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

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

Coupon

	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
0%	0	0	0	0	1.118	0	0	0	0.579	0	0	0	0.500
0.01%-0.99%	0.212	0.258	0	1.318	0.207	0.395	0	0	0	0	0	0	0
1%-1.99%	0	0.431	0.365	0.491	0	0.501	0	1.795	0	0	0	0.498	0
2%-2.99%	0	0	0.375	0	0	0.724	0.103	0.963	0	0.500	0.155	0	0
3%-3.99%	0	0.900	1.154	0	0.121	0.423	0.318	0.198	0.942	0	0	0	0
4%-4.99%	0.329	2.747	0.561	1.016	0.018	0.880	0.305	1.312	0.616	0	0	0	0
5%-5.99%	0.178	5.201	0.165	1.455	0.256	0.429	0.978	0.149	0.135	0	0.083	0.171	0.280
6%-6.99%	0.082	1.286	2.097	0.505	0.366	0	0	0.449	0.425	0.062	0.303	0.072	0.190
7%-7.99%	0.213	0.402	0.160	0.060	0	0	0.268	0.222	0.075	0.059	0	0.118	0
8% and higher	0.178	0.173	0.760	0.014	0.165	0	0.144	0.155	0	0	0.040	0	0
Floater	0	0	0	0	2.254	0	0.017	0	0	0	0.679	0	0
NA	0	0	0	0	0.003	0	0	0.031	0	0	0	0.147	0.129
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
0%	1.118	1	0	0	0.579	2	0.500	2	1.079	4	2.197	14	6.16%
0.01%-0.99%	1.524	5	0.395	1	0	0	0	0	0.395	1	2.390	14	2.25%
1%-1.99%	0.856	3	2.296	6	0	0	0.498	1	2.794	7	4.081	11	15.95%
2%-2.99%	0.375	1	1.790	6	0.655	2	0	0	2.445	8	2.820	9	13.96%
3%-3.99%	1.275	5	0.939	4	0.942	2	0	0	1.882	6	4.057	15	10.74%
4%-4.99%	1.594	8	2.496	8	0.616	1	0	0	3.112	9	7.782	23	17.77%
5%-5.99%	1.875	11	1.556	9	0.218	4	0.451	4	2.226	17	9.481	36	12.71%
6%-6.99%	2.969	12	0.449	4	0.790	9	0.262	3	1.501	16	5.838	37	8.57%
7%-7.99%	0.221	4	0.490	3	0.134	2	0.118	2	0.742	7	1.578	18	4.24%
8% and higher	0.939	7	0.299	3	0.040	1	0	0	0.339	4	1.629	14	1.94%
Floater	2.254	1	0.017	1	0.679	4	0	0	0.695	5	2.949	6	3.97%
NA	0.003	1	0.031	1	0	0	0.276	2	0.307	3	0.310	4	1.75%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Premium
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
19.99% and lower	0.802	0.412	1.367	0.250	0.212	0.200	0.491	0	0.075	0	0.155	0.075	0.129
20%-29.99%	0.313	2.649	2.128	1.773	0.384	0.750	0.249	1.874	0.325	0	0.234	0.498	0.100
30-39.99%	0	4.749	1.819	2.649	1.334	2.402	1.357	3.241	2.250	0.524	0.192	0.161	0.500
40% and higher	0	0.322	0.163	0	0.164	0	0	0.054	0	0.059	0	0.030	0.090
NA	0.077	3.268	0.160	0.188	2.413	0	0.036	0.105	0.122	0.038	0.679	0.243	0.280
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	1.829	11	0.691	4	0.230	2	0.204	2	1.125	8	4.168	29	6.42%
20%-29.99%	4.284	17	2.873	14	0.559	3	0.599	2	4.030	19	11.276	49	23.01%
30-39.99%	5.803	19	7.000	23	2.967	14	0.661	4	10.627	41	21.179	69	60.67%
40% and higher	0.326	3	0.054	1	0.059	1	0.120	2	0.232	4	0.881	9	1.32%
NA	2.761	9	0.141	4	0.838	7	0.523	4	1.503	15	7.609	31	8.58%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Upsized?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	0.082	5.834	0.749	2.034	0.164	0.380	0.412	1.693	1.133	0	0.155	0	0
No	1.110	4.915	4.888	2.825	4.343	2.972	1.721	3.581	1.639	0.621	1.105	1.008	1.098
Downsized	0	0.650	0	0	0	0	0	0	0	0	0	0	0
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	2.947	12	2.485	6	1.287	3	0	0	3.772	9	12.636	30	21.53%
No	12.056	47	8.274	40	3.364	24	2.106	14	13.745	78	31.826	155	78.47%
Downsized	0	0	0	0	0	0	0	0	0	0	0.650	2	0.00%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Seniority
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
senior secured	0	0.275	0	0.014	0	0	0	0	0	0	0	0	0
senior	1.110	10.324	4.819	4.502	1.621	3.308	1.914	5.106	2.342	0.538	0.195	0.839	1.009
