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

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

Coupon

	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
0%	0	0	0	0.500	1.839	1.800	0	0	0.715	0	0.432	0.900	0.500
0.01%-0.99%	0	5.854	0	3.704	2.641	0.751	0.757	0	0	0	0	0	0
1%-1.99%	0	0	0.498	0	0.200	0	0.581	0	1.461	0	0.250	0	0
2%-2.99%	0.500	0.155	0	0	0.622	0.704	0.161	1.747	0.088	0	1.554	0.875	1.084
3%-3.99%	0	0	0	0	0.910	0.950	0	0	0	0.125	0	0.292	0.787
4%-4.99%	0	0	0	0	0.400	0	0	0.298	0.550	0	0.621	0.650	0
5%-5.99%	0	0.083	0.171	0.280	1.654	0	0.493	0.104	0.122	0.253	0	0.876	0.170
6%-6.99%	0.062	0.303	0.072	0.233	0.805	0.385	0.141	0.443	0.189	0.045	0.394	0	0.060
7%-7.99%	0.059	0	0.118	0	0.500	0.151	0	0.081	0	0	0.009	0	0.041
8% and higher	0	0.040	0	0.129	0	0.015	0.033	0.127	0.110	0.029	0	0.130	0.087
Floater	0	0.679	0	0	0	0.020	0	0	0	3.499	0	0	0
NA	0	0	0.147	0	0	0	0	0	0	0	0	0	0
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	2.339	7	1.800	2	1.147	5	1.400	3	2.547	8	6.686	17	6.686	17	15.07%
0.01%-0.99%	6.345	2	1.508	2	0	0	0	0	0	0	13.707	5	13.707	5	0.00%
1%-1.99%	0.698	2	0.581	2	1.711	4	0	0	1.711	4	2.990	8	2.990	8	10.13%
2%-2.99%	0.622	2	2.612	5	1.642	5	1.960	5	3.601	10	7.490	19	6.990	18	21.31%
3%-3.99%	0.910	2	0.950	2	0.125	1	1.079	2	1.204	3	3.064	7	3.064	7	7.13%
4%-4.99%	0.400	1	0.298	1	1.171	2	0.650	2	1.821	4	2.519	6	2.519	6	10.78%
5%-5.99%	2.105	7	0.597	6	0.374	4	1.046	9	1.420	13	4.206	27	4.206	27	8.40%
6%-6.99%	1.111	7	0.969	6	0.629	7	0.060	1	0.689	8	3.134	27	3.072	25	4.08%
7%-7.99%	0.618	3	0.233	4	0.009	1	0.041	1	0.051	2	0.961	10	0.902	9	0.30%
8% and higher	0.129	1	0.174	4	0.139	2	0.216	5	0.356	7	0.699	13	0.699	13	2.11%
Floater	0	0	0.020	1	3.499	1	0	0	3.499	1	4.197	6	4.197	6	20.71%
NA	0.147	1	0	0	0	0	0	0	0	0	0.147	1	0.147	1	0.00%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Premium
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
19.99% and lower	0	0.155	0.075	0.129	0.986	0.321	0	0.200	0.088	0	0	0.292	0
20%-29.99%	0	0.234	0.498	0.130	4.909	1.734	0.508	0.127	0.484	3.544	0.558	0.951	0.864
30-39.99%	0.524	0.192	0.161	0.500	1.658	2.701	1.484	2.288	2.009	0.175	1.851	1.754	0.378
40% and higher	0.059	0	0.030	0.103	1.342	0	0.141	0.154	0.326	0.202	0.419	0.536	0.877
NA	0.038	6.533	0.243	3.984	0.677	0.020	0.033	0.032	0.328	0.029	0.432	0.190	0.611
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	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	1.190	4	0.521	2	0.088	1	0.292	1	0.380	2	2.245	9	2.245	9	2.25%
20%-29.99%	5.538	10	2.369	12	4.587	5	1.815	5	6.401	10	14.543	34	14.543	34	37.88%
30-39.99%	2.318	8	6.472	14	4.035	13	2.132	12	6.167	25	15.673	53	15.149	51	36.50%
40% and higher	1.475	5	0.295	4	0.947	9	1.413	4	2.360	13	4.189	23	4.130	22	13.96%
