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

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

Coupon

	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
0%	0	0.579	0	0	0	0.500	1.839	1.800	0	0	0.715	0	0.432
0.01%-0.99%	0	0	0	5.854	0	3.704	2.641	0.751	0.757	0	0	0	0
1%-1.99%	1.795	0	0	0	0.498	0	0.200	0	0.581	0	1.461	0	0
2%-2.99%	0.963	0	0.500	0.155	0	0	0.622	0.704	0.161	1.747	0.088	0	1.554
3%-3.99%	0.198	0.942	0	0	0	0	0.910	0.950	0	0	0	0.125	0
4%-4.99%	1.312	0.616	0	0	0	0	0.400	0	0	0.298	0.550	0	0.621
5%-5.99%	0.149	0.135	0	0.083	0.171	0.280	1.654	0	0.493	0.104	0.122	0.253	0
6%-6.99%	0.449	0.425	0.062	0.303	0.072	0.233	0.805	0.385	0.141	0.443	0.189	0.045	0.394
7%-7.99%	0.222	0.075	0.059	0	0.118	0	0.500	0.151	0	0.081	0	0	0.005
8% and higher	0.155	0	0	0.040	0	0.129	0	0.015	0.033	0.127	0.110	0.029	0
Floater	0	0	0	0.679	0	0	0	0.020	0	0	0	3.499	0
NA	0.031	0	0	0	0.147	0	0	0	0	0	0	0	0
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	1.147	5	1.147	5	5.865	21	19.572	16	11.26%
0.01%-0.99%	5.854	1	6.345	2	1.508	2	0	0	0	0	13.707	21	19.572	5	0.00%
1%-1.99%	0	0	0.698	2	0.581	2	1.461	3	1.461	3	4.535	11	2.740	7	14.34%
2%-2.99%	0.655	2	0.622	2	2.612	5	1.642	5	1.642	5	6.494	18	5.530	14	16.11%
3%-3.99%	0.942	2	0.910	2	0.950	2	0.125	1	0.125	1	3.125	8	2.928	7	1.23%
4%-4.99%	0.616	1	0.400	1	0.298	1	1.171	2	1.171	2	3.797	9	2.485	5	11.49%
5%-5.99%	0.218	4	2.105	7	0.597	6	0.374	4	0.374	4	3.445	23	3.295	21	3.67%
6%-6.99%	0.790	9	1.111	7	0.969	6	0.629	7	0.629	7	3.947	33	3.498	29	6.17%
7%-7.99%	0.134	2	0.618	3	0.233	4	0.005	1	0.005	1	1.212	11	0.990	10	0.05%
8% and higher	0.040	1	0.129	1	0.174	4	0.139	2	0.139	2	0.637	9	0.482	8	1.36%
Floater	0.679	4	0	0	0.020	1	3.499	1	3.499	1	4.197	6	4.197	6	34.33%
NA	0	0	0.147	1	0	0	0	0	0	0	0.178	2	0.147	1	0.00%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Premium
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
19.99% and lower	0	0.075	0	0.155	0.075	0.129	0.986	0.321	0	0.200	0.088	0	0
20%-29.99%	1.874	0.325	0	0.234	0.498	0.130	4.909	1.734	0.508	0.127	0.484	3.544	0.558
30-39.99%	3.241	2.250	0.524	0.192	0.161	0.500	1.658	2.701	1.484	2.288	2.009	0.175	1.601
40% and higher	0.054	0	0.059	0	0.030	0.103	1.342	0	0.141	0.154	0.326	0.202	0.415
NA	0.105	0.122	0.038	6.533	0.243	3.984	0.677	0.020	0.033	0.032	0.328	0.029	0.432
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	2.029	9	2.029	9	0.86%
20%-29.99%	0.559	3	5.538	10	2.369	12	4.587	5	4.587	5	14.927	40	13.053	30	45.01%
30-39.99%	2.967	14	2.318	8	6.472	14	3.785	12	3.785	12	18.783	57	15.542	48	37.14%
40% and higher	0.059	1	1.475	5	0.295	4	0.942	9	0.942	9	2.825	20	2.771	19	9.24%
NA	6.693	8	4.904	8	0.085	3	0.789	4	0.789	4	12.576	25	12.470	23	7.74%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Upsized?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	1.693	1.133	0	0.155	0	0	0.515	0	0	0.127	0.086	0.029	0.336
No	3.581	1.639	0.621	6.959	1.008	4.846	9.057	4.777	2.165	2.673	3.148	3.922	2.199
Downsized	0	0	0	0	0	0	0	0	0	0	0	0	0.471
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	0.451	4	0.451	4	4.074	14	2.381	10	4.43%
No	9.219	25	14.911	33	9.615	34	9.269	26	9.269	26	46.595	136	43.013	118	90.95%
Downsized	0	0	0	0	0	0	0.471	1	0.471	1	0.471	1	0.471	1	4.62%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Seniority
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
secured	0	0	0	0	0	0	0	0	0	0	0.088	0	0
