Analysis of non-U.S. market convertibles issuance for 13 months through September 2011

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

Coupon

	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
0%	1.839	1.800	0	0	0.715	0	0.432	0.900	0.500	0.878	0.215	0.313	0
0.01%-0.99%	2.641	0.751	0.757	0	0	0	0	0	0	0	0.356	0	0
1%-1.99%	0.200	0	0.581	0	1.461	0	0.250	0	0	0.159	0	0	0
2%-2.99%	0.622	0.704	0.161	1.747	0.088	0	1.554	0.875	1.084	0.098	0	0	0
3%-3.99%	0.910	0.950	0	0	0	0.125	0	0.250	0.787	0.346	0	0	0
4%-4.99%	0.400	0	0	0.298	0.550	0	0.621	0.650	0	0.132	0.150	0	0
5%-5.99%	1.654	0	0.493	0.104	0.122	0.253	0	0.876	0.406	0.441	0.363	0.212	0
6%-6.99%	0.805	0.385	0.141	0.443	0.189	0.045	0.394	0	0.060	0	0.036	0.235	0.136
7%-7.99%	0.500	0.151	0	0.081	0	0	0.009	0	0.048	0.023	0	0	0.076
8% and higher	0	0.015	0.033	0.127	0.110	0.029	0	0.130	0.116	0.009	0.020	0.012	0
Floater	0	0.020	0	0	0	3.499	0	0	0	0.050	0	1.253	0
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.800	2	1.147	5	2.278	6	0.528	3	3.953	14	7.592	21	5.753	16	17.46%
0.01%-0.99%	1.508	2	0	0	0	0	0.356	1	0.356	1	4.505	4	1.864	3	1.57%
1%-1.99%	0.581	2	1.711	4	0.159	1	0	0	1.870	5	2.651	8	2.451	7	8.26%
2%-2.99%	2.612	5	1.642	5	2.057	6	0	0	3.699	11	6.933	18	6.311	16	16.34%
3%-3.99%	0.950	2	0.125	1	1.383	4	0	0	1.508	5	3.368	9	2.458	7	6.66%
4%-4.99%	0.298	1	1.171	2	0.782	3	0.150	1	2.103	6	2.801	8	2.401	7	9.29%
5%-5.99%	0.597	6	0.374	4	1.723	14	0.575	7	2.673	25	4.924	34	3.270	31	11.81%
6%-6.99%	0.969	6	0.629	7	0.060	1	0.407	4	1.096	12	2.870	22	2.065	18	4.84%
7%-7.99%	0.233	4	0.009	1	0.071	2	0.076	1	0.156	4	0.889	9	0.389	8	0.69%
8% and higher	0.174	4	0.139	2	0.254	8	0.033	2	0.425	12	0.600	16	0.600	16	1.88%
Floater	0.020	1	3.499	1	0.050	1	1.253	1	4.802	3	4.822	4	4.822	4	21.21%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Premium
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
19.99% and lower	0.986	0.321	0	0.200	0.088	0	0	0.250	0.006	0.477	0	0.023	0
20%-29.99%	4.909	1.734	0.508	0.127	0.484	3.544	0.558	0.951	0.887	0.593	0.621	0.012	0.076
30-39.99%	1.658	2.701	1.484	2.288	2.009	0.175	1.851	1.754	0.614	0.927	0.100	0.547	0.050
40% and higher	1.342	0	0.141	0.154	0.326	0.202	0.419	0.536	0.877	0	0.229	0.189	0.086
NA	0.677	0.020	0.033	0.032	0.328	0.029	0.432	0.190	0.617	0.138	0.191	1.253	0
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.521	2	0.088	1	0.733	6	0.023	1	0.844	8	2.352	12	1.366	10	3.73%
20%-29.99%	2.369	12	4.587	5	2.431	10	0.710	5	7.728	20	15.006	40	10.097	32	34.13%
30-39.99%	6.472	14	4.035	13	3.295	16	0.697	4	8.027	33	16.156	51	14.498	47	35.45%
40% and higher	0.295	4	0.947	9	1.413	4	0.504	7	2.864	20	4.501	27	3.159	24	12.65%
NA	0.085	3	0.789	4	0.945	10	1.444	3	3.178	17	3.940	23	3.263	20	14.04%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Upsized?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Yes	0.515	0	0	0.127	0.086	0.029	0.336	0.345	0.236	0	0	1.253	0