subordinated	0.082	0.799	0.818	0.343	0.632	0.044	0.219	0.168	0.430	0.083	1.065	0.169	0.090
preferred	0	0	0	0	2.254	0	0	0	0	0	0	0	0
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0.014	1	0	0	0	0	0	0	0	0	0.289	2	0.00%
senior	10.942	39	10.328	40	3.075	13	1.848	11	15.251	64	37.628	133	87.06%
subordinated	1.793	18	0.431	6	1.577	14	0.258	3	2.266	23	4.941	51	12.94%
preferred	2.254	1	0	0	0	0	0	0	0	0	2.254	1	0.00%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Mandatory
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	0	2.923	1.416	0	0.165	0	0	0	0	0	0	0	0
No	1.193	8.476	4.221	4.859	4.342	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.099
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.581	3	0	0	0	0	0	0	0	0	4.504	4	0.00%
No	13.422	56	10.759	46	4.652	27	2.106	14	17.517	87	40.608	183	100.00%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Greenshoe Exercised?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	0.392	4.086	1.252	0.958	0.136	1.461	0.451	2.570	0	0	0.260	0.617	0
No	0.801	7.313	4.385	3.902	4.371	1.890	1.682	2.705	2.772	0.621	0.999	0.391	1.098
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	2.346	15	4.482	14	0.260	3	0.617	3	5.359	20	12.183	51	30.59%
No	12.658	44	6.277	32	4.392	24	1.489	11	12.158	67	32.929	136	69.41%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Versus Talk
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Richer	0	0	0	0.387	0	0	0	0	0	0	0	0	0
Rich end	0.329	4.019	1.839	0.223	0	0.724	0	1.261	0	0	0	0	0
Within	0	0.431	0	1.257	0	0.816	1.035	0.950	0.914	0	0.155	0	0.500
Cheap end	0	0.811	1.044	0.585	1.117	0	0	1.622	1.186	0	0	0.089	0
Cheaper	0	0	0.660	0	0	0	0	0	0	0	0	0	0
NA	0.864	6.137	2.093	2.408	3.390	1.812	1.098	1.441	0.671	0.621	1.105	0.919	0.598
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Richer	0.387	1	0	0	0	0	0	0	0	0	0.387	1	0.00%
Rich end	2.062	7	1.985	6	0	0	0	0	1.985	6	8.394	20	11.33%
Within	1.257	5	2.801	7	1.069	4	0.500	2	4.370	13	6.058	19	24.95%
Cheap end	2.747	6	1.622	5	1.186	2	0.089	1	2.897	8	6.455	17	16.54%
Cheaper	0.660	1	0	0	0	0	0	0	0	0	0.660	1	0.00%
NA	7.891	39	4.351	28	2.397	21	1.517	11	8.265	60	23.158	129	47.18%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Use of Proceeds
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Acquisition	0	0	0	0.183	0	0	0	0	0.380	0	0	0.089	0
Capex	0.100	0.492	0	1.144	0.207	0.142	0.017	0.100	0	0	0	0.498	0.100
GCP	0.557	3.242	2.394	1.463	0.476	1.749	0.220	1.565	0.719	0.062	0.403	0.096	0.218
Redeem convertibles	0.313	0	0	0	0	0.395	0	0	0	0	0	0	0
Refinance	0	2.812	1.056	0.552	0.128	0.320	0.554	0.878	0.343	0.059	0.040	0	0
Multiple/Other/NA	0.223	4.851	2.187	1.517	3.696	0.745	1.341	2.732	1.330	0.500	0.816	0.324	0.780
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.183	1	0	0	0.380	2	0.089	1	0.468	3	0.651	4	2.67%
Capex	1.352	4	0.259	3	0	0	0.599	2	0.858	5	2.802	13	4.90%
GCP	4.333	16	3.535	12	1.184	10	0.315	3	5.034	25	13.166	57	28.74%
Redeem convertibles	0	0	0.395	1	0	0	0	0	0.395	1	0.708	3	2.25%
Refinance	1.735	12	1.752	9	0.442	5	0	0	2.194	14	6.742	35	12.52%
Multiple/Other/NA	7.400	26	4.818	21	2.646	10	1.104	8	8.568	39	21.043	75	48.91%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Industry Sector (by SIC code)
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Agriculture (0xxx)	0.100	0.500	0	0	0	0	0.305	0.348	0	0	0	0	0
Mining (1xxx)	0	0.500	0.234	0.300	0	0.630	0.266	1.021	0	0	0	0	0
