.559	3	0.498	1	3.930	18	12.759	51	23.94%
30-39.99%	6.751	14	5.803	19	7.000	23	2.967	14	0.161	2	10.127	39	22.681	72	61.68%
40% and higher	0.322	2	0.326	3	0.054	1	0.059	1	0.030	1	0.142	3	0.791	8	0.86%
NA	3.470	9	2.761	9	0.141	4	0.838	7	0.243	2	1.223	13	7.454	31	7.45%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Upsized?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	0.381	0.082	5.834	0.749	2.034	0.164	0.380	0.412	1.693	1.133	0	0.155	0
No	3.465	1.110	4.915	4.888	2.825	4.343	2.972	1.721	3.581	1.639	0.621	1.105	1.008
Downsized	0	0	0.650	0	0	0	0	0	0	0	0	0	0
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	6.297	12	2.947	12	2.485	6	1.287	3	0	0	3.772	9	13.017	33	22.97%
No	9.490	38	12.056	47	8.274	40	3.364	24	1.008	7	12.646	71	34.192	156	77.02%
Downsized	0.650	2	0	0	0	0	0	0	0	0	0	0	0.650	2	0.00%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Seniority
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
senior secured	0	0	0.275	0	0.014	0	0	0	0	0	0	0	0
senior	3.846	1.110	10.324	4.819	4.502	1.621	3.308	1.914	5.106	2.342	0.538	0.195	0.839
subordinated	0	0.082	0.799	0.818	0.343	0.632	0.044	0.219	0.168	0.430	0.083	1.065	0.169
preferred	0	0	0	0	0	2.254	0	0	0	0	0	0	0
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.275	1	0.014	1	0	0	0	0	0	0	0	0	0.289	2	0.00%
senior	15.281	41	10.942	39	10.328	40	3.075	13	0.839	5	14.242	58	40.465	138	86.74%
subordinated	0.882	10	1.793	18	0.431	6	1.577	14	0.169	2	2.177	22	4.851	50	13.26%
preferred	0	0	2.254	1	0	0	0	0	0	0	0	0	2.254	1	0.00%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Mandatory
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	0	0	2.923	1.416	0	0.165	0	0	0	0	0	0	0
No	3.846	1.193	8.476	4.221	4.859	4.342	3.352	2.133	5.274	2.772	0.621	1.260	1.008
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	2.923	1	1.581	3	0	0	0	0	0	0	0	0	4.504	4	0.00%
No	13.515	51	13.422	56	10.759	46	4.652	27	1.008	7	16.419	80	43.355	187	100.00%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Greenshoe Exercised?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	0.818	0.392	4.086	1.252	0.958	0.136	1.461	0.451	2.570	0	0	0.260	0.617
No	3.028	0.801	7.313	4.385	3.902	4.371	1.890	1.682	2.705	2.772	0.621	0.999	0.391
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	5.296	18	2.346	15	4.482	14	0.260	3	0.617	3	5.359	20	13.001	53	32.64%
No	11.141	34	12.658	44	6.277	32	4.392	24	0.391	4	11.059	60	34.858	138	67.35%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Versus Talk
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Richer	0	0	0	0	0.387	0	0	0	0	0	0	0	0
Rich end	0	0.329	4.019	1.839	0.223	0	0.724	0	1.261	0	0	0	0
Within	0.290	0	0.431	0	1.257	0	0.816	1.035	0.950	0.914	0	0.155	0
Cheap end	1.095	0	0.811	1.044	0.585	1.117	0	0	1.622	1.186	0	0	0.089