No	9.057	4.777	2.165	2.673	3.148	3.922	2.453	3.336	2.765	2.135	1.141	0.459	0.212
Downsized	0	0	0	0	0	0	0.471	0	0	0	0	0.313	0
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.127	1	0.451	4	0.580	5	1.253	1	2.285	10	2.927	13	2.412	11	10.09%
No	9.615	34	9.523	27	8.237	41	1.812	18	19.572	86	38.244	138	29.187	120	86.44%
Downsized	0	0	0.471	1	0	0	0.313	1	0.784	2	0.784	2	0.784	2	3.46%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Seniority
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
senior secured	0	0	0	0	0	0	0	0.125	0	0	0	0	0
secured	0	0	0	0	0.088	0	0	0	0	0	0	0	0
senior	8.883	4.777	2.133	2.800	2.846	3.669	3.190	3.431	2.801	2.112	1.042	0.438	0.050
subordinated	0.689	0	0.033	0	0.241	0.282	0.070	0.125	0.200	0.023	0.099	0.334	0.162
preferred	0	0	0	0	0.060	0	0	0	0	0	0	0	0
preference	0	0	0	0	0	0	0	0	0	0	0	1.253	0
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0.125	1	0	0	0.125	1	0.125	1	0.125	1	0.55%
secured	0	0	0.088	1	0	0	0	0	0.088	1	0.088	1	0.088	1	0.39%
senior	9.709	34	9.705	21	8.343	39	1.530	12	19.578	72	38.170	124	29.287	106	86.47%
subordinated	0.033	1	0.593	9	0.349	6	0.595	7	1.537	22	2.259	25	1.569	23	6.79%
preferred	0	0	0.060	1	0	0	0	0	0.060	1	0.060	1	0.060	1	0.27%
preference	0	0	0	0	0	0	1.253	1	1.253	1	1.253	1	1.253	1	5.53%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Mandatory
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Yes	0	0	0	0	0	0	0	0	0	0	0	1.253	0
No	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.772	0.212
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	0	0	1.253	1	1.253	1	1.253	1	1.253	1	5.53%
No	9.742	35	10.446	32	8.817	46	2.125	19	21.387	97	40.701	152	31.129	132	94.46%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Greenshoe Exercised?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Yes	3.829	0.391	1.376	0.298	1.248	0.154	0.884	0.187	1.218	0.182	0.346	0.235	0
No	5.743	4.385	0.789	2.502	1.986	3.797	2.377	3.494	1.783	1.953	0.795	1.790	0.212
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.065	8	2.286	11	1.588	12	0.581	4	4.454	27	10.349	43	6.520	35	19.67%
No	7.677	27	8.160	21	7.229	34	2.797	16	18.186	71	31.606	110	25.863	98	80.32%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Versus Talk
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Richer	0	0.180	0	0.298	0	0	0	0	0	0	0	0	0
Rich end	0	0	0	0.247	1.243	0.125	0.808	0.600	0	0	0	1.253	0
Within	1.209	0.980	0.191	1.500	0	0	1.092	0.125	0.284	0.291	0.356	0	0
Cheap end	1.179	0.650	0.918	0	0	0	0.283	0	0.787	0	0.265	0.313	0
NA	7.184	2.967	1.056	0.756	1.992	3.826	1.077	2.956	1.929	1.844	0.520	0.459	0.212
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.478	2	0	0	0	0	0	0	0	0	0.478	2	0.478	2	0.00%
Rich end	0.247	1	2.175	6	0.600	1	1.253	1	4.029	8	4.275	9	4.275	9	17.80%
Within	2.671	6	1.092	2	0.701	4	0.356	1	2.149	7	6.029	15	4.820	13	9.49%
