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

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

Coupon

	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
0%	0.628	0	2.975	0.480	0	0.737	0.169	0	0.220	0	0.254	0.230	0
0.01%-0.99%	0	0	0.667	0	0	1.756	0	0	0	0	0	1.977	0
1%-1.99%	0	0	0	0	0.250	0.201	0	0	0	0	0	1.984	0
2%-2.99%	0	0	0	0	0.364	0.284	0.315	0	0	0	0.319	0.956	0
3%-3.99%	0	0	0	0	0.250	0.322	0	0.056	0.194	0	0	0.281	0.040
4%-4.99%	0	0.074	0	0	0.070	0.148	0	0.415	0	3.885	0.100	0.064	0.152
5%-5.99%	0	0.180	0.054	0	0.135	0.425	0.168	0	0.165	0	0.201	0	0.708
6%-6.99%	0	0	0.035	0	0.151	0.271	0.324	0.065	0	0.123	0.174	0.711	0.275
7%-7.99%	0	0.170	0	0.040	0.075	0.023	0	0.023	0.187	0.045	0	0.100	0.108
8% and higher	0.023	0	0	0.350	0.212	0.090	0	0.097	0.195	0	0	0	0.129
NA	0.015	0	0	0	0.280	0	0	0	0	0	0	0	0
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	3.603	5	1.217	7	0.389	3	0.484	2	0	0	2.090	12	5.693	17	5.065	15	9.36%
0.01%-0.99%	0.667	1	1.756	3	0	0	1.977	3	0	0	3.733	6	4.400	7	4.400	7	16.72%
1%-1.99%	0	0	0.451	2	0	0	1.984	5	0	0	2.435	7	2.435	7	2.435	7	10.91%
2%-2.99%	0	0	0.647	2	0.315	1	1.276	5	0	0	2.238	8	2.238	8	2.238	8	10.02%
3%-3.99%	0	0	0.572	3	0.251	2	0.281	1	0.040	1	1.143	7	1.143	7	1.143	7	5.12%
4%-4.99%	0.074	1	0.219	3	0.415	2	4.050	4	0.152	1	4.835	10	4.910	11	4.910	11	21.66%
5%-5.99%	0.233	5	0.560	5	0.333	4	0.201	2	0.708	3	1.803	14	2.036	19	2.036	19	8.08%
6%-6.99%	0.035	1	0.422	5	0.389	3	1.008	10	0.275	1	2.093	19	2.128	20	2.128	20	9.38%
7%-7.99%	0.170	2	0.138	4	0.210	3	0.146	2	0.108	4	0.602	13	0.772	15	0.772	15	2.70%
8% and higher	0.023	1	0.652	3	0.292	5	0	0	0.129	1	1.073	9	1.095	10	1.073	9	4.81%
NA	0.015	1	0.280	1	0	0	0	0	0	0	0.280	1	0.295	2	0.280	1	1.25%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Premium
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
19.99% and lower	0	0.074	0	0.300	0	0.716	0.169	0.056	0.195	0	0.329	0.269	0
20%-29.99%	0.620	0.124	0	0	0.782	1.330	0.274	0	0.107	0	0.359	1.137	0.853
30-39.99%	0.023	0	0.717	0.350	0.574	0.600	0.315	0.070	0	0.090	0.135	3.596	0.329
40% and higher	0	0.136	0.424	0.040	0.151	0.919	0.118	0.067	0.126	0.036	0.051	0.501	0.022
NA	0.023	0.090	2.589	0.180	0.280	0.691	0.100	0.464	0.533	3.928	0.175	0.800	0.209
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.074	1	1.016	6	0.420	3	0.598	5	0	0	2.035	14	2.109	15	2.109	15	9.12%
20%-29.99%	0.744	2	2.112	9	0.381	2	1.496	6	0.853	2	4.841	19	5.586	21	4.966	20	21.68%
30-39.99%	0.740	3	1.524	10	0.385	3	3.820	11	0.329	3	6.058	27	6.798	30	6.775	29	27.14%
40% and higher	0.560	4	1.110	6	0.311	6	0.587	4	0.022	1	2.030	17	2.590	21	2.590	21	9.10%
NA	2.702	7	1.151	7	1.097	9	4.903	8	0.209	5	7.360	29	10.062	36	10.039	34	32.97%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Upsized?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0	0	0.035	0.040	0.603	0.499	0.274	0.037	0.068	0.045	0.105	1.705	0.297
