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

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

Coupon

	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
0%	1.800	0	0	0.715	0	0.432	0.900	0.500	0.878	0.215	0.313	0	0.628
0.01%-0.99%	0.751	0.757	0	0	0	0	0	0	0	0.356	0	0	0
1%-1.99%	0	0.581	0	1.461	0	0.250	0	0	0.159	0	0	0	0
2%-2.99%	0.704	0.161	1.747	0.088	0	1.554	0.875	1.084	0.098	0	0	0	0
3%-3.99%	0.950	0	0	0	0.125	0	0.250	0.787	0.346	0	0	0	0
4%-4.99%	0	0	0.298	0.550	0	0.621	0.650	0	0.132	0.150	0	0	0
5%-5.99%	0	0.493	0.104	0.122	0.253	0	0.876	0.406	0.441	0.363	0.212	0	0
6%-6.99%	0.385	0.141	0.443	0.189	0.045	0.394	0	0.060	0	0.036	0.235	0.145	0
7%-7.99%	0.151	0	0.081	0	0	0.009	0	0.048	0.023	0	0	0.076	0
8% and higher	0.015	0.033	0.127	0.110	0.029	0	0.130	0.116	0.009	0.020	0.012	0	0.020
Floater	0.020	0	0	0	3.499	0	0	0	0.050	0	1.253	0	0
NA	0	0	0	0	0	0	0	0	0	0	0	0	0.015
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.800	2	1.147	5	2.278	6	0.528	3	0.628	2	4.580	16	6.381	18	4.581	15	19.65%
0.01%-0.99%	1.508	2	0	0	0	0	0.356	1	0	0	0.356	1	1.864	3	1.113	3	1.53%
1%-1.99%	0.581	2	1.711	4	0.159	1	0	0	0	0	1.870	5	2.451	7	2.451	7	8.02%
2%-2.99%	2.612	5	1.642	5	2.057	6	0	0	0	0	3.699	11	6.311	16	5.607	14	15.87%
3%-3.99%	0.950	2	0.125	1	1.383	4	0	0	0	0	1.508	5	2.458	7	1.508	5	6.47%
4%-4.99%	0.298	1	1.171	2	0.782	3	0.150	1	0	0	2.103	6	2.401	7	2.401	7	9.02%
5%-5.99%	0.597	6	0.374	4	1.723	14	0.575	7	0	0	2.673	25	3.270	31	3.270	31	11.47%
6%-6.99%	0.969	6	0.629	7	0.060	1	0.416	4	0	0	1.104	12	2.074	18	1.689	16	4.74%
7%-7.99%	0.233	4	0.009	1	0.071	2	0.076	1	0	0	0.156	4	0.389	8	0.238	6	0.67%
8% and higher	0.174	4	0.139	2	0.254	8	0.033	2	0.020	1	0.445	13	0.620	17	0.605	16	1.91%
Floater	0.020	1	3.499	1	0.050	1	1.253	1	0	0	4.802	3	4.822	4	4.802	3	20.60%
NA	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.015	1	0.06%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Premium
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
19.99% and lower	0.321	0	0.200	0.088	0	0	0.250	0.006	0.477	0	0.023	0	0
20%-29.99%	1.734	0.508	0.127	0.484	3.544	0.558	0.951	0.887	0.593	0.621	0.012	0.076	0.620
30-39.99%	2.701	1.484	2.288	2.009	0.175	1.851	1.754	0.614	0.927	0.100	0.547	0.059	0.020
40% and higher	0	0.141	0.154	0.326	0.202	0.419	0.536	0.877	0	0.229	0.189	0.086	0
NA	0.020	0.033	0.032	0.328	0.029	0.432	0.190	0.617	0.138	0.191	1.253	0	0.023
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	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	0	0.844	8	1.366	10	1.044	9	3.62%
20%-29.99%	2.369	12	4.587	5	2.431	10	0.710	5	0.620	1	8.347	21	10.717	33	8.982	26	35.81%
30-39.99%	6.472	14	4.035	13	3.295	16	0.706	4	0.020	1	8.056	34	14.527	48	11.827	44	34.56%
40% and higher	0.295	4	0.947	9	1.413	4	0.504	7	0	0	2.864	20	3.159	24	3.159	24	12.28%
NA	0.085	3	0.789	4	0.945	10	1.444	3	0.023	2	3.201	19	3.286	22	3.266	21	13.73%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Upsized?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	0	0	0.127	0.086	0.029	0.336	0.345	0.236	0	0	1.253	0	0
