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

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

Coupon

	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
0%	0	0	0.579	0	0	0	0.500	1.839	1.800	0	0	0.715	0
0.01%-0.99%	0	0	0	0	5.854	0	3.704	2.641	0.751	0.757	0	0	0
1%-1.99%	0	1.795	0	0	0	0.498	0	0.200	0	0.581	0	1.461	0
2%-2.99%	0.103	0.963	0	0.500	0.155	0	0	0.622	0.704	0.161	1.747	0.088	0
3%-3.99%	0.318	0.198	0.942	0	0	0	0	0.910	0.950	0	0	0	0.125
4%-4.99%	0.305	1.312	0.616	0	0	0	0	0.400	0	0	0.298	0.550	0
5%-5.99%	0.978	0.149	0.135	0	0.083	0.171	0.280	1.654	0	0.493	0.104	0.122	0.253
6%-6.99%	0	0.449	0.425	0.062	0.303	0.072	0.233	0.805	0.385	0.141	0.443	0.189	0.045
7%-7.99%	0.268	0.222	0.075	0.059	0	0.118	0	0.500	0.151	0	0.081	0	0
8% and higher	0.144	0.155	0	0	0.040	0	0.129	0	0.015	0.033	0.127	0.110	0
Floater	0.017	0	0	0	0.679	0	0	0	0.020	0	0	0	3.499
NA	0	0.031	0	0	0	0.147	0	0	0	0	0	0	0
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.579	2	2.339	7	1.800	2	0.715	3	0.715	3	5.433	14	5.433	14	9.99%
0.01%-0.99%	5.854	1	6.345	2	1.508	2	0	0	0	0	13.707	5	13.707	5	0.00%
1%-1.99%	0	0	0.698	2	0.581	2	1.461	3	1.461	3	4.535	11	4.535	11	20.42%
2%-2.99%	0.655	2	0.622	2	2.612	5	0.088	1	0.088	1	5.043	15	4.940	14	1.23%
3%-3.99%	0.942	2	0.910	2	0.950	2	0.125	1	0.125	1	3.444	9	3.125	8	1.75%
4%-4.99%	0.616	1	0.400	1	0.298	1	0.550	1	0.550	1	3.481	9	3.176	8	7.69%
5%-5.99%	0.218	4	2.105	7	0.597	6	0.374	4	0.374	4	4.423	27	3.445	23	5.23%
6%-6.99%	0.790	9	1.111	7	0.969	6	0.235	4	0.235	4	3.553	30	3.553	30	3.28%
7%-7.99%	0.134	2	0.618	3	0.233	4	0	0	0	0	1.475	12	1.207	10	0.00%
8% and higher	0.040	1	0.129	1	0.174	4	0.110	1	0.110	1	0.752	10	0.608	8	1.54%
Floater	0.679	4	0	0	0.020	1	3.499	1	3.499	1	4.214	7	4.197	6	48.90%
NA	0	0	0.147	1	0	0	0	0	0	0	0.178	2	0.178	2	0.00%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Premium
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
19.99% and lower	0.491	0	0.075	0	0.155	0.075	0.129	0.986	0.321	0	0.200	0.088	0
20%-29.99%	0.249	1.874	0.325	0	0.234	0.498	0.130	4.909	1.734	0.508	0.127	0.484	3.544
30-39.99%	1.357	3.241	2.250	0.524	0.192	0.161	0.500	1.658	2.701	1.484	2.288	2.009	0.175
40% and higher	0	0.054	0	0.059	0	0.030	0.103	1.342	0	0.141	0.154	0.326	0.202
NA	0.036	0.105	0.122	0.038	6.533	0.243	3.984	0.677	0.020	0.033	0.032	0.328	0
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.230	2	1.190	4	0.521	2	0.088	1	0.088	1	2.520	12	2.029	9	1.23%
20%-29.99%	0.559	3	5.538	10	2.369	12	4.028	3	4.028	3	14.618	39	14.369	38	56.29%
30-39.99%	2.967	14	2.318	8	6.472	14	2.184	8	2.184	8	18.538	59	17.182	53	30.52%
40% and higher	0.059	1	1.475	5	0.295	4	0.528	6	0.528	6	2.411	17	2.411	17	7.38%
NA	6.693	8	4.904	8	0.085	3	0.328	1	0.328	1	12.151	24	12.115	22	4.58%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Upsized?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0.412	1.693	1.133	0	0.155	0	0	0.515	0	0	0.127	0.086	0
No	1.721	3.581	1.639	0.621	6.959	1.008	4.846	9.057	4.777	2.165	2.673	3.148	3.922
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.287	3	0.515	2	0.127	1	0.086	1	0.086	1	4.121	12	3.709	11	1.20%
No	9.219	25	14.911	33	9.615	34	7.070	18	7.070	18	46.117	139	44.396	128	98.80%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Seniority
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
secured	0	0	0	0	0	0	0	0	0	0	0	0.088	0
senior	1.914	5.106	2.342	0.538	6.049	0.839	4.743	8.883	4.777	2.133	2.800	2.846	3.669
