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

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

Coupon

	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
0%	0.715	0	0.432	0.900	0.500	0.878	0.215	0.313	0	0.628	0	2.975	0.480
0.01%-0.99%	0	0	0	0	0	0	0.356	0	0	0	0	0.667	0
1%-1.99%	1.461	0	0.250	0	0	0.159	0	0	0	0	0	0	0
2%-2.99%	0.088	0	1.554	0.875	1.084	0.098	0	0	0	0	0	0	0
3%-3.99%	0	0.125	0	0.250	0.787	0.346	0	0	0	0	0	0	0
4%-4.99%	0.550	0	0.621	0.650	0	0.132	0.150	0	0	0	0.074	0	0
5%-5.99%	0.122	0.253	0	0.876	0.406	0.441	0.363	0.212	0	0	0.180	0.054	0
6%-6.99%	0.189	0.045	0.394	0	0.060	0	0.036	0.235	0.145	0	0	0.035	0
7%-7.99%	0	0	0.009	0	0.048	0.023	0	0	0.076	0	0.170	0	0.034
8% and higher	0.110	0.029	0	0.130	0.116	0.009	0.020	0.012	0	0.023	0	0	0.350
Floater	0	3.499	0	0	0	0.050	0	1.253	0	0	0	0	0
NA	0	0	0	0	0	0	0	0	0	0.015	0	0	0
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.147	5	2.278	6	0.528	3	3.603	5	0.480	2	0.480	2	80.350	21	7.321	18	55.56%
0.01%-0.99%	0	0	0	0	0.356	1	0.667	1	0	0	0	0	1.023	2	1.023	2	0.00%
1%-1.99%	1.711	4	0.159	1	0	0	0	0	0	0	0	0	1.870	5	0.409	2	0.00%
2%-2.99%	1.642	5	2.057	6	0	0	0	0	0	0	0	0	3.699	11	3.611	10	0.00%
3%-3.99%	0.125	1	1.383	4	0	0	0	0	0	0	0	0	1.508	5	1.508	5	0.00%
4%-4.99%	1.171	2	0.782	3	0.150	1	0.074	1	0	0	0	0	2.178	7	1.628	6	0.00%
5%-5.99%	0.374	4	1.723	14	0.575	7	0.233	5	0	0	0	0	2.906	30	2.785	28	0.00%
6%-6.99%	0.629	7	0.060	1	0.416	4	0.035	1	0	0	0	0	1.139	13	0.950	10	0.00%
7%-7.99%	0.009	1	0.071	2	0.076	1	0.170	2	0.034	1	0.034	1	0.361	7	0.361	7	3.94%
8% and higher	0.139	2	0.254	8	0.033	2	0.023	1	0.350	1	0.350	1	0.798	14	0.688	13	40.51%
Floater	3.499	1	0.050	1	1.253	1	0	0	0	0	0	0	4.802	3	4.802	3	0.00%
NA	0	0	0	0	0	0	0.015	1	0	0	0	0	0.015	1	0.015	1	0.00%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Premium
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
19.99% and lower	0.088	0	0	0.250	0.006	0.477	0	0.023	0	0	0.074	0	0.300
20%-29.99%	0.484	3.544	0.558	0.951	0.887	0.593	0.621	0.012	0.076	0.620	0.124	0	0
30-39.99%	2.009	0.175	1.851	1.754	0.614	0.927	0.100	0.547	0.059	0.023	0	0.717	0.350
40% and higher	0.326	0.202	0.419	0.536	0.877	0	0.229	0.189	0.086	0	0.136	0.424	0.034
NA	0.328	0.029	0.432	0.190	0.617	0.138	0.191	1.253	0	0.023	0.090	2.589	0.180
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.088	1	0.733	6	0.023	1	0.074	1	0.300	1	0.300	1	1.219	10	1.131	9	34.72%
20%-29.99%	4.587	5	2.431	10	0.710	5	0.744	2	0	0	0	0	8.472	22	7.987	21	0.00%
30-39.99%	4.035	13	3.295	16	0.706	4	0.740	3	0.350	1	0.350	1	9.126	37	7.117	31	40.51%
40% and higher	0.947	9	1.413	4	0.504	7	0.560	4	0.034	1	0.034	1	3.458	25	3.132	20	3.94%
NA	0.789	4	0.945	10	1.444	3	2.702	7	0.180	1	0.180	1	6.061	25	5.733	24	20.83%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Upsized?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	0.086	0.029	0.336	0.345	0.236	0	0	1.253	0	0	0	0.035	0.034
