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

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

Coupon

	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
0%	0	0.432	0.900	0.500	0.878	0.215	0.313	0	0.628	0	2.975	0.480	0
0.01%-0.99%	0	0	0	0	0	0.356	0	0	0	0	0.667	0	0
1%-1.99%	0	0.250	0	0	0.159	0	0	0	0	0	0	0	0.250
2%-2.99%	0	1.554	0.875	1.084	0.098	0	0	0	0	0	0	0	0.364
3%-3.99%	0.125	0	0.250	0.787	0.346	0	0	0	0	0	0	0	0.250
4%-4.99%	0	0.621	0.650	0	0.132	0.150	0	0	0	0.074	0	0	0.070
5%-5.99%	0.253	0	0.876	0.406	0.441	0.363	0.212	0	0	0.180	0.054	0	0.100
6%-6.99%	0.045	0.394	0	0.060	0	0.036	0.235	0.145	0	0	0.035	0	0.151
7%-7.99%	0	0.009	0	0.048	0.023	0	0	0.076	0	0.170	0	0.040	0.070
8% and higher	0.029	0	0.130	0.116	0.009	0.020	0.012	0	0.023	0	0	0.350	0.212
Floater	3.499	0	0	0	0.050	0	1.253	0	0	0	0	0	0
NA	0	0	0	0	0	0	0	0	0.015	0	0	0	0.280
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	2.278	6	0.528	3	3.603	5	0.480	2	0.480	2	7.321	18	7.321	18	55.56%
0.01%-0.99%	0	0	0.356	1	0.667	1	0	0	0	0	1.023	2	1.023	2	0.00%
1%-1.99%	0.159	1	0	0	0	0	0.250	1	0.250	1	0.659	3	0.659	3	9.55%
2%-2.99%	2.057	6	0	0	0	0	0.364	1	0.364	1	3.975	11	3.975	11	13.91%
3%-3.99%	1.383	4	0	0	0	0	0.250	1	0.250	1	1.758	6	1.633	5	9.55%
4%-4.99%	0.782	3	0.150	1	0.074	1	0.070	1	0.070	1	1.698	7	1.698	7	2.67%
5%-5.99%	1.723	14	0.575	7	0.233	5	0.100	1	0.100	1	2.885	29	2.632	27	3.82%
6%-6.99%	0.060	1	0.416	4	0.035	1	0.151	1	0.151	1	1.101	11	1.055	10	5.77%
7%-7.99%	0.071	2	0.076	1	0.170	2	0.110	3	0.110	3	0.436	9	0.436	9	4.20%
8% and higher	0.254	8	0.033	2	0.023	1	0.562	2	0.562	2	0.900	14	0.871	13	21.47%
Floater	0.050	1	1.253	1	0	0	0	0	0	0	4.802	3	1.303	2	0.00%
NA	0	0	0	0	0.015	1	0.280	1	0.280	1	0.295	2	0.295	2	10.70%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Premium
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
19.99% and lower	0	0	0.250	0.006	0.477	0	0.023	0	0	0.074	0	0.300	0
20%-29.99%	3.544	0.558	0.951	0.887	0.593	0.621	0.012	0.076	0.620	0.124	0	0	0.782
30-39.99%	0.175	1.851	1.754	0.614	0.927	0.100	0.547	0.059	0.023	0	0.717	0.350	0.534
40% and higher	0.202	0.419	0.536	0.877	0	0.229	0.189	0.086	0	0.136	0.424	0.040	0.151
NA	0.029	0.432	0.190	0.617	0.138	0.191	1.253	0	0.023	0.090	2.589	0.180	0.280
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	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	0.733	6	0.023	1	0.074	1	0.300	1	0.300	1	1.131	9	1.131	9	11.46%
20%-29.99%	2.431	10	0.710	5	0.744	2	0.782	4	0.782	4	8.770	25	5.226	23	29.88%
30-39.99%	3.295	16	0.706	4	0.740	3	0.884	5	0.884	5	7.651	35	7.476	33	33.78%
40% and higher	1.413	4	0.504	7	0.560	4	0.190	2	0.190	2	3.288	21	3.086	20	7.26%