subordinated	0.219	0.168	0.430	0.083	1.065	0.169	0.103	0.689	0	0.033	0	0.241	0.253
preferred	0	0	0	0	0	0	0	0	0	0	0	0.060	0
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0	0	0.088	1	0.088	1	0.088	1	0.088	1	1.23%
senior	8.929	14	14.465	30	9.709	34	6.514	11	6.514	11	46.638	118	44.724	108	91.03%
subordinated	1.577	14	0.961	5	0.033	1	0.494	6	0.494	6	3.452	31	3.233	29	6.90%
preferred	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.060	1	0.84%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Mandatory
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
No	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
No	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Greenshoe Exercised?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0.451	2.570	0	0	0.260	0.617	0.233	3.829	0.391	1.376	0.298	1.248	0.125
No	1.682	2.705	2.772	0.621	6.854	0.391	4.613	5.743	4.385	0.789	2.502	1.986	3.797
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.260	3	4.679	13	2.065	8	1.373	6	1.373	6	11.399	41	10.948	38	19.19%
No	10.246	25	10.747	22	7.677	27	5.783	13	5.783	13	38.839	110	37.157	101	80.81%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Versus Talk
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Richer	0	0	0	0	0	0	0	0	0.180	0	0.298	0	0
Rich end	0	1.261	0	0	0	0	0	0	0	0	0.247	1.243	0.125
Within	1.035	0.950	0.914	0	0.155	0	0.500	1.209	0.980	0.191	1.500	0	0
Cheap end	0	1.622	1.186	0	0	0.089	0	1.179	0.650	0.918	0	0	0
NA	1.098	1.441	0.671	0.621	6.959	0.919	4.346	7.184	2.967	1.056	0.756	1.992	3.797
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0.478	2	0	0	0	0	0.478	2	0.478	2	0.00%
Rich end	0	0	0	0	0.247	1	1.368	4	1.368	4	2.875	10	2.875	10	19.12%
Within	1.069	4	1.709	4	2.671	6	0	0	0	0	7.433	18	6.398	15	0.00%
Cheap end	1.186	2	1.268	2	1.568	3	0	0	0	0	5.644	12	5.644	12	0.00%
NA	8.251	22	12.449	29	4.779	23	5.788	15	5.788	15	33.807	109	32.709	100	80.88%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Use of Proceeds
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Acquisition	0	0	0.380	0	0	0.089	0	0.089	0	0.161	0	0.052	0
Capex	0.017	0.100	0	0	0	0.498	0.130	1.000	0.800	0.230	0.200	0.660	0
GCP	0.220	1.565	0.719	0.062	0.403	0.096	3.936	4.754	1.118	0.960	2.198	0.853	0
Refinance	0.554	0.878	0.343	0.059	0.040	0	0	2.172	0.180	0.757	0.276	0.599	0
Multiple/Other/NA	1.341	2.732	1.330	0.500	6.671	0.324	0.780	1.556	2.679	0.057	0.126	1.071	3.922
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.380	2	0.178	2	0.161	1	0.052	1	0.052	1	0.771	6	0.771	6	0.73%
Capex	0	0	1.629	4	1.230	4	0.660	2	0.660	2	3.636	12	3.619	11	9.22%
GCP	1.184	10	8.786	13	4.276	16	0.853	4	0.853	4	16.885	50	16.664	47	11.92%
Refinance	0.442	5	2.172	3	1.213	4	0.599	3	0.599	3	5.858	23	5.304	21	8.37%
Multiple/Other/NA	8.500	11	2.660	13	2.862	10	4.993	9	4.993	9	23.088	60	21.747	54	69.77%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Industry Sector (by SIC code)
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Agriculture (0xxx)	0.305	0.348	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.266	1.021	0	0	0	0	0	0	0.300	0.230	0.298	0.660	0
Oil and gas (13xx)	0	0.154	0.325	0.059	0.123	0.311	0	0	0.650	0	1.609	0.686	0.202
Construction (15xx)	0	0	0	0	0	0	0	0.089	0.015	0.757	0	0.328	0
Manufacturing (2xxx, 3xxx)	0.412	0.287	0.105	0.524	0.194	0	0.500	3.177	3.114	0	0.247	0.655	3.499
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0	0.350	0	0	0	0	0.045
Transportation (4xxx)	0.125	0.677	0.616	0	0.048	0	0.280	0	0.020	0.141	0	0	0.125
