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

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

Coupon

	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
0%	0	0.500	1.839	1.800	0	0	0.715	0	0.432	0.900	0.500	0.878	0.215
0.01%-0.99%	0	3.704	2.641	0.751	0.757	0	0	0	0	0	0	0	0.356
1%-1.99%	0.498	0	0.200	0	0.581	0	1.461	0	0.250	0	0	0.159	0
2%-2.99%	0	0	0.622	0.704	0.161	1.747	0.088	0	1.554	0.875	1.084	0.098	0
3%-3.99%	0	0	0.910	0.950	0	0	0	0.125	0	0.250	0.787	0.346	0
4%-4.99%	0	0	0.400	0	0	0.298	0.550	0	0.621	0.650	0	0.132	0.150
5%-5.99%	0.171	0.280	1.654	0	0.493	0.104	0.122	0.253	0	0.876	0.176	0.441	0.185
6%-6.99%	0.072	0.233	0.805	0.385	0.141	0.443	0.189	0.045	0.394	0	0.060	0	0.036
7%-7.99%	0.118	0	0.500	0.151	0	0.081	0	0	0.009	0	0.048	0.023	0
8% and higher	0	0.129	0	0.015	0.033	0.127	0.110	0.029	0	0.130	0.115	0.009	0.020
Floater	0	0	0	0.020	0	0	0	3.499	0	0	0	0.050	0
NA	0.147	0	0	0	0	0	0	0	0	0	0	0	0
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	2.339	7	1.800	2	1.147	5	2.278	6	0.215	2	3.640	13	7.779	22	7.779	22	18.20%
0.01%-0.99%	6.345	2	1.508	2	0	0	0	0	0.356	1	0.356	1	8.209	5	8.209	5	1.78%
1%-1.99%	0.698	2	0.581	2	1.711	4	0.159	1	0	0	1.870	5	3.149	9	2.651	8	9.35%
2%-2.99%	0.622	2	2.612	5	1.642	5	2.057	6	0	0	3.699	11	6.933	18	6.933	18	18.50%
3%-3.99%	0.910	2	0.950	2	0.125	1	1.383	4	0	0	1.508	5	3.368	9	3.368	9	7.54%
4%-4.99%	0.400	1	0.298	1	1.171	2	0.782	3	0.150	1	2.103	6	2.801	8	2.801	8	10.52%
5%-5.99%	2.105	7	0.597	6	0.374	4	1.493	13	0.185	3	2.052	20	4.755	33	4.583	31	10.26%
6%-6.99%	1.111	7	0.969	6	0.629	7	0.060	1	0.036	1	0.725	9	2.805	22	2.733	21	3.63%
7%-7.99%	0.618	3	0.233	4	0.009	1	0.071	2	0	0	0.080	3	0.932	10	0.813	8	0.40%
8% and higher	0.129	1	0.174	4	0.139	2	0.253	8	0.020	1	0.413	11	0.715	16	0.715	16	2.07%
Floater	0	0	0.020	1	3.499	1	0.050	1	0	0	3.549	2	3.569	3	3.569	3	17.75%
NA	0.147	1	0	0	0	0	0	0	0	0	0	0	0.147	1	0	0	0.00%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Premium
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
19.99% and lower	0.075	0.129	0.986	0.321	0	0.200	0.088	0	0	0.250	0	0.477	0
20%-29.99%	0.498	0.130	4.909	1.734	0.508	0.127	0.484	3.544	0.558	0.951	0.887	0.593	0.621
30-39.99%	0.161	0.500	1.658	2.701	1.484	2.288	2.009	0.175	1.851	1.754	0.384	0.927	0.100
40% and higher	0.030	0.103	1.342	0	0.141	0.154	0.326	0.202	0.419	0.536	0.877	0	0.221
NA	0.243	3.984	0.677	0.020	0.033	0.032	0.328	0.029	0.432	0.190	0.622	0.138	0.020
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	1.190	4	0.521	2	0.088	1	0.728	5	0	0	0.815	6	2.526	12	2.451	11	4.08%
20%-29.99%	5.538	10	2.369	12	4.587	5	2.431	10	0.621	3	7.639	18	15.547	40	15.048	39	38.20%
30-39.99%	2.318	8	6.472	14	4.035	13	3.065	15	0.100	1	7.200	29	15.990	51	15.829	49	36.01%
40% and higher	1.475	5	0.295	4	0.947	9	1.413	4	0.221	4	2.581	17	4.351	26	4.322	25	12.91%