No	0.666	0.424	3.696	0.830	1.184	3.758	0.702	0.620	0.893	4.008	0.944	4.598	1.115
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.035	1	1.141	10	0.379	4	1.856	6	0.297	2	3.673	22	3.708	23	3.708	23	16.45%
No	4.786	16	5.772	28	2.215	19	9.550	28	1.115	9	18.652	84	23.438	100	22.772	96	83.55%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Seniority
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
senior secured	0	0	0	0	0	0	0	0	0	0	0.051	0	0
secured	0	0	0	0	0	0.050	0	0	0.239	0	0	0	0
senior	0.666	0.170	3.681	0.830	1.541	4.041	0.908	0.177	0.663	3.967	0.963	6.191	1.413
subordinated	0	0.254	0.050	0.040	0.246	0.165	0.068	0.115	0.058	0.086	0.035	0.112	0
preference	0	0	0	0	0	0	0	0.365	0	0	0	0	0
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0	0	0	0	0.051	1	0	0	0.051	1	0.051	1	0.051	1	0.23%
secured	0	0	0.050	2	0.239	2	0	0	0	0	0.290	4	0.290	4	0.290	4	1.30%
senior	4.517	12	6.413	30	1.748	16	11.122	29	1.413	11	20.695	86	25.212	98	24.547	94	92.70%
subordinated	0.304	5	0.450	6	0.241	4	0.233	4	0	0	0.925	14	1.228	19	1.228	19	4.14%
preference	0	0	0	0	0.365	1	0	0	0	0	0.365	1	0.365	1	0.365	1	1.63%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Mandatory
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0	0	0	0	0	0	0	0	0.194	3.885	0	0	0
No	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.767	0.168	1.049	6.303	1.412
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	0.194	1	3.885	2	0	0	4.080	3	4.080	3	4.080	3	18.28%
No	4.821	17	6.914	38	2.400	22	7.520	32	1.412	11	18.246	103	23.066	120	22.400	116	81.73%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Greenshoe Exercised?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0.643	0.046	0.667	0.040	0.685	0.953	0	0	0.068	0.082	0.174	0.055	0
No	0.023	0.378	3.063	0.830	1.103	3.304	0.976	0.657	0.893	3.972	0.874	6.248	1.412
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.356	4	1.677	12	0.068	1	0.311	6	0	0	2.056	19	3.412	23	2.769	21	9.21%
No	3.465	13	5.236	26	2.526	22	11.094	28	1.412	11	20.269	87	23.734	100	23.710	98	90.79%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Versus Talk
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Richer	0	0	0	0	0	0.201	0	0	0	0	0	0	0
Rich end	0	0	0.667	0	0.364	0.793	0	0	0	0	0	1.391	0
Within	0	0	0	0	0	0.652	0	0	0	0	0	0	0.391
Cheap end	0	0	0	0	0.712	0.166	0.315	0	0.107	0	0.250	2.083	0.578
Cheaper	0	0	0	0	0	0	0	0.020	0	0	0	0.486	0
NA	0.666	0.424	3.063	0.870	0.711	2.445	0.661	0.637	0.854	4.053	0.799	2.343	0.444
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0.201	1	0	0	0	0	0	0	0.201	1	0.201	1	0.201	1	0.90%
Rich end	0.667	1	1.157	2	0	0	1.391	3	0	0	2.547	5	3.215	6	3.215	6	11.41%