Communications (48xx)	0	0	0.062	0	0	0	0	2.139	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.219	0.077	0	0	0	0	0.233	0	0	0.191	0.149	0	0
Wholesale (5xxx)	0	0	0.050	0	0	0.528	0	0.350	0	0	0.045	0.052	0
Finance, insurance, real estate (6xxx)	0.488	2.420	1.540	0.038	6.749	0.169	3.833	2.287	0.391	0.685	0.421	0.796	0.050
Services (7xxx)	0.318	0.291	0.075	0	0	0	0	0	0.287	0.161	0.032	0.058	0
Sovereign (8888)	0	0	0	0	0	0	0	1.179	0	0	0	0	0
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.652	3	0.348	2	0.00%
Mining (1xxx)	0	0	0	0	0.828	3	0.660	2	0.660	2	2.775	9	2.509	7	9.22%
Oil and gas (13xx)	0.507	4	0.311	3	2.259	4	0.888	5	0.888	5	4.118	18	4.118	18	12.41%
Construction (15xx)	0	0	0.089	1	0.771	2	0.328	1	0.328	1	1.189	4	1.189	4	4.58%
Manufacturing (2xxx, 3xxx)	0.823	5	3.677	10	3.360	6	4.154	3	4.154	3	12.713	28	12.301	27	58.05%
Pharmaceuticals (2834-6)	0	0	0.350	1	0	0	0.045	1	0.045	1	0.395	2	0.395	2	0.63%
Transportation (4xxx)	0.663	2	0.280	2	0.161	2	0.125	1	0.125	1	2.032	11	1.907	10	1.75%
Communications (48xx)	0.062	1	2.139	2	0	0	0	0	0	0	2.201	3	2.201	3	0.00%
Electric, gas, sanitary services (49xx)	0	0	0.233	2	0.341	2	0	0	0	0	0.870	7	0.651	5	0.00%
Wholesale (5xxx)	0.050	1	0.878	4	0.045	1	0.052	1	0.052	1	1.025	7	1.025	7	0.73%
Finance, insurance, real estate (6xxx)	8.326	14	6.289	9	1.497	11	0.847	4	0.847	4	19.867	50	19.379	46	11.84%
Services (7xxx)	0.075	1	0	0	0.480	4	0.058	1	0.058	1	1.222	8	0.904	7	0.81%
Sovereign (8888)	0	0	1.179	1	0	0	0	0	0	0	1.179	1	1.179	1	0.00%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	100.00%
Currency
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
$	0.537	2.943	0.707	0.500	0.500	0.222	0.780	3.239	2.820	0.230	1.700	1.375	0.125
A$	0	0.138	0	0	0.179	0	0	0	0	0	0.127	0	0
Bt	0	0	0	0	0	0	0	0	0	0	0	0.328	0
C$	0.506	0.264	0.420	0.083	0.426	0.199	0.103	0.232	0.015	0.248	0.303	0.311	0.253
CHF	0	0	0	0	0.155	0	0	0	0	0	0	0	0
HK$	0	0.077	0	0	0	0.498	0.129	0.672	0	0	0	0	0
NIS	0	0	0	0	0	0	0	0	0.081	0	0	0	0
NOK	0	0	0	0	0	0	0	0	0.020	0	0	0	0
RM	0	0	0	0	0	0	0	0	0	0	0	0.088	0
RMB	0	0.348	0	0	5.854	0	3.835	0.400	0	0	0	0	3.499
S$	0	0.376	0.062	0	0	0	0	0	0	0.390	0	0	0
SEK	0.017	0.222	0	0	0	0	0	0	0	0	0	0	0
Y	0	0	0	0	0	0	0	2.641	0.751	0	0	0	0
€	0.754	0.615	0.968	0.038	0	0.089	0	2.388	1.090	0.980	0.670	1.133	0.045
£	0.318	0.291	0.616	0	0	0	0	0	0	0.317	0	0	0
Total	2.133	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.922
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.707	6	4.241	10	4.750	8	1.500	6	1.500	6	15.678	39	15.141	37	20.96%
A$	0.179	3	0	0	0.127	1	0	0	0	0	0.443	5	0.443	5	0.00%
Bt	0	0	0	0	0	0	0.328	1	0.328	1	0.328	1	0.328	1	4.58%
C$	0.928	11	0.533	8	0.566	8	0.563	7	0.563	7	3.362	43	2.856	38	7.87%
CHF	0.155	1	0	0	0	0	0	0	0	0	0.155	1	0.155	1	0.00%
HK$	0	0	1.299	5	0	0	0	0	0	0	1.376	6	1.376	6	0.00%
NIS	0	0	0	0	0.081	1	0	0	0	0	0.081	1	0.081	1	0.00%
NOK	0	0	0	0	0.020	1	0	0	0	0	0.020	1	0.020	1	0.00%
RM	0	0	0	0	0	0	0.088	1	0.088	1	0.088	1	0.088	1	1.23%
RMB	5.854	1	4.235	3	0	1	3.499	1	3.499	1	13.936	8	13.936	8	48.90%
S$	0.062	1	0	0	0.390	1	0	0	0	0	0.828	4	0.828	4	0.00%
SEK	0	0	0	0	0	0	0	0	0	0	0.239	2	0.222	1	0.00%
Y	0	0	2.641	5	0.751	1	0	0	0	0	3.392	6	3.392	6	0.00%
€	1.006	4	2.476	4	2.740	11	1.178	3	1.178	3	8.769	28	8.015	25	16.46%
£	0.616	1	0	0	0.317	2	0	0	0	0	1.542	5	1.224	4	0.00%
Total	10.506	28	15.426	35	9.742	35	7.156	19	7.156	19	50.237	151	48.105	139	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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