Cheaper	0	0	0	0.660	0	0	0	0	0	0	0	0	0
NA	2.461	0.864	6.137	2.093	2.408	3.390	1.812	1.098	1.441	0.671	0.621	1.105	0.919
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Richer	0	0	0.387	1	0	0	0	0	0	0	0	0	0.387	1	0.00%
Rich end	4.347	7	2.062	7	1.985	6	0	0	0	0	1.985	6	8.394	20	12.09%
Within	0.721	3	1.257	5	2.801	7	1.069	4	0	0	3.870	11	5.848	19	23.57%
Cheap end	1.907	6	2.747	6	1.622	5	1.186	2	0.089	1	2.897	8	7.551	20	17.64%
Cheaper	0	0	0.660	1	0	0	0	0	0	0	0	0	0.660	1	0.00%
NA	9.462	36	7.891	39	4.351	28	2.397	21	0.919	6	7.667	55	25.020	130	46.70%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Use of Proceeds
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Acquisition	0	0	0	0	0.183	0	0	0	0	0.380	0	0	0.089
Capex	0.136	0.100	0.492	0	1.144	0.207	0.142	0.017	0.100	0	0	0	0.498
GCP	1.796	0.557	3.242	2.394	1.463	0.476	1.749	0.220	1.565	0.719	0.062	0.403	0.096
Redeem convertibles	0	0.313	0	0	0	0	0.395	0	0	0	0	0	0
Refinance	1.414	0	2.812	1.056	0.552	0.128	0.320	0.554	0.878	0.343	0.059	0.040	0
Multiple/Other/NA	0.500	0.223	4.851	2.187	1.517	3.696	0.745	1.341	2.732	1.330	0.500	0.816	0.324
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	0.183	1	0	0	0.380	2	0.089	1	0.468	3	0.651	4	2.85%
Capex	0.728	5	1.352	4	0.259	3	0	0	0.498	1	0.758	4	2.838	13	4.62%
GCP	5.594	21	4.333	16	3.535	12	1.184	10	0.096	1	4.815	23	14.743	60	29.33%
Redeem convertibles	0.313	2	0	0	0.395	1	0	0	0	0	0.395	1	0.708	3	2.41%
Refinance	4.227	11	1.735	12	1.752	9	0.442	5	0	0	2.194	14	8.156	37	13.36%
Multiple/Other/NA	5.574	13	7.400	26	4.818	21	2.646	10	0.324	4	7.788	35	20.763	74	47.43%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Industry Sector (by SIC code)
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Agriculture (0xxx)	0	0.100	0.500	0	0	0	0	0.305	0.348	0	0	0	0
Mining (1xxx)	0.543	0	0.500	0.234	0.300	0	0.630	0.266	1.021	0	0	0	0
Oil and gas (13xx)	0	0.078	0.962	0	0.109	0.071	0	0	0.154	0.325	0.059	0.123	0.311
Construction (15xx)	0	0	0.160	0.860	0	0	0.200	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.052	0.135	2.484	1.442	1.682	1.327	0.357	0.412	0.287	0.105	0.524	0.194	0
Pharmaceuticals (2834-6)	0	0	0.732	0.456	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0.214	0.328	0.370	0.131	0.524	0	0	0.125	0.677	0.616	0	0.048	0
Communications (48xx)	0	0	0	0.086	0.637	0.121	0.320	0	0	0.062	0	0	0
Electric, gas, sanitary services (49xx)	0.076	0.063	0.084	0.100	0.442	0	0	0.219	0.077	0	0	0	0
Wholesale (5xxx)	0	0	0.508	0	0.266	0	0	0	0	0.050	0	0	0.528
Finance, insurance, real estate (6xxx)	1.961	0.488	4.841	0.538	0.639	2.987	1.450	0.488	2.420	1.540	0.038	0.894	0.169
Services (7xxx)	0	0	0.258	1.791	0.261	0	0.395	0.318	0.291	0.075	0	0	0
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.600	2	0	0	0.652	3	0	0	0	0	0.652	3	1.252	5	3.97%