NA	4.904	8	0.085	3	0.789	4	0.950	11	0.020	1	1.759	16	6.748	27	6.505	25	8.80%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Upsized?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	0	0	0.515	0	0	0.127	0.086	0.029	0.336	0.345	0.005	0	0
No	1.008	4.846	9.057	4.777	2.165	2.673	3.148	3.922	2.453	3.336	2.765	2.135	0.963
Downsized	0	0	0	0	0	0	0	0	0.471	0	0	0	0
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.515	2	0.127	1	0.451	4	0.350	4	0	0	0.801	8	1.443	11	1.443	11	4.01%
No	14.911	33	9.615	34	9.523	27	8.237	41	0.963	9	18.722	77	43.248	144	42.240	137	93.63%
Downsized	0	0	0	0	0.471	1	0	0	0	0	0.471	1	0.471	1	0.471	1	2.36%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Seniority
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
senior secured	0	0	0	0	0	0	0	0	0	0.125	0	0	0
secured	0	0	0	0	0	0	0.088	0	0	0	0	0	0
senior	0.839	4.743	8.883	4.777	2.133	2.800	2.846	3.669	3.190	3.431	2.570	2.112	0.863
subordinated	0.169	0.103	0.689	0	0.033	0	0.241	0.282	0.070	0.125	0.200	0.023	0.099
preferred	0	0	0	0	0	0	0.060	0	0	0	0	0	0
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0	0	0.125	1	0	0	0.125	1	0.125	1	0.125	1	0.63%
secured	0	0	0	0	0.088	1	0	0	0	0	0.088	1	0.088	1	0.088	1	0.44%
senior	14.465	30	9.709	34	9.705	21	8.113	38	0.863	7	18.681	66	42.855	130	42.016	125	93.43%
subordinated	0.961	5	0.033	1	0.593	9	0.349	6	0.099	2	1.041	17	2.035	23	1.866	21	5.21%
preferred	0	0	0	0	0.060	1	0	0	0	0	0.060	1	0.060	1	0.060	1	0.30%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Mandatory
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
No	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
No	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Greenshoe Exercised?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	0.617	0.233	3.829	0.391	1.376	0.298	1.248	0.154	0.884	0.187	0.983	0.182	0.115
No	0.391	4.613	5.743	4.385	0.789	2.502	1.986	3.797	2.377	3.494	1.788	1.953	0.848
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.679	13	2.065	8	2.286	11	1.352	10	0.115	1	3.753	22	10.498	43	9.881	40	18.77%
No	10.747	22	7.677	27	8.160	21	7.234	35	0.848	8	16.242	64	34.665	113	34.274	109	81.23%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Versus Talk
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Richer	0	0	0	0.180	0	0.298	0	0	0	0	0	0	0
Rich end	0	0	0	0	0	0.247	1.243	0.125	0.808	0.600	0	0	0
Within	0	0.500	1.209	0.980	0.191	1.500	0	0	1.092	0.125	0.284	0.291	0.356
Cheap end	0.089	0	1.179	0.650	0.918	0	0	0	0.283	0	0.787	0	0.265
NA	0.919	4.346	7.184	2.967	1.056	0.756	1.992	3.826	1.077	2.956	1.699	1.844	0.341
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0.478	2	0	0	0	0	0	0	0	0	0.478	2	0.478	2	0.00%
Rich end	0	0	0.247	1	2.175	6	0.600	1	0	0	2.775	7	3.022	8	3.022	8	13.88%
Within	1.709	4	2.671	6	1.092	2	0.701	4	0.356	1	2.149	7	6.529	17	6.529	17	10.75%
Cheap end	1.268	2	1.568	3	0.283	1	0.787	1	0.265	2	1.335	4	4.171	9	4.082	8	6.68%
NA	12.449	29	4.779	23	6.895	23	6.499	39	0.341	6	13.735	68	30.963	120	30.044	114	68.69%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Use of Proceeds
