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

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

Coupon

	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
0%	0.579	0	0	0	0.500	1.839	1.800	0	0	0.715	0	0.432	0.900
0.01%-0.99%	0	0	5.854	0	3.704	2.641	0.751	0.757	0	0	0	0	0
1%-1.99%	0	0	0	0.498	0	0.200	0	0.581	0	1.461	0	0.250	0
2%-2.99%	0	0.500	0.155	0	0	0.622	0.704	0.161	1.747	0.088	0	1.554	0.875
3%-3.99%	0.942	0	0	0	0	0.910	0.950	0	0	0	0.125	0	0.292
4%-4.99%	0.616	0	0	0	0	0.400	0	0	0.298	0.550	0	0.621	0.650
5%-5.99%	0.135	0	0.083	0.171	0.280	1.654	0	0.493	0.104	0.122	0.253	0	0.876
6%-6.99%	0.425	0.062	0.303	0.072	0.233	0.805	0.385	0.141	0.443	0.189	0.045	0.394	0
7%-7.99%	0.075	0.059	0	0.118	0	0.500	0.151	0	0.081	0	0	0.009	0
8% and higher	0	0	0.040	0	0.129	0	0.015	0.033	0.127	0.110	0.029	0	0.125
Floater	0	0	0.679	0	0	0	0.020	0	0	0	3.499	0	0
NA	0	0	0	0.147	0	0	0	0	0	0	0	0	0
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0.579	2	2.339	7	1.800	2	1.147	5	0.900	2	2.047	7	6.765	18	6.186	16	14.45%
0.01%-0.99%	5.854	1	6.345	2	1.508	2	0	0	0	0	0	0	13.707	5	13.707	5	0.00%
1%-1.99%	0	0	0.698	2	0.581	2	1.711	4	0	0	1.711	4	2.990	8	2.990	8	12.08%
2%-2.99%	0.655	2	0.622	2	2.612	5	1.642	5	0.875	3	2.517	8	6.406	17	6.406	17	17.77%
3%-3.99%	0.942	2	0.910	2	0.950	2	0.125	1	0.292	1	0.417	2	3.220	8	2.277	6	2.94%
4%-4.99%	0.616	1	0.400	1	0.298	1	1.171	2	0.650	2	1.821	4	3.135	7	2.519	6	12.86%
5%-5.99%	0.218	4	2.105	7	0.597	6	0.374	4	0.876	6	1.250	10	4.171	27	4.036	24	8.83%
6%-6.99%	0.790	9	1.111	7	0.969	6	0.629	7	0	0	0.629	7	3.498	29	3.074	26	4.44%
7%-7.99%	0.134	2	0.618	3	0.233	4	0.009	1	0	0	0.009	1	0.994	10	0.919	9	0.06%
8% and higher	0.040	1	0.129	1	0.174	4	0.139	2	0.125	3	0.264	5	0.607	11	0.607	11	1.86%
Floater	0.679	4	0	0	0.020	1	3.499	1	0	0	3.499	1	4.197	6	4.197	6	24.70%
NA	0	0	0.147	1	0	0	0	0	0	0	0	0	0.147	1	0.147	1	0.00%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Premium
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
19.99% and lower	0.075	0	0.155	0.075	0.129	0.986	0.321	0	0.200	0.088	0	0	0.292
20%-29.99%	0.325	0	0.234	0.498	0.130	4.909	1.734	0.508	0.127	0.484	3.544	0.558	0.951
30-39.99%	2.250	0.524	0.192	0.161	0.500	1.658	2.701	1.484	2.288	2.009	0.175	1.851	1.754
40% and higher	0	0.059	0	0.030	0.103	1.342	0	0.141	0.154	0.326	0.202	0.419	0.531
NA	0.122	0.038	6.533	0.243	3.984	0.677	0.020	0.033	0.032	0.328	0.029	0.432	0.190
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	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	0.292	1	0.380	2	2.320	10	2.245	9	2.68%
20%-29.99%	0.559	3	5.538	10	2.369	12	4.587	5	0.951	3	5.537	8	14.004	33	13.679	32	39.09%
30-39.99%	2.967	14	2.318	8	6.472	14	4.035	13	1.754	9	5.789	22	17.546	58	15.296	50	40.87%
40% and higher	0.059	1	1.475	5	0.295	4	0.947	9	0.531	2	1.479	11	3.308	21	3.308	21	10.44%