Within	0	0	0.652	1	0	0	0	0	0.391	2	1.042	3	1.042	3	1.042	3	4.67%
Cheap end	0	0	0.878	4	0.421	2	2.333	5	0.578	1	4.210	12	4.210	12	4.210	12	18.86%
Cheaper	0	0	0	0	0.020	1	0.486	1	0	0	0.506	2	0.506	2	0.506	2	2.27%
NA	4.153	16	4.026	30	2.152	20	7.196	25	0.444	8	13.818	83	17.971	99	17.305	95	61.89%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Use of Proceeds
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Acquisition	0.023	0	0	0	0	0.064	0	0	0	0	0	0.650	0
Capex	0	0	0	0.390	0	0.454	0	0.070	0.195	0	0	0.124	0.275
GCP	0.628	0	1.057	0.300	0	1.478	0	0.010	0.426	0.086	0.395	2.555	0.129
Redeem convertibles	0	0.104	0.022	0	0.364	0.029	0.342	0	0	0	0.100	0.630	0
Refinance	0	0.077	0	0	0.401	0.303	0.050	0.447	0.058	0	0.305	0.961	0.116
Multiple/Other/NA	0.015	0.243	2.651	0.180	1.022	1.930	0.584	0.130	0.282	3.967	0.249	1.382	0.893
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.023	1	0.064	1	0	0	0.650	2	0	0	0.714	3	0.736	4	0.714	3	3.20%
Capex	0	0	0.843	6	0.265	3	0.124	1	0.275	1	1.507	11	1.507	11	1.507	11	6.75%
GCP	1.685	4	1.778	6	0.436	5	3.036	11	0.129	1	5.379	23	7.064	27	6.436	25	24.09%
Redeem convertibles	0.126	3	0.393	2	0.342	2	0.730	3	0	0	1.466	7	1.592	10	1.592	10	6.57%
Refinance	0.077	1	0.704	7	0.556	5	1.266	5	0.116	1	2.642	18	2.719	19	2.719	19	11.84%
Multiple/Other/NA	2.910	8	3.132	16	0.995	8	5.598	12	0.893	8	10.618	44	13.528	52	13.513	51	47.56%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Industry Sector (by SIC code)
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Agriculture (0xxx)	0	0	0	0	0.212	0	0	0	0	0	0	0	0
Mining (1xxx)	0	0	0	0.350	0	0.090	0.274	0.050	0.195	0.042	0.105	0	0.076
Oil and gas (13xx)	0	0	0	0.040	0.191	0.387	0.050	0.047	0	0	0	1.000	0.297
Construction (15xx)	0	0	0.667	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0.136	0.035	0.480	0.644	1.006	0.415	0	0.243	0	0.150	1.388	0.758
Pharmaceuticals (2834-6)	0	0.124	0.004	0	0	0	0	0	0	0	0	0	0
Transportation (4xxx)	0.008	0	0	0	0.250	0.271	0	0.065	0.239	0	0	0.274	0
Communications (48xx)	0	0	2.585	0	0	0.166	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0.214	0	0
Wholesale (5xxx)	0	0	0	0	0	0.125	0.068	0	0	0.036	0	0.519	0
Finance, insurance, real estate (6xxx)	0.658	0.164	0.439	0	0.490	2.211	0.169	0.471	0.284	3.975	0.580	2.650	0.281
Services (7xxx)	0	0	0	0	0	0	0	0.023	0	0	0	0.336	0
Health services (8xxx)	0	0	0	0	0	0	0	0	0	0	0	0.137	0
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.212	1	0	0	0	0	0	0	0.212	1	0.212	1	0.212	1	0.95%
Mining (1xxx)	0	0	0.440	2	0.519	3	0.147	2	0.076	2	1.181	9	1.181	9	1.181	9	5.29%
Oil and gas (13xx)	0	0	0.617	7	0.097	4	1.000	2	0.297	2	2.012	15	2.012	15	2.012	15	9.01%
Construction (15xx)	0.667	1	0	0	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	0.758	5	5.084	23	5.254	26	5.254	26	22.77%