senior	5.106	2.342	0.538	6.049	0.839	4.743	8.883	4.777	2.133	2.800	2.846	3.669	2.940
subordinated	0.168	0.430	0.083	1.065	0.169	0.103	0.689	0	0.033	0	0.241	0.282	0.066
preferred	0	0	0	0	0	0	0	0	0	0	0.060	0	0
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	0.86%
senior	8.929	14	14.465	30	9.709	34	9.455	20	9.455	20	47.664	117	42.558	98	92.78%
subordinated	1.577	14	0.961	5	0.033	1	0.589	9	0.589	9	3.328	32	3.160	29	5.78%
preferred	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.060	1	0.59%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Mandatory
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
No	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Greenshoe Exercised?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	2.570	0	0	0.260	0.617	0.233	3.829	0.391	1.376	0.298	1.248	0.154	0.624
No	2.705	2.772	0.621	6.854	0.391	4.613	5.743	4.385	0.789	2.502	1.986	3.797	2.382
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	2.026	9	2.026	9	11.601	41	9.031	33	19.88%
No	10.246	25	10.747	22	7.677	27	8.165	22	8.165	22	39.539	110	36.834	96	80.12%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Versus Talk
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Richer	0	0	0	0	0	0	0	0.180	0	0.298	0	0	0
Rich end	1.261	0	0	0	0	0	0	0	0	0.247	1.243	0.125	0.808
Within	0.950	0.914	0	0.155	0	0.500	1.209	0.980	0.191	1.500	0	0	1.092
Cheap end	1.622	1.186	0	0	0.089	0	1.179	0.650	0.918	0	0	0	0.283
NA	1.441	0.671	0.621	6.959	0.919	4.346	7.184	2.967	1.056	0.756	1.992	3.826	0.823
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	2.175	6	2.175	6	3.683	12	2.422	7	21.34%
Within	1.069	4	1.709	4	2.671	6	1.092	2	1.092	2	7.491	17	6.541	16	10.72%
Cheap end	1.186	2	1.268	2	1.568	3	0.283	1	0.283	1	5.927	13	4.305	8	2.78%
NA	8.251	22	12.449	29	4.779	23	6.640	22	6.640	22	33.561	107	32.120	96	65.16%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Use of Proceeds
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Acquisition	0	0.380	0	0	0.089	0	0.089	0	0.161	0	0.052	0.029	0
Capex	0.100	0	0	0	0.498	0.130	1.000	0.800	0.230	0.200	0.660	0	0.050
GCP	1.565	0.719	0.062	0.403	0.096	3.936	4.754	1.118	0.960	2.198	0.853	0	1.489
Redeem convertibles	0	0	0	0	0	0	0	0	0	0	0	0	0.471
Refinance	0.878	0.343	0.059	0.040	0	0	2.172	0.180	0.757	0.276	0.599	0	0
Multiple/Other/NA	2.732	1.330	0.500	6.671	0.324	0.780	1.556	2.679	0.057	0.126	1.071	3.922	0.995
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	0.081	2	0.081	2	0.800	7	0.800	7	0.79%
Capex	0	0	1.629	4	1.230	4	0.710	3	0.710	3	3.669	12	3.569	11	6.97%
GCP	1.184	10	8.786	13	4.276	16	2.342	8	2.342	8	18.153	51	16.589	47	22.98%
Redeem convertibles	0	0	0	0	0	0	0.471	1	0.471	1	0.471	1	0.471	1	4.62%
Refinance	0.442	5	2.172	3	1.213	4	0.599	3	0.599	3	5.304	21	4.426	15	5.88%
Multiple/Other/NA	8.500	11	2.660	13	2.862	10	5.988	14	5.988	14	22.742	59	20.010	48	58.76%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Industry Sector (by SIC code)
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Agriculture (0xxx)	0.348	0	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	1.021	0	0	0	0	0	0	0.300	0.230	0.298	0.660	0	0.050
Oil and gas (13xx)	0.154	0.325	0.059	0.123	0.311	0	0	0.650	0	1.609	0.686	0.202	0
Construction (15xx)	0	0	0	0	0	0	0.089	0.015	0.757	0	0.328	0	0.283
Manufacturing (2xxx, 3xxx)	0.287	0.105	0.524	0.194	0	0.500	3.177	3.114	0	0.247	0.655	3.499	1.402
