Analysis of non-U.S. market convertibles issuance for 13 months through September 2012

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

Coupon

	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
0%	0	0.628	0	2.975	0.480	0	0.737	0.169	0	0.220	0	0.254	0.230
0.01%-0.99%	0	0	0	0.667	0	0	1.756	0	0	0	0	0	1.977
1%-1.99%	0	0	0	0	0	0.250	0.201	0	0	0	0	0	1.984
2%-2.99%	0	0	0	0	0	0.364	0.284	0.315	0	0	0	0.319	0.956
3%-3.99%	0	0	0	0	0	0.250	0.322	0	0.056	0.194	0	0	0.281
4%-4.99%	0	0	0.074	0	0	0.070	0.148	0	0.415	0	3.885	0.100	0.064
5%-5.99%	0	0	0.180	0.054	0	0.135	0.425	0.168	0	0.165	0	0.201	0
6%-6.99%	0.145	0	0	0.035	0	0.151	0.271	0.324	0.065	0	0.123	0.174	0.700
7%-7.99%	0.076	0	0.170	0	0.040	0.075	0.023	0	0.023	0.187	0.045	0	0.100
8% and higher	0	0.023	0	0	0.350	0.212	0.090	0	0.097	0.195	0	0	0
NA	0	0.015	0	0	0	0.280	0	0	0	0	0	0	0
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	3.603	5	1.217	7	0.389	3	0.484	2	2.090	12	5.693	17	5.693	17	10.00%
0.01%-0.99%	0.667	1	1.756	3	0	0	1.977	3	3.733	6	4.400	7	4.400	7	17.86%
1%-1.99%	0	0	0.451	2	0	0	1.984	5	2.435	7	2.435	7	2.435	7	11.65%
2%-2.99%	0	0	0.647	2	0.315	1	1.276	5	2.238	8	2.238	8	2.238	8	10.71%
3%-3.99%	0	0	0.572	3	0.251	2	0.281	1	1.103	6	1.103	6	1.103	6	5.28%
4%-4.99%	0.074	1	0.219	3	0.415	2	4.050	4	4.683	9	4.758	10	4.758	10	22.40%
5%-5.99%	0.233	5	0.560	5	0.333	4	0.201	2	1.094	11	1.328	16	1.328	16	5.23%
6%-6.99%	0.035	1	0.422	5	0.389	3	0.997	10	1.807	18	1.987	21	1.842	19	8.65%
7%-7.99%	0.170	2	0.138	4	0.210	3	0.146	2	0.494	9	0.740	12	0.664	11	2.36%
8% and higher	0.023	1	0.652	3	0.292	5	0	0	0.944	8	0.967	9	0.967	9	4.52%
NA	0.015	1	0.280	1	0	0	0	0	0.280	1	0.295	2	0.295	2	1.34%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Premium
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
19.99% and lower	0	0	0.074	0	0.300	0	0.716	0.169	0.056	0.195	0	0.329	0.258
20%-29.99%	0.076	0.620	0.124	0	0	0.782	1.330	0.274	0	0.107	0	0.359	1.137
30-39.99%	0.059	0.023	0	0.717	0.350	0.574	0.600	0.315	0.070	0	0.090	0.135	3.596
40% and higher	0.086	0	0.136	0.424	0.040	0.151	0.919	0.118	0.067	0.126	0.036	0.051	0.501
NA	0	0.023	0.090	2.589	0.180	0.280	0.691	0.100	0.464	0.533	3.928	0.175	0.800
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.074	1	1.016	6	0.420	3	0.587	5	2.024	14	2.098	15	2.098	15	9.68%
20%-29.99%	0.744	2	2.112	9	0.381	2	1.496	6	3.989	17	4.809	20	4.733	19	19.08%
30-39.99%	0.740	3	1.524	10	0.385	3	3.820	11	5.730	24	6.528	28	6.470	27	27.41%
40% and higher	0.560	4	1.110	6	0.311	6	0.587	4	2.008	16	2.654	21	2.568	20	9.61%
NA	2.702	7	1.151	7	1.097	9	4.903	8	7.151	24	9.853	31	9.853	31	34.21%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Upsized?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0	0	0	0.035	0.040	0.603	0.499	0.274	0.037	0.068	0.045	0.105	1.705