NA	0.945	10	1.444	3	2.702	7	0.460	2	0.460	2	6.013	25	5.983	24	17.58%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Upsized?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	0.029	0.336	0.345	0.236	0	0	1.253	0	0	0	0.035	0.040	0.463
No	3.922	2.453	3.336	2.765	2.135	1.141	0.459	0.221	0.666	0.424	3.696	0.830	1.284
Downsized	0	0.471	0	0	0	0	0.313	0	0	0	0	0	0
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.580	5	1.253	1	0.035	1	0.503	5	0.503	5	2.736	15	2.707	14	19.22%
No	8.237	41	1.821	18	4.786	16	2.114	9	2.114	9	23.333	98	19.411	93	80.78%
Downsized	0	0	0.313	1	0	0	0	0	0	0	0.784	2	0.784	2	0.00%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Seniority
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
senior secured	0	0	0.125	0	0	0	0	0	0	0	0	0	0
senior	3.669	3.190	3.431	2.801	2.112	1.042	0.438	0.059	0.666	0.170	3.681	0.830	1.537
subordinated	0.282	0.070	0.125	0.200	0.023	0.099	0.334	0.162	0	0.254	0.050	0.040	0.211
preference	0	0	0	0	0	0	1.253	0	0	0	0	0	0
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior secured	0.125	1	0	0	0	0	0	0	0	0	0.125	1	0.125	1	0.00%
senior	8.343	39	1.539	12	4.517	12	2.367	10	2.367	10	23.625	86	19.956	83	90.45%
subordinated	0.349	6	0.595	7	0.304	5	0.250	4	0.250	4	1.849	27	1.567	24	9.55%
preference	0	0	1.253	1	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Mandatory
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	0	0	0	0	0	0	1.253	0	0	0	0	0	0
No	3.951	3.260	3.681	3.001	2.135	1.141	0.772	0.221	0.666	0.424	3.731	0.870	1.748
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	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	1.253	1	0	0	0	0	0	0	1.253	1	1.253	1	0.00%
No	8.817	46	2.134	19	4.821	17	2.617	14	2.617	14	25.599	114	21.649	108	100.00%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Greenshoe Exercised?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	0.154	0.884	0.187	1.218	0.182	0.346	0.235	0.059	0.643	0.046	0.667	0.040	0.515
No	3.797	2.377	3.494	1.783	1.953	0.795	1.790	0.162	0.023	0.378	3.063	0.830	1.233
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.588	12	0.640	5	1.356	4	0.554	3	0.554	3	5.175	30	5.021	28	21.17%
No	7.229	34	2.747	15	3.465	13	2.063	11	2.063	11	21.678	85	17.881	81	78.83%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Versus Talk
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Rich end	0.125	0.808	0.600	0	0	0	1.253	0	0	0	0.667	0	0.364
Within	0	1.092	0.125	0.284	0.291	0.356	0	0	0	0	0	0	0
Cheap end	0	0.283	0	0.787	0	0.265	0.313	0	0	0	0	0	0.712
NA	3.826	1.077	2.956	1.929	1.844	0.520	0.459	0.221	0.666	0.424	3.063	0.870	0.671
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Rich end	0.600	1	1.253	1	0.667	1	0.364	1	0.364	1	3.817	7	3.692	6	13.91%