NA	6.693	8	4.904	8	0.085	3	0.789	4	0.190	2	0.979	6	12.660	25	12.539	23	6.91%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Upsized?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	1.133	0	0.155	0	0	0.515	0	0	0.127	0.086	0.029	0.336	0.345
No	1.639	0.621	6.959	1.008	4.846	9.057	4.777	2.165	2.673	3.148	3.922	2.453	3.373
Downsized	0	0	0	0	0	0	0	0	0	0	0	0.471	0
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.287	3	0.515	2	0.127	1	0.451	4	0.345	3	0.796	7	2.726	13	1.593	11	5.62%
No	9.219	25	14.911	33	9.615	34	9.523	27	3.373	14	12.896	41	46.641	133	45.002	123	91.05%
Downsized	0	0	0	0	0	0	0.471	1	0	0	0.471	1	0.471	1	0.471	1	3.33%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Seniority
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
senior secured	0	0	0	0	0	0	0	0	0	0	0	0	0.125
secured	0	0	0	0	0	0	0	0	0	0.088	0	0	0
senior	2.342	0.538	6.049	0.839	4.743	8.883	4.777	2.133	2.800	2.846	3.669	3.190	3.472
subordinated	0.430	0.083	1.065	0.169	0.103	0.689	0	0.033	0	0.241	0.282	0.070	0.120
preferred	0	0	0	0	0	0	0	0	0	0.060	0	0	0
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0	0	0	0	0.125	1	0.125	1	0.125	1	0.125	1	0.88%
secured	0	0	0	0	0	0	0.088	1	0	0	0.088	1	0.088	1	0.088	1	0.62%
senior	8.929	14	14.465	30	9.709	34	9.705	21	3.472	14	13.177	35	46.280	113	43.938	104	93.03%
subordinated	1.577	14	0.961	5	0.033	1	0.593	9	0.120	2	0.714	11	3.284	31	2.855	28	5.04%
preferred	0	0	0	0	0	0	0.060	1	0	0	0.060	1	0.060	1	0.060	1	0.42%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Mandatory
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
No	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
No	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Greenshoe Exercised?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	0	0	0.260	0.617	0.233	3.829	0.391	1.376	0.298	1.248	0.154	0.884	0.151
No	2.772	0.621	6.854	0.391	4.613	5.743	4.385	0.789	2.502	1.986	3.797	2.377	3.567
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.260	3	4.679	13	2.065	8	2.286	11	0.151	2	2.437	13	9.442	37	9.442	37	17.21%
No	10.246	25	10.747	22	7.677	27	8.160	21	3.567	15	11.727	36	40.396	110	37.624	98	82.79%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Versus Talk
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Richer	0	0	0	0	0	0	0.180	0	0.298	0	0	0	0
Rich end	0	0	0	0	0	0	0	0	0.247	1.243	0.125	0.808	0.600
Within	0.914	0	0.155	0	0.500	1.209	0.980	0.191	1.500	0	0	1.092	0.125
Cheap end	1.186	0	0	0.089	0	1.179	0.650	0.918	0	0	0	0.283	0
NA	0.671	0.621	6.959	0.919	4.346	7.184	2.967	1.056	0.756	1.992	3.826	1.077	2.993
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0.478	2	0	0	0	0	0	0	0.478	2	0.478	2	0.00%
Rich end	0	0	0	0	0.247	1	2.175	6	0.600	1	2.775	7	3.022	8	3.022	8	19.59%