Pharmaceuticals (2834-6)	0	0	0	0	0	0	0.350	0	0	0	0	0.045	0
Transportation (4xxx)	0.677	0.616	0	0.048	0	0.280	0	0.020	0.141	0	0	0.125	0.532
Communications (48xx)	0	0.062	0	0	0	0	2.139	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.077	0	0	0	0	0.233	0	0	0.191	0.149	0	0	0
Wholesale (5xxx)	0	0.050	0	0	0.528	0	0.350	0	0	0.045	0.052	0	0.464
Finance, insurance, real estate (6xxx)	2.420	1.540	0.038	6.749	0.169	3.833	2.287	0.391	0.685	0.421	0.796	0.080	0.275
Services (7xxx)	0.291	0.075	0	0	0	0	0	0.287	0.161	0.032	0.058	0	0
Sovereign (8888)	0	0	0	0	0	0	1.179	0	0	0	0	0	0
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	0.348	2	0	0	0.00%
Mining (1xxx)	0	0	0	0	0.828	3	0.710	3	0.710	3	2.559	8	1.538	6	6.97%
Oil and gas (13xx)	0.507	4	0.311	3	2.259	4	0.888	5	0.888	5	4.118	18	3.964	16	8.71%
Construction (15xx)	0	0	0.089	1	0.771	2	0.612	2	0.612	2	1.472	5	1.472	5	6.01%
Manufacturing (2xxx, 3xxx)	0.823	5	3.677	10	3.360	6	5.555	7	5.555	7	13.703	31	13.416	28	54.51%
Pharmaceuticals (2834-6)	0	0	0.350	1	0	0	0.045	1	0.045	1	0.395	2	0.395	2	0.44%
Transportation (4xxx)	0.663	2	0.280	2	0.161	2	0.657	3	0.657	3	2.439	12	1.762	9	6.45%
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	0.651	5	0.574	4	0.00%
Wholesale (5xxx)	0.050	1	0.878	4	0.045	1	0.516	3	0.516	3	1.489	9	1.489	9	5.06%
Finance, insurance, real estate (6xxx)	8.326	14	6.289	9	1.497	11	1.151	6	1.151	6	19.683	48	17.263	40	11.29%
Services (7xxx)	0.075	1	0	0	0.480	4	0.058	1	0.058	1	0.904	7	0.612	6	0.57%
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	10.191	31	10.191	31	51.140	151	45.865	129	100.00%
Currency
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
$	2.943	0.707	0.500	0.500	0.222	0.780	3.239	2.820	0.230	1.700	1.375	0.125	0.200
A$	0.138	0	0	0.179	0	0	0	0	0	0.127	0	0	0
Bt	0	0	0	0	0	0	0	0	0	0	0.328	0	0
C$	0.264	0.420	0.083	0.426	0.199	0.103	0.232	0.015	0.248	0.303	0.311	0.282	0.066
CHF	0	0	0	0.155	0	0	0	0	0	0	0	0	0
HK$	0.077	0	0	0	0.498	0.129	0.672	0	0	0	0	0	0
NIS	0	0	0	0	0	0	0	0.081	0	0	0	0	0
NOK	0	0	0	0	0	0	0	0.020	0	0	0	0	0
RM	0	0	0	0	0	0	0	0	0	0	0.088	0	0
RMB	0.348	0	0	5.854	0	3.835	0.400	0	0	0	0	3.499	0
S$	0.376	0.062	0	0	0	0	0	0	0.390	0	0	0	0.275
SEK	0.222	0	0	0	0	0	0	0	0	0	0	0	0
Y	0	0	0	0	0	0	2.641	0.751	0	0	0	0	0.282
€	0.615	0.968	0.038	0	0.089	0	2.388	1.090	0.980	0.670	1.133	0.045	2.183
£	0.291	0.616	0	0	0	0	0	0	0.317	0	0	0	0
Total	5.274	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.006
	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	1.700	8	1.700	8	15.341	39	12.398	32	16.68%
A$	0.179	3	0	0	0.127	1	0	0	0	0	0.443	5	0.305	4	0.00%
Bt	0	0	0	0	0	0	0.328	1	0.328	1	0.328	1	0.328	1	3.22%
C$	0.928	11	0.533	8	0.566	8	0.659	10	0.659	10	2.951	41	2.687	37	6.47%
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	1.299	5	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	0.86%
RMB	5.854	1	4.235	3	0	1	3.499	1	3.499	1	13.936	8	13.588	6	34.33%
S$	0.062	1	0	0	0.390	1	0.275	1	0.275	1	1.103	5	0.726	3	2.70%
SEK	0	0	0	0	0	0	0	0	0	0	0.222	1	0	0	0.00%
Y	0	0	2.641	5	0.751	1	0.282	1	0.282	1	3.674	7	3.674	7	2.77%
€	1.006	4	2.476	4	2.740	11	3.362	8	3.362	8	10.198	30	9.584	27	32.99%
£	0.616	1	0	0	0.317	2	0	0	0	0	1.224	4	0.932	3	0.00%
Total	10.506	28	15.426	35	9.742	35	10.191	31	10.191	31	51.140	151	45.865	129	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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