No	4.777	2.165	2.673	3.148	3.922	2.453	3.336	2.765	2.135	1.141	0.459	0.221	0.663
Downsized	0	0	0	0	0	0.471	0	0	0	0	0.313	0	0
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.127	1	0.451	4	0.580	5	1.253	1	0	0	2.285	10	2.412	11	2.412	11	9.80%
No	9.615	34	9.523	27	8.237	41	1.821	18	0.663	4	20.244	90	29.859	124	25.082	111	86.84%
Downsized	0	0	0.471	1	0	0	0.313	1	0	0	0.784	2	0.784	2	0.784	2	3.36%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Seniority
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
senior secured	0	0	0	0	0	0	0.125	0	0	0	0	0	0
secured	0	0	0	0.088	0	0	0	0	0	0	0	0	0
senior	4.777	2.133	2.800	2.846	3.669	3.190	3.431	2.801	2.112	1.042	0.438	0.059	0.663
subordinated	0	0.033	0	0.241	0.282	0.070	0.125	0.200	0.023	0.099	0.334	0.162	0
preferred	0	0	0	0.060	0	0	0	0	0	0	0	0	0
preference	0	0	0	0	0	0	0	0	0	0	1.253	0	0
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0.125	1	0	0	0	0	0.125	1	0.125	1	0.125	1	0.54%
secured	0	0	0.088	1	0	0	0	0	0	0	0.088	1	0.088	1	0.088	1	0.38%
senior	9.709	34	9.705	21	8.343	39	1.539	12	0.663	4	20.250	76	29.959	110	25.182	97	86.87%
subordinated	0.033	1	0.593	9	0.349	6	0.595	7	0	0	1.537	22	1.569	23	1.569	23	6.59%
preferred	0	0	0.060	1	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.26%
preference	0	0	0	0	0	0	1.253	1	0	0	1.253	1	1.253	1	1.253	1	5.37%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Mandatory
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	0	0	0	0	0	0	0	0	0	0	1.253	0	0
No	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.772	0.221	0.663
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	0	0	1.253	1	0	0	1.253	1	1.253	1	1.253	1	5.37%
No	9.742	35	10.446	32	8.817	46	2.134	19	0.663	4	22.059	101	31.801	136	27.024	123	94.63%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Greenshoe Exercised?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	0.391	1.376	0.298	1.248	0.154	0.884	0.187	1.218	0.182	0.346	0.235	0.059	0.620
No	4.385	0.789	2.502	1.986	3.797	2.377	3.494	1.783	1.953	0.795	1.790	0.162	0.043
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.065	8	2.286	11	1.588	12	0.640	5	0.620	1	5.133	29	7.198	37	6.807	35	22.02%
No	7.677	27	8.160	21	7.229	34	2.747	15	0.043	3	18.180	73	25.856	100	21.471	89	77.99%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Versus Talk
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Richer	0.180	0	0.298	0	0	0	0	0	0	0	0	0	0
Rich end	0	0	0.247	1.243	0.125	0.808	0.600	0	0	0	1.253	0	0
Within	0.980	0.191	1.500	0	0	1.092	0.125	0.284	0.291	0.356	0	0	0
Cheap end	0.650	0.918	0	0	0	0.283	0	0.787	0	0.265	0.313	0	0
NA	2.967	1.056	0.756	1.992	3.826	1.077	2.956	1.929	1.844	0.520	0.459	0.221	0.663
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0.478	2	0	0	0	0	0	0	0	0	0	0	0.478	2	0.298	1	0.00%
Rich end	0.247	1	2.175	6	0.600	1	1.253	1	0	0	4.029	8	4.275	9	4.275	9	17.28%