Cheap end	1.568	3	0.283	1	0.787	1	0.578	3	1.648	5	4.395	9	3.216	8	7.28%
NA	4.779	23	6.895	23	6.729	40	1.191	15	14.815	78	26.778	118	19.594	101	65.43%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Use of Proceeds
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Acquisition	0.089	0	0.161	0	0.052	0.029	0	0.589	0.165	0.080	0.110	0.337	0
Capex	1.000	0.800	0.230	0.200	0.660	0	0.050	0.125	0.500	0	0.356	0	0
GCP	4.754	1.118	0.960	2.198	0.853	0	1.489	0.839	1.935	0.416	0.321	1.289	0.050
Redeem convertibles	0	0	0	0	0	0	0.471	0	0	0.283	0	0.313	0
Refinance	2.172	0.180	0.757	0.276	0.599	0	0	0.186	0.099	0.228	0.079	0	0.076
Multiple/Other/NA	1.556	2.679	0.057	0.126	1.071	3.922	1.250	1.942	0.302	1.128	0.276	0.087	0.086
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.161	1	0.081	2	0.834	5	0.446	5	1.362	12	1.612	14	1.523	13	6.02%
Capex	1.230	4	0.710	3	0.625	2	0.356	1	1.691	6	3.922	12	2.922	10	7.47%
GCP	4.276	16	2.342	8	3.190	13	1.660	6	7.192	27	16.222	52	11.468	43	31.77%
Redeem convertibles	0	0	0.471	1	0.283	1	0.313	1	1.067	3	1.067	3	1.067	3	4.71%
Refinance	1.213	4	0.599	3	0.514	6	0.155	2	1.268	11	4.653	18	2.480	15	5.60%
Multiple/Other/NA	2.862	10	6.242	15	3.371	19	0.448	5	10.061	39	14.479	54	12.923	49	44.44%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Industry Sector (by SIC code)
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0.261	0	0.050	0	0	0
Mining (1xxx)	0	0.300	0.230	0.298	0.660	0	0.050	0	0	0	0	0	0
Oil and gas (13xx)	0	0.650	0	1.609	0.686	0.202	0	0.214	0.099	0.080	0	0.102	0.086
Construction (15xx)	0.089	0.015	0.757	0	0.328	0	0.283	0	0	0.636	0	0	0
Manufacturing (2xxx, 3xxx)	3.177	3.114	0	0.247	0.655	3.499	1.402	1.325	0.736	0.270	0.571	0.547	0
Pharmaceuticals (2834-6)	0.350	0	0	0	0	0.045	0	0	0.010	0.037	0	0	0
Transportation (4xxx)	0	0.020	0.141	0	0	0.125	0.532	0.036	0.060	0	0.150	0.087	0
Communications (48xx)	2.139	0	0	0	0	0	0	0	0	0.069	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0.191	0.149	0	0	0	0.150	0	0	0	0	0.076
Wholesale (5xxx)	0.350	0	0	0.045	0.052	0	0.468	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	2.287	0.391	0.685	0.421	0.796	0.080	0.525	1.195	2.096	0.861	0.420	1.289	0
Services (7xxx)	0	0.287	0.161	0.032	0.058	0	0	0.500	0	0	0	0	0.050
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0.132	0	0	0
Sovereign (8888)	1.179	0	0	0	0	0	0	0	0	0	0	0	0
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.311	2	0	0	0.311	2	0.311	2	0.311	2	1.37%
Mining (1xxx)	0.828	3	0.710	3	0	0	0	0	0.710	3	1.538	6	1.538	6	3.14%
Oil and gas (13xx)	2.259	4	0.888	5	0.393	5	0.188	2	1.469	12	3.728	16	3.728	16	6.49%
Construction (15xx)	0.771	2	0.612	2	0.636	1	0	0	1.247	3	2.108	6	2.019	5	5.51%
Manufacturing (2xxx, 3xxx)	3.360	6	5.555	7	2.331	9	1.118	5	9.005	21	15.542	35	12.365	27	39.77%
Pharmaceuticals (2834-6)	0	0	0.045	1	0.047	2	0	0	0.092	3	0.442	4	0.092	3	0.41%