No	0.221	0.666	0.424	3.696	0.830	1.184	3.758	0.702	0.620	0.893	4.008	0.944	4.587
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.035	1	1.141	10	0.379	4	1.856	6	3.376	20	3.410	21	3.410	21	16.15%
No	4.786	16	5.772	28	2.215	19	9.539	28	17.526	75	22.533	94	22.312	91	83.85%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Seniority
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
senior secured	0	0	0	0	0	0	0	0	0	0	0	0.051	0
secured	0	0	0	0	0	0	0.050	0	0	0.239	0	0	0
senior	0.059	0.666	0.170	3.681	0.830	1.541	4.041	0.908	0.177	0.663	3.967	0.963	6.180
subordinated	0.162	0	0.254	0.050	0.040	0.246	0.165	0.068	0.115	0.058	0.086	0.035	0.112
preference	0	0	0	0	0	0	0	0	0.365	0	0	0	0
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0	0	0.051	1	0.051	1	0.051	1	0.051	1	0.24%
secured	0	0	0.050	2	0.239	2	0	0	0.290	4	0.290	4	0.290	4	1.39%
senior	4.517	12	6.413	30	1.748	16	11.111	29	19.272	75	23.848	88	23.789	87	92.20%
subordinated	0.304	5	0.450	6	0.241	4	0.233	4	0.925	14	1.390	21	1.228	19	4.43%
preference	0	0	0	0	0.365	1	0	0	0.365	1	0.365	1	0.365	1	1.75%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Mandatory
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0	0	0	0	0	0	0	0	0	0.194	3.885	0	0
No	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.767	0.168	1.049	6.292
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	0.194	1	3.885	2	4.080	3	4.080	3	4.080	3	19.52%
No	4.821	17	6.914	38	2.400	22	7.509	32	16.822	92	21.863	112	21.643	109	80.48%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Greenshoe Exercised?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0.059	0.643	0.046	0.667	0.040	0.685	0.953	0	0	0.068	0.082	0.174	0
No	0.162	0.023	0.378	3.063	0.830	1.103	3.304	0.976	0.657	0.893	3.972	0.874	6.292
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.356	4	1.677	12	0.068	1	0.256	5	2.001	18	3.416	23	3.357	22	9.57%
No	3.465	13	5.236	26	2.526	22	11.138	29	18.900	77	22.527	92	22.365	90	90.42%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Versus Talk
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Richer	0	0	0	0	0	0	0.201	0	0	0	0	0	0
Rich end	0	0	0	0.667	0	0.364	0.793	0	0	0	0	0	1.391
Within	0	0	0	0	0	0	0.652	0	0	0	0	0	0
Cheap end	0	0	0	0	0	0.712	0.166	0.315	0	0.107	0	0.250	2.083
Cheaper	0	0	0	0	0	0	0	0	0.020	0	0	0	0.486
NA	0.221	0.666	0.424	3.063	0.870	0.711	2.445	0.661	0.637	0.854	4.053	0.799	2.332
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0.201	1	0	0	0	0	0.201	1	0.201	1	0.201	1	0.96%
Rich end	0.667	1	1.157	2	0	0	1.391	3	2.547	5	3.215	6	3.215	6	12.19%
Within	0	0	0.652	1	0	0	0	0	0.652	1	0.652	1	0.652	1	3.12%