NA	4.904	8	0.085	3	0.789	4	0.801	6	1.590	10	13.150	27	13.112	26	9.41%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Upsized?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	0	0.155	0	0	0.515	0	0	0.127	0.086	0.029	0.336	0.345	0
No	0.621	6.959	1.008	4.846	9.057	4.777	2.165	2.673	3.148	3.922	2.453	3.378	2.729
Downsized	0	0	0	0	0	0	0	0	0	0	0.471	0	0
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.515	2	0.127	1	0.451	4	0.345	3	0.796	7	1.593	11	1.593	11	4.71%
No	14.911	33	9.615	34	9.523	27	6.107	25	15.630	52	47.736	134	47.115	130	92.50%
Downsized	0	0	0	0	0.471	1	0	0	0.471	1	0.471	1	0.471	1	2.79%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Seniority
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
senior secured	0	0	0	0	0	0	0	0	0	0	0	0.125	0
secured	0	0	0	0	0	0	0	0	0.088	0	0	0	0
senior	0.538	6.049	0.839	4.743	8.883	4.777	2.133	2.800	2.846	3.669	3.190	3.472	2.541
subordinated	0.083	1.065	0.169	0.103	0.689	0	0.033	0	0.241	0.282	0.070	0.125	0.189
preferred	0	0	0	0	0	0	0	0	0.060	0	0	0	0
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	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	0.125	1	0.125	1	0.125	1	0.125	1	0.74%
secured	0	0	0	0	0.088	1	0	0	0.088	1	0.088	1	0.088	1	0.52%
senior	14.465	30	9.709	34	9.705	21	6.013	22	15.718	43	46.479	112	45.941	110	93.02%
subordinated	0.961	5	0.033	1	0.593	9	0.314	5	0.907	14	3.048	31	2.966	29	5.37%
preferred	0	0	0	0	0.060	1	0	0	0.060	1	0.060	1	0.060	1	0.36%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Mandatory
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
No	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
No	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Greenshoe Exercised?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	0	0.260	0.617	0.233	3.829	0.391	1.376	0.298	1.248	0.154	0.884	0.187	0.787
No	0.621	6.854	0.391	4.613	5.743	4.385	0.789	2.502	1.986	3.797	2.377	3.535	1.942
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.679	13	2.065	8	2.286	11	0.974	4	3.260	15	10.265	39	10.265	39	19.29%
No	10.747	22	7.677	27	8.160	21	5.478	24	13.638	45	39.535	107	38.915	103	80.71%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Versus Talk
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Richer	0	0	0	0	0	0.180	0	0.298	0	0	0	0	0
Rich end	0	0	0	0	0	0	0	0.247	1.243	0.125	0.808	0.600	0
Within	0	0.155	0	0.500	1.209	0.980	0.191	1.500	0	0	1.092	0.125	0.284
Cheap end	0	0	0.089	0	1.179	0.650	0.918	0	0	0	0.283	0	0.787
NA	0.621	6.959	0.919	4.346	7.184	2.967	1.056	0.756	1.992	3.826	1.077	2.998	1.658
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	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	0.478	2	0	0	0	0	0	0	0.478	2	0.478	2	0.00%
Rich end	0	0	0.247	1	2.175	6	0.600	1	2.775	7	3.022	8	3.022	8	16.42%