Transportation (4xxx)	0.161	2	0.657	3	0.096	2	0.237	2	0.990	7	1.151	9	1.151	9	4.37%
Communications (48xx)	0	0	0	0	0.069	1	0	0	0.069	1	2.208	3	0.069	1	0.30%
Electric, gas, sanitary services (49xx)	0.341	2	0	0	0.150	1	0.076	1	0.226	2	0.567	4	0.567	4	1.00%
Wholesale (5xxx)	0.045	1	0.520	3	0	0	0	0	0.520	3	0.915	6	0.565	4	2.30%
Finance, insurance, real estate (6xxx)	1.497	11	1.401	7	4.152	21	1.709	9	7.262	37	11.046	53	8.759	48	32.07%
Services (7xxx)	0.480	4	0.058	1	0.500	1	0.050	1	0.608	3	1.087	7	1.087	7	2.69%
Health services (8xxx)	0	0	0	0	0.132	1	0	0	0.132	1	0.132	1	0.132	1	0.58%
Sovereign (8888)	0	0	0	0	0	0	0	0	0	0	1.179	1	0	0	0.00%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	100.00%
Currency
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
$	3.239	2.820	0.230	1.700	1.375	0.125	0.200	2.450	0.790	0.552	0.365	0	0
A$	0	0	0	0.127	0	0	0	0	0	0.283	0	1.253	0
Bt	0	0	0	0	0.328	0	0	0	0	0	0	0	0
C$	0.232	0.015	0.248	0.303	0.311	0.282	0.070	0.355	0.329	0.064	0.420	0.459	0.162
CHF	0	0	0	0	0	0	0	0	0	0.159	0	0	0
HK$	0.672	0	0	0	0	0	0	0.201	0.800	0	0	0	0.050
NIS	0	0.081	0	0	0	0	0	0	0	0.009	0	0	0
NOK	0	0.020	0	0	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0	0	0.069	0	0	0
PLN	0	0	0	0	0	0	0	0.015	0	0	0	0	0
RM	0	0	0	0	0.088	0	0	0	0	0.096	0	0	0
RMB	0.400	0	0	0	0	3.499	0.250	0.150	0	0	0	0	0
S$	0	0	0.390	0	0	0	0.275	0	0	0.098	0	0	0
SEK	0	0	0	0	0	0	0	0	0.010	0	0	0	0
Y	2.641	0.751	0	0	0	0	0.282	0	0	0.636	0.356	0.313	0
€	2.388	1.090	0.980	0.670	1.133	0.045	2.183	0.511	0.787	0.169	0	0	0
£	0	0	0.317	0	0	0	0	0	0.284	0	0	0	0
Total	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.212
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	4.750	8	1.700	8	3.792	14	0.365	3	5.857	25	13.846	37	10.607	33	25.87%
A$	0.127	1	0	0	0.283	1	1.253	1	1.537	2	1.663	3	1.663	3	6.79%
Bt	0	0	0.328	1	0	0	0	0	0.328	1	0.328	1	0.328	1	1.45%
C$	0.566	8	0.663	10	0.748	14	1.041	13	2.452	37	3.250	49	3.018	45	10.83%
CHF	0	0	0	0	0.159	1	0	0	0.159	1	0.159	1	0.159	1	0.70%
HK$	0	0	0	0	1.001	2	0.050	1	1.051	3	1.723	6	1.051	3	4.64%
NIS	0.081	1	0	0	0.009	1	0	0	0.009	1	0.090	2	0.090	2	0.04%
NOK	0.020	1	0	0	0	0	0	0	0	0	0.020	1	0.020	1	0.00%
NT$	0	0	0	0	0.069	1	0	0	0.069	1	0.069	1	0.069	1	0.30%
PLN	0	0	0	0	0.015	1	0	0	0.015	1	0.015	1	0.015	1	0.07%
RM	0	0	0.088	1	0.096	1	0	0	0.184	2	0.184	2	0.184	2	0.81%
RMB	0	1	3.749	2	0.150	1	0	0	3.899	3	4.299	5	3.899	4	17.22%
S$	0.390	1	0.275	1	0.098	1	0	0	0.373	2	0.762	3	0.762	3	1.65%
SEK	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.010	1	0.04%
Y	0.751	1	0.282	1	0.636	1	0.669	2	1.586	4	4.979	10	2.337	5	7.00%
€	2.740	11	3.362	8	1.467	5	0	0	4.828	13	9.956	27	7.568	24	21.32%
£	0.317	2	0	0	0.284	1	0	0	0.284	1	0.601	3	0.601	3	1.25%
Total	9.742	35	10.446	32	8.817	46	3.378	20	22.641	98	41.955	153	32.383	133	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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