Cheap end	0	0	0.878	4	0.421	2	2.333	5	3.632	11	3.632	11	3.632	11	17.38%
Cheaper	0	0	0	0	0.020	1	0.486	1	0.506	2	0.506	2	0.506	2	2.42%
NA	4.153	16	4.026	30	2.152	20	7.185	25	13.363	75	17.737	94	17.516	91	63.93%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Use of Proceeds
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Acquisition	0	0.023	0	0	0	0	0.064	0	0	0	0	0	0.650
Capex	0	0	0	0	0.390	0	0.454	0	0.070	0.195	0	0	0.124
GCP	0.059	0.628	0	1.057	0.300	0	1.478	0	0.010	0.426	0.086	0.395	2.544
Redeem convertibles	0	0	0.104	0.022	0	0.364	0.029	0.342	0	0	0	0.100	0.630
Refinance	0.076	0	0.077	0	0	0.401	0.303	0.050	0.447	0.058	0	0.305	0.961
Multiple/Other/NA	0.086	0.015	0.243	2.651	0.180	1.022	1.930	0.584	0.130	0.282	3.967	0.249	1.382
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.023	1	0.064	1	0	0	0.650	2	0.714	3	0.736	4	0.736	4	3.42%
Capex	0	0	0.843	6	0.265	3	0.124	1	1.232	10	1.232	10	1.232	10	5.89%
GCP	1.685	4	1.778	6	0.436	5	3.025	11	5.239	22	6.983	27	6.924	26	25.06%
Redeem convertibles	0.126	3	0.393	2	0.342	2	0.730	3	1.466	7	1.592	10	1.592	10	7.01%
Refinance	0.077	1	0.704	7	0.556	5	1.266	5	2.526	17	2.679	19	2.603	18	12.09%
Multiple/Other/NA	2.910	8	3.132	16	0.995	8	5.598	12	9.726	36	12.721	45	12.635	44	46.53%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Industry Sector (by SIC code)
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Agriculture (0xxx)	0	0	0	0	0	0.212	0	0	0	0	0	0	0
Mining (1xxx)	0	0	0	0	0.350	0	0.090	0.274	0.050	0.195	0.042	0.105	0
Oil and gas (13xx)	0.086	0	0	0	0.040	0.191	0.387	0.050	0.047	0	0	0	1.000
Construction (15xx)	0	0	0	0.667	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0.136	0.035	0.480	0.644	1.006	0.415	0	0.243	0	0.150	1.388
Pharmaceuticals (2834-6)	0	0	0.124	0.004	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0	0.008	0	0	0	0.250	0.271	0	0.065	0.239	0	0	0.274
Communications (48xx)	0	0	0	2.585	0	0	0.166	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0.076	0	0	0	0	0	0	0	0	0	0	0.214	0
Wholesale (5xxx)	0	0	0	0	0	0	0.125	0.068	0	0	0.036	0	0.519
Finance, insurance, real estate (6xxx)	0	0.658	0.164	0.439	0	0.490	2.211	0.169	0.471	0.284	3.975	0.580	2.650
Services (7xxx)	0.059	0	0	0	0	0	0	0	0.023	0	0	0	0.325
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0	0.137
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.212	1	0	0	0	0	0.212	1	0.212	1	0.212	1	1.01%
Mining (1xxx)	0	0	0.440	2	0.519	3	0.147	2	1.106	7	1.106	7	1.106	7	5.29%
Oil and gas (13xx)	0	0	0.617	7	0.097	4	1.000	2	1.714	13	1.800	14	1.714	13	8.20%
Construction (15xx)	0.667	1	0	0	0	0	0	0	0	0	0.667	1	0.667	1	0.00%
Manufacturing (2xxx, 3xxx)	0.170	3	2.130	8	0.658	4	1.538	6	4.325	18	4.495	21	4.495	21	20.69%