Within	0.701	4	0.356	1	0	0	0	0	0	0	2.149	7	2.149	7	0.00%
Cheap end	0.787	1	0.578	3	0	0	0.712	3	0.712	3	2.360	8	2.360	8	27.21%
NA	6.729	40	1.200	15	4.153	16	1.541	10	1.541	10	18.526	93	14.700	88	58.88%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Use of Proceeds
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Acquisition	0.029	0	0.589	0.165	0.080	0.110	0.337	0	0.023	0	0	0	0
Capex	0	0.050	0.125	0.500	0	0.356	0	0	0	0	0	0.390	0
GCP	0	1.489	0.839	1.935	0.416	0.321	1.289	0.059	0.628	0	1.057	0.300	0
Redeem convertibles	0	0.471	0	0	0.283	0	0.313	0	0	0.104	0.022	0	0.364
Refinance	0	0	0.186	0.099	0.228	0.079	0	0.076	0	0.077	0	0	0.401
Multiple/Other/NA	3.922	1.250	1.942	0.302	1.128	0.276	0.087	0.086	0.015	0.243	2.651	0.180	0.983
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.834	5	0.446	5	0.023	1	0	0	0	0	1.333	12	1.303	11	0.00%
Capex	0.625	2	0.356	1	0	0	0.390	2	0.390	2	1.421	6	1.421	6	14.90%
GCP	3.190	13	1.669	6	1.685	4	0.300	1	0.300	1	8.333	28	8.333	28	11.46%
Redeem convertibles	0.283	1	0.313	1	0.126	3	0.364	1	0.364	1	1.557	7	1.557	7	13.91%
Refinance	0.514	6	0.155	2	0.077	1	0.401	2	0.401	2	1.146	11	1.146	11	15.32%
Multiple/Other/NA	3.371	19	0.448	5	2.910	8	1.163	8	1.163	8	13.063	51	9.141	46	44.44%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Industry Sector (by SIC code)
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Agriculture (0xxx)	0	0	0.261	0	0.050	0	0	0	0	0	0	0	0.212
Mining (1xxx)	0	0.050	0	0	0	0	0	0	0	0	0	0.350	0
Oil and gas (13xx)	0.202	0	0.214	0.099	0.080	0	0.102	0.086	0	0	0	0.040	0.191
Construction (15xx)	0	0.283	0	0	0.636	0	0	0	0	0	0.667	0	0
Manufacturing (2xxx, 3xxx)	3.499	1.402	1.325	0.736	0.270	0.571	0.547	0	0	0.136	0.035	0.480	0.644
Pharmaceuticals (2834-6)	0.045	0	0	0.010	0.037	0	0	0	0	0.124	0.004	0	0
Transportation (4xxx)	0.125	0.532	0.036	0.060	0	0.150	0.087	0	0.008	0	0	0	0.250
Communications (48xx)	0	0	0	0	0.069	0	0	0	0	0	2.585	0	0
Electric, gas, sanitary services (49xx)	0	0	0.150	0	0	0	0	0.076	0	0	0	0	0
Wholesale (5xxx)	0	0.468	0	0	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.080	0.525	1.195	2.096	0.861	0.420	1.289	0	0.658	0.164	0.439	0	0.451
Services (7xxx)	0	0	0.500	0	0	0	0	0.059	0	0	0	0	0
Health services (8xxx)	0	0	0	0	0.132	0	0	0	0	0	0	0	0
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.311	2	0	0	0	0	0.212	1	0.212	1	0.523	3	0.523	3	8.10%
Mining (1xxx)	0	0	0	0	0	0	0.350	1	0.350	1	0.400	2	0.400	2	13.37%
Oil and gas (13xx)	0.393	5	0.188	2	0	0	0.231	3	0.231	3	1.014	11	0.812	10	8.83%
Construction (15xx)	0.636	1	0	0	0.667	1	0	0	0	0	1.587	3	1.587	3	0.00%
Manufacturing (2xxx, 3xxx)	2.331	9	1.118	5	0.170	3	1.124	4	1.124	4	9.644	26	6.145	25	42.95%
