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

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

Coupon

	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
0%	1.118	0	0	0	0.579	0	0	0	0.500	1.839	1.800	0	0
0.01%-0.99%	0.207	0.395	0	0	0	0	5.854	0	3.704	2.641	0.751	0.757	0
1%-1.99%	0	0.501	0	1.795	0	0	0	0.498	0	0.200	0	0.581	0
2%-2.99%	0	0.724	0.103	0.963	0	0.500	0.155	0	0	0.622	0.704	0.161	1.747
3%-3.99%	0.121	0.423	0.318	0.198	0.942	0	0	0	0	0.910	0.950	0	0
4%-4.99%	0.018	0.880	0.305	1.312	0.616	0	0	0	0	0.400	0	0	0.298
5%-5.99%	0.256	0.429	0.978	0.149	0.135	0	0.083	0.171	0.280	1.654	0	0.493	0.104
6%-6.99%	0.366	0	0	0.449	0.425	0.062	0.303	0.072	0.233	0.805	0.385	0.141	0.443
7%-7.99%	0	0	0.268	0.222	0.075	0.059	0	0.118	0	0.500	0.151	0	0.081
8% and higher	0.165	0	0.144	0.155	0	0	0.040	0	0.129	0	0.015	0.033	0.127
Floater	2.254	0	0.017	0	0	0	0.679	0	0	0	0.020	0	0
NA	0.003	0	0	0.031	0	0	0	0.147	0	0	0	0	0
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0.579	2	2.339	7	1.800	2	4.718	11	5.836	12	4.718	11	10.16%
0.01%-0.99%	0.395	1	5.854	1	6.345	2	1.508	2	14.102	6	14.309	8	14.102	6	30.37%
1%-1.99%	2.296	6	0	0	0.698	2	0.581	2	3.575	10	3.575	10	3.575	10	7.70%
2%-2.99%	1.790	6	0.655	2	0.622	2	2.612	5	5.679	15	5.679	15	5.679	15	12.23%
3%-3.99%	0.939	4	0.942	2	0.910	2	0.950	2	3.742	10	3.863	11	3.742	10	8.06%
4%-4.99%	2.496	8	0.616	1	0.400	1	0.298	1	3.810	11	3.828	12	3.810	11	8.21%
5%-5.99%	1.556	9	0.218	4	2.105	7	0.597	6	4.477	26	4.733	30	4.477	26	9.64%
6%-6.99%	0.449	4	0.790	9	1.111	7	0.969	6	3.319	26	3.685	30	3.319	26	7.15%
7%-7.99%	0.490	3	0.134	2	0.618	3	0.233	4	1.475	12	1.475	12	1.475	12	3.18%
8% and higher	0.299	3	0.040	1	0.129	1	0.174	4	0.642	9	0.807	10	0.642	9	1.38%
Floater	0.017	1	0.679	4	0	0	0.020	1	0.716	6	2.970	7	0.716	6	1.54%
NA	0.031	1	0	0	0.147	1	0	0	0.178	2	0.181	3	0.178	2	0.38%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Premium
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
19.99% and lower	0.212	0.200	0.491	0	0.075	0	0.155	0.075	0.129	0.986	0.321	0	0.200
20%-29.99%	0.384	0.750	0.249	1.874	0.325	0	0.234	0.498	0.130	4.909	1.734	0.508	0.127
30-39.99%	1.334	2.402	1.357	3.241	2.250	0.524	0.192	0.161	0.500	1.658	2.701	1.484	2.288
40% and higher	0.164	0	0	0.054	0	0.059	0	0.030	0.103	1.342	0	0.141	0.154
NA	2.413	0	0.036	0.105	0.122	0.038	6.533	0.243	3.984	0.677	0.020	0.033	0.032
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.691	4	0.230	2	1.190	4	0.521	2	2.632	12	2.844	14	2.632	12	5.67%
20%-29.99%	2.873	14	0.559	3	5.538	10	2.369	12	11.339	39	11.723	43	11.339	39	24.42%
30-39.99%	7.000	23	2.967	14	2.318	8	6.472	14	18.757	59	20.091	64	18.757	59	40.40%
40% and higher	0.054	1	0.059	1	1.475	5	0.295	4	1.883	11	2.047	12	1.883	11	4.05%
NA	0.141	4	6.693	8	4.904	8	0.085	3	11.823	23	14.236	27	11.823	23	25.46%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Upsized?