Within	2.671	6	1.092	2	0.701	4	0.356	1	0	0	2.149	7	4.820	13	3.840	9	9.22%
Cheap end	1.568	3	0.283	1	0.787	1	0.578	3	0	0	1.648	5	3.216	8	2.566	7	7.07%
NA	4.779	23	6.895	23	6.729	40	1.200	15	0.663	4	15.487	82	20.266	105	17.299	98	66.43%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Use of Proceeds
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Acquisition	0	0.161	0	0.052	0.029	0	0.589	0.165	0.080	0.110	0.337	0	0.020
Capex	0.800	0.230	0.200	0.660	0	0.050	0.125	0.500	0	0.356	0	0	0
GCP	1.118	0.960	2.198	0.853	0	1.489	0.839	1.935	0.416	0.321	1.289	0.059	0.628
Redeem convertibles	0	0	0	0	0	0.471	0	0	0.283	0	0.313	0	0
Refinance	0.180	0.757	0.276	0.599	0	0	0.186	0.099	0.228	0.079	0	0.076	0
Multiple/Other/NA	2.679	0.057	0.126	1.071	3.922	1.250	1.942	0.302	1.128	0.276	0.087	0.086	0.015
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.161	1	0.081	2	0.834	5	0.446	5	0.020	1	1.382	13	1.543	14	1.543	14	5.93%
Capex	1.230	4	0.710	3	0.625	2	0.356	1	0	0	1.691	6	2.922	10	2.122	9	7.25%
GCP	4.276	16	2.342	8	3.190	13	1.669	6	0.628	2	7.828	29	12.104	45	10.987	41	33.58%
Redeem convertibles	0	0	0.471	1	0.283	1	0.313	1	0	0	1.067	3	1.067	3	1.067	3	4.58%
Refinance	1.213	4	0.599	3	0.514	6	0.155	2	0	0	1.268	11	2.480	15	2.300	14	5.44%
Multiple/Other/NA	2.862	10	6.242	15	3.371	19	0.448	5	0.015	1	10.077	40	12.938	50	10.259	43	43.23%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Industry Sector (by SIC code)
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Agriculture (0xxx)	0	0	0	0	0	0	0.261	0	0.050	0	0	0	0
Mining (1xxx)	0.300	0.230	0.298	0.660	0	0.050	0	0	0	0	0	0	0
Oil and gas (13xx)	0.650	0	1.609	0.686	0.202	0	0.214	0.099	0.080	0	0.102	0.086	0
Construction (15xx)	0.015	0.757	0	0.328	0	0.283	0	0	0.636	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.114	0	0.247	0.655	3.499	1.402	1.325	0.736	0.270	0.571	0.547	0	0
Pharmaceuticals (2834-6)	0	0	0	0	0.045	0	0	0.010	0.037	0	0	0	0
Transportation (4xxx)	0.020	0.141	0	0	0.125	0.532	0.036	0.060	0	0.150	0.087	0	0.008
Communications (48xx)	0	0	0	0	0	0	0	0	0.069	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.191	0.149	0	0	0	0.150	0	0	0	0	0.076	0
Wholesale (5xxx)	0	0	0.045	0.052	0	0.468	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.391	0.685	0.421	0.796	0.080	0.525	1.195	2.096	0.861	0.420	1.289	0	0.655
Services (7xxx)	0.287	0.161	0.032	0.058	0	0	0.500	0	0	0	0	0.059	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0.132	0	0	0	0
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.311	2	0	0	0	0	0.311	2	0.311	2	0.311	2	1.33%
Mining (1xxx)	0.828	3	0.710	3	0	0	0	0	0	0	0.710	3	1.538	6	1.238	5	3.05%
Oil and gas (13xx)	2.259	4	0.888	5	0.393	5	0.188	2	0	0	1.469	12	3.728	16	3.078	15	6.30%
Construction (15xx)	0.771	2	0.612	2	0.636	1	0	0	0	0	1.247	3	2.019	5	2.004	4	5.35%
Manufacturing (2xxx, 3xxx)	3.360	6	5.555	7	2.331	9	1.118	5	0	0	9.005	21	12.365	27	9.251	22	38.63%
Pharmaceuticals (2834-6)	0	0	0.045	1	0.047	2	0	0	0	0	0.092	3	0.092	3	0.092	3	0.39%