Mining (1xxx)	1.043	3	0.534	3	1.917	6	0	0	0	0	1.917	6	3.493	12	11.68%
Oil and gas (13xx)	1.040	4	0.180	2	0.154	2	0.507	4	0.311	3	0.971	9	2.191	15	5.91%
Construction (15xx)	0.160	1	0.860	2	0.200	1	0	0	0	0	0.200	1	1.220	4	1.22%
Manufacturing (2xxx, 3xxx)	3.671	12	4.451	13	1.056	5	0.823	5	0	0	1.879	10	10.002	35	11.44%
Pharmaceuticals (2834-6)	0.732	1	0.456	1	0	0	0	0	0	0	0	0	1.187	2	0.00%
Transportation (4xxx)	0.912	5	0.655	4	0.802	4	0.663	2	0	0	1.465	6	3.032	15	8.92%
Communications (48xx)	0	0	0.844	4	0.320	1	0.062	1	0	0	0.382	2	1.225	6	2.33%
Electric, gas, sanitary services (49xx)	0.224	3	0.542	4	0.296	3	0	0	0	0	0.296	3	1.062	10	1.80%
Wholesale (5xxx)	0.508	2	0.266	2	0	0	0.050	1	0.528	2	0.578	3	1.352	7	3.52%
Finance, insurance, real estate (6xxx)	7.290	18	4.164	20	4.357	18	2.472	13	0.169	2	6.998	33	18.452	71	42.62%
Services (7xxx)	0.258	1	2.053	4	1.005	3	0.075	1	0	0	1.080	4	3.390	9	6.58%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	100.00%
Currency
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
$	1.119	0.463	2.470	0.917	1.050	0.307	0.580	0.537	2.943	0.707	0.500	0.500	0.222
A$	0	0	0	0	0.183	2.254	0	0	0.138	0	0	0.179	0
C$	0.136	0.146	1.016	0.357	0.357	0.522	0.044	0.506	0.264	0.420	0.083	0.426	0.199
CHF	0.277	0	0	0.894	0.241	0	0.251	0	0	0	0	0.155	0
HK$	0	0.077	0.458	0	0	0	0.103	0	0.077	0	0	0	0.498
NIS	0.031	0	0	0	0	0	0	0	0	0	0	0	0
NZ$	0	0	0	0	0	0.165	0	0	0	0	0	0	0
RMB	0	0	0.345	0	0	0	0.250	0	0.348	0	0	0	0
S$	0.764	0	0	0	0	0	0.142	0	0.376	0.062	0	0	0
SEK	0	0	0	0	0	0	0	0.017	0.222	0	0	0	0
Y	0	0	0	0	1.318	1.239	0.395	0	0	0	0	0	0
€	1.228	0.507	6.889	3.329	1.323	0.020	1.586	0.754	0.615	0.968	0.038	0	0.089
£	0.290	0	0.220	0.141	0.387	0	0	0.318	0.291	0.616	0	0	0
Total	3.846	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
$	4.052	17	2.274	13	4.060	11	1.707	6	0.222	2	5.989	19	12.315	49	36.48%
A$	0	0	2.437	2	0.138	1	0.179	3	0	0	0.316	4	2.753	6	1.92%
C$	1.298	15	1.236	16	0.814	10	0.928	11	0.199	3	1.942	24	4.475	55	11.83%
CHF	0.277	1	1.135	2	0.251	1	0.155	1	0	0	0.406	2	1.818	5	2.47%
HK$	0.535	3	0	0	0.180	2	0	0	0.498	1	0.679	3	1.214	6	4.14%
NIS	0.031	1	0	0	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	0	0.165	1	0.00%
RMB	0.345	1	0	0	0.598	3	0	0	0	0	0.598	3	0.943	4	3.64%
S$	0.764	1	0	0	0.519	3	0.062	1	0	0	0.580	4	1.345	5	3.53%
SEK	0	0	0	0	0.239	2	0	0	0	0	0.239	2	0.239	2	1.46%
Y	0	0	2.557	5	0.395	1	0	0	0	0	0.395	1	2.952	6	2.41%
€	8.624	10	4.673	17	2.955	10	1.006	4	0.089	1	4.050	15	17.347	42	24.67%
£	0.510	3	0.527	3	0.610	2	0.616	1	0	0	1.225	3	2.262	9	7.46%
Total	16.437	52	15.004	59	10.759	46	4.652	27	1.008	7	16.419	80	47.859	191	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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