Within	1.069	4	1.709	4	2.671	6	1.092	2	0.125	1	1.217	3	6.666	17	5.752	14	8.59%
Cheap end	1.186	2	1.268	2	1.568	3	0.283	1	0	0	0.283	1	4.305	8	3.119	6	2.00%
NA	8.251	22	12.449	29	4.779	23	6.895	23	2.993	15	9.887	38	35.367	112	34.696	105	69.80%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Use of Proceeds
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Acquisition	0.380	0	0	0.089	0	0.089	0	0.161	0	0.052	0.029	0	0.589
Capex	0	0	0	0.498	0.130	1.000	0.800	0.230	0.200	0.660	0	0.050	0.125
GCP	0.719	0.062	0.403	0.096	3.936	4.754	1.118	0.960	2.198	0.853	0	1.489	0.839
Redeem convertibles	0	0	0	0	0	0	0	0	0	0	0	0.471	0
Refinance	0.343	0.059	0.040	0	0	2.172	0.180	0.757	0.276	0.599	0	0	0.181
Multiple/Other/NA	1.330	0.500	6.671	0.324	0.780	1.556	2.679	0.057	0.126	1.071	3.922	1.250	1.983
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.380	2	0.178	2	0.161	1	0.081	2	0.589	2	0.670	4	1.389	9	1.009	7	4.73%
Capex	0	0	1.629	4	1.230	4	0.710	3	0.125	1	0.835	4	3.694	12	3.694	12	5.90%
GCP	1.184	10	8.786	13	4.276	16	2.342	8	0.839	3	3.181	11	17.428	50	16.709	48	22.46%
Redeem convertibles	0	0	0	0	0	0	0.471	1	0	0	0.471	1	0.471	1	0.471	1	3.33%
Refinance	0.442	5	2.172	3	1.213	4	0.599	3	0.181	2	0.781	5	4.608	17	4.264	14	5.51%
Multiple/Other/NA	8.500	11	2.660	13	2.862	10	6.242	15	1.983	9	8.225	24	22.248	58	20.918	53	58.07%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Industry Sector (by SIC code)
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.261
Mining (1xxx)	0	0	0	0	0	0	0.300	0.230	0.298	0.660	0	0.050	0
Oil and gas (13xx)	0.325	0.059	0.123	0.311	0	0	0.650	0	1.609	0.686	0.202	0	0.214
Construction (15xx)	0	0	0	0	0	0.089	0.015	0.757	0	0.328	0	0.283	0
Manufacturing (2xxx, 3xxx)	0.105	0.524	0.194	0	0.500	3.177	3.114	0	0.247	0.655	3.499	1.402	1.325
Pharmaceuticals (2834-6)	0	0	0	0	0	0.350	0	0	0	0	0.045	0	0
Transportation (4xxx)	0.616	0	0.048	0	0.280	0	0.020	0.141	0	0	0.125	0.532	0.031
Communications (48xx)	0.062	0	0	0	0	2.139	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.233	0	0	0.191	0.149	0	0	0	0.150
Wholesale (5xxx)	0.050	0	0	0.528	0	0.350	0	0	0.045	0.052	0	0.468	0
Finance, insurance, real estate (6xxx)	1.540	0.038	6.749	0.169	3.833	2.287	0.391	0.685	0.421	0.796	0.080	0.525	1.237
Services (7xxx)	0.075	0	0	0	0	0	0.287	0.161	0.032	0.058	0	0	0.500
Sovereign (8888)	0	0	0	0	0	1.179	0	0	0	0	0	0	0
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.261	1	0.261	1	0.261	1	0.261	1	1.84%
Mining (1xxx)	0	0	0	0	0.828	3	0.710	3	0	0	0.710	3	1.538	6	1.538	6	5.01%
Oil and gas (13xx)	0.507	4	0.311	3	2.259	4	0.888	5	0.214	2	1.102	7	4.178	18	3.853	17	7.78%
Construction (15xx)	0	0	0.089	1	0.771	2	0.612	2	0	0	0.612	2	1.472	5	1.472	5	4.32%
Manufacturing (2xxx, 3xxx)	0.823	5	3.677	10	3.360	6	5.555	7	1.325	4	6.880	11	14.741	32	14.636	30	48.57%
