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

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

Coupon

	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
0%	0	0	0.715	0	0.432	0.900	0.500	0.878	0.215	0.313	0	0.628	0
0.01%-0.99%	0.757	0	0	0	0	0	0	0	0.356	0	0	0	0
1%-1.99%	0.581	0	1.461	0	0.250	0	0	0.159	0	0	0	0	0
2%-2.99%	0.161	1.747	0.088	0	1.554	0.875	1.084	0.098	0	0	0	0	0
3%-3.99%	0	0	0	0.125	0	0.250	0.787	0.346	0	0	0	0	0
4%-4.99%	0	0.298	0.550	0	0.621	0.650	0	0.132	0.150	0	0	0	0.074
5%-5.99%	0.493	0.104	0.122	0.253	0	0.876	0.406	0.441	0.363	0.212	0	0	0.180
6%-6.99%	0.141	0.443	0.189	0.045	0.394	0	0.060	0	0.036	0.235	0.145	0	0
7%-7.99%	0	0.081	0	0	0.009	0	0.048	0.023	0	0	0.076	0	0.170
8% and higher	0.033	0.127	0.110	0.029	0	0.130	0.116	0.009	0.020	0.012	0	0.023	0
Floater	0	0	0	3.499	0	0	0	0.050	0	1.253	0	0	0
NA	0	0	0	0	0	0	0	0	0	0	0	0.015	0
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.147	5	2.278	6	0.528	3	0.628	2	4.580	16	4.581	15	4.580	16	19.29%
0.01%-0.99%	0	0	0	0	0.356	1	0	0	0.356	1	1.113	3	0.356	1	1.50%
1%-1.99%	1.711	4	0.159	1	0	0	0	0	1.870	5	2.451	7	1.870	5	7.88%
2%-2.99%	1.642	5	2.057	6	0	0	0	0	3.699	11	5.607	14	5.446	13	15.58%
3%-3.99%	0.125	1	1.383	4	0	0	0	0	1.508	5	1.508	5	1.508	5	6.35%
4%-4.99%	1.171	2	0.782	3	0.150	1	0.074	1	2.178	7	2.475	8	2.475	8	9.17%
5%-5.99%	0.374	4	1.723	14	0.575	7	0.180	3	2.852	28	3.450	34	2.957	30	12.01%
6%-6.99%	0.629	7	0.060	1	0.416	4	0	0	1.104	12	1.689	16	1.548	15	4.65%
7%-7.99%	0.009	1	0.071	2	0.076	1	0.170	2	0.326	6	0.408	8	0.408	8	1.37%
8% and higher	0.139	2	0.254	8	0.033	2	0.023	1	0.448	13	0.608	16	0.575	15	1.89%
Floater	3.499	1	0.050	1	1.253	1	0	0	4.802	3	4.802	3	4.802	3	20.23%
NA	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.015	1	0.06%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Premium
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
19.99% and lower	0	0.200	0.088	0	0	0.250	0.006	0.477	0	0.023	0	0	0.074
20%-29.99%	0.508	0.127	0.484	3.544	0.558	0.951	0.887	0.593	0.621	0.012	0.076	0.620	0.124
30-39.99%	1.484	2.288	2.009	0.175	1.851	1.754	0.614	0.927	0.100	0.547	0.059	0.023	0
40% and higher	0.141	0.154	0.326	0.202	0.419	0.536	0.877	0	0.229	0.189	0.086	0	0.136
NA	0.033	0.032	0.328	0.029	0.432	0.190	0.617	0.138	0.191	1.253	0	0.023	0.090
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	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	0.088	1	0.733	6	0.023	1	0.074	1	0.919	9	1.119	10	1.119	10	3.87%
20%-29.99%	4.587	5	2.431	10	0.710	5	0.744	2	8.472	22	9.107	27	8.599	24	35.69%
30-39.99%	4.035	13	3.295	16	0.706	4	0.023	1	8.059	34	11.830	44	10.346	39	33.95%
40% and higher	0.947	9	1.413	4	0.504	7	0.136	2	3.000	22	3.294	26	3.153	25	12.63%
NA	0.789	4	0.945	10	1.444	3	0.113	4	3.291	21	3.356	23	3.323	22	13.86%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Upsized?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	0	0.127	0.086	0.029	0.336	0.345	0.236	0	0	1.253	0	0	0