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Acquisition	0.089	0	0.089	0	0.161	0	0.052	0.029	0	0.589	0.165	0.080	0.110
Capex	0.498	0.130	1.000	0.800	0.230	0.200	0.660	0	0.050	0.125	0.500	0	0.356
GCP	0.096	3.936	4.754	1.118	0.960	2.198	0.853	0	1.489	0.839	1.934	0.416	0.150
Redeem convertibles	0	0	0	0	0	0	0	0	0.471	0	0	0.283	0
Refinance	0	0	2.172	0.180	0.757	0.276	0.599	0	0	0.186	0.099	0.228	0.079
Multiple/Other/NA	0.324	0.780	1.556	2.679	0.057	0.126	1.071	3.922	1.250	1.942	0.072	1.128	0.268
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.178	2	0.161	1	0.081	2	0.834	5	0.110	3	1.025	10	1.364	13	1.275	12	5.13%
Capex	1.629	4	1.230	4	0.710	3	0.625	2	0.356	1	1.691	6	4.551	14	4.052	13	8.46%
GCP	8.786	13	4.276	16	2.342	8	3.190	13	0.150	1	5.682	22	18.744	51	18.647	50	28.42%
Redeem convertibles	0	0	0	0	0.471	1	0.283	1	0	0	0.755	2	0.755	2	0.755	2	3.78%
Refinance	2.172	3	1.213	4	0.599	3	0.514	6	0.079	1	1.192	10	4.577	17	4.577	17	5.96%
Multiple/Other/NA	2.660	13	2.862	10	6.242	15	3.141	18	0.268	3	9.651	36	15.173	59	14.849	55	48.27%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Industry Sector (by SIC code)
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.261	0	0.050	0
Mining (1xxx)	0	0	0	0.300	0.230	0.298	0.660	0	0.050	0	0	0	0
Oil and gas (13xx)	0.311	0	0	0.650	0	1.609	0.686	0.202	0	0.214	0.099	0.080	0
Construction (15xx)	0	0	0.089	0.015	0.757	0	0.328	0	0.283	0	0	0.636	0
Manufacturing (2xxx, 3xxx)	0	0.500	3.177	3.114	0	0.247	0.655	3.499	1.402	1.325	0.505	0.270	0.571
Pharmaceuticals (2834-6)	0	0	0.350	0	0	0	0	0.045	0	0	0.010	0.037	0
Transportation (4xxx)	0	0.280	0	0.020	0.141	0	0	0.125	0.532	0.036	0.060	0	0.150
Communications (48xx)	0	0	2.139	0	0	0	0	0	0	0	0	0.069	0
Electric, gas, sanitary services (49xx)	0	0.233	0	0	0.191	0.149	0	0	0	0.150	0	0	0
Wholesale (5xxx)	0.528	0	0.350	0	0	0.045	0.052	0	0.468	0	0	0	0
Finance, insurance, real estate (6xxx)	0.169	3.833	2.287	0.391	0.685	0.421	0.796	0.080	0.525	1.195	2.096	0.861	0.241
Services (7xxx)	0	0	0	0.287	0.161	0.032	0.058	0	0	0.500	0	0	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0.132	0
Sovereign (8888)	0	0	1.179	0	0	0	0	0	0	0	0	0	0
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.311	2	0	0	0.311	2	0.311	2	0.311	2	1.56%
Mining (1xxx)	0	0	0.828	3	0.710	3	0	0	0	0	0.710	3	1.538	6	1.538	6	3.55%
Oil and gas (13xx)	0.311	3	2.259	4	0.888	5	0.393	5	0	0	1.281	10	3.851	17	3.540	14	6.41%
Construction (15xx)	0.089	1	0.771	2	0.612	2	0.636	1	0	0	1.247	3	2.108	6	2.108	6	6.24%
Manufacturing (2xxx, 3xxx)	3.677	10	3.360	6	5.555	7	2.100	8	0.571	3	8.227	18	15.265	34	15.265	34	41.15%
Pharmaceuticals (2834-6)	0.350	1	0	0	0.045	1	0.047	2	0	0	0.092	3	0.442	4	0.442	4	0.46%
Transportation (4xxx)	0.280	2	0.161	2	0.657	3	0.096	2	0.150	1	0.903	6	1.345	10	1.345	10	4.52%
Communications (48xx)	2.139	2	0	0	0	0	0.069	1	0	0	0.069	1	2.208	3	2.208	3	0.35%