No	3.148	3.922	2.453	3.336	2.765	2.135	1.141	0.459	0.221	0.666	0.424	3.696	0.830
Downsized	0	0	0.471	0	0	0	0	0.313	0	0	0	0	0
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.451	4	0.580	5	1.253	1	0.035	1	0.034	1	0.034	1	2.354	12	2.268	11	3.94%
No	9.523	27	8.237	41	1.821	18	4.786	16	0.830	3	0.830	3	25.197	105	22.049	92	96.06%
Downsized	0.471	1	0	0	0.313	1	0	0	0	0	0	0	0.784	2	0.784	2	0.00%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Seniority
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
senior secured	0	0	0	0.125	0	0	0	0	0	0	0	0	0
secured	0.088	0	0	0	0	0	0	0	0	0	0	0	0
senior	2.846	3.669	3.190	3.431	2.801	2.112	1.042	0.438	0.059	0.666	0.170	3.681	0.830
subordinated	0.241	0.282	0.070	0.125	0.200	0.023	0.099	0.334	0.162	0	0.254	0.050	0.034
preferred	0.060	0	0	0	0	0	0	0	0	0	0	0	0
preference	0	0	0	0	0	0	0	1.253	0	0	0	0	0
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0	0	0.125	1	0	0	0	0	0	0	0	0	0.125	1	0.125	1	0.00%
secured	0.088	1	0	0	0	0	0	0	0	0	0	0	0.088	1	0	0	0.00%
senior	9.705	21	8.343	39	1.539	12	4.517	12	0.830	3	0.830	3	24.934	87	22.088	79	96.06%
subordinated	0.593	9	0.349	6	0.595	7	0.304	5	0.034	1	0.034	1	1.875	28	1.633	24	3.94%
preferred	0.060	1	0	0	0	0	0	0	0	0	0	0	0.060	1	0	0	0.00%
preference	0	0	0	0	1.253	1	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Mandatory
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	0	0	0	0	0	0	0	1.253	0	0	0	0	0
No	3.235	3.951	3.260	3.681	3.001	2.135	1.141	0.772	0.221	0.666	0.424	3.731	0.864
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	1.253	1	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
No	10.446	32	8.817	46	2.134	19	4.821	17	0.864	4	0.864	4	27.081	118	23.847	104	100.00%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Greenshoe Exercised?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	1.248	0.154	0.884	0.187	1.218	0.182	0.346	0.235	0.059	0.643	0.046	0.667	0
No	1.986	3.797	2.377	3.494	1.783	1.953	0.795	1.790	0.162	0.023	0.378	3.063	0.864
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.286	11	1.588	12	0.640	5	1.356	4	0	0	0	0	5.869	32	4.621	27	0.00%
No	8.160	21	7.229	34	2.747	15	3.465	13	0.864	4	0.864	4	22.466	87	20.479	78	100.00%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Versus Talk
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Rich end	1.243	0.125	0.808	0.600	0	0	0	1.253	0	0	0	0.667	0
Within	0	0	1.092	0.125	0.284	0.291	0.356	0	0	0	0	0	0
Cheap end	0	0	0.283	0	0.787	0	0.265	0.313	0	0	0	0	0
NA	1.992	3.826	1.077	2.956	1.929	1.844	0.520	0.459	0.221	0.666	0.424	3.063	0.864
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Rich end	2.175	6	0.600	1	1.253	1	0.667	1	0	0	0	0	4.696	9	3.453	6	0.00%