Transportation (4xxx)	0.161	2	0.657	3	0.096	2	0.237	2	0.008	1	0.998	8	1.159	10	1.139	9	4.28%
Communications (48xx)	0	0	0	0	0.069	1	0	0	0	0	0.069	1	0.069	1	0.069	1	0.30%
Electric, gas, sanitary services (49xx)	0.341	2	0	0	0.150	1	0.076	1	0	0	0.226	2	0.567	4	0.567	4	0.97%
Wholesale (5xxx)	0.045	1	0.520	3	0	0	0	0	0	0	0.520	3	0.565	4	0.565	4	2.23%
Finance, insurance, real estate (6xxx)	1.497	11	1.401	7	4.152	21	1.709	9	0.655	3	7.917	40	9.414	51	9.023	49	33.96%
Services (7xxx)	0.480	4	0.058	1	0.500	1	0.059	1	0	0	0.617	3	1.096	7	0.809	5	2.65%
Health services (8xxx)	0	0	0	0	0.132	1	0	0	0	0	0.132	1	0.132	1	0.132	1	0.57%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	100.00%
Currency
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
$	2.820	0.230	1.700	1.375	0.125	0.200	2.450	0.790	0.552	0.365	0	0	0.008
A$	0	0	0.127	0	0	0	0	0	0.283	0	1.253	0	0
Bt	0	0	0	0.328	0	0	0	0	0	0	0	0	0
C$	0.015	0.248	0.303	0.311	0.282	0.070	0.355	0.329	0.064	0.420	0.459	0.162	0.020
CHF	0	0	0	0	0	0	0	0	0.159	0	0	0	0
HK$	0	0	0	0	0	0	0.201	0.800	0	0	0	0.059	0
NIS	0.081	0	0	0	0	0	0	0	0.009	0	0	0	0
NOK	0.020	0	0	0	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0	0.069	0	0	0	0
PLN	0	0	0	0	0	0	0.015	0	0	0	0	0	0
RM	0	0	0	0.088	0	0	0	0	0.096	0	0	0	0
RMB	0	0	0	0	3.499	0.250	0.150	0	0	0	0	0	0
S$	0	0.390	0	0	0	0.275	0	0	0.098	0	0	0	0.620
SEK	0	0	0	0	0	0	0	0.010	0	0	0	0	0
Y	0.751	0	0	0	0	0.282	0	0	0.636	0.356	0.313	0	0
leva	0	0	0	0	0	0	0	0	0	0	0	0	0.015
€	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	0
Total	4.777	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.663
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	4.750	8	1.700	8	3.792	14	0.365	3	0.008	1	5.865	26	10.615	34	7.795	29	25.16%
A$	0.127	1	0	0	0.283	1	1.253	1	0	0	1.537	2	1.663	3	1.663	3	6.59%
Bt	0	0	0.328	1	0	0	0	0	0	0	0.328	1	0.328	1	0.328	1	1.41%
C$	0.566	8	0.663	10	0.748	14	1.041	13	0.020	1	2.472	38	3.038	46	3.023	45	10.60%
CHF	0	0	0	0	0.159	1	0	0	0	0	0.159	1	0.159	1	0.159	1	0.68%
HK$	0	0	0	0	1.001	2	0.059	1	0	0	1.060	3	1.060	3	1.060	3	4.55%
NIS	0.081	1	0	0	0.009	1	0	0	0	0	0.009	1	0.090	2	0.009	1	0.04%
NOK	0.020	1	0	0	0	0	0	0	0	0	0	0	0.020	1	0	0	0.00%
NT$	0	0	0	0	0.069	1	0	0	0	0	0.069	1	0.069	1	0.069	1	0.30%
PLN	0	0	0	0	0.015	1	0	0	0	0	0.015	1	0.015	1	0.015	1	0.06%
RM	0	0	0.088	1	0.096	1	0	0	0	0	0.184	2	0.184	2	0.184	2	0.79%
RMB	0	1	3.749	2	0.150	1	0	0	0	0	3.899	3	3.899	4	3.899	4	16.73%
S$	0.390	1	0.275	1	0.098	1	0	0	0.620	1	0.993	3	1.382	4	1.382	4	4.26%
SEK	0	0	0	0	0.010	1	0	0	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	0	0	1.586	4	2.337	5	1.586	4	6.80%
leva	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.015	1	0.06%
€	2.740	11	3.362	8	1.467	5	0	0	0	0	4.828	13	7.568	24	6.479	20	20.71%
£	0.317	2	0	0	0.284	1	0	0	0	0	0.284	1	0.601	3	0.601	3	1.22%
Total	9.742	35	10.446	32	8.817	46	3.387	20	0.663	4	23.312	102	33.054	137	28.278	124	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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