Within	1.709	4	2.671	6	1.092	2	0.409	2	1.502	4	6.036	15	6.036	15	8.89%
Cheap end	1.268	2	1.568	3	0.283	1	0.787	1	1.070	2	3.906	7	3.906	7	6.33%
NA	12.449	29	4.779	23	6.895	23	4.656	24	11.550	47	36.359	114	35.738	110	68.35%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Use of Proceeds
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Acquisition	0	0	0.089	0	0.089	0	0.161	0	0.052	0.029	0	0.589	0.154
Capex	0	0	0.498	0.130	1.000	0.800	0.230	0.200	0.660	0	0.050	0.125	0.500
GCP	0.062	0.403	0.096	3.936	4.754	1.118	0.960	2.198	0.853	0	1.489	0.839	1.923
Redeem convertibles	0	0	0	0	0	0	0	0	0	0	0.471	0	0
Refinance	0.059	0.040	0	0	2.172	0.180	0.757	0.276	0.599	0	0	0.186	0.093
Multiple/Other/NA	0.500	6.671	0.324	0.780	1.556	2.679	0.057	0.126	1.071	3.922	1.250	1.983	0.060
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.178	2	0.161	1	0.081	2	0.743	4	0.824	6	1.163	9	1.163	9	4.88%
Capex	1.629	4	1.230	4	0.710	3	0.625	2	1.335	5	4.194	13	4.194	13	7.90%
GCP	8.786	13	4.276	16	2.342	8	2.762	8	5.104	16	18.632	53	18.570	51	30.20%
Redeem convertibles	0	0	0	0	0.471	1	0	0	0.471	1	0.471	1	0.471	1	2.79%
Refinance	2.172	3	1.213	4	0.599	3	0.279	4	0.878	7	4.362	16	4.303	15	5.20%
Multiple/Other/NA	2.660	13	2.862	10	6.242	15	2.043	10	8.285	25	20.978	54	20.478	53	49.03%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Industry Sector (by SIC code)
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0.261	0
Mining (1xxx)	0	0	0	0	0	0.300	0.230	0.298	0.660	0	0.050	0	0
Oil and gas (13xx)	0.059	0.123	0.311	0	0	0.650	0	1.609	0.686	0.202	0	0.214	0.093
Construction (15xx)	0	0	0	0	0.089	0.015	0.757	0	0.328	0	0.283	0	0
Manufacturing (2xxx, 3xxx)	0.524	0.194	0	0.500	3.177	3.114	0	0.247	0.655	3.499	1.402	1.325	0.500
Pharmaceuticals (2834-6)	0	0	0	0	0.350	0	0	0	0	0.045	0	0	0.010
Transportation (4xxx)	0	0.048	0	0.280	0	0.020	0.141	0	0	0.125	0.532	0.036	0.060
Communications (48xx)	0	0	0	0	2.139	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0.233	0	0	0.191	0.149	0	0	0	0.150	0
Wholesale (5xxx)	0	0	0.528	0	0.350	0	0	0.045	0.052	0	0.468	0	0
Finance, insurance, real estate (6xxx)	0.038	6.749	0.169	3.833	2.287	0.391	0.685	0.421	0.796	0.080	0.525	1.237	2.067
Services (7xxx)	0	0	0	0	0	0.287	0.161	0.032	0.058	0	0	0.500	0
Sovereign (8888)	0	0	0	0	1.179	0	0	0	0	0	0	0	0
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	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	0.261	1	0.261	1	0.261	1	0.261	1	1.54%
Mining (1xxx)	0	0	0.828	3	0.710	3	0	0	0.710	3	1.538	6	1.538	6	4.20%
Oil and gas (13xx)	0.311	3	2.259	4	0.888	5	0.307	4	1.195	9	3.946	19	3.888	18	7.07%
Construction (15xx)	0.089	1	0.771	2	0.612	2	0	0	0.612	2	1.472	5	1.472	5	3.62%
Manufacturing (2xxx, 3xxx)	3.677	10	3.360	6	5.555	7	1.825	5	7.380	12	15.136	31	14.612	29	43.67%