Pharmaceuticals (2834-6)	0	0	0.350	1	0	0	0.045	1	0	0	0.045	1	0.395	2	0.395	2	0.32%
Transportation (4xxx)	0.663	2	0.280	2	0.161	2	0.657	3	0.031	1	0.689	4	1.794	10	1.178	9	4.86%
Communications (48xx)	0.062	1	2.139	2	0	0	0	0	0	0	0	0	2.201	3	2.139	2	0.00%
Electric, gas, sanitary services (49xx)	0	0	0.233	2	0.341	2	0	0	0.150	1	0.150	1	0.724	5	0.724	5	1.06%
Wholesale (5xxx)	0.050	1	0.878	4	0.045	1	0.520	3	0	0	0.520	3	1.493	9	1.443	8	3.67%
Finance, insurance, real estate (6xxx)	8.326	14	6.289	9	1.497	11	1.401	7	1.237	7	2.638	14	18.750	48	17.210	43	18.62%
Services (7xxx)	0.075	1	0	0	0.480	4	0.058	1	0.500	1	0.558	2	1.112	7	1.037	6	3.94%
Sovereign (8888)	0	0	1.179	1	0	0	0	0	0	0	0	0	1.179	1	1.179	1	0.00%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	100.00%
Currency
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
$	0.707	0.500	0.500	0.222	0.780	3.239	2.820	0.230	1.700	1.375	0.125	0.200	2.450
A$	0	0	0.179	0	0	0	0	0	0.127	0	0	0	0
Bt	0	0	0	0	0	0	0	0	0	0.328	0	0	0
C$	0.420	0.083	0.426	0.199	0.103	0.232	0.015	0.248	0.303	0.311	0.282	0.070	0.350
CHF	0	0	0.155	0	0	0	0	0	0	0	0	0	0
HK$	0	0	0	0.498	0.129	0.672	0	0	0	0	0	0	0.201
NIS	0	0	0	0	0	0	0.081	0	0	0	0	0	0
NOK	0	0	0	0	0	0	0.020	0	0	0	0	0	0
PLN	0	0	0	0	0	0	0	0	0	0	0	0	0.015
RM	0	0	0	0	0	0	0	0	0	0.088	0	0	0
RMB	0	0	5.854	0	3.835	0.400	0	0	0	0	3.499	0.250	0.150
S$	0.062	0	0	0	0	0	0	0.390	0	0	0	0.275	0
Y	0	0	0	0	0	2.641	0.751	0	0	0	0	0.282	0
€	0.968	0.038	0	0.089	0	2.388	1.090	0.980	0.670	1.133	0.045	2.183	0.552
£	0.616	0	0	0	0	0	0	0.317	0	0	0	0	0
Total	2.772	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.718
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.707	6	4.241	10	4.750	8	1.700	8	2.450	7	4.150	15	14.848	39	14.141	35	29.30%
A$	0.179	3	0	0	0.127	1	0	0	0	0	0	0	0.305	4	0.305	4	0.00%
Bt	0	0	0	0	0	0	0.328	1	0	0	0.328	1	0.328	1	0.328	1	2.32%
C$	0.928	11	0.533	8	0.566	8	0.663	10	0.350	5	1.013	15	3.041	42	2.621	39	7.15%
CHF	0.155	1	0	0	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	0.201	1	0.201	1	1.500	6	1.500	6	1.42%
NIS	0	0	0	0	0.081	1	0	0	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	0	0.020	1	0.020	1	0.00%
PLN	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.015	1	0.11%
RM	0	0	0	0	0	0	0.088	1	0	0	0.088	1	0.088	1	0.088	1	0.62%
RMB	5.854	1	4.235	3	0	1	3.749	2	0.150	1	3.899	3	13.988	8	13.988	8	27.53%
S$	0.062	1	0	0	0.390	1	0.275	1	0	0	0.275	1	0.726	3	0.665	2	1.94%
Y	0	0	2.641	5	0.751	1	0.282	1	0	0	0.282	1	3.674	7	3.674	7	1.99%
€	1.006	4	2.476	4	2.740	11	3.362	8	0.552	2	3.914	10	10.136	29	9.168	26	27.63%
£	0.616	1	0	0	0.317	2	0	0	0	0	0	0	0.932	3	0.317	2	0.00%
Total	10.506	28	15.426	35	9.742	35	10.446	32	3.718	17	14.164	49	49.838	147	47.066	135	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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