Within	1.092	2	0.701	4	0.356	1	0	0	0	0	0	0	2.149	7	2.149	7	0.00%
Cheap end	0.283	1	0.787	1	0.578	3	0	0	0	0	0	0	1.648	5	1.648	5	0.00%
NA	6.895	23	6.729	40	1.200	15	4.153	16	0.864	4	0.864	4	19.841	98	17.850	87	100.00%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Use of Proceeds
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Acquisition	0.052	0.029	0	0.589	0.165	0.080	0.110	0.337	0	0.023	0	0	0
Capex	0.660	0	0.050	0.125	0.500	0	0.356	0	0	0	0	0	0.384
GCP	0.853	0	1.489	0.839	1.935	0.416	0.321	1.289	0.059	0.628	0	1.057	0.300
Redeem convertibles	0	0	0.471	0	0	0.283	0	0.313	0	0	0.104	0.022	0
Refinance	0.599	0	0	0.186	0.099	0.228	0.079	0	0.076	0	0.077	0	0
Multiple/Other/NA	1.071	3.922	1.250	1.942	0.302	1.128	0.276	0.087	0.086	0.015	0.243	2.651	0.180
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.081	2	0.834	5	0.446	5	0.023	1	0	0	0	0	1.385	13	1.333	12	0.00%
Capex	0.710	3	0.625	2	0.356	1	0	0	0.384	2	0.384	2	2.076	8	1.416	6	44.44%
GCP	2.342	8	3.190	13	1.669	6	1.685	4	0.300	1	0.300	1	9.185	32	8.333	28	34.72%
Redeem convertibles	0.471	1	0.283	1	0.313	1	0.126	3	0	0	0	0	1.193	6	1.193	6	0.00%
Refinance	0.599	3	0.514	6	0.155	2	0.077	1	0	0	0	0	1.345	12	0.746	9	0.00%
Multiple/Other/NA	6.242	15	3.371	19	0.448	5	2.910	8	0.180	1	0.180	1	13.151	48	12.080	44	20.83%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Industry Sector (by SIC code)
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Agriculture (0xxx)	0	0	0	0.261	0	0.050	0	0	0	0	0	0	0
Mining (1xxx)	0.660	0	0.050	0	0	0	0	0	0	0	0	0	0.350
Oil and gas (13xx)	0.686	0.202	0	0.214	0.099	0.080	0	0.102	0.086	0	0	0	0.034
Construction (15xx)	0.328	0	0.283	0	0	0.636	0	0	0	0	0	0.667	0
Manufacturing (2xxx, 3xxx)	0.655	3.499	1.402	1.325	0.736	0.270	0.571	0.547	0	0	0.136	0.035	0.480
Pharmaceuticals (2834-6)	0	0.045	0	0	0.010	0.037	0	0	0	0	0.124	0.004	0
Transportation (4xxx)	0	0.125	0.532	0.036	0.060	0	0.150	0.087	0	0.008	0	0	0
Communications (48xx)	0	0	0	0	0	0.069	0	0	0	0	0	2.585	0
Electric, gas, sanitary services (49xx)	0	0	0	0.150	0	0	0	0	0.076	0	0	0	0
Wholesale (5xxx)	0.052	0	0.468	0	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.796	0.080	0.525	1.195	2.096	0.861	0.420	1.289	0	0.658	0.164	0.439	0
Services (7xxx)	0.058	0	0	0.500	0	0	0	0	0.059	0	0	0	0
Health services (8xxx)	0	0	0	0	0	0.132	0	0	0	0	0	0	0
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.311	2	0	0	0	0	0	0	0	0	0.311	2	0.311	2	0.00%
Mining (1xxx)	0.710	3	0	0	0	0	0	0	0.350	1	0.350	1	1.060	4	0.400	2	40.51%
Oil and gas (13xx)	0.888	5	0.393	5	0.188	2	0	0	0.034	1	0.034	1	1.503	13	0.818	9	3.94%
Construction (15xx)	0.612	2	0.636	1	0	0	0.667	1	0	0	0	0	1.915	4	1.587	3	0.00%
Manufacturing (2xxx, 3xxx)	5.555	7	2.331	9	1.118	5	0.170	3	0.480	2	0.480	2	9.655	26	9.000	24	55.56%
Pharmaceuticals (2834-6)	0.045	1	0.047	2	0	0	0.129	2	0	0	0	0	0.221	5	0.221	5	0.00%