No	2.165	2.673	3.148	3.922	2.453	3.336	2.765	2.135	1.141	0.459	0.221	0.666	0.424
Downsized	0	0	0	0	0.471	0	0	0	0	0.313	0	0	0
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.451	4	0.580	5	1.253	1	0	0	2.285	10	2.412	11	2.412	11	9.63%
No	9.523	27	8.237	41	1.821	18	1.090	10	20.671	96	25.509	117	23.344	107	87.08%
Downsized	0.471	1	0	0	0.313	1	0	0	0.784	2	0.784	2	0.784	2	3.30%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Seniority
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
senior secured	0	0	0	0	0	0.125	0	0	0	0	0	0	0
secured	0	0	0.088	0	0	0	0	0	0	0	0	0	0
senior	2.133	2.800	2.846	3.669	3.190	3.431	2.801	2.112	1.042	0.438	0.059	0.666	0.170
subordinated	0.033	0	0.241	0.282	0.070	0.125	0.200	0.023	0.099	0.334	0.162	0	0.254
preferred	0	0	0.060	0	0	0	0	0	0	0	0	0	0
preference	0	0	0	0	0	0	0	0	0	1.253	0	0	0
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	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	0.125	1	0	0	0	0	0.125	1	0.125	1	0.125	1	0.53%
secured	0.088	1	0	0	0	0	0	0	0.088	1	0.088	1	0.088	1	0.37%
senior	9.705	21	8.343	39	1.539	12	0.836	6	20.423	78	25.355	99	23.223	90	86.03%
subordinated	0.593	9	0.349	6	0.595	7	0.254	4	1.791	26	1.823	27	1.791	26	7.54%
preferred	0.060	1	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.25%
preference	0	0	0	0	1.253	1	0	0	1.253	1	1.253	1	1.253	1	5.28%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Mandatory
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	0	0	0	0	0	0	0	0	0	1.253	0	0	0
No	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.772	0.221	0.666	0.424
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	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	1.253	1	0	0	1.253	1	1.253	1	1.253	1	5.28%
No	10.446	32	8.817	46	2.134	19	1.090	10	22.486	107	27.451	129	25.286	119	94.72%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Greenshoe Exercised?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	1.376	0.298	1.248	0.154	0.884	0.187	1.218	0.182	0.346	0.235	0.059	0.643	0.046
No	0.789	2.502	1.986	3.797	2.377	3.494	1.783	1.953	0.795	1.790	0.162	0.023	0.378
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.286	11	1.588	12	0.640	5	0.688	3	5.201	31	6.876	37	5.499	32	21.91%
No	8.160	21	7.229	34	2.747	15	0.401	7	18.538	77	21.829	93	21.040	88	78.09%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Versus Talk
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Richer	0	0.298	0	0	0	0	0	0	0	0	0	0	0
Rich end	0	0.247	1.243	0.125	0.808	0.600	0	0	0	1.253	0	0	0
Within	0.191	1.500	0	0	1.092	0.125	0.284	0.291	0.356	0	0	0	0
Cheap end	0.918	0	0	0	0.283	0	0.787	0	0.265	0.313	0	0	0
NA	1.056	0.756	1.992	3.826	1.077	2.956	1.929	1.844	0.520	0.459	0.221	0.666	0.424
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0	0	0	0	0	0	0.298	1	0.298	1	0.00%