Electric, gas, sanitary services (49xx)	0.233	2	0.341	2	0	0	0.150	1	0	0	0.150	1	0.724	5	0.724	5	0.75%
Wholesale (5xxx)	0.878	4	0.045	1	0.520	3	0	0	0	0	0.520	3	1.443	8	0.915	6	2.60%
Finance, insurance, real estate (6xxx)	6.289	9	1.497	11	1.401	7	4.152	21	0.241	5	5.794	33	13.580	53	13.412	51	28.98%
Services (7xxx)	0	0	0.480	4	0.058	1	0.500	1	0	0	0.558	2	1.037	6	1.037	6	2.79%
Health services (8xxx)	0	0	0	0	0	0	0.132	1	0	0	0.132	1	0.132	1	0.132	1	0.66%
Sovereign (8888)	1.179	1	0	0	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	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	100.00%
Currency
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
$	0.222	0.780	3.239	2.820	0.230	1.700	1.375	0.125	0.200	2.450	0.560	0.552	0.365
A$	0	0	0	0	0	0.127	0	0	0	0	0	0.283	0
Bt	0	0	0	0	0	0	0.328	0	0	0	0	0	0
C$	0.199	0.103	0.232	0.015	0.248	0.303	0.311	0.282	0.070	0.355	0.329	0.064	0.241
CHF	0	0	0	0	0	0	0	0	0	0	0	0.159	0
HK$	0.498	0.129	0.672	0	0	0	0	0	0	0.201	0.800	0	0
NIS	0	0	0	0.081	0	0	0	0	0	0	0	0	0
NIS	0	0	0	0	0	0	0	0	0	0	0	0.009	0
NOK	0	0	0	0.020	0	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0	0	0	0	0	0	0.069	0
PLN	0	0	0	0	0	0	0	0	0	0.015	0	0	0
RM	0	0	0	0	0	0	0.088	0	0	0	0	0.096	0
RMB	0	3.835	0.400	0	0	0	0	3.499	0.250	0.150	0	0	0
S$	0	0	0	0	0.390	0	0	0	0.275	0	0	0.098	0
SEK	0	0	0	0	0	0	0	0	0	0	0.010	0	0
Y	0	0	2.641	0.751	0	0	0	0	0.282	0	0	0.636	0.356
€	0.089	0	2.388	1.090	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
Total	1.008	4.846	9.572	4.777	2.165	2.800	3.235	3.951	3.260	3.681	2.770	2.135	0.963
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	4.241	10	4.750	8	1.700	8	3.562	13	0.365	3	5.628	24	14.618	42	14.396	40	28.15%
A$	0	0	0.127	1	0	0	0.283	1	0	0	0.283	1	0.410	2	0.410	2	1.42%
Bt	0	0	0	0	0.328	1	0	0	0	0	0.328	1	0.328	1	0.328	1	1.64%
C$	0.533	8	0.566	8	0.663	10	0.748	14	0.241	5	1.652	29	2.751	45	2.553	42	8.26%
CHF	0	0	0	0	0	0	0.159	1	0	0	0.159	1	0.159	1	0.159	1	0.80%
HK$	1.299	5	0	0	0	0	1.001	2	0	0	1.001	2	2.300	7	1.801	6	5.01%
NIS	0	0	0.081	1	0	0	0	0	0	0	0	0	0.081	1	0.081	1	0.00%
NIS	0	0	0	0	0	0	0.009	1	0	0	0.009	1	0.009	1	0.009	1	0.05%
NOK	0	0	0.020	1	0	0	0	0	0	0	0	0	0.020	1	0.020	1	0.00%
NT$	0	0	0	0	0	0	0.069	1	0	0	0.069	1	0.069	1	0.069	1	0.35%
PLN	0	0	0	0	0	0	0.015	1	0	0	0.015	1	0.015	1	0.015	1	0.08%
RM	0	0	0	0	0.088	1	0.096	1	0	0	0.184	2	0.184	2	0.184	2	0.92%
RMB	4.235	3	0	1	3.749	2	0.150	1	0	0	3.899	3	8.134	7	8.134	7	19.50%
S$	0	0	0.390	1	0.275	1	0.098	1	0	0	0.373	2	0.762	3	0.762	3	1.87%
SEK	0	0	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.010	1	0.05%
Y	2.641	5	0.751	1	0.282	1	0.636	1	0.356	1	1.274	3	4.666	9	4.666	9	6.37%
€	2.476	4	2.740	11	3.362	8	1.467	5	0	0	4.828	13	10.045	28	9.956	27	24.15%
£	0	0	0.317	2	0	0	0.284	1	0	0	0.284	1	0.601	3	0.601	3	1.42%
Total	15.426	35	9.742	35	10.446	32	8.586	45	0.963	9	19.995	86	45.163	156	44.155	149	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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