Pharmaceuticals (2834-6)	0.047	2	0	0	0.129	2	0	0	0	0	0.221	5	0.175	4	0.00%
Transportation (4xxx)	0.096	2	0.237	2	0.008	1	0.250	1	0.250	1	1.248	9	1.123	8	9.55%
Communications (48xx)	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)	0.150	1	0.076	1	0	0	0	0	0	0	0.226	2	0.226	2	0.00%
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0	0	0.468	2	0.468	2	0.00%
Finance, insurance, real estate (6xxx)	4.152	21	1.709	9	1.261	8	0.451	4	0.451	4	8.177	46	8.098	44	17.23%
Services (7xxx)	0.500	1	0.059	1	0	0	0	0	0	0	0.559	2	0.559	2	0.00%
Health services (8xxx)	0.132	1	0	0	0	0	0	0	0	0	0.132	1	0.132	1	0.00%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	100.00%
Currency
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
$	0.125	0.200	2.450	0.790	0.552	0.365	0	0	0.008	0	0.022	0.830	0.780
A$	0	0	0	0	0.283	0	1.253	0	0	0	0	0	0
C$	0.282	0.070	0.355	0.329	0.064	0.420	0.459	0.162	0.023	0.300	0.084	0.040	0.391
CHF	0	0	0	0	0.159	0	0	0	0	0	0	0	0
HK$	0	0	0.201	0.800	0	0	0	0.059	0	0	0	0	0
NIS	0	0	0	0	0.009	0	0	0	0	0	0	0	0
NT$	0	0	0	0	0.069	0	0	0	0	0	0	0	0
PLN	0	0	0.015	0	0	0	0	0	0	0	0	0	0
RM	0	0	0	0	0.096	0	0	0	0	0	0	0	0
RMB	3.499	0.250	0.150	0	0	0	0	0	0	0.124	0	0	0
S$	0	0.275	0	0	0.098	0	0	0	0.620	0	0.390	0	0
SEK	0	0	0	0.010	0	0	0	0	0	0	0	0	0
Y	0	0.282	0	0	0.636	0.356	0.313	0	0	0	2.563	0	0
leva	0	0	0	0	0	0	0	0	0.015	0	0	0	0
€	0.045	2.183	0.511	0.787	0.169	0	0	0	0	0	0.672	0	0.576
£	0	0	0	0.284	0	0	0	0	0	0	0	0	0
Total	3.951	3.260	3.681	3.001	2.135	1.141	2.025	0.221	0.666	0.424	3.731	0.870	1.748
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	3.792	14	0.365	3	0.030	2	1.610	6	1.610	6	6.122	28	5.997	27	61.52%
A$	0.283	1	1.253	1	0	0	0	0	0	0	1.537	2	1.537	2	0.00%
C$	0.748	14	1.041	13	0.407	8	0.431	6	0.431	6	2.979	46	2.697	43	16.47%
CHF	0.159	1	0	0	0	0	0	0	0	0	0.159	1	0.159	1	0.00%
HK$	1.001	2	0.059	1	0	0	0	0	0	0	1.060	3	1.060	3	0.00%
NIS	0.009	1	0	0	0	0	0	0	0	0	0.009	1	0.009	1	0.00%
NT$	0.069	1	0	0	0	0	0	0	0	0	0.069	1	0.069	1	0.00%
PLN	0.015	1	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
RM	0.096	1	0	0	0	0	0	0	0	0	0.096	1	0.096	1	0.00%
RMB	0.150	1	0	0	0.124	1	0	0	0	0	4.023	4	0.525	3	0.00%
S$	0.098	1	0	0	1.010	2	0	0	0	0	1.382	4	1.382	4	0.00%
SEK	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
Y	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	0.015	1	0	0	0	0	0.015	1	0.015	1	0.00%
€	1.467	5	0	0	0.672	2	0.576	2	0.576	2	4.943	15	4.898	14	22.01%
£	0.284	1	0	0	0	0	0	0	0	0	0.284	1	0.284	1	0.00%
Total	8.817	46	3.387	20	4.821	17	2.617	14	2.617	14	26.853	115	22.902	109	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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