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	0.164	0.380	0.412	1.693	1.133	0	0.155	0	0	0.515	0	0	0.127
No	4.343	2.972	1.721	3.581	1.639	0.621	6.959	1.008	4.846	9.057	4.777	2.165	2.673
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.485	6	1.287	3	0.515	2	0.127	1	4.414	12	4.578	13	4.414	12	9.51%
No	8.274	40	9.219	25	14.911	33	9.615	34	42.019	132	46.362	147	42.019	132	90.49%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Seniority
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
senior	1.621	3.308	1.914	5.106	2.342	0.538	6.049	0.839	4.743	8.883	4.777	2.133	2.800
subordinated	0.632	0.044	0.219	0.168	0.430	0.083	1.065	0.169	0.103	0.689	0	0.033	0
preferred	2.254	0	0	0	0	0	0	0	0	0	0	0	0
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	10.328	40	8.929	14	14.465	30	9.709	34	43.431	118	45.053	126	43.431	118	93.53%
subordinated	0.431	6	1.577	14	0.961	5	0.033	1	3.002	26	3.633	33	3.002	26	6.47%
preferred	0	0	0	0	0	0	0	0	0	0	2.254	1	0	0	0.00%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Mandatory
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	0.165	0	0	0	0	0	0	0	0	0	0	0	0
No	4.342	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	0	0	0	0	0	0	0.165	1	0	0	0.00%
No	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.775	159	46.433	144	100.00%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Greenshoe Exercised?
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	0.136	1.461	0.451	2.570	0	0	0.260	0.617	0.233	3.829	0.391	1.376	0.298
No	4.371	1.890	1.682	2.705	2.772	0.621	6.854	0.391	4.613	5.743	4.385	0.789	2.502
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.482	14	0.260	3	4.679	13	2.065	8	11.487	38	11.623	40	11.487	38	24.74%
No	6.277	32	10.246	25	10.747	22	7.677	27	34.946	106	39.317	120	34.946	106	75.26%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Versus Talk
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Richer	0	0	0	0	0	0	0	0	0	0	0.180	0	0.298
Rich end	0	0.724	0	1.261	0	0	0	0	0	0	0	0	0.247
Within	0	0.816	1.035	0.950	0.914	0	0.155	0	0.500	1.209	0.980	0.191	1.500
Cheap end	1.117	0	0	1.622	1.186	0	0	0.089	0	1.179	0.650	0.918	0
NA	3.390	1.812	1.098	1.441	0.671	0.621	6.959	0.919	4.346	7.184	2.967	1.056	0.756
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0.478	2	0.478	2	0.478	2	0.478	2	1.03%
Rich end	1.985	6	0	0	0	0	0.247	1	2.232	7	2.232	7	2.232	7	4.81%
Within	2.801	7	1.069	4	1.709	4	2.671	6	8.249	21	8.249	21	8.249	21	17.77%
Cheap end	1.622	5	1.186	2	1.268	2	1.568	3	5.644	12	6.761	13	5.644	12	12.16%