Pharmaceuticals (2834-6)	0.129	2	0	0	0	0	0	0	0	0	0.129	2	0.129	2	0.00%
Transportation (4xxx)	0.008	1	0.521	3	0.304	3	0.274	2	1.099	8	1.107	9	1.107	9	5.26%
Communications (48xx)	2.585	2	0.166	1	0	0	0	0	0.166	1	2.751	3	2.751	3	0.79%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.214	2	0.214	2	0.290	3	0.214	2	1.02%
Wholesale (5xxx)	0	0	0.125	1	0.068	1	0.555	2	0.748	4	0.748	4	0.748	4	3.58%
Finance, insurance, real estate (6xxx)	1.261	8	2.702	15	0.925	7	7.205	14	10.832	36	12.093	44	12.093	44	51.82%
Services (7xxx)	0	0	0	0	0.023	1	0.325	2	0.348	3	0.407	4	0.348	3	1.66%
Health services (8xxx)	0	0	0	0	0	0	0.137	2	0.137	2	0.137	2	0.137	2	0.66%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	100.00%
Currency
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
$	0	0.008	0	0.022	0.830	0.780	1.089	0.374	0.115	0.220	0	0.404	2.399
A$	0	0	0	0	0	0	0.156	0	0.365	0	0	0	0
C$	0.162	0.023	0.300	0.084	0.040	0.431	0.404	0.118	0.087	0.321	0.168	0.225	0.137
CHF	0	0	0	0	0	0	0	0	0	0	3.885	0	0
HK$	0.059	0	0	0	0	0	0.284	0	0	0	0	0	0.194
NOK	0	0	0	0	0	0	0	0	0.010	0	0	0	0
NT$	0	0	0	0	0	0	0.068	0.169	0	0.194	0	0	0
RM	0	0	0	0	0	0	0.023	0	0	0	0	0	0
RMB	0	0	0.124	0	0	0	0	0	0	0	0	0.179	0.100
S$	0	0.620	0	0.390	0	0	0	0	0	0	0	0.140	0.064
Y	0	0	0	2.563	0	0	0.623	0	0	0	0	0	0
ZAR	0	0	0	0	0	0	0	0	0	0.119	0	0	0
leva	0	0.015	0	0	0	0	0	0	0	0	0	0	0
€	0	0	0	0.672	0	0.576	1.611	0.315	0	0.107	0	0.100	2.276
£	0	0	0	0	0	0	0	0	0.080	0	0	0	1.121
Total	0.221	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.292
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	0.030	2	2.699	12	0.709	6	2.803	9	6.211	27	6.241	29	6.241	29	29.71%
A$	0	0	0.156	1	0.365	1	0	0	0.521	2	0.521	2	0.521	2	2.49%
C$	0.407	8	0.875	13	0.526	8	0.530	10	1.931	31	2.499	41	2.338	39	9.24%
CHF	0	0	0	0	0	0	3.885	2	3.885	2	3.885	2	3.885	2	18.59%
HK$	0	0	0.284	1	0	0	0.194	2	0.478	3	0.537	4	0.478	3	2.29%
NOK	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.010	1	0.05%
NT$	0	0	0.068	2	0.364	2	0	0	0.432	4	0.432	4	0.432	4	2.07%
RM	0	0	0.023	1	0	0	0	0	0.023	1	0.023	1	0.023	1	0.11%
RMB	0.124	1	0	0	0	0	0.279	2	0.279	2	0.403	3	0.403	3	1.33%
S$	1.010	2	0	0	0	0	0.205	2	0.205	2	1.214	4	1.214	4	0.98%
Y	2.563	1	0.623	3	0	0	0	0	0.623	3	3.186	4	3.186	4	2.98%
ZAR	0	0	0	0	0.119	1	0	0	0.119	1	0.119	1	0.119	1	0.57%
leva	0.015	1	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
€	0.672	2	2.187	5	0.421	2	2.376	5	4.984	12	5.656	14	5.656	14	23.84%
£	0	0	0	0	0.080	2	1.121	2	1.201	4	1.201	4	1.201	4	5.75%
Total	4.821	17	6.914	38	2.594	23	11.394	34	20.902	95	25.943	115	25.722	112	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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