Pharmaceuticals (2834-6)	0.129	2	0	0	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	0	0	1.099	8	1.107	9	1.099	8	4.92%
Communications (48xx)	2.585	2	0.166	1	0	0	0	0	0	0	0.166	1	2.751	3	2.751	3	0.74%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.214	2	0	0	0.214	2	0.214	2	0.214	2	0.96%
Wholesale (5xxx)	0	0	0.125	1	0.068	1	0.555	2	0	0	0.748	4	0.748	4	0.748	4	3.35%
Finance, insurance, real estate (6xxx)	1.261	8	2.702	15	0.925	7	7.205	14	0.281	2	11.112	38	12.374	46	11.716	43	49.77%
Services (7xxx)	0	0	0	0	0.023	1	0.336	2	0	0	0.359	3	0.359	3	0.359	3	1.61%
Health services (8xxx)	0	0	0	0	0	0	0.137	2	0	0	0.137	2	0.137	2	0.137	2	0.61%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	100.00%
Currency
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
$	0.008	0	0.022	0.830	0.780	1.089	0.374	0.115	0.220	0	0.404	2.399	0.330
A$	0	0	0	0	0	0.156	0	0.365	0	0	0	0	0
C$	0.023	0.300	0.084	0.040	0.431	0.404	0.118	0.087	0.321	0.168	0.225	0.137	0.235
CHF	0	0	0	0	0	0	0	0	0	3.885	0	0	0
HK$	0	0	0	0	0	0.284	0	0	0	0	0	0.205	0
NIS	0	0	0	0	0	0	0	0	0	0	0	0	0.025
NOK	0	0	0	0	0	0	0	0.010	0	0	0	0	0
NT$	0	0	0	0	0	0.068	0.169	0	0.194	0	0	0	0
RM	0	0	0	0	0	0.023	0	0	0	0	0	0	0
RMB	0	0.124	0	0	0	0	0	0	0	0	0.179	0.100	0
S$	0.620	0	0.390	0	0	0	0	0	0	0	0.140	0.064	0
Y	0	0	2.563	0	0	0.623	0	0	0	0	0	0	0
ZAR	0	0	0	0	0	0	0	0	0.119	0	0	0	0
leva	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	0.822
£	0	0	0	0	0	0	0	0.080	0	0	0	1.121	0
Total	0.666	0.424	3.731	0.870	1.787	4.257	0.976	0.657	0.961	4.053	1.049	6.303	1.412
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	0.030	2	2.699	12	0.709	6	2.803	9	0.330	3	6.541	30	6.571	32	6.563	31	29.30%
A$	0	0	0.156	1	0.365	1	0	0	0	0	0.521	2	0.521	2	0.521	2	2.33%
C$	0.407	8	0.875	13	0.526	8	0.530	10	0.235	3	2.166	34	2.573	42	2.550	41	9.70%
CHF	0	0	0	0	0	0	3.885	2	0	0	3.885	2	3.885	2	3.885	2	17.40%
HK$	0	0	0.284	1	0	0	0.205	2	0	0	0.489	3	0.489	3	0.489	3	2.19%
NIS	0	0	0	0	0	0	0	0	0.025	2	0.025	2	0.025	2	0.025	2	0.11%
NOK	0	0	0	0	0.010	1	0	0	0	0	0.010	1	0.010	1	0.010	1	0.04%
NT$	0	0	0.068	2	0.364	2	0	0	0	0	0.432	4	0.432	4	0.432	4	1.94%
RM	0	0	0.023	1	0	0	0	0	0	0	0.023	1	0.023	1	0.023	1	0.10%
RMB	0.124	1	0	0	0	0	0.279	2	0	0	0.279	2	0.404	3	0.404	3	1.25%
S$	1.010	2	0	0	0	0	0.205	2	0	0	0.205	2	1.214	4	0.594	3	0.92%
Y	2.563	1	0.623	3	0	0	0	0	0	0	0.623	3	3.186	4	3.186	4	2.79%
ZAR	0	0	0	0	0.119	1	0	0	0	0	0.119	1	0.119	1	0.119	1	0.53%
leva	0.015	1	0	0	0	0	0	0	0	0	0	0	0.015	1	0	0	0.00%
€	0.672	2	2.187	5	0.421	2	2.376	5	0.822	3	5.806	15	6.478	17	6.478	17	26.01%
£	0	0	0	0	0.080	2	1.121	2	0	0	1.201	4	1.201	4	1.201	4	5.38%
Total	4.821	17	6.914	38	2.594	23	11.405	34	1.412	11	22.325	106	27.146	123	26.480	119	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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