Rich end	2.175	6	0.600	1	1.253	1	0	0	4.029	8	4.275	9	4.275	9	16.97%
Within	1.092	2	0.701	4	0.356	1	0	0	2.149	7	3.840	9	3.649	8	9.05%
Cheap end	0.283	1	0.787	1	0.578	3	0	0	1.648	5	2.566	7	1.648	5	6.94%
NA	6.895	23	6.729	40	1.200	15	1.090	10	15.914	88	17.725	104	16.669	97	67.04%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Use of Proceeds
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Acquisition	0.161	0	0.052	0.029	0	0.589	0.165	0.080	0.110	0.337	0	0.023	0
Capex	0.230	0.200	0.660	0	0.050	0.125	0.500	0	0.356	0	0	0	0
GCP	0.960	2.198	0.853	0	1.489	0.839	1.935	0.416	0.321	1.289	0.059	0.628	0
Redeem convertibles	0	0	0	0	0.471	0	0	0.283	0	0.313	0	0	0.104
Refinance	0.757	0.276	0.599	0	0	0.186	0.099	0.228	0.079	0	0.076	0	0.077
Multiple/Other/NA	0.057	0.126	1.071	3.922	1.250	1.942	0.302	1.128	0.276	0.087	0.086	0.015	0.243
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.081	2	0.834	5	0.446	5	0.023	1	1.385	13	1.546	14	1.385	13	5.83%
Capex	0.710	3	0.625	2	0.356	1	0	0	1.691	6	2.122	9	1.892	8	7.12%
GCP	2.342	8	3.190	13	1.669	6	0.628	2	7.828	29	10.987	41	10.027	35	32.98%
Redeem convertibles	0.471	1	0.283	1	0.313	1	0.104	2	1.171	5	1.171	5	1.171	5	4.93%
Refinance	0.599	3	0.514	6	0.155	2	0.077	1	1.345	12	2.378	15	1.621	14	5.67%
Multiple/Other/NA	6.242	15	3.371	19	0.448	5	0.258	4	10.319	43	10.502	46	10.445	45	43.47%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Industry Sector (by SIC code)
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Agriculture (0xxx)	0	0	0	0	0	0.261	0	0.050	0	0	0	0	0
Mining (1xxx)	0.230	0.298	0.660	0	0.050	0	0	0	0	0	0	0	0
Oil and gas (13xx)	0	1.609	0.686	0.202	0	0.214	0.099	0.080	0	0.102	0.086	0	0
Construction (15xx)	0.757	0	0.328	0	0.283	0	0	0.636	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0.247	0.655	3.499	1.402	1.325	0.736	0.270	0.571	0.547	0	0	0.136
Pharmaceuticals (2834-6)	0	0	0	0.045	0	0	0.010	0.037	0	0	0	0	0.124
Transportation (4xxx)	0.141	0	0	0.125	0.532	0.036	0.060	0	0.150	0.087	0	0.008	0
Communications (48xx)	0	0	0	0	0	0	0	0.069	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.191	0.149	0	0	0	0.150	0	0	0	0	0.076	0	0
Wholesale (5xxx)	0	0.045	0.052	0	0.468	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.685	0.421	0.796	0.080	0.525	1.195	2.096	0.861	0.420	1.289	0	0.658	0.164
Services (7xxx)	0.161	0.032	0.058	0	0	0.500	0	0	0	0	0.059	0	0
Health services (8xxx)	0	0	0	0	0	0	0	0.132	0	0	0	0	0
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	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	0.311	2	0	0	0	0	0.311	2	0.311	2	0.311	2	1.31%
Mining (1xxx)	0.710	3	0	0	0	0	0	0	0.710	3	1.238	5	1.008	4	2.99%
Oil and gas (13xx)	0.888	5	0.393	5	0.188	2	0	0	1.469	12	3.078	15	3.078	15	6.19%
Construction (15xx)	0.612	2	0.636	1	0	0	0	0	1.247	3	2.004	4	1.247	3	5.25%