Pharmaceuticals (2834-6)	0.350	1	0	0	0.045	1	0.010	1	0.055	2	0.405	3	0.405	3	0.33%
Transportation (4xxx)	0.280	2	0.161	2	0.657	3	0.096	2	0.753	5	1.242	10	1.242	10	4.46%
Communications (48xx)	2.139	2	0	0	0	0	0	0	0	0	2.139	2	2.139	2	0.00%
Electric, gas, sanitary services (49xx)	0.233	2	0.341	2	0	0	0.150	1	0.150	1	0.724	5	0.724	5	0.89%
Wholesale (5xxx)	0.878	4	0.045	1	0.520	3	0	0	0.520	3	1.443	8	1.443	8	3.08%
Finance, insurance, real estate (6xxx)	6.289	9	1.497	11	1.401	7	3.303	13	4.704	20	19.277	49	19.239	48	27.84%
Services (7xxx)	0	0	0.480	4	0.058	1	0.500	1	0.558	2	1.037	6	1.037	6	3.30%
Sovereign (8888)	1.179	1	0	0	0	0	0	0	0	0	1.179	1	1.179	1	0.00%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	100.00%
Currency
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
$	0.500	0.500	0.222	0.780	3.239	2.820	0.230	1.700	1.375	0.125	0.200	2.450	0.560
A$	0	0.179	0	0	0	0	0	0.127	0	0	0	0	0
Bt	0	0	0	0	0	0	0	0	0.328	0	0	0	0
C$	0.083	0.426	0.199	0.103	0.232	0.015	0.248	0.303	0.311	0.282	0.070	0.355	0.288
CHF	0	0.155	0	0	0	0	0	0	0	0	0	0	0
HK$	0	0	0.498	0.129	0.672	0	0	0	0	0	0	0.201	0.800
NIS	0	0	0	0	0	0.081	0	0	0	0	0	0	0
NOK	0	0	0	0	0	0.020	0	0	0	0	0	0	0
PLN	0	0	0	0	0	0	0	0	0	0	0	0.015	0
RM	0	0	0	0	0	0	0	0	0.088	0	0	0	0
RMB	0	5.854	0	3.835	0.400	0	0	0	0	3.499	0.250	0.150	0
S$	0	0	0	0	0	0	0.390	0	0	0	0.275	0	0
SEK	0	0	0	0	0	0	0	0	0	0	0	0	0.010
Y	0	0	0	0	2.641	0.751	0	0	0	0	0.282	0	0
€	0.038	0	0.089	0	2.388	1.090	0.980	0.670	1.133	0.045	2.183	0.552	0.787
£	0	0	0	0	0	0	0.317	0	0	0	0	0	0.284
Total	0.621	7.114	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.723	2.729
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	4.241	10	4.750	8	1.700	8	3.010	9	4.710	17	14.701	37	14.201	36	27.87%
A$	0	0	0.127	1	0	0	0	0	0	0	0.305	4	0.305	4	0.00%
Bt	0	0	0	0	0.328	1	0	0	0.328	1	0.328	1	0.328	1	1.94%
C$	0.533	8	0.566	8	0.663	10	0.643	10	1.306	20	2.914	44	2.832	42	7.73%
CHF	0	0	0	0	0	0	0	0	0	0	0.155	1	0.155	1	0.00%
HK$	1.299	5	0	0	0	0	1.001	2	1.001	2	2.300	7	2.300	7	5.92%
NIS	0	0	0.081	1	0	0	0	0	0	0	0.081	1	0.081	1	0.00%
NOK	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	0.015	1	0.015	1	0.015	1	0.015	1	0.09%
RM	0	0	0	0	0.088	1	0	0	0.088	1	0.088	1	0.088	1	0.52%
RMB	4.235	3	0	1	3.749	2	0.150	1	3.899	3	13.988	8	13.988	8	23.07%
S$	0	0	0.390	1	0.275	1	0	0	0.275	1	0.665	2	0.665	2	1.63%
SEK	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.010	1	0.06%
Y	2.641	5	0.751	1	0.282	1	0	0	0.282	1	3.674	7	3.674	7	1.67%
€	2.476	4	2.740	11	3.362	8	1.339	3	4.701	11	9.955	27	9.917	26	27.82%
£	0	0	0.317	2	0	0	0.284	1	0.284	1	0.601	3	0.601	3	1.68%
Total	15.426	35	9.742	35	10.446	32	6.452	28	16.898	60	49.800	146	49.180	142	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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