NA	4.351	28	8.251	22	12.449	29	4.779	23	29.830	102	33.220	117	29.830	102	64.24%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Use of Proceeds
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Acquisition	0	0	0	0	0.380	0	0	0.089	0	0.089	0	0.161	0
Capex	0.207	0.142	0.017	0.100	0	0	0	0.498	0.130	1.000	0.800	0.230	0.200
GCP	0.476	1.749	0.220	1.565	0.719	0.062	0.403	0.096	3.936	4.754	1.118	0.960	2.198
Redeem convertibles	0	0.395	0	0	0	0	0	0	0	0	0	0	0
Refinance	0.128	0.320	0.554	0.878	0.343	0.059	0.040	0	0	2.172	0.180	0.757	0.276
Multiple/Other/NA	3.696	0.745	1.341	2.732	1.330	0.500	6.671	0.324	0.780	1.556	2.679	0.057	0.126
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.380	2	0.178	2	0.161	1	0.719	5	0.719	5	0.719	5	1.55%
Capex	0.259	3	0	0	1.629	4	1.230	4	3.118	11	3.326	13	3.118	11	6.72%
GCP	3.535	12	1.184	10	8.786	13	4.276	16	17.781	51	18.257	55	17.781	51	38.29%
Redeem convertibles	0.395	1	0	0	0	0	0	0	0.395	1	0.395	1	0.395	1	0.85%
Refinance	1.752	9	0.442	5	2.172	3	1.213	4	5.579	21	5.707	23	5.579	21	12.02%
Multiple/Other/NA	4.818	21	8.500	11	2.660	13	2.862	10	18.840	55	22.536	63	18.840	55	40.57%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Industry Sector (by SIC code)
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Agriculture (0xxx)	0	0	0.305	0.348	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0.630	0.266	1.021	0	0	0	0	0	0	0.300	0.230	0.298
Oil and gas (13xx)	0.071	0	0	0.154	0.325	0.059	0.123	0.311	0	0	0.650	0	1.609
Construction (15xx)	0	0.200	0	0	0	0	0	0	0	0.089	0.015	0.757	0
Manufacturing (2xxx, 3xxx)	1.327	0.357	0.412	0.287	0.105	0.524	0.194	0	0.500	3.177	3.114	0	0.247
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0	0	0.350	0	0	0
Transportation (4xxx)	0	0	0.125	0.677	0.616	0	0.048	0	0.280	0	0.020	0.141	0
Communications (48xx)	0.121	0.320	0	0	0.062	0	0	0	0	2.139	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.219	0.077	0	0	0	0	0.233	0	0	0.191	0.149
Wholesale (5xxx)	0	0	0	0	0.050	0	0	0.528	0	0.350	0	0	0.045
Finance, insurance, real estate (6xxx)	2.987	1.450	0.488	2.420	1.540	0.038	6.749	0.169	3.833	2.287	0.391	0.685	0.421
Services (7xxx)	0	0.395	0.318	0.291	0.075	0	0	0	0	0	0.287	0.161	0.032
Sovereign (8888)	0	0	0	0	0	0	0	0	0	1.179	0	0	0
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.652	3	0	0	0	0	0	0	0.652	3	0.652	3	0.652	3	1.40%
Mining (1xxx)	1.917	6	0	0	0	0	0.828	3	2.744	9	2.744	9	2.744	9	5.91%
Oil and gas (13xx)	0.154	2	0.507	4	0.311	3	2.259	4	3.230	13	3.302	14	3.230	13	6.96%
Construction (15xx)	0.200	1	0	0	0.089	1	0.771	2	1.061	4	1.061	4	1.061	4	2.29%
Manufacturing (2xxx, 3xxx)	1.056	5	0.823	5	3.677	10	3.360	6	8.917	26	10.244	30	8.917	26	19.20%