Transportation (4xxx)	0.657	3	0.096	2	0.237	2	0.008	1	0	0	0	0	0.998	8	0.998	8	0.00%
Communications (48xx)	0	0	0.069	1	0	0	2.585	2	0	0	0	0	2.654	3	2.654	3	0.00%
Electric, gas, sanitary services (49xx)	0	0	0.150	1	0.076	1	0	0	0	0	0	0	0.226	2	0.226	2	0.00%
Wholesale (5xxx)	0.520	3	0	0	0	0	0	0	0	0	0	0	0.520	3	0.468	2	0.00%
Finance, insurance, real estate (6xxx)	1.401	7	4.152	21	1.709	9	1.261	8	0	0	0	0	8.523	45	7.727	42	0.00%
Services (7xxx)	0.058	1	0.500	1	0.059	1	0	0	0	0	0	0	0.617	3	0.559	2	0.00%
Health services (8xxx)	0	0	0.132	1	0	0	0	0	0	0	0	0	0.132	1	0.132	1	0.00%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	100.00%
Currency
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
$	1.375	0.125	0.200	2.450	0.790	0.552	0.365	0	0	0.008	0	0.022	0.830
A$	0	0	0	0	0	0.283	0	1.253	0	0	0	0	0
Bt	0.328	0	0	0	0	0	0	0	0	0	0	0	0
C$	0.311	0.282	0.070	0.355	0.329	0.064	0.420	0.459	0.162	0.023	0.300	0.084	0.034
CHF	0	0	0	0	0	0.159	0	0	0	0	0	0	0
HK$	0	0	0	0.201	0.800	0	0	0	0.059	0	0	0	0
NIS	0	0	0	0	0	0.009	0	0	0	0	0	0	0
NT$	0	0	0	0	0	0.069	0	0	0	0	0	0	0
PLN	0	0	0	0.015	0	0	0	0	0	0	0	0	0
RM	0.088	0	0	0	0	0.096	0	0	0	0	0	0	0
RMB	0	3.499	0.250	0.150	0	0	0	0	0	0	0.124	0	0
S$	0	0	0.275	0	0	0.098	0	0	0	0.620	0	0.390	0
SEK	0	0	0	0	0.010	0	0	0	0	0	0	0	0
Y	0	0	0.282	0	0	0.636	0.356	0.313	0	0	0	2.563	0
leva	0	0	0	0	0	0	0	0	0	0.015	0	0	0
€	1.133	0.045	2.183	0.511	0.787	0.169	0	0	0	0	0	0.672	0
£	0	0	0	0	0.284	0	0	0	0	0	0	0	0
Total	3.235	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.864
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	1.700	8	3.792	14	0.365	3	0.030	2	0.830	3	0.830	3	6.718	30	5.343	25	96.06%
A$	0	0	0.283	1	1.253	1	0	0	0	0	0	0	1.537	2	1.537	2	0.00%
Bt	0.328	1	0	0	0	0	0	0	0	0	0	0	0.328	1	0	0	0.00%
C$	0.663	10	0.748	14	1.041	13	0.407	8	0.034	1	0.034	1	2.893	46	2.582	41	3.94%
CHF	0	0	0.159	1	0	0	0	0	0	0	0	0	0.159	1	0.159	1	0.00%
HK$	0	0	1.001	2	0.059	1	0	0	0	0	0	0	1.060	3	1.060	3	0.00%
NIS	0	0	0.009	1	0	0	0	0	0	0	0	0	0.009	1	0.009	1	0.00%
NT$	0	0	0.069	1	0	0	0	0	0	0	0	0	0.069	1	0.069	1	0.00%
PLN	0	0	0.015	1	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
RM	0.088	1	0.096	1	0	0	0	0	0	0	0	0	0.184	2	0.096	1	0.00%
RMB	3.749	2	0.150	1	0	0	0.124	1	0	0	0	0	4.023	4	4.023	4	0.00%
S$	0.275	1	0.098	1	0	0	1.010	2	0	0	0	0	1.382	4	1.382	4	0.00%
SEK	0	0	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
Y	0.282	1	0.636	1	0.669	2	2.563	1	0	0	0	0	4.149	5	4.149	5	0.00%
leva	0	0	0	0	0	0	0.015	1	0	0	0	0	0.015	1	0.015	1	0.00%
€	3.362	8	1.467	5	0	0	0.672	2	0	0	0	0	5.500	15	4.367	13	0.00%
£	0	0	0.284	1	0	0	0	0	0	0	0	0	0.284	1	0.284	1	0.00%
Total	10.446	32	8.817	46	3.387	20	4.821	17	0.864	4	0.864	4	28.335	119	25.100	105	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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