Oil and gas (13xx)	0.078	0.962	0	0.109	0.071	0	0	0.154	0.325	0.059	0.123	0.311	0
Construction (15xx)	0	0.160	0.860	0	0	0.200	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.135	2.484	1.442	1.682	1.327	0.357	0.412	0.287	0.105	0.524	0.194	0	0.500
Pharmaceuticals (2834-6)	0	0.732	0.456	0	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0.328	0.370	0.131	0.524	0	0	0.125	0.677	0.616	0	0.048	0	0.280
Communications (48xx)	0	0	0.086	0.637	0.121	0.320	0	0	0.062	0	0	0	0
Electric, gas, sanitary services (49xx)	0.063	0.084	0.100	0.442	0	0	0.219	0.077	0	0	0	0	0.190
Wholesale (5xxx)	0	0.508	0	0.266	0	0	0	0	0.050	0	0	0.528	0
Finance, insurance, real estate (6xxx)	0.488	4.841	0.538	0.639	2.987	1.450	0.488	2.420	1.540	0.038	0.894	0.169	0.129
Services (7xxx)	0	0.258	1.791	0.261	0	0.395	0.318	0.291	0.075	0	0	0	0
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.652	3	0	0	0	0	0.652	3	1.252	5	3.72%
Mining (1xxx)	0.534	3	1.917	6	0	0	0	0	1.917	6	2.950	10	10.94%
Oil and gas (13xx)	0.180	2	0.154	2	0.507	4	0.311	3	0.971	9	2.191	15	5.54%
Construction (15xx)	0.860	2	0.200	1	0	0	0	0	0.200	1	1.220	4	1.14%
Manufacturing (2xxx, 3xxx)	4.451	13	1.056	5	0.823	5	0.500	2	2.379	12	9.450	33	13.58%
Pharmaceuticals (2834-6)	0.456	1	0	0	0	0	0	0	0	0	1.187	2	0.00%
Transportation (4xxx)	0.655	4	0.802	4	0.663	2	0.280	2	1.745	8	3.098	16	9.96%
Communications (48xx)	0.844	4	0.320	1	0.062	1	0	0	0.382	2	1.225	6	2.18%
Electric, gas, sanitary services (49xx)	0.542	4	0.296	3	0	0	0.190	2	0.486	5	1.176	11	2.77%
Wholesale (5xxx)	0.266	2	0	0	0.050	1	0.528	2	0.578	3	1.352	7	3.30%
Finance, insurance, real estate (6xxx)	4.164	20	4.357	18	2.472	13	0.297	3	7.127	34	16.620	69	40.69%
Services (7xxx)	2.053	4	1.005	3	0.075	1	0	0	1.080	4	3.390	9	6.17%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	100.00%
Currency
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
$	0.463	2.470	0.917	1.050	0.307	0.580	0.537	2.943	0.707	0.500	0.500	0.222	0.780
A$	0	0	0	0.183	2.254	0	0	0.138	0	0	0.179	0	0
C$	0.146	1.016	0.357	0.357	0.522	0.044	0.506	0.264	0.420	0.083	0.426	0.199	0.090
CHF	0	0	0.894	0.241	0	0.251	0	0	0	0	0.155	0	0
HK$	0.077	0.458	0	0	0	0.103	0	0.077	0	0	0	0.498	0.129
NZ$	0	0	0	0	0.165	0	0	0	0	0	0	0	0
RMB	0	0.345	0	0	0	0.250	0	0.348	0	0	0	0	0.100
S$	0	0	0	0	0	0.142	0	0.376	0.062	0	0	0	0
SEK	0	0	0	0	0	0	0.017	0.222	0	0	0	0	0
Y	0	0	0	1.318	1.239	0.395	0	0	0	0	0	0	0
€	0.507	6.889	3.329	1.323	0.020	1.586	0.754	0.615	0.968	0.038	0	0.089	0
£	0	0.220	0.141	0.387	0	0	0.318	0.291	0.616	0	0	0	0
Total	1.193	11.399	5.637	4.859	4.507	3.352	2.133	5.274	2.772	0.621	1.260	1.008	1.098
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
$	2.274	13	4.060	11	1.707	6	1.002	6	6.769	23	11.976	50	38.64%
A$	2.437	2	0.138	1	0.179	3	0	0	0.316	4	2.753	6	1.80%
C$	1.236	16	0.814	10	0.928	11	0.288	4	2.031	25	4.429	55	11.59%
CHF	1.135	2	0.251	1	0.155	1	0	0	0.406	2	1.541	4	2.32%
HK$	0	0	0.180	2	0	0	0.627	2	0.808	4	1.343	7	4.61%
NZ$	0.165	1	0	0	0	0	0	0	0	0	0.165	1	0.00%
RMB	0	0	0.598	3	0	0	0.100	1	0.698	4	1.043	5	3.98%
S$	0	0	0.519	3	0.062	1	0	0	0.580	4	0.580	4	3.31%
SEK	0	0	0.239	2	0	0	0	0	0.239	2	0.239	2	1.36%
Y	2.557	5	0.395	1	0	0	0	0	0.395	1	2.952	6	2.25%
€	4.673	17	2.955	10	1.006	4	0.089	1	4.050	15	16.119	40	23.12%
£	0.527	3	0.610	2	0.616	1	0	0	1.225	3	1.972	7	6.99%
Total	15.004	59	10.759	46	4.652	27	2.106	14	17.517	87	45.112	187	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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