Pharmaceuticals (2834-6)	0	0	0	0	0.350	1	0	0	0.350	1	0.350	1	0.350	1	0.75%
Transportation (4xxx)	0.802	4	0.663	2	0.280	2	0.161	2	1.907	10	1.907	10	1.907	10	4.11%
Communications (48xx)	0.320	1	0.062	1	2.139	2	0	0	2.521	4	2.642	5	2.521	4	5.43%
Electric, gas, sanitary services (49xx)	0.296	3	0	0	0.233	2	0.341	2	0.870	7	0.870	7	0.870	7	1.87%
Wholesale (5xxx)	0	0	0.050	1	0.878	4	0.045	1	0.973	6	0.973	6	0.973	6	2.10%
Finance, insurance, real estate (6xxx)	4.357	18	8.326	14	6.289	9	1.497	11	20.470	52	23.457	62	20.470	52	44.09%
Services (7xxx)	1.005	3	0.075	1	0	0	0.480	4	1.559	8	1.559	8	1.559	8	3.36%
Sovereign (8888)	0	0	0	0	1.179	1	0	0	1.179	1	1.179	1	1.179	1	2.54%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	100.00%
Currency
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
$	0.307	0.580	0.537	2.943	0.707	0.500	0.500	0.222	0.780	3.239	2.820	0.230	1.700
A$	2.254	0	0	0.138	0	0	0.179	0	0	0	0	0	0.127
C$	0.522	0.044	0.506	0.264	0.420	0.083	0.426	0.199	0.103	0.232	0.015	0.248	0.303
CHF	0	0.251	0	0	0	0	0.155	0	0	0	0	0	0
HK$	0	0.103	0	0.077	0	0	0	0.498	0.129	0.672	0	0	0
NIS	0	0	0	0	0	0	0	0	0	0	0.081	0	0
NOK	0	0	0	0	0	0	0	0	0	0	0.020	0	0
NZ$	0.165	0	0	0	0	0	0	0	0	0	0	0	0
RMB	0	0.250	0	0.348	0	0	5.854	0	3.835	0.400	0	0	0
S$	0	0.142	0	0.376	0.062	0	0	0	0	0	0	0.390	0
SEK	0	0	0.017	0.222	0	0	0	0	0	0	0	0	0
Y	1.239	0.395	0	0	0	0	0	0	0	2.641	0.751	0	0
€	0.020	1.586	0.754	0.615	0.968	0.038	0	0.089	0	2.388	1.090	0.980	0.670
£	0	0	0.318	0.291	0.616	0	0	0	0	0	0	0.317	0
Total	4.507	3.352	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	4.060	11	1.707	6	4.241	10	4.750	8	14.758	35	15.065	38	14.758	35	31.78%
A$	0.138	1	0.179	3	0	0	0.127	1	0.443	5	2.697	6	0.443	5	0.95%
C$	0.814	10	0.928	11	0.533	8	0.566	8	2.843	37	3.364	44	2.843	37	6.12%
CHF	0.251	1	0.155	1	0	0	0	0	0.406	2	0.406	2	0.406	2	0.87%
HK$	0.180	2	0	0	1.299	5	0	0	1.480	7	1.480	7	1.480	7	3.19%
NIS	0	0	0	0	0	0	0.081	1	0.081	1	0.081	1	0.081	1	0.17%
NOK	0	0	0	0	0	0	0.020	1	0.020	1	0.020	1	0.020	1	0.04%
NZ$	0	0	0	0	0	0	0	0	0	0	0.165	1	0	0	0.00%
RMB	0.598	3	5.854	1	4.235	3	0	1	10.687	8	10.687	8	10.687	8	23.02%
S$	0.519	3	0.062	1	0	0	0.390	1	0.970	5	0.970	5	0.970	5	2.09%
SEK	0.239	2	0	0	0	0	0	0	0.239	2	0.239	2	0.239	2	0.51%
Y	0.395	1	0	0	2.641	5	0.751	1	3.787	7	5.026	9	3.787	7	8.16%
€	2.955	10	1.006	4	2.476	4	2.740	11	9.177	29	9.198	31	9.177	29	19.76%
£	0.610	2	0.616	1	0	0	0.317	2	1.542	5	1.542	5	1.542	5	3.32%
Total	10.759	46	10.506	28	15.426	35	9.742	35	46.433	144	50.940	160	46.433	144	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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