Manufacturing (2xxx, 3xxx)	5.555	7	2.331	9	1.118	5	0.136	2	9.140	23	9.387	24	9.387	24	38.50%
Pharmaceuticals (2834-6)	0.045	1	0.047	2	0	0	0.124	1	0.216	4	0.216	4	0.216	4	0.91%
Transportation (4xxx)	0.657	3	0.096	2	0.237	2	0.008	1	0.998	8	1.139	9	0.998	8	4.20%
Communications (48xx)	0	0	0.069	1	0	0	0	0	0.069	1	0.069	1	0.069	1	0.29%
Electric, gas, sanitary services (49xx)	0	0	0.150	1	0.076	1	0	0	0.226	2	0.567	4	0.376	3	0.95%
Wholesale (5xxx)	0.520	3	0	0	0	0	0	0	0.520	3	0.565	4	0.565	4	2.19%
Finance, insurance, real estate (6xxx)	1.401	7	4.152	21	1.709	9	0.822	6	8.084	43	9.190	52	8.505	47	34.05%
Services (7xxx)	0.058	1	0.500	1	0.059	1	0	0	0.617	3	0.809	5	0.648	4	2.60%
Health services (8xxx)	0	0	0.132	1	0	0	0	0	0.132	1	0.132	1	0.132	1	0.56%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	100.00%
Currency
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
$	0.230	1.700	1.375	0.125	0.200	2.450	0.790	0.552	0.365	0	0	0.008	0
A$	0	0.127	0	0	0	0	0	0.283	0	1.253	0	0	0
Bt	0	0	0.328	0	0	0	0	0	0	0	0	0	0
C$	0.248	0.303	0.311	0.282	0.070	0.355	0.329	0.064	0.420	0.459	0.162	0.023	0.300
CHF	0	0	0	0	0	0	0	0.159	0	0	0	0	0
HK$	0	0	0	0	0	0.201	0.800	0	0	0	0.059	0	0
NIS	0	0	0	0	0	0	0	0.009	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0.069	0	0	0	0	0
PLN	0	0	0	0	0	0.015	0	0	0	0	0	0	0
RM	0	0	0.088	0	0	0	0	0.096	0	0	0	0	0
RMB	0	0	0	3.499	0.250	0.150	0	0	0	0	0	0	0.124
S$	0.390	0	0	0	0.275	0	0	0.098	0	0	0	0.620	0
SEK	0	0	0	0	0	0	0.010	0	0	0	0	0	0
Y	0	0	0	0	0.282	0	0	0.636	0.356	0.313	0	0	0
leva	0	0	0	0	0	0	0	0	0	0	0	0.015	0
€	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	0
Total	2.165	2.800	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.700	8	3.792	14	0.365	3	0.008	1	5.865	26	7.795	29	7.565	28	24.71%
A$	0	0	0.283	1	1.253	1	0	0	1.537	2	1.663	3	1.663	3	6.47%
Bt	0.328	1	0	0	0	0	0	0	0.328	1	0.328	1	0.328	1	1.38%
C$	0.663	10	0.748	14	1.041	13	0.322	6	2.775	43	3.326	50	3.078	47	11.69%
CHF	0	0	0.159	1	0	0	0	0	0.159	1	0.159	1	0.159	1	0.67%
HK$	0	0	1.001	2	0.059	1	0	0	1.060	3	1.060	3	1.060	3	4.47%
NIS	0	0	0.009	1	0	0	0	0	0.009	1	0.009	1	0.009	1	0.04%
NT$	0	0	0.069	1	0	0	0	0	0.069	1	0.069	1	0.069	1	0.29%
PLN	0	0	0.015	1	0	0	0	0	0.015	1	0.015	1	0.015	1	0.06%
RM	0.088	1	0.096	1	0	0	0	0	0.184	2	0.184	2	0.184	2	0.78%
RMB	3.749	2	0.150	1	0	0	0.124	1	4.023	4	4.023	5	4.023	5	16.95%
S$	0.275	1	0.098	1	0	0	0.620	1	0.993	3	1.382	4	0.993	3	4.18%
SEK	0	0	0.010	1	0	0	0	0	0.010	1	0.010	1	0.010	1	0.04%
Y	0.282	1	0.636	1	0.669	2	0	0	1.586	4	1.586	4	1.586	4	6.68%
leva	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.015	1	0.06%
€	3.362	8	1.467	5	0	0	0	0	4.828	13	6.479	20	5.498	17	20.34%
£	0	0	0.284	1	0	0	0	0	0.284	1	0.601	3	0.284	1	1.20%
Total	10.446	32	8.817	46	3.387	20	1.090	10	23.739	108	